Advertiser Disclosure

Personal Loans

LendingPoint Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

APR

9.99%
To
35.99%

Credit Req.

585

Minimum Credit Score

Terms

24 to 48

months

Origination Fee

0.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $25,000.... Read More

LendingPoint personal loan details
 

Fees and penalties

  • Terms: 24 to 48 months
  • APR range: 9.99% to 35.99%
  • Loan amounts: $2,000 to $25,000
  • Time to funding: After the final approval, funds can be transferred as quickly as the next business day.
  • Hard pull/soft pull: LendingPoint conducts a soft pull when you first apply for a personal loan quote. After you review the loan offer(s) and select one, a hard pull will then be done to move forward with the final loan approval process.
  • Origination fee: 0.00% - 6.00%, depending on your state of residence and credit history.
  • Prepayment fee: None
  • Late payment fee: Not specified

Many lenders are strict about how many loans you can have at one time, sometimes maxing out at one per borrower. However, LendingPoint may allow you to take out two loans at once, depending on your current loan’s standing and your overall credit history. Being able to take out another personal loan can be helpful if a new financial issue comes up, such as an unexpected home repair, where you need more funds than your current loan can’t cover.

LendingPoint’s personal loans may be used for many different financial reasons. Whether you need to cover an upcoming home renovation, fund a car purchase or pay off a medical bill your insurance won’t cover, a personal loan from LendingPoint can help. These personal loans can also be used to help consolidate your debt and refinance your credit cards.

Eligibility requirements

  • Minimum credit score: 585
  • Minimum credit history: LendingPoint looks at your overall financial potential to help determine whether you’re a good candidate for a personal loan, but it will only consider those who can show income of at least $20,000 a year.
  • Maximum debt-to-income ratio: Not specified.

All borrowers must be at least 18 years old and reside in one of LendingPoint’s 49 designated states (as stated above, LendingPoint doesn’t operate in West Virginia) or the District of Columbia. Borrowers are encouraged to show consistent employment history for at least the past 12 months and must have a bank account.

Applying for a personal loan from LendingPoint

To begin the application process with LendingPoint, you’ll first need to provide basic background information, such as your name, date of birth, Social Security number, and annual income. This is the pre-approval process that can generate one or more loan offers in minutes.

If you choose one of the offers and agree with the terms and rates, you will then need to provide any additional information and documents LendingPoint may request, including your driver’s license, bank statements (with voided check) and proof of income. Once all documents have been received and reviewed, a final loan approval can happen in a few hours, and your funds can possibly be distributed to your bank account within the next business day.

Pros and cons of a LendingPoint personal loan

Pros:

Cons:

  • No prepayment penalty. If you decide to pay off your loan before your term is up, LendingPoint will not charge you a prepayment penalty.
  • Fast approval and funding. Many borrowers are pre-approved for a personal loan within a few minutes and approved for the actual loan within hours. Borrowers can receive funds in their bank account as soon as the next business day, upon approval and receipt of additional documents.
  • Works with borrowers with various different credit scores. LendingPoint provides personal loans to borrowers with a range of credit scores, even those with poor credit.
  • Bankruptcy is not grounds for automatic disqualification. Borrowers with a discharged bankruptcy of 12 months or more can still apply for a personal loan with LendingPoint. Your credit history, income and discharged bankruptcy timeframe will all be determining factors.
  • No joint or cosigner loans. Some lenders allow you to have a cosigner with a higher credit score in order to qualify for a better personal loan rate. That is not the case with LendingPoint’s personal loans, as they are based only on your individual credit history.
  • Fluctuating payment schedule. Your monthly due date may change because LendingPoint usually uses a 28-day payment cycle.
  • Higher interest rates. LendingPoint may work with borrowers with fair credit, but that can mean higher interest rates when compared with other lenders.
  • Origination fee. Many lenders don’t charge an origination fee for personal loans, which is why LendingPoint’s possible charge of up to 6.00% can be off-putting.

Who’s the best fit for a LendingPoint personal loan

If you have low to fair credit and meet the income requirements, LendingPoint could be a good option, especially if you need funds fast. The lack of a prepayment penalty is a plus, but other lenders offer lower rates, even for those with less than ideal credit.

Still, it’s always a good idea to search and compare personal loans before making a final decision. Shop around to find the best personal loans with a rate and term that’s ideal for your financial needs, while also keeping an eye out for any fees associated with a loan, including origination fees. LendingPoint may be the best fit for you, but you should take some time to compare with others to know for sure.

LendingPoint consumer reviews

A company’s rating on the Better Business Bureau is a good indicator on the way it handles its overall business. A major plus for LendingPoint is its A+ rating on the BBB. It has also been accredited with the BBB since 2014.

