Similar to Legacy Loan, however, people often invest in education and lend money to students even if it is not their child. It is another sense of helping someone better themselves and advance in their carrier and personal development. Husbands and wives, couples dating, friends, associates, and even work environments will lend money towards education. Therefore, if you are looking to get a loan for your education, the persons to try, whether it is small or large is Grandparents, Parents, your friends, possibly your best friends parents if they have been close to your family, the person whom you are dating, your work, your co-worker, and associates. These are the most likely people to lend money. In addition, there are many state and provincial bursaries one can apply for.

Last year in Canada approximately 21 million Canadians either lent or borrowed money from friends or family members, but only 17% actually put the loan in writing. Close to 54% of the undocumented loans were not paid back. It has been proven that if a loan is documented, the likelihood of repayment is significantly higher. Through this process we aim to lessen the default rate to under 5%.

Therefore, we encourage you to go to http://www.kasu.ca and create a loan document today to secure your friend and family loans, and ensure that you get paid back… eventually.