Best Moving Loans of 2024

Preparing for a move doesn't just require securing new housing and booking movers - it also takes financial planning.

The distance you're moving, the size of your home, and the amount of work you're able to do yourself all influence how much it'll cost to move, and it can add up. Costs can range from a few hundred dollars for a do-it-yourself local move to $10,000 or more for a long-distance move with full service, according to data from Angi. This may be why more than half (54%) of people in a 2024 survey from Home Bay and Allied Van Lines reported higher moving costs than expected.

Whatever your ideal move looks like - or costs - you may find yourself wondering how best to cover it. If so, a personal loan may be able to help. To make the process easier, we've rounded up our picks for the best moving loans based on customer experience, annual percentage rates (APRs), fees, and more.

Compare moving loan rates in July 2024

Best moving loans

The following lenders all offer loans for moving or relocation, though some may require you to apply directly on their websites.

SoFi: Best Overall

Upgrade: Best for Fair Credit

Discover: Best for no origination fees and low rates

Splash: Best quick loans for good credit

Universal Credit: Best debt consolidation loans for bad credit

LightStream: Best home improvement loans and low rates

Best Egg: Best for high close rates if pre-approved

Upstart: Best for fair credit

LendingClub: Best online experience

Methodology

Credible evaluated the best personal loan lenders for moving based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, fees, discounts, and whether cosigners are accepted. Credible's team of experts gathered information from each lender's website, customer service department, in-house resources, and via email support. Each data point was verified to make sure it was accurate at the time of publication.

Learn more in our Personal Loans Lender Rating Methodology.

How to compare personal loans for moving

When you're shopping for the best personal loans to fund your move, compare these key factors across lenders:

• Annual percentage rate (APR): The APR on a loan is a measure of its overall cost. It includes the interest rate and any upfront fees the lender charges, such as an origination fee. Many lenders allow you to see if you're likely to qualify, along with an estimate of possible rates and terms, by going through a prequalification process. Prequalification is not an offer of credit, however, so your final rate may be different. When comparing estimates, focus on APR above just the interest rate.
• Loan amounts: Before you do anything else, figure out exactly how much you'll need to borrow. Narrow your search to lenders who offer that amount. What you need may be higher or lower than some lenders will approve, depending on the move. You'll pay interest on everything you borrow, so it's not a good idea to borrow more than you need. That being said, multiple hard inquiries on your report in a short time period can hurt your credit, so you'll want any loan you take out to be large enough for your needs.
• Repayment terms: Personal loan terms generally range from 2 to 7 years, but vary by lender. Consider what repayment term you want and seek out lenders that offer it.

• Fees: Common personal loan fees include origination fees and penalties for late payments. Some lenders charge multiple fees, while others don't charge any. Be sure to factor possible fees into the total cost of the loan, along with interest.
• Time to fund: Personal loans are usually funded relatively quickly - you can generally expect to have your money within days of approval. Some lenders can even fund loans in less than 24 hours. Others may take up to a week, however, so keep your ideal timeline in mind while searching.
• Cosigner option: If you're moving with a partner or don't have good enough credit to qualify for a loan yourself, you may want to enlist someone with strong credit to act as a cosigner or co-borrower. A co-borrower shares access to the loan funds and responsibility for payments with you. A cosigner, meanwhile, doesn't share access to the funds, just responsibility for repayment. Not all lenders allow cosigners.

Explore: Best Personal Loans With a Cosigner

Moving loan eligibility requirements

While each lender sets its own eligibility requirements, there are some factors that just about any lender will consider when you apply for a loan:

• Credit score: Your credit score is one of the most important factors lenders look at when you apply for a loan. While some lenders offer personal loans to borrowers with credit scores as low as in the 500s (Upstart will even consider borrowers with no score), others require good credit (a FICO score of 670 or higher) at the very least. In any case, the higher your score, the more likely it is you'll be to qualify for the lowest rates.
• Credit history: It's not just your credit score lenders care about - it's also the contents of your credit reports. A less-than-perfect payment history or an account in default could prevent you from qualifying for a loan for your move. Errors on your report could too, so be sure to check your reports from AnnualCreditReport.com before you apply. Reporting any errors you find to the appropriate bureau could give your score a relatively quick boost.
• Proof of income: Lenders often must verify your income before they'll approve you for a personal loan. You may have to provide a pay stub, tax return, or contact information for your employer.
• Debt-to-income ratio (DTI): Your debt-to-income ratio, which is the percentage of your gross income that's spent on debt each month, also helps lenders determine whether you'll qualify for a loan and how much you can borrow if you do. The lower your DTI, the better, but most lenders prefer a DTI below 36%.

