Legal analysis: The advantages of private lending are:

1. Simple procedures;

2. Borrow funds as needed;

3. The conditions for obtaining funds are relatively low;

4. The efficiency of using funds is high.

The disadvantages are:

1. It is easy to lead to loan sharking;

2. It is very easy to cause a vicious circle;

3. It is very easy to create economic disputes.

Legal basis: Article 523 of the "People's Republic of China and Civil Code" The parties agree that a third party shall perform the debt to the creditor, but the third party fails to perform the debt or the performance of the debt does not comply with the agreement , the debtor shall bear liability for breach of contract to the creditor.