Advertiser Disclosure

5 Personal Loans for Moving Expenses in 2019

Dec. 19, 2018
Loans, Personal Loans
At NerdWallet, we adhere to strict standards of editorial integrity to help you make decisions with confidence. Many or all of the products featured here are from our partners. 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.

Moving expenses vary, from just under $1,000 on average to as high as $9,000 for a cross-country relocation, 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.

Here’s where to find personal loans for moving and relocation, whether you’re moving 10 or 1,000 miles away.

Lenders that offer moving loans: Online lenders like Earnest and Marcus allow personal loans to be used for any purpose, including moving expenses.

How to qualify for moving loans: Strong credit will boost your chances, but bad credit isn’t always a deal-breaker.

Pros and cons of moving loans: An online loan can be funded faster than a bank loan or new credit card.

Moving loans vs. alternatives: A low-interest credit card or loan from family or friends may be options, too.

Personal loans for moving expenses

LenderTypical APR rangeLoan amountsGet started
Earnest
4.5 NerdWallet rating
6.99% - 18.24%$5,000 - $75,000
Marcus
5.0 NerdWallet rating

6.99% - 24.99%$3,500 - $40,000
Peerform
3.0 NerdWallet rating
5.99% - 29.99%$4,000 - $25,000
Best Egg
4.0 NerdWallet rating
5.99% - 29.99%$2,000 - $35,000
LendingClub
4.0 NerdWallet rating
6.95% - 35.89%$1,000 - $40,000
Click “Check Rate” to pre-qualify and receive a personalized rate from multiple lenders on NerdWallet.



Moving loans are personal loans that can be used toward moving or relocation costs. Most online lenders allow you to pre-qualify to check your rate and terms before committing to a loan, and financing is usually quicker and more convenient than bank loans.

Best for good credit: EARNEST AND MARCUS

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

4.5 NerdWallet rating

•APR: 6.99% - 18.24%

•Loan amount: $5,000 - $75,000

•Loan terms: 3 to 5 years

•Minimum credit score: None

•Time to funding: Up to a week

•Fees: No origination fee; fee for unsuccessful payment

Read our review

Check Rate Click to pre-qualify on NerdWallet.

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.

5.0 NerdWallet rating

•APR: 6.99% - 24.99%

•Loan amount: $3,500 - $40,000

•Loan terms: 3 to 6 years

•Minimum credit score: 660

•Time to funding: Usually 2 days

•Fees: None

Read our review

Check Rate Click to pre-qualify on NerdWallet.

BEST FOR BAD CREDIT: PEERFORM

Peerform is an option for bad credit borrowers; it requires a minimum credit score of 600. Funding typically takes one week, and origination fees range from 1% to 5% of the loan amount.

3.0 NerdWallet rating

•APR: 5.99% - 29.99%

•Loan amount: $4,000 - $35,000

•Loan terms: 3 or 5 years

•Minimum credit score: 600

•Time to funding: Typically one week

•Fees: Origination fee of 1% to 5% of loan amount

Read our review

Check Rate Click to pre-qualify on NerdWallet.

BEST FOR FAST FUNDING: BEST EGG

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.

4.0 NerdWallet rating

•APR: 5.99% - 29.99%

•Loan amount: $2,000 - $35,000

•Loan terms: 3 or 5 years

•Minimum credit score: 640; average is 700

•Time to funding: As fast as one day

•Fees: Origination fee of 0.99% - 5.99% of loan amount, late fee of $15

Read our review

Check Rate Click to pre-qualify on NerdWallet.

Best for small moving loans: LendingClub

LendingClub offers loans as low as $1,000 with competitive rates. On the downside, it charges an origination fee (1% to 6% of the loan amount) and funding may take up to one week.

4.0 NerdWallet rating

•APR: 6.95% - 35.89%

•Loan amount: $1,000 - $40,000

•Loan terms: 3 or 5 years

•Minimum credit score: 600, but borrowers average 699

•Time to funding: Usually 7 days

•Fees: Origination fee of 1% - 6% of loan amount; fees for late payment, unsuccessful payment and personal check use

Read our review

Check Rate Click “Check Rate” to pre-qualify on NerdWallet.

» MORE: NerdWallet’s financial guide for moving or relocating

How to qualify for a moving loan

Qualifying for a moving loan is the same process as for other personal loans. Borrowers with strong credit have the best chances of qualifying, although requirements such as credit score and income vary by lender. Building your credit and improving your debt-to-income ratio are good places to start.  

» MORE:  Boost your chances of personal loan approval

Pros and cons of moving loans

Before you take a personal loan, 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 a NerdWallet lender survey
  • 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

About the author