LendingPoint also flourishes on LendingTree’s website (Disclaimer: MagnifyMoney is owned by LendingTree), boasting an average of 4.5 stars from its 68 reviews. Customer service and responsiveness have both scored 5-star ratings, and 90% of customers would recommend LendingPoint to others.

In general, the reviews for LendingPoint on LendingTree praise the company’s customer service, noting the “personable” and knowledgeable” representatives and that the overall experience was a “fast” and “easy” process.

“The costumer service is top notch!” said reviewer Christopher from Oldsmar, Fla. “Fast, easy, just be on your computer when you’re talking with you rep and they just walk you right through everything!” Fellow Floridian Anna from Saint Augustine thanked LendingPoint and said that she “appreciated the quick, personal and no hassle process.”

Customers also appreciated how “fast” and “convenient” it was to receive their funds from a LendingPoint loan. Several other customers said they would or already have recommended LendingPoint’s services to a friend, as well.

However, one major complaint from several reviewers is LendingPoint running credit checks without proper authorization from the customer: “Ran my credit without my authorization. Just received an email about a loan application that i did not apply for,” wrote Sophia from Allentown, Pa.

See all LendingPoint customer reviews on LendingTree here.

LendingPoint FAQ

LendingPoint offers personal loans to borrowers who need financial help to pay for a major purchase, such as a new home appliance or wedding, or to help consolidate debt. LendingPoint’s personal loans can reach up to $25,000 with terms of 24 to 48 months.

You can use your personal loan for many financial reasons, anything from home improvement tasks to debt consolidation, medical bills and even vacations.

You may be able to change your due date by contacting the lender directly five business days before your bill is due.

Yes, you are allowed to make an extra payment on your loan if you choose to. You can also pay off your loan early without any penalty fees.

You must have an annual income equal to at least $20,000 which can include funds from your job or elsewhere, such as retirement.

In order to qualify for a personal loan with LendingPoint your credit score can be anywhere from 585 all the way to 850.

No. LendingPoint doesn’t charge a fee to use its online application.

Yes, you can set up AutoPay so your payments are automatically deducted from your checking or savings account each month.

Alternative personal loan options

Peerform

Peerform
APR

5.99%
To
29.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

Even with a credit score of 600, you still might be able to secure a loan through Peerform. ... Read More

Peerform offers lower fixed rates ranging from 5.99% to 29.99% with loan amounts starting at $4,000 and maxing out at $25,000; terms are between 36 or 60 months.

Similar to LendingPoint, there are no prepayment penalties should you want to pay off your loan in advance, but there may be an origination fee that varies from 1.00% - 5.00%. There are other fees to consider with Peerform as well — these include late fees,check processing fees and unsuccessful payment fees, all of which can range around $15 each.

LendingClub

APR

6.95%
To
35.89%

Credit Req.

Not Specified

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 0.... Read More

Peer-to-peer lender LendingClub offers loans up to $40,000, which is good for those looking to borrow more money. However, you will likely have to wait a little longer to receive the funds — LendingClub’s earliest distribution is within 7 business days.

There are no prepayment penalties, but LendingClub charges an origination fee of anywhere from 1.00% - 6.00%, and you could also be charged a check processing fee or late payment fee. Credit history, the loan amount and any other outstanding debt are some of the factors used to determine the APR, which usually ranges from 6.95% to 35.89%.

OneMain Financial

APR

18.00%
To
35.99%

Credit Req.

Not specified

Terms

24 to 60

months

Origination Fee

Varies by state

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

OneMain Financial offers quick turnaround times and you may get your money the same day... Read More


Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

OneMain Financial has issued loans for more than 100 years and, similar to LendingPoint, can have money in your hands within the next business day after final approval. Loan amounts are from $1,500 to $20,000 with an APR range of 18.00% to 35.99%.

Borrowers are eligible for terms of 24 to 60 months, depending on your credit and financial history and any other debts you may have. Credit score requirements vary and all personal loans have fixed rates and payments without any prepayment penalties. You may be able to get a loan offer within minutes when you apply online but will need to meet with a loan specialist in person for final approval.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Carissa Chesanek
Carissa Chesanek |

Carissa Chesanek is a writer at MagnifyMoney. You can email Carissa here

Get Personal Loan Offers
Up to $50,000

$

Won’t impact your credit score

Advertiser Disclosure

Personal Loans

Align Income Share Agreement Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

If you need money — such as to cover an emergency expense or to consolidate debt — but you’re worried about high-interest rates you might face with a personal loan, there is an alternative funding option you may consider: an income-share agreement (ISA).

An ISA doesn’t come with a set interest rate. Instead, you pay a percentage of your yearly income every year for a set number of years, paying back what you originally borrowed plus more.

Chicago-based Align Income Share Funding is one source of this type of agreement. The company has been providing ISAs since its founding in 2011. In this review, we’ll explain how Align’s ISA works and whether it might be a good fit for you.

