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Family loans are informal loans that you get from family members (and sometimes friends). You may choose to turn to family if you can’t qualify for a traditional loan from a bank or lender, for example.
Family loans can be useful because you don’t need any credit to get one. If your family member trusts you and they have the financial means to do so, they can choose to give you the loan.
But that doesn’t mean you should take advantage of your family member’s generosity. It’s still a good idea to draft up and sign a loan agreement, including interest payments, due dates, late fees or other consequences for non-payment. You can find draft agreements and payment calculators online to help you do this.