Signature loans come with various pros and cons. For example, a personal loan can offer consistent monthly payments, a fixed interest rate and no collateral requirements. On the other hand, a personal loan can carry a high interest rate if you have poor credit. Getting a personal loan will also increase your DTI, making it harder to qualify for additional financing. Whether a signature loan works for you will depend largely on your personal situation and financial standing. If you can afford the monthly payments and secure a good APR, it might make sense to use this option.