Personal Loans for Moving and Relocation in 2023
Moving loans can help cover expenses if you can’t pay for relocation with savings. Compare alternatives before applying.
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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 costs an average of about $1,710, while a cross-country relocation costs an average of about $4,820, according to HomeAdvisor. If you don’t have savings for a move, a personal loan may provide fast cash and lower rates than some credit cards.
These lenders offer moving and relocation loans, whether you have good or bad credit, need fast funding or are looking for a small loan.
Personal Loans for Moving and Relocation in 2023
Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Est. APR ▾ ▾ | Loan amount ▾ ▾ | Min. credit score ▾ ▾ | Learn more |
|---|---|---|---|---|---|
5.0 /5 | 8.99-25.81% | $5,000-$100,000 | None | Go To Lender Siteon SoFi's website on SoFi's website Check Rateon NerdWallet on NerdWallet | |
5.0 /5 | 8.99-24.25% | $5,000-$45,000 | 660 | Check Rateon NerdWallet on NerdWallet | |
 Rocket Loans Go To Lender Siteon Rocket Loans' website on Rocket Loans' website Check Rateon NerdWallet on NerdWallet | 4.5 /5 | 9.16-29.99% | $2,000-$45,000 | 640 | Go To Lender Siteon Rocket Loans' website on Rocket Loans' website Check Rateon NerdWallet on NerdWallet |
 Upstart Go To Lender Siteon Upstart's website on Upstart's website Check Rateon NerdWallet on NerdWallet | 4.5 /5 | 6.50-35.99% | $1,000-$50,000 | None | Go To Lender Siteon Upstart's website on Upstart's website Check Rateon NerdWallet on NerdWallet |
 Best Egg Go To Lender Siteon Best Egg's website on Best Egg's website Check Rateon NerdWallet on NerdWallet | 4.5 /5 | 8.99-35.99% | $2,000-$50,000 | 600 | Go To Lender Siteon Best Egg's website on Best Egg's website Check Rateon NerdWallet on NerdWallet |
4.5 /5 | 9.57-36.00% | $1,000-$40,000 | 600 | Check Rateon NerdWallet on NerdWallet | |
 Universal Credit Go To Lender Siteon Universal Credit's website on Universal Credit's website Check Rateon NerdWallet on NerdWallet | 4.5 /5 | 11.69-35.99% | $1,000-$50,000 | 560 | Go To Lender Siteon Universal Credit's website on Universal Credit's website Check Rateon NerdWallet on NerdWallet |
 Upgrade Go To Lender Siteon Upgrade's website on Upgrade's website Check Rateon NerdWallet on NerdWallet | 4.5 /5 | 8.49-35.99% | $1,000-$50,000 | 560 | Go To Lender Siteon Upgrade's website on Upgrade's website Check Rateon NerdWallet on NerdWallet |
Our pick for
Moving loans with fast funding
Our pick for
Small moving loans
Our pick for
Moving loans for good credit
Our pick for
Moving loans for fair credit
Our pick for
Co-signed or joint moving loans
Laurel Road Personal Loan
8.99-24.25%
$5,000-$45,000
660
Our pick for
Moving loans for bad credit
Universal Credit
11.69-35.99%
$1,000-$50,000
560
» MORE: Compare unsecured loans
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, plus interest, in fixed amounts usually over a few years.
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 of moving loans
Lower rates than some 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 11.2%, according to our personal loan calculator.
Fast funding. If your move is coming up, some online loans fund as quickly as the same or next business day after you’re approved. 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 of moving loans
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 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 credit score or lower) 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%.
How to get a loan for moving
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 apply for a personal loan.
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.
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.
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.
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.
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 typically start under $1,000 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 or bad credit (689 credit score or lower) may qualify more easily than with a loan from a bank or online lender.
Credit cards: Borrowers with good or 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 15 to 21 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 online or hold a moving sale.
» MORE: Tips for an easier, cheaper move
Last updated on December 21, 2022
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
NerdWallet's Personal Loans for Moving and Relocation in 2023
- Rocket Loans: Best for Moving loans with fast funding
- Upstart: Best for Small moving loans
- SoFi: Best for Moving loans for good credit
- Best Egg: Best for Moving loans for fair credit
- LendingClub: Best for Moving loans for good credit
- Laurel Road Personal Loan: Best for Co-signed or joint moving loans
- Universal Credit: Best for Moving loans for bad credit
- Upgrade: Best for Moving loans for bad credit
Frequently asked questions
- Should I get a personal loan for moving?
A personal loan is one of a few financing options for your move. Because there aren’t many restrictions on how you use a personal loan, you can spend the funds on moving expenses and things like new home furnishings. This may be the right option if you don’t already have savings, but compare all your financing options to be sure.
- How does a relocation loan work?
A personal loan used for relocation comes in a lump sum, and you can spend it on almost anything you need during your move. Because these loans have fixed interest rates, you’ll make the same payment on the loan each month, usually over the course of a few years.
