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If you need to relocate, moving loans could help you cover the costs. Moving loans are a type of personal loan specifically for covering relocation expenses, such as hiring movers, renting a truck, and more.
The average cost of a move within your state is $2,300 while an out-of-state move is $4,300 (also accounting for four movers and an average weight of 7,400 pounds)†. A moving loan could make these costs more affordable.
Here’s what you should know about moving loans:
- Personal loans for moving expenses
- Pros and cons of relocation loans
- How to qualify for a moving loan
- How to apply for a moving loan
- Alternatives to moving loans
Personal loans for moving expenses
There are several lenders that offer personal loans for relocating. Moving loans are generally unsecured personal loans, so you don’t have to worry about collateral. The lenders in the table below are Credible’s partners that offer moving loans.
| Lender | Fixed rates | Min. credit score |
|---|---|---|
 Avant | 9.95% - 35.99% APR | 580 |
 Best Egg | 5.99% - 29.99% APR | 640 |
 LendingClub | 10.68% - 35.89% APR | 600 |
 Marcus | 6.99% - 19.99% APR1 | 680 |
 Upstart | 8.13% - 35.99% APR4 | 580 (in most states) |
Avant
Avant offers personal loans from $2,000 up to $35,000. A moving loan from Avant could be a good choice if you’re looking for personal loans for bad credit.
- Rates: 9.95% - 35.99% APR
- Loan terms (years): 2, 3, 4, 5*
- Loan amount: $2,000 to $35,000**
- Fees: Origination fee
- Discounts: Autopay
- Eligibility: Available in all states except CO, CT, HI, IA, NV, NY, VT, and WV
- Min. income: $24,000
- Customer service: Phone, email
- Soft credit check: Yes
- Min. credit score: 580
- Time to get funds: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
- Loan uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.
Best Egg
You can get a $5,000 personal loan up to a $35,000 personal loan with Best Egg to cover your moving costs. If you need fast loan funding, Best Egg could be a choice option.
- Rates: 5.99% - 29.99% APR
- Loan terms (years): 3, 5
- Loan amount: $5,000 - $35,000
- Fees: Origination fee
- Discounts: None
- Eligibility: Available in all states except DC, IA, VT, and WV
- Min. income: None
- Customer service: Phone
- Soft credit check: Yes
- Min. credit score: 640
- Time to get funds: As soon as 1 - 3 business days after successful verification
- Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes
Best Egg personal loans review
LendingClub
You can borrow $1,000 up to $40,000 with LendingClub. As a peer-to-peer lender, LendingClub could be a good choice if you’re looking for personal loans for fair credit. However, because you’ll have to wait for an investor to accept your loan offer, a LendingClub loan might take a slightly longer time to fund.
- Rates: 10.68% - 35.89% APR
- Loan terms (years): 3, 5
- Loan amount: $1,000 to $40,000
- Fees: Origination fee
- Discounts: None
- Eligibility: Available in all states except IA
- Min. income: None
- Customer service: Phone, email
- Soft credit check: Yes
- Min. credit score: 600
- Time to get funds: Usually takes about 3 days†
- Loan uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes
LendingClub personal loans review
†Based on a majority of borrowers from LendingClub's marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary.
Find Out: Swimming Pool Loans: Finance with a Personal Loan
Marcus
Marcus is the consumer banking arm of Goldman Sachs and offers personal loans from $3,500 to $40,000. You’ll need good credit to qualify for a Marcus personal loan. Marcus could also be a good option if you’re looking for debt consolidation loans, credit card consolidation loans, or home improvement loans.
- Rates: 6.99% - 19.99% APR1
- Loan terms (years): 3, 4, 5, 6, 7
- Loan amount: $3,500 to $40,0002
- Fees: None
- Discounts: None
- Eligibility: Available in all states except MD
- Min. income: $30,000
- Customer service: Phone
- Soft credit check: Yes
- Min. credit score: 680
- Time to get funds: Many Marcus customers receive funds in as little as five days
- Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes
1Rate reduction available for AutoPay.
2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt.
3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details.
Upstart
With Upstart, you can borrow as little as $1,000 or as much as $50,000. If you have a thin credit history, Upstart could be a good option.
- Rates: 8.13% - 35.99% APR4
- Loan terms (years): 3 to 5 years4
- Loan amount: $1,000 to $50,0005
- Fees: Origination fee
- Discounts: None
- Eligibility: Available in all states except IA and WV
- Min. income: $12,000
- Customer service: Phone, email
- Soft credit check: Yes
- Min. credit score: 580 (in most states)
- Time to get funds: As soon as 1 - 3 business days6
- Loan uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes
4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 15% and 36 monthly payments of $33 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.
6If you accept your loan by 5pm EST (not including weekends or holidays), loan funds will be sent to your designated bank account on the next business day, provided that such funds are not being used to directly pay off credit cards. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.
Learn More: Personal Loans With No Credit Check
Relocation loans: Pros and cons
Whether moving loans make sense for you depends on your situation. Here are some pros and cons of moving loans to keep in mind:
| Pros | Cons |
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Check Out: Types of Personal Loans
How to qualify for a moving loan
To qualify for a personal loan for moving expenses, you’ll generally need to meet the lender’s credit and income requirements. Every lender has its own set of criteria, so it’s a good idea to research lenders ahead of time.
Credible makes this process easier — you can compare prequalified rates from multiple lenders in two minutes to see what loan option fits your needs.
How to apply for a moving loan
If you decide to take out a moving loan, follow these steps:
- Estimate your moving costs: Be sure to consider all of your expenses to figure out how much you’ll need to borrow. For example, you might only need a $1,000 personal loan — or you might need a $10,000 personal loan.
- Compare your rates: Many personal loan lenders let you check your rates and loan options before filling out a full application. It’s also a good idea to consider what fees the lenders might charge. Credible makes this easier — you can compare your prequalified rates from multiple lenders at once after filling out a single form.
- Pick the option you like most: After comparing lender rates and fees, choose the loan that best fits your needs.
- Get your loan funds: Once you’ve made your choice, you can fill out a full application for your loan and submit any required documentation. If you’re approved, you’ll need to sign for your loan to have the funds sent to you. It typically takes one to seven business days to fund a loan — though you might get your money in less than five business days if you take out your loan through Credible.
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Alternatives to moving loans
You can use personal loans for a variety of purposes, but they’re not always the right choice. Here are some other options that could help cover your moving expenses:
- Sell unused items: This can be a good way to reduce how much you’ll need to move while making money in the process. However, this takes time and effort.
- Get help from family and friends: If you need help moving, your family and friends might be willing to pitch up with gifts or no-interest loans. Just be careful not to strain your relationships.
- Use a 0% APR credit card offer: If you’re considering a personal loan vs. credit card, keep in mind that some credits come with 0% APR introductory offers. This could help you save on interest if you’re able to pay off your balance before this period ends. But if you don’t pay off your balance in time, you could end up paying some hefty interest charges.
- Save up your money: If you know you’ll be moving in the future, you might have time to set money aside and avoid a cash crunch altogether. A high-yield savings account could be a good way to earn more interest while you’re saving.
Keep Reading: What You Can Use a Personal Loan For
†American Moving and Storage Association
