Borrowing money from a friend or relative

Did you know?

What percentage of Canadians report having either lent or borrowed more than $500 to or from friends or family?
  • 34%
  • 57%
  • 78%

Approaching a friend or family member for a loan is an attractive option when you need money. It can be faster, cheaper, and easier than approaching a bank. But it can also lead to problems, and even jeopardize your relationship. Learn what you’re getting into, and what to do if problems arise.

What you should know

Take action to protect yourself

Work out problems

Common questions

Who can help

  • This information applies to British Columbia, Canada
  • Reviewed for legal accuracy in December 2019
  • Time to read: 11 minutes

Reviewed for legal accuracy by

Mario Garcia, CarbonCure Technologies and Ari Wormeli, YLaw Group

Mario Garcia
Ari Wormeli

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