And you are exactly correct, provided you have difficulty paying back loans, have a less than excellent credit history, or other problems managing debt.
My reasoning is, many financial sites counsel obtaining not a loan, but a line of credit as a hedge against, say, a layoff. I'm not expecting that, but then again, I didn't expect the last one, either. The line of credit is something you get approved for and then use only if you must.
If you're curious, visit
The Motley Fool . They're very straightforward about these things.