Private loans are funds borrowed from non-government sources, such as banks, credit unions, or private lenders. These loans can be used for various purposes, including education, home purchases, or personal expenses. Unlike federal loans, private loans often have different terms, interest rates, and repayment options, which can vary significantly between lenders. Borrowers typically need to meet specific credit requirements to qualify for private loans. Interest rates may be fixed or variable, and repayment terms can range from a few years to several decades. It's essential for borrowers to carefully review the terms and conditions before committing to a private loan.