Best Moving and Relocation Loans in 2024

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Written by Amanda Push | Edited by Katie Lowery | Reviewed March 11, 2024

Lender details at a glance

 
Best Best-Egg-2023-200x44-1 Logo

Best Egg: Best for small loan amounts

Loan amounts:$2,000 - $50,000
APR:8.99% - 35.99%
Terms:36 to 60 months
Origination fee:0.99% - 8.99%
Minimum credit score:600

 

 
LendingCLub Logo

LendingClub: Best for joint applications

Loan amounts:$1,000 - $40,000
APR:8.98% - 35.99%
Terms:24 to 60 months
Origination fee:3.00% - 8.00%
Minimum credit score:600

 

 
SoFi Logo

SoFi: Best for large loan amounts

Loan amounts:$5,000 - $100,000
APR:8.99% - 29.99% (with discounts)
Terms:24 to 84 months
Origination fee:0.00% - 7.00% (not specified)
Minimum credit score:680

 

 
Upstart Logo

Upstart: Best for fast funding

Loan amounts:$1,000 - $50,000
APR:7.80% - 35.99%
Terms:36 and 60 months
Origination fee:0.00% - 12.00%
Minimum credit score:300

 

What are moving loans?

Moving loans are a form of personal loans that are used to cover relocation expenses. Personal loans are unsecured, meaning they don’t require collateral like your car or home. They also come with fixed interest rates and repayment terms, so you’ll always know how much you owe and when you can expect to be out of debt.

Moving and relocation loans can typically be used for:

  • Storage costs before a move
  • Moving supplies, like boxes and tape
  • Renting a van or truck (and filling its gas tank)
  • Hiring professional movers
  • New furnishings
  • Security deposit or first and last month’s rent
  • Hotel accommodations or other temporary living situation before moving in

Lenders determine your creditworthiness as a borrower by analyzing factors like your credit score and debt-to-income ratio.

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Moving loans: Pros and cons

Moving can be expensive, so you may be looking for a way to fund your next move. Before settling on a moving loan, it’s wise to weigh the pros and cons of this type of debt.

PROS

  • Fixed interest rate and fixed monthly payments: With a moving loan, your monthly payments will stay constant across a set term — typically 12 months or longer, although shorter terms may be available.
  • Likely lower APRs than credit cards: Borrowers with good credit may qualify for a lower interest rate with a personal loan.
  • Potential for fast funding: Some lenders will deposit funds into your account within a day of loan approval.
  • No need for collateral: If you can’t repay your loan, you won’t risk losing an asset to the lender (though some lenders offer the option of secured personal loans).

CONS

  • You’ll pay interest on moving costs: To get the best deal on moving supplies and expenses, you’ll want to pay with cash and avoid going into debt for moving altogether.
  • Borrowing minimums can be high: Even the smallest personal loans tend to start at around $1,000, so if you’re seeking a low-dollar moving loan, you might be better off saving up.
  • Borrowers with subprime credit scores may not qualify: Borrowers with good credit can qualify for competitive terms, but those with poor credit will have a hard time qualifying.
  • You may have to pay additional fees: On top of interest, you may be responsible for fees. Many lenders charge an origination fee, which can range from 1% to 12% of your loan amount.

How to get a moving loan

While each lender has their own unique application process, here’s what you can generally expect when getting a moving loan:

  • Research lenders: To get the best deal on a personal loan, you’ll want to find a reputable lender with the lowest possible APRs for your financial situation. You’ll also want to compare fees, terms and available amounts. By filling out a single form with LendingTree, you may receive up to five loan offers from lenders.
  • Get prequalified: Some lenders allow you to prequalify for a moving loan. This allows you to see what kind of rates, terms and borrowing amounts you may be eligible for without any impact to your credit score.
  • Submit your application: Once you choose a lender, you’ll formally apply. You’ll need to confirm your income and employment status with documentation like pay stubs. The lender will then conduct a hard credit inquiry, which can cause your credit score to go down by a few points.
  • Receive the funding you need: Many lenders can process your application within a day, meaning you could get funding quickly. This will come in a lump sum deposited into your bank account. You’ll repay the loan in fixed monthly payments over the term outlined in your loan agreement.
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How to qualify for a moving loan

Because moving loans are typically unsecured, most lenders rely heavily on your creditworthiness to determine whether to approve your loan request. Lenders consider factors like your credit score, profile and length of history when evaluating your moving loan application.

To improve your chances of qualifying, you can take the following steps:

  • Improve your credit score. Each lender is different, but typically, you’ll want a credit score of at least 670 to qualify for a moving loan with decent rates. If your credit score is on the low side, you can take steps to improve your credit score by lowering your credit usage (paying down on balances) and making sure you pay your bills on time.
  • Pay your bills on time. Your payment history makes up a large portion of how your credit score is calculated (35% of your FICO Score). Late payments can cause your credit score to drop as much as 180 points and can stay on your credit report for up to seven years.
  • Check your credit report for errors. Unfortunately, credit report errors are common. One in five individuals find mistakes on their credit reports, according to the Federal Trade Commission. These errors can impact your credit score because your score is based on the events on your credit report. You can dispute credit report errors by contacting the credit bureau(s) publishing the error and the creditor who reported the activity.
moving-boxes-pl

Moving loans for bad credit

If you need to move but you have bad credit, there are still options available to help you cover your relocation expenses.

  • Apply for a secured loan. While you will have to put up a valuable asset as collateral (such as a vehicle or savings account), you may have an easier time qualifying because collateral-backed loans present less risk to the lender. You may even receive lower rates. However, if you aren’t able to repay the loan, the lender can legally seize your collateral.
  • Research lenders with the best personal loans for cosigners — someone who is creditworthy and agrees to repay the loan on your behalf if you struggle in repayment.
  • If you’re in a pinch, some lenders may work to get you a bad credit loan for moving, though you should expect high interest rates because the lender takes on more risk in lending you money.

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Moving loan alternatives

Pay with a credit card  Pay with a credit card

It’s possible to pay for your moving expenses with a credit card. To avoid paying interest, make sure you pay off the entire statement balance before the due date. You could also look for a credit card with an introductory 0% APR period — that way, you can avoid paying interest as long as you pay off the card by the time the period expires.

Borrow from friends and family  Borrow from loved ones

A small, no-interest loan from family could be an option — as long as it’s repaid in full and in a timely fashion. If you have friends or family willing to lend you money, then go for it. Just remember to borrow family loans responsibly so you don’t tarnish any relationships.

Budget for months in advance  Budget for months in advance

Chances are that you’ll have a few months between the time you secure the lease or mortgage for your new place and the day you actually need to move. Put that time to good use by tightening your budget and saving extra money. If you’re moving for your job, you might even ask your employer to offer relocation assistance.

Sell some of your old furniture  Sell some of your old furniture

Downsizing or upgrading your furniture? Sell any furniture you don’t want to bring with you and put that money toward moving expenses. You can consign furniture at some antique shops or sell it through a third-party marketplace like Nextdoor or Facebook. Not only can this bring in extra cash, but you can also avoid having to move so much stuff into your new home.

How we chose the best lenders for moving loans

We reviewed more than 28 lenders to determine the overall best four moving loans. To make our list, lenders must offer competitive annual percentage rates (APRs). From there, we prioritize lenders based on the following factors:

Here’s the criteria we assessed to choose the best moving loans:

  • Accessibility: Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
  • Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.

Frequently asked questions