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71% of South Africans borrow money from family and friends

18 June, 02:56 PM

According to a recently released report issued by the World Bank, South Africans were the biggest borrowers in the world in 2014, with many choosing to borrow from friends and family instead of financial institutions.  

The report reveals that 71.2% of South Africans borrowed money from family and friends during the year.

Jerusha Sukhdeo-Raath speaks to Gary Palmer, CEO of Paragon Lending Solutions, about the phenomenon.

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