BEST OF

Personal Loans for Moving and Relocation in 2021

Moving loans can help cover expenses if you can’t pay for relocation with savings. Compare alternatives before applying.

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Moving can be equal parts stressful and expensive. While you may not be able to eliminate the stress, a moving loan can help cover your costs.

A move across town can cost from under $1,000 up to about $5,000, while a cross-country relocation could be over $10,000, according to HomeAdvisor. If you don’t have savings for a move, a personal loan can provide fast cash and lower rates than credit cards for those with good credit.

These lenders offer moving and relocation loans, whether you have good or bad credit, you need fast funding or a small loan.

Summary of Personal Loans for Moving and Relocation in 2021

Our pick for

Moving loans for fast funding

BestEgg
Check rate

on Best Egg's website

Best Egg

4.0

NerdWallet rating 
BestEgg

Est. APR

5.99 - 29.99%

Loan Amount

$2,000 - $50,000

Min. Credit Score

600
Check rate

on Best Egg's website


Min. Credit Score

600

Key facts

Best Egg can fund a loan within one business day and allows borrowers to change their payment date during the life of the loan.

Pros

  • Competitive rates among fair-credit lenders.

  • Able to fund loans within one business day.

  • Secured loan option for homeowners.

Cons

  • Charges origination fee.

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

  • Borrowers can choose from only two repayment term options.

Qualifications

  • Minimum credit score: 600; borrower average is 700.

  • Minimum credit history: 3 years and 3 accounts.

  • Minimum income: No minimum income requirement; borrower average is $80,000. Borrower must have enough cash flow to cover current financial obligations.

  • Minimum debt-to-income ratio: 40% or 65% including a mortgage; borrower average is 40%.

  • Employment: Must provide proof of income; part-time employees are eligible.

  • Must provide valid U.S. address and Social Security number.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: 0.99% - 5.99%.

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

Disclaimer

*Trustpilot TrustScore as of June 2020. Best Egg personal loans, including the Best Egg Secured Loan, are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. “Best Egg” is a trademark of Marlette Funding, LLC. "Best Egg Secured Loan" is a pending trademark of Marlette Funding, LLC. All uses of “Best Egg” refer to “the Best Egg personal loan”, “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan” and/or "the Best Egg Secured Loan"as applicable. The term, amount and APR of any loan we offer to you will depend on your credit sc¬ore, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. 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. What this means for you: 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. We may also ask to see your driver’s license or other identifying documents.

Read Full Review

Our pick for

Small moving loans

Upstart
Check rate

on Upstart's website

Upstart

4.5

NerdWallet rating 
Upstart

Est. APR

6.95 - 35.99%

Loan Amount

$1,000 - $50,000

Min. Credit Score

580
Check rate

on Upstart's website


Min. Credit Score

580

Key facts

Upstart is an online lending platform that accepts borrowers with thin credit histories because it uses alternative data to qualify borrowers.

Pros

  • Accepts borrowers new to credit.

  • Able to fund loans within one business day.

  • Offers direct payment to creditors with some debt consolidation loans.

Cons

  • Borrowers can choose from only two repayment term options.

  • Charges origination fee.

Qualifications

  • Minimum credit score: 580.

  • Minimum credit history: None, this lending platform accepts borrowers with credit history too limited to produce a FICO score.

  • Minimum gross income: $12,000.

  • Employment: Full-time job, full-time job offer starting in 6 months, a regular part-time job, or another source of regular income.

  • Must have U.S. residential street address where borrower resides (unless military personnel on active duty).

  • Must be at least 18 years old.

  • Valid email account required.

  • Personal bank account with U.S. routing number required.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: 0% - 8%.

  • Late fee: 5% of past due amount or $15, whichever is greater.

Disclaimer

The 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 24.4% and 36 monthly payments of $36 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.

Read Full Review

Our pick for

Moving loans for good credit

Marcus by Goldman Sachs
Check rate

on Goldman Sachs's website

Marcus by Goldman Sachs

5.0

NerdWallet rating 
Marcus by Goldman Sachs

Est. APR

6.99 - 19.99%

Loan Amount

$3,500 - $40,000

Min. Credit Score

660
Check rate

on Goldman Sachs's website


Min. Credit Score

660

Key facts

Marcus offers low-rate personal loans to borrowers with good credit. This lender offers nine different repayment terms within a three- to six-year window.

Pros

  • No fees.

  • Competitive rates among online lenders.

  • Wide variety of repayment term options.

  • Offers .25% rate discount for setting up autopay.

  • Offers direct payment to creditors for debt consolidation loans.


Cons

  • No co-sign, joint or secured loan option.

Qualifications

  • Minimum credit score: 660.

  • Must be 18 or over, 19 in Alabama and 21 in Mississippi and Puerto Rico.

  • Must have a valid U.S. bank account and Social Security or Individual Tax I.D. Number.

  • May need to provide proof of income, including recent pay stubs or bank statements.

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. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. 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.

Read Full Review

Our pick for

Moving loans for fair credit

Lending Club
Check rate

on LendingClub's website

LendingClub

4.5

NerdWallet rating 
Lending Club

Est. APR

8.05 - 35.89%

Loan Amount

$1,000 - $40,000

Min. Credit Score

600
Check rate

on LendingClub's website


Min. Credit Score

600

Key facts

LendingClub lets borrowers add a co-signer or co-borrower to their loan application, which can help you get a lower rate. Customers can also manage their finances with the Member Center feature.

Pros

  • Offers co-signed and joint loan options.

  • Offers direct payment to creditors with debt consolidation loans.

  • Soft credit check with pre-qualification.

Cons

  • Borrowers can only choose from two repayment term options.

  • Rates are high compared to other fair-credit lenders.

