Family and friends
- Advantages: To get a small amount quickly (ex.: to buy clothes, a DVD, etc.).
- Drawbacks: The relationship with your family member or friend could fall apart if you don’t pay back your loan as initially agreed. Remember that fair and square keep friends together!
- Advantages: To borrow a large amount of money (ex.: to buy a car, go to school, etc.).
Low interest rates usually available.
- Drawbacks: You have to pay back your loan within a set time frame. If you do, you get a better credit rating!
Other (ex.: quick cheque cashing service centres)
- Advantages: None
- Drawbacks: These establishments often charge high fees or lend you money at very high interest rates.
Find out more
To find out about the interest rates contact your Caisse populaire.