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5 Personal Loans for Moving Expenses in 2020

Steve NicastroFebruary 13, 2020

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

A moving loan can be used to cover moving or relocation expenses. Learn the pros and cons and compare options.

Summary of Personal Loans for Moving Expenses in 2020

LenderBest ForEst. APRMin. Credit ScoreLearn More
Marcus by Goldman Sachs

Marcus by Goldman Sachs

on Goldman Sachs's website

Moving loans for good credit

6.99 - 28.99%

660

on Goldman Sachs's website

Earnest

Earnest Personal Loan

on Earnest's website

Moving loans for good credit

5.99 - 17.24%

680

on Earnest's website

Avant

Avant

on Avant's website

Moving loan for bad credit

9.95 - 35.99%

580

on Avant's website

BestEgg

Best Egg

on Best Egg's website

Moving loan for fast funding

5.99 - 29.99%

640

on Best Egg's website

Lending Club

LendingClub

on LendingClub's website

Small moving loans

6.95 - 35.89%

600

on LendingClub's website

Our picks for

Moving loans for good credit

Marcus by Goldman Sachs

on Goldman Sachs's website

Marcus by Goldman Sachs

Marcus by Goldman Sachs

Min. Credit Score

660

Est. APR

6.99 - 28.99%

Loan Amount

$3,500 - $40,000

on Goldman Sachs's website


Min. Credit Score

660

Key facts

Marcus loans are commonly used for debt consolidation, but they can also be used to cover moving costs. The company offers competitive rates, but you’ll need good credit to qualify.

Pros

  • No fees.

  • Flexible payment options.

  • Directly pays creditors for debt consolidation loans.

Cons

  • Requires good credit.

  • No co-sign option.

Qualifications

  • At least 18 years old (19 in Alabama; 21 in Mississippi and Puerto Rico).

  • Valid U.S. bank account, Social Security number or tax ID.

  • 660+ credit score.

Available Term Lengths

3 to 6 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36-month loans are generally lower than rates for 72-month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs® is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

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Earnest

on Earnest's website

Earnest Personal Loan

Earnest

Min. Credit Score

680

Est. APR

5.99 - 17.24%

Loan Amount

$5,000 - $75,000

on Earnest's website


Min. Credit Score

680

Key facts

Earnest accepts borrowers with solid credit histories and finances. The lender offers low rates, charges no fees and has flexible repayment schedules.

Pros

  • No fees.

  • Flexible payments.

Cons

  • No co-sign or secured loan options.

  • Requires permission to scan checking account.

Qualifications

  • Minimum credit score: 680.

  • Proof of consistent income.

  • No open collections accounts.

  • Live in the District of Columbia or a state other than Alabama, Delaware, Kentucky, Nevada or Rhode Island.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application. Earnest offers personal loans with fixed interest rates between 6.99% APR and 18.24% APR for three, four, or five year terms. Earnest rate ranges are current as of 07/03/2019 and are subject to change based on market conditions and borrower eligibility. The information provided on this page is updated as of 07/03/19. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of- service, e-mail us at [email protected], or call 888-601-2801 for more information on our personal loan product.

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Our pick for

Moving loan for bad credit

Avant

on Avant's website

Avant

Min. Credit Score

580

Est. APR

9.95 - 35.99%

Loan Amount

$2,000 - $35,000

on Avant's website


Min. Credit Score

580

Key facts

Avant lends to people with low credit scores and income, typically for debt consolidation or emergencies, but also for moving or relocation.

Pros

  • Low minimum credit score.

  • Refinancing option.

  • No prepayment fee.

Cons

  • No co-sign or secured loan option.

  • Does not offer direct payment to creditors for debt consolidation loans.

Qualifications

  • Minimum credit score of 580.

  • At least $20,000 in gross annual income.

Available Term Lengths

2 to 5 years

Fees

  • Administrative fee: 4.75%.

  • Late fee: $25 (most states).

  • Unsuccessful payment fee: $15 (most states).

Disclaimer

$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. The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Avant branded credit products are issued by WebBank, member FDIC

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Our pick for

Moving loan for fast funding

BestEgg

on Best Egg's website

Best Egg

BestEgg

Min. Credit Score

640

Est. APR

5.99 - 29.99%

Loan Amount

$2,000 - $35,000

on Best Egg's website


Min. Credit Score

640

Key facts

Best Egg is an option if you need money fast, with funding as quick as one business day. Its borrowers have an average credit score of 700 and typically earn $80,000 per year.