Check Out: How To Get a Low-Interest Personal Loan

How to get a loan for moving

If you need a personal loan for an upcoming move, here's how to get one:

1. Check your credit score: Before you apply for a loan, check your credit score and reports. You'll have a more solid idea of whether you can qualify for a loan and, if so, what rates you should expect.
2. Compare lenders: Shop around and see which lenders offer what you need as far as loan amounts, rates, repayment terms, and any other priorities you may have.
3. Prequalify: Lenders usually allow you to see if you prequalify, which can help you compare estimated rates and terms and narrow down your search to lenders you're more likely to be approved with. Note that this is not a final offer of credit, and the rate you prequalify for may not be the one you're offered when you apply.

1. Pick a loan option: Once you've honed your options and prequalified with several lenders, choose the one you think will best fit your needs.
2. Complete the application: Even if you've been through the prequalification process, you'll still have to complete a formal application. You'll provide more detailed information, such as proof of your income. It's at this point that the lender will conduct a hard credit inquiry. You could find out whether you're approved right away, but the lender may also need time to process the application or request more information from you.
3. Get your funds: If you're approved, review the loan documents and sign if everything is in order. You could receive your funds anywhere from 1 business day or less after approval to up to a week or so later.

Check Out: How To Get Approved for a Personal Loan

Pros and cons of using a personal loan to move

If you're considering getting a personal loan for your upcoming move, there are some pros and cons you should consider:

Pros

• Could help fund your move: A moving loan could help ease the immediate financial burden of relocating, especially if it's a particularly expensive move.
• May be more affordable than credit cards: Personal loans have lower interest rates, on average, than credit cards, according to Federal Reserve data. Qualifying for a loan with a lower APR can save you money on interest.
• Fixed rates and payments: Personal loans generally come with fixed rates and monthly payment amounts, unlike credit cards, making them easier to account for when budgeting.
• Typically fast funding: Some personal loans can be funded as soon as the same day, which is helpful if you need the money quickly.
• Don't typically require collateral: Personal loans are usually unsecured, meaning you don't need to pledge collateral - like your car or home - that the lender can seize if you default.

Cons

• Borrowing costs: Because you'll pay interest on your loan, along with a possible upfront origination fee, taking out a personal loan for moving will cost more overall than just saving up would. You're paying for the ability to spread costs out over time.
• Risk to credit score: Any loan has the potential to harm your credit score, especially if you can't make your payments.
• Not available to everyone: If you have fair credit or bad credit, you may not qualify for a personal loan, or for one that works for your situation. Every lender has different underwriting requirements.

Check Out: Best Personal Loans With No Origination Fee

How to get a moving loan with bad credit

If you have poor credit (a FICO score below 580), you may find getting approved for a personal loan challenging. But it's not necessarily impossible.

First, spend some time working to increase your credit score, if possible, before you apply for anything. If your move is in a week, you may not have time to make much impact. But if you're six months away from your move or more, you should have time to improve your score. Correcting errors on your reports, paying down revolving balances, and making consistent on-time payments on your other debts can all boost your score.

Next, make sure to shop for those lenders that specifically offer loans for bad credit. Several lenders weigh other aspects of your financial situation more heavily when deciding whether to lend to you.

You could also consider asking someone to cosign your loan, though you'd need to find a lender that allows cosigners, or you could apply with a co-borrower. Either may improve your chances of approval or help you gain more favorable terms.

Related: Ways To Improve Your Personal Loan Application

Moving loans FAQ

Can you get a personal loan to cover moving expenses?

If your application is strong enough, you should be able to get a personal loan to cover moving expenses. Most lenders allow personal loans to be used for nearly any purpose, including an upcoming move, though some lenders may require you to apply directly on their websites for certain loan purposes. Check with each lender for any possible restrictions before applying.

How does a moving loan work?

A moving loan can be a personal loan used to cover moving expenses. That would mean an installment loan with a fixed rate and set monthly payments, usually repaid over two to seven years. If you are approved for a personal loan, the lender will distribute the funds to you directly, which you can then use to fund your move. You'll then start payments on your new loan.

Related: How Do Personal Loans Work?

What is the lowest credit score you can have and still get a loan?

You may be able to get a personal loan with a credit score in the 500s or lower with select lenders. Some lenders don't even require you to have a credit score. Most, though, require a score in the upper 600s or higher. If you are approved with poor credit, you'll likely end up paying more to borrow. Rates for reputable personal loans generally top out around 35.99%.

Do banks offer relocation loans?

Many traditional banks, credit unions, and online lenders offer loans that can be used to help you relocate. In most cases, relocation or moving loans are simply personal loans used for that specific purpose. But before you apply, it's important to make sure you understand any restrictions a lender may have in place regarding use of funds.

Read More:

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• Does Applying for a Loan Hurt Your Credit Score?
• How Does a Personal Loan Affect Your Credit Score?
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• Where To Get a $3,000 Personal Loan
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