A private or personal loan refers to any circumstance in which a person borrows funds for private reasons, such as making business investments. The terms of the loan will depend on the agreement between the borrower and lender, but typically involve repayment of the principle plus interest over a set period of time. Private loans can be an attractive option for borrowers who may not qualify for traditional bank financing, although they typically come with higher interest rates and may be more difficult to obtain. borrowers should carefully consider the terms of private loans before entering into any agreement.
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