Britain's Borrowers

We’re a nation of borrowers. In fact, 78% of us have borrowed money during our lifetime.

Whether it’s borrowing from your nearest and dearest for the smaller things, like a cup of coffee or taking out a loan from a bank to help you achieve a bigger goal, like buying a car or carrying out home improvements – most of us will need to borrow at some point.

But, whatever you’re borrowing for, it’s important to borrow responsibly.

We want to educate and empower Britain’s borrowers. That’s why we’ve created a hub of content to help you understand your finances and navigate the world of borrowing better.

Visit our content hub

Father And Daughter Laughing

Our research revealed:

When borrowing from a lender:

  • Only 41% spend time shopping around to ensure they get the best deal
  • Only 3 in 10 (29%) would spend time researching before deciding to borrow
  • 1 in 5 (19%) admitted to not knowing what the APR actually meant
  • 16% were not at all aware of their credit score

When it comes to borrowing from family and friends:

  • 77% would only borrow from friends and family if it was an emergency
  • 30% find asking to borrow money an awkward experience
  • 45% ended up regretting borrowing from a loved one
  • Of those who regretted it, 62% said they found it uncomfortable and it caused problems

Consumer research survey of 2,000 UK adults, carried out by OnePoll Feb 2022.

The top reasons for choosing to borrow from a lender over family and friends were:


  1. There is no awkwardness
  2. It won’t compromise a relationship
  3. It’s more official and safer
Family On Couch Laughing

Borrowing Responsibly

Borrowing money is a big decision, no matter where you’re borrowing from. Sally Conway, Head of Consumer Communications, offers her top tips of what to consider before you borrow money:

Like any financial decision, borrowing money requires careful thought and consideration. Consider what you need the money for and what this could mean for your finances.

It’s important to fully understand your budget. Track your spending and work out your goals to help you create a spending plan. It’s important to only borrow what you can afford to repay.

Make sure you do your homework. Take time to understand your current situation and the options available to you. Be sure to shop around – not just for the best deals, but for the right deal for you.

Before taking any form of credit, it’s important to understand the details of your agreement. Make sure you have an agreement in place and read your T&Cs carefully. If there’s anything you’re unsure of, talk to your lender.

Learn more about personal loans

From APRs to credit scores and soft credit searches, personal loans terminology can be confusing. Watch our video series to help you debunk the jargon and make an informed decision when it comes to borrowing.



About Shawbrook

Our approach is based on good sense, honesty and clarity.

Shawbrook is proud to be a different kind of bank. Since 2011, we’ve quietly built our business by providing a select range of products for people who don’t always get the best deal from the big high-street banks. We're committed to being fair and transparent with everyone that applies for a personal loan.

Read our transparency charter

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