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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 |
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![]() | 9.95% - 35.99% APR | 550 |
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![]() | 8.99% - 35.99% APR | 600 |
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![]() | 9.57% - 35.99% APR | 660 |
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![]() | 4.6% - 35.99% APR4 | 620 |
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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 HI, VT, MA, ME, NY, WV
- Min. income: $1,200 monthly
- Customer service: Phone, email
- Soft credit check: Yes
- Min. credit score: 550
- 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 $2,000 personal loan up to a $50,000 personal loan with Best Egg to cover your moving costs. If you need fast loan funding, Best Egg could be a choice option.
- Rates: 8.99% - 35.99% APR
- Loan terms (years): 2, 3, 4, 5
- Loan amount: $2,000 to $50,000
- 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: 600
- Time to get funds: As soon as 1 to 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: 9.57% - 35.99% APR
- Loan terms (years): 3, 5
- Loan amount: $1,000 to $40,000
- Fees: Origination fee
- Discounts: None
- Eligibility: Available in all 50 states
- Min. income: None
- Customer service: Phone, email
- Soft credit check: Yes
- Min. credit score: 660
- Time to get funds: Usually takes about 2 days†
- Loan uses: Debt consolidation, paying off credit cards
LendingClub personal loans review
†Between April 2021 and June 2021, personal loans were funded within 48 hours after loan approval, on average. The time it takes for a loan to be funded is not guaranteed and individual results vary based on multiple factors, including but not limited to investor demand.
Find Out: Swimming Pool Loans: Finance with a Personal Loan
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: 4.6% - 35.99% APR4
- Loan terms (years): 3 or 5 years4
- Loan amount: $1,000 to $50,0005
- Fees: Origination fee
- Discounts: None
- Eligibility: Available in all 50 states
- Min. income: $12,000
- Customer service: Phone, email
- Soft credit check: Yes
- Min. credit score: 620
- 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 5-year loan offered across all lenders using the Upstart platform will have an APR of 25.05% and 60 monthly payments of $25.80 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,478 including a $804 origination fee. APR is calculated based on 5-year rates offered in June 2022. There is no down payment and no prepayment penalty. 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.
Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.
6If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. 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