Medical Loans: Medical loans are in the cases where someone needs money for an operation, a medical procedure such as plastic surgery or dental work, or a medical emergency takes away income earning potential for a period of time in which help is required financially.

Emergency Loan: This is when a person is in dire straits and needs and immediate loan to make payment or they will be put in jeopardy. This may be for an emergency operation, to pay a loan to someone who is causing them personal problems or fears and aggravation, a check has been bounced, money has been stolen, they lost their wallet and can’t get money any other way over a weekend or during a trip, etc. The emergency loan is one of the more common loans, but generally is very small in size in comparison to the others.

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.