The meaning of private credit loan

It means that a private person gives you a loan. Since I give you a private letter, I just don't want to let the loan go through formal channels. It is a kind of non-governmental lending behavior, and it only needs both borrowers and borrowers to decide the loan amount and interest through mutual consultation, which is very flexible and will not affect the credit information. However, the biggest disadvantage of private loans is that interest will be much higher than platform loans. If there is no repayment ability, it is not recommended to apply.