Have you lent money to a Michael or a Jennifer recently? What about a little loan to an Amanda or Christopher? Don’t bank on getting those bucks back, with recent research revealing these are amongst the Top 20 names least likely to return money they owe.
While there are plenty of official loan options available for those short on dough, borrowing money from friends or family is America’s most popular line of credit. Over half of Americans (52%) said they’d turn their nearest and dearest when in a financial pinch, before turning to credit cards (42%), personal loans (23%) or a short-term payday loan (14%).
Unfortunately for the friends and family shelling out these loans, nearly 1 in 3 (30%) haven’t paid it back and 4% don’t ever plan to.
Discovering the most common age of those who haven’t returned borrowed funds and don’t intend to is 37, we pulled The Top 20 popular baby names from the birth year of this group (1980) to compile the most common names of those least likely to repay a loan.
Top 10 Female Names of those Least Likely to Repay You Back
Top 10 Male Names of those Least Likely to Pay Your Back
Whatever name they might possess, giving handouts to friends and family can be fraught with issues leading to things such as misunderstandings, relationship breakdowns and even legal proceedings.
Be very clear with those who borrow what your expectations are for the loan terms. You might even want to consider drawing up a legal agreement which some traditional loan providers may facilitate. Of course, you could also steer them to compare their options for credit cards, personal loans or a short term pay day loan instead.