Although you won't get charged interest if you borrow from friends and family, this can seriously damage your relationships in life. Among the other options, the cheapest and most legitimate way to borrow money is through a bank's personal loan product. You will need to commit to a fixed repayment schedule throughout the loan period, but personal loans tend to have the lowest interest rates (well below 10% p.a.). Be aware that personal loans are NOT the same as credit cards or lines of credit. These are known as revolving loans since there isn't a fixed repayment schedule. You may enjoy no or very low interest for a short period, but if you fail to repay, the interest rate can shoot up to as high as 30% p.a.