When one needs money in an emergency, a personal loan comes in handy and is often the first consideration. A personal loan is an unsecured loan, so it comes with a high-interest rate. The rate ranges from 11-24 per cent and depends on factors like the borrower’s credit score, making it costly. However, a gold loan can also be useful during a financial emergency. The lender provides the loan against gold taken as collateral. Let us look at the pros and cons of each loan.