Bank loans are heavily dependant on your credit score. If you don’t have a stellar score, you won’t get a loan.
While private financers do not lend money if you have a bad credit score, their requirements are still not as strict as banks.
Bank loan procedures are tedious and require a lot of waiting time.
Private loans do not have such long waiting times and the application process is also much simpler.
If you are self-employed, or have an irregular source of income, you can still get a private loan. Private money lenders do not require proof of income as long as you have collateral.