The forms of private loans mainly include: credit card, consumption installment, credit loan, etc. In the process of loan, you need to pay off the corresponding interest and principal according to the time stipulated in the contract, otherwise there will be penalty interest and liquidated damages.
Private loans not only meet the needs of people's livelihood, but also have a great impact on the personal reputation of lenders. If you can't repay on time, it will have a great impact on your personal credit rating, and even affect your future loan application. Therefore, when applying for private loans, we must consider carefully to ensure that we have sufficient repayment ability.