Irish people lose hundreds in casual loans to friends and family

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Irish people lose hundreds in casual loans to friends and family

Irish people are losing more than €250 per year, in money they lend to friends and family that is never paid back.

That is according to research carried out by the mobile payment app Circle.

Irish people lose hundreds in casual loans to friends and family

It revealed that one in five Irish people gave away money each month, but never got it back as we don’t have the courage to ask for it.

Jack Colier of Circle explained it is small purchases and treats that are the main source of unreturned money.

He said: : “I think it’s just the awkwardness of having to go up and ask for money back from somebody who you may not have agreed to be paid back.

“The example of getting a cup of coffee, you know saying ‘I’ll get this one, and you can get the next one’ but that moment never arises.

“Having to then ask for the money back off your friends can be a daunting task to do.”

The payment app Circle allows user to send and receive money online anywhere in the world. They claim to be the perfect solution to some of the issues mentioned above, such as splitting the cost of a meal with friends or repaying a family member for a concert ticket.

On that musical note, Circle found that the celebrity Irish people would be least likely to lend money to is U2 frontman Bono.

 

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Written by Andrew Moore