One cannot afford to go in for a loan just like that. There are a lot of factors to consider before putting yourself in an irreversible situation. You have to remember that once you put your signature on that contract, or at least after the usual 3 day grace period, there is no turning back. There are bound to be serious consequences if you find that you cannot repay your loan.
In general, the loan market is divided into secured and unsecured loans. A secured loan is usually taken out against collateral. The process of acquiring this kind of loan is much quicker especially for those who have bad credit history and low credit rating. Since there is already a tangible asset that can be defaulted to if the loan remains unpaid, finance institutions give much lower interest rates for secured loans.
However, in case of your inability to pay, the lender will take over your property. An unsecured loan on the other hand is usually given to people who have good credit history as well as high credit scores. As a result, it makes sense to go in for a secured loan.
However, just deciding whether to choose a secured or an unsecured loan is not enough; other factors...
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