Payday or Late Payment Loans: Often if it is close to someone’s pay day and they need extra month to carry them through until the end of the month, friends and family will give them a loan. This includes consultants who bill clients, and the funds have not come in yet, instances where money is owed that is getting paid or late in getting paid and therefore they need a little help because they where depending on the funds.

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.