Depending on the intended use of the loan and time available for securing this loans, a decision need be made to best suit the situation at hand.
For short term urgent activities that fall under emergencies, short loans serve the best.
It takes the shortest time possible to have cash in your hands but remember the consequences on the interest rates. Like any other debt, it considers the credit ratings where the past records determine the eligibility of any given amount. It is clear that the better your credit ratings are the higher chances you become eligible for the loan. Though characterized by having no security on the repayment the borrower takes the obligation to meeting the timeline as it adds up to the individuals credit reports.Mortgage loans, unlike the personal loans, consider various factors to raising its eligibility. Since it involves huge loan amount for real estate investment and purchases, means of security to guarantee the repayment is important. It is a long process which consider various assessments.
Several questions such as what is the intention of the loan, the amount borrowed, the length of time to repay back the loan and the employment status of the borrower indicating the income. This will help in decision making whether you become eligible for the loan or not. The borrower is obliged to repay the amount as per the stated agreement, however, it is a requirement that he/she gives a consent that failure to comply the security property is sold to repay the remaining loan debt.
Prior to a decision to obtain a loan, you need to justify that which will serve your need best. Having an explicit knowledge will save you thousands of dollars that would accrue from the interest. Think critically and where need arise, better you go for an expert to help you identify the cheapest option that will favor your needs and at the same time maintains your credit ratings positive.