Private loans can encompass various types of loans provided by non-governmental entities, including banks, credit unions, online lenders, or private individuals. These loans are typically used for personal, educational, or business purposes and can vary widely in terms of interest rates, repayment terms, and eligibility criteria.

1. Personal Loans: These are unsecured loans that individuals can use for various personal expenses, such as debt consolidation, home improvements, or unexpected expenses. The interest rates and terms are based on the borrower's creditworthiness.

2. Student Loans: Private student loans are used to finance education expenses and are offered by private lenders. They often require a credit check and may have variable interest rates. Private student loans are typically used to cover gaps in funding after exhausting federal student loans and other financial aid options.