I Owe You (IOU) – The acceptance and confirmation of money lent by one party (1) to another. As a rule, there are no details on how or when the money is repaid or lists interest rates, payment penalties, etc. A lender can use a legal credit agreement to enforce the repayment if the borrower does not maintain the end of the agreement. Unsecured Loans – For people with higher credit scores, 700 and above. Does not ask the borrower to provide guarantees. Renewal Contract (Loan) – Extends the maturity date of the loan. If you decide to take out a private loan online, be sure to do so from a qualified and well-known bank, as you can often find competitive low interest rates. The application process takes longer, as more information is needed, such as your employment and income information. .