Pros

  • Able to fund loans within one business day.

  • Soft credit check with pre-qualification.

  • Option to change your payment date.

Cons

  • Charges origination fee.

  • Charges $15 late fee.

Qualifications

  • Minimum credit score: 640.

  • Minimum credit history: Not specified.

  • Minimum annual income: Not specified, but average is $80,000.

  • Debt-to-income ratio: Not specified, but typically less than 35%.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: 0.99% - 5.99%.

  • Late fee: $15.

  • Return fee: $15 if payments are not processed.

Disclaimer

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. “Best Egg” is a trademark of Marlette Funding, LLC. All uses of “Best Egg” refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000–$35,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Annual Percentage Rates (APRs) range from 5.99%–29.99%.  The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–5.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

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Our pick for

Small moving loans

Lending Club

on LendingClub's website

LendingClub

Lending Club

Min. Credit Score

600

Est. APR

6.95 - 35.89%

Loan Amount

$1,000 - $40,000

on LendingClub's website


Min. Credit Score

600

Key facts

LendingClub offers loans as low as $1,000 with competitive rates. It charges an origination fee (1% to 6% of the loan amount), and funding typically takes a few days.

Pros

  • May offer direct payment to creditors with debt consolidation loans.

  • Joint loan option.

Cons

  • Charges origination fee.

  • Charges late fee.

Qualifications

  • Minimum credit score of 600.

  • Minimum credit history of three years.

  • Debt-to-income ratio of less than 40% for single applications, 35% combined for joint applicants.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: 1% - 6%.

  • Late fee: Greater of $15 or 5% of payment after 15-day grace period.

Disclaimer

*All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history. The APR ranges from 6.95% to 35.89%. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long-term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: 595 Market St suite 200 San Francisco Ca 94105. **Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between Jan. 1, 2018, and July 20, 2018. The time it will take to fund your loan may vary.

Read Full Review

» MORE: Unsecured loans you can use for almost any expense

Moving loans: Pros and cons

Before you take a personal loan for moving or any purpose, weigh these pros and cons.

Pros

  • Lower rates than credit cards. If you have good credit, you may get a lower rate on a personal loan than on a credit card. The estimated rate for borrowers with excellent credit is 13.9%, according to our personal loan calculator.
  • Fast funding. Some online loans fund as quickly as one business day. Ensuring you submit a complete application along with all the required documents can speed funding.
  • Large loans. If you anticipate an expensive move, a personal loan — with amounts up to $75,000 — can be better than maxing out your credit cards.

Cons

  • Long-term debt. You’ll likely be paying for your move long after you’ve settled into your new home, since loan terms on personal loans can extend up to five or seven years.
  • Fees. Some lenders charge origination fees that can range from 1% to 6% of the loan amount. The fee is included in the annual percentage rate and may be subtracted from the loan proceeds. For example, a $5,000 loan with a 5% origination fee ($250) would net you $4,750.
  • High rates for bad credit. If your credit score is poor, a personal loan can be expensive. Rates for bad credit loans range from 16% to 36% APR.

Alternatives to moving loans

Credit unions: If you need a smaller loan and have time to shop around, consider joining a credit union. Federal credit unions have borrowing amounts starting at $500, and they charge a maximum APR of 18%.

Credit cards: Borrowers with excellent credit may qualify for a 0% APR credit card, which charges zero interest if you pay off the balance within a promotional period.

Friends and family: Getting a loan from family or friends is an option that has benefits like no or low interest, but it can also strain your relationship.

Sell your stuff: Do you really need that piano? Selling larger items like a couch or pool table puts cash in your pocket and reduces moving costs. List items for sale on Facebook or Craigslist, or hold a moving sale.

» MORE:  4 ways to reduce moving expenses

How to qualify for a moving loan

Borrowers with strong credit have the best chances of qualifying for a moving loan, although requirements such as credit score and income vary by lender. Building your credit and improving your debt-to-income ratio are good ways to boost your chances of qualifying for a moving loan.

Most online lenders allow you to pre-qualify to check your rate and terms before committing to a loan. Pre-qualifying allows you to compare rates from multiple lenders and find a loan that gives you the amount of money you need and a payment you can afford.

» MORE: Pre-qualify with multiple lenders on NerdWallet

Last updated on February 13, 2020

Methodology

NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews.

To recap our selections...

NerdWallet's Personal Loans for Moving Expenses in 2020