While those of us with great credit would not logically think of paying the higher
interest rate demanded by a private money lender, interest rates that can run as high as 18 percent, one might need their loan quickly and need it to be off their credit record, which can be the case in loans of this type. When you evaluate your use of money you need to borrow, you might find that paying the extra interest and making higher payments for the fact that private loans are of a shorter duration, is worth your attention to meet your needs or business goals.