Whether private-lending can really ease the financing constraints of MSMEs (micro, small and medium enterprises) has been controversial because of the lack of effective supporting evidence. Based on 195 samples from MSMEs in Wenzhou, we discover that generally the ratio of private-lending is lower than the ratio of regular credit, but some MSMEs rely on private-lending seriously. In particular, the ratio of private-lending of rural and township enterprises is even much higher. Statistics show that, when private-lending of MSMEs occur, the formal credit will decline, which is confirmed in the private-lending paired samples. Regression testing also supports the fact that private-lending actually does not improve the formal credit as the assumption expected. Especially, the test results from the samples of rural and township enterprises are particularly significant. Finally, the survey results from the financial institutions show that private-lending does not contribute to credit evaluation of MSMEs, which from the perspective of the supply of credit, and also indicates private-lending cannot ease financing constraints of MSMEs.