The Legacy Loan from Friends and Family

Lending money to children or grand children continues the legacy of the family, especially if those funds are going towards a business or education that will make them self-sufficient. Investing in a business allows the person borrowing the money to survive another day, and the success of that business could bring wealth for generations to come. Legacy is one of the most important topics to build upon.

When asking for a loan for friends and family, if it is for a business, the appeal is generally that it will help build your family wealth, put food on the table, improve your personal situation, but also that they will get paid back.

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.