  • Charges an origination fee.

Qualifications

  • Minimum credit score of 600. LendingClub uses FICO 8 credit scoring model.

  • 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% to 6%.

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

Disclaimer

A representative example of loan payment terms is as follows: you receive a loan of $13,411 for a term of 36 months, with an interest rate of 12.16% and a 5.30% origination fee of $711, for an APR of 15.99%. In this example, you will receive $12,700 and will make 36 monthly payments of $446.46. Loan amounts range from $1,000 to $40,000 and loan term lengths are 36 months or 60 months. Some amounts and term lengths may be unavailable in certain states. APR ranges from 8.05% to 35.89% and is determined at the time of application. Origination fee ranges from 3% to 6% of the loan amount. Lowest APR is available to borrowers with excellent credit. Advertised rates are subject to change without notice. Loans are made by LendingClub Bank, N.A., Member FDIC (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Loans are subject to credit approval and sufficient investor commitment before they can be funded or issued. Certain information that we subsequently obtain as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that your request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan from us. Loan closing is contingent on accepting all required agreements and disclosures at Lendingclub.com. “LendingClub” is a trademark of LendingClub Bank.

Read Full Review

Our pick for

Moving loans for bad credit

Avant
See my rates

on NerdWallet's secure website

Avant

4.5

NerdWallet rating 
Avant

Est. APR

9.95 - 35.99%

Loan Amount

$2,000 - $35,000

Min. Credit Score

550
See my rates

on NerdWallet's secure website


Min. Credit Score

550

Key facts

Avant tailors its loan to bad-credit borrowers. This lender can fund loans quickly and offers secured loans, which can help you qualify for a lower rate.

Pros

  • Able to fund loans the next business day.

  • Option to change your payment date.

  • Soft credit check with pre-qualification.

  • Offers secured loan option.

Cons

  • Charges an origination fee.

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

  • No co-sign or joint loan option.

Qualifications

  • Minimum credit score of 550.

Available Term Lengths

2 to 5 years

Fees

  • Administrative fee: Up to 4.75%.

  • Late fee: $25 (most states).

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

Disclaimer

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. Minimum loan amounts may vary by state. If approved, the actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. An administration fee of up to 4.75% will be deducted from the loan proceeds. Avant branded credit products are issued by Webbank, member FDIC

Read Full Review

What is a moving or relocation loan?

A moving loan is an unsecured personal loan used to pay for moving expenses. You can use the funds from an unsecured loan to pay for anything, including movers and furniture for your new home. You repay this loan in fixed amounts usually over a few years, plus interest.

Pros and cons of moving loans

Taking a personal loan for moving expenses is just one financing option. Here are the main pros and cons of getting one for a big move:

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. If your move is coming up, some online loans fund as quickly as one business day. Submitting a complete application with all the required documents can speed up funding.

  • Large loans. Borrowers may access large loan amounts with a personal loan that can help with the move and getting set up in their new place.

  • Predictable payments. Personal loans have fixed interest rates, so you’ll make the same monthly payment for the life of your loan. This can help with budgeting for the payments and deciding what loan offer is the right fit.

Cons

  • Long-term debt. You’ll likely be paying for your move long after you’ve settled into your new home, since terms on personal loans can extend up to five or seven years.

  • Fees. Some lenders charge origination fees that can range from 1% to 10% of the loan amount, though it’s usually based on your qualifications. It’s calculated into 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 you have bad credit (629 or lower FICO) or a lot of existing debt when you apply, a personal loan can be expensive. In this case, you can expect a rate above 20% and possibly even higher than 30%.

Alternatives to moving loans

Savings are the cheapest way to pay for a move, so if you have an emergency fund or time to budget beforehand, you could avoid borrowing as much or getting a loan altogether.

If not, compare these alternatives with a personal loan to find the financing option that’s best for your plans:

Relocation package: If you’re relocating for a new job, ask your new company about paying for some or all of your moving expenses. If you didn’t discuss it during the negotiation process, it could be worthwhile to ask before going into debt for the move.

Credit unions: Federal credit union loans start as low as $500 and have a maximum APR of 18%. Because a member’s history with the credit union is considered on a loan application, those with fair credit (630 to 689 FICO) may qualify more easily than with a loan from a bank or online lender.

Credit cards: Borrowers with excellent credit may qualify for a 0% APR credit card, which charges no interest if you pay off the balance within a promotional period — usually 12 to 18 months.

Family and friends: Getting a loan from family or friends can be a low- or no-interest way to borrow money that won’t affect your credit score. Tread lightly with this option if borrowing money would mean risking your relationship with the lender.

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.

How to get a moving loan

Borrowers with strong credit and a low debt-to-income ratio have the best chances of qualifying for a low rate on a moving loan, although requirements 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.

Here are the steps to getting a personal loan:

  1. Decide what you need: Personal loans come in a lump sum, unlike a credit card or line of credit, and it’s not always easy to go back and borrow more. Make sure to have a strong idea of how much your move will cost before you apply.

  2. Pre-qualify: You can pre-qualify with a lender to see what loan amount, APR and monthly payments you qualify for. Pre-qualifying doesn’t affect your credit score, so you can compare offers from a few lenders before committing to a loan.

  3. Prepare your documents: Once you’ve decided which offer to accept, gather documents like identification, Social Security number, W-2s and pay stubs. Having all of your documents together can get you through the application more quickly and may help the lender fund the loan faster.

  4. Make a repayment plan: Be sure you have a plan to make your payments on time, which can help you build credit and avoid late fees. Most lenders don’t penalize you for making extra payments or paying the loan off early. If you’re able to pay extra, you’ll save on interest in the long run.

Last updated on March 2, 2021

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 and Relocation in 2021

Frequently asked questions