My first experience of taking out a loan was study related. I took a loan to pay for tuition fees. I am really not a fan of taking loans. 
I intend & plan to take loans only when I am sure that I am able to repay the loan & that the loan shall help make my business more profitable. Some people take loans thinking that 8 years for example is a short repayment period. Plenty of things could happen in 8 years & one may end up in debt trap, unable to repay the loan. Anyway, whether a person is interested in personal loans, unsecured loans, secured loans, or etc, it is best to compare loans & take the best deal.
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