Holiday Loan: The holiday loan can be similar to a pay day loan, where they will not have enough money until the pay check after Christmas. However, it also may be because the person needs money to have a good Christmas with their family and possibly travel to be with someone. In this instance, they need a loan they can pay back after the holidays or over the year.

Travel Loans: Before someone goes to take a trip, the first question friends and family ask is “Do you have enough money?” The travel loan is a very common loan between friends and family. This is the loan one would get before they go away, as the friends and family would like to ensure the safety of the traveller and that they have enough money to keep safe and take care of themselves. Often people underestimate the costs once they arrive at a location, therefore, any extra money always comes in handy.

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.