BTC backed loan vs personal loan

Is there any benefit to borrowing against my BTC over getting a personal loan that I am unaware of?

I looked into borrowing against my BTC (keeping my LTV below 20%) but most established lending platforms have high or variable rates. I can get an unsecured personal loan for a lower fixed rate so it seems obvious to me which option I should choose.

While researching my options I came across a number of comments and responses from people that appear to have decent financial knowledge sharing their experiences with crypto backed loans. So my question is, are these people choosing crypto backed loans because they cannot get a personal loan at a decent rate or is there some other reason I am missing?