SEE OFFERS Secured

on LendingTree’s secure website

By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.
Align income share agreement details
 

Fees and penalties

  • Terms: Align states that its income-share agreement runs from 24 to 60 months. However, that may depend on your location.
  • Borrowing cost: Align doesn’t charge traditional interest rates on its loans. Instead, it charges a percentage of your income, no more than 10.00%. Say you make $40,000 a year. You might agree to spend 3% of your income each year to repay your loan, or $1,200. If you borrow $4,000 and you sign an agreement to pay back your loan over four years, you’d end up paying $4,800, or $800 more than what you initially borrowed.
  • Borrowing limits: Align will loan you a maximum of $12,500.
  • Time to funding: Align says that you once you sign your contract, it can deposit funds in your bank account in as little as one business day.
  • Hard pull or soft pull? Soft Pull. You can get a quote for an ISA on Align’s website and it will not impact your credit score.
  • Origination fee: Align does not charge origination fees.
  • Prepayment fee: Align also does not charge a prepayment fee. However, there is a cost for getting out of your agreement early.

There are no limits on how you can use your funds from an Align ISA. You can use the money for everything from consolidating high interest credit card debt to paying for home repairs or a dream vacation.

Align is flexible, too, when it comes to determining your income. As the company’s website states, anything listed in box No. 1 of your annual W-2 form can be considered income.

Eligibility requirements

  • Minimum credit score: Not specified.
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

Align doesn’t say much about the minimum credit scores or debt-to-income ratio you will need to qualify for an income-share contract. Their website, however, specifies that they’ll consider your income, creditworthiness, job, and location when determining whether to approve your request for funds.

How Align’s income-share agreement works

This yearly percentage is broken up into monthly payments. Say you borrow $8,000 from Align and you earn $30,000 a year. If you agree to pay back your ISA at 10% of your yearly salary for three years, you’d pay Align $3,000 a year, at $250 a month. After the three-year repayment period has ended, you’d end up paying a total of $9,000, or $1,000 more than you borrowed.

When you set up your contract, you pick a date on which you want to pay each month. Align then automatically deducts that amount from your checking account.

As your income changes, so can your monthly payment. If your income goes up, the percentage you contribute will remain the same. But because your income is increasing, the overall amount you pay will jump, too.

It works the other way, too. Align says that if your income falls, you will pay less. If you become unemployed and you have no income, your monthly payment could potentially fall to $0. If you become unemployed, you will have to submit proof that you are not working, such as a notice from your former employer or documents showing you are receiving unemployment benefits.

Applying for an income-share agreement from Align

Applying for an ISA from Align is a simple process. Just click on the “Apply Now” button on the company’s homepage. Once you do, you’ll be asked to provide your name, date of birth, Social Security number, email address, physical address and phone number.

Align will also ask for your gross yearly income, your income source and the industry in which you work. You’ll also need to provide your education level, estimated credit score, the amount you’d like to borrow and what you want the money for.

After filling in this information, you will then submit your application for an online quote. If you are interested, you can contact Align to speak with a representative who will verify your income, job status and credit. Once this is done, Align will make you an official offer stating how much it is willing to lend you and at what percentage of your yearly income. Align will also state how many months you will make payments, and how much you will pay each month and each year to pay off the money you received.

If you like the offer, you will sign your contract. Align will then deposit your funds into your bank account in as little as one business day.

Pros and cons of an Align income share agreement

Pros:

Cons:

  • No interest rates: Align doesn’t charge interest rates for its loans. However, you will have to pay a percentage of your annual income for a set number of months to pay back your loan.
  • No origination fees: Applying for a loan at Align is free. The company also doesn’t charge you for the work involved in originating your loan.
  • Protection if you lose your job: How much you pay is based on how much you earn, so you won’t have to make any payments if you lose your job and your income.
  • Applying is fast: You won’t have to meet in person with a lender to get your money. You can start the process online. You will have to speak with a representative to verify your financial information.
  • Monthly payment may change: Your monthly payment can vary because Align charges you a percentage of your gross income to lend you money. If your income fluctuates, your monthly payment will, too. This can be challenging when you are making a household budget.
  • Not everyone is guaranteed an ISA: Align looks at your credit score, income and employment status when determining who qualifies for funds. There is no guarantee of approval.
  • Paying out of your contract may be pricey: You can end your contract with Align before your term ends. This will cost you, though. Align lists in your contract the amount of money you’d have to pay to get out of your ISA early.

Who’s the best fit for Align Income Share Funding?

An Align ISA can work for people who aren’t afraid of a little uncertainty and are worried about high interest rates. Because Align charges a percentage of your income, your monthly payments can increase or decrease. If you don’t mind this uncertainty, an Align ISA might be a good choice.

This type of agreement might work, too, if you have a relatively low income. But if your income is high, or if you expect it to rise in the near future, an ISA might not be a good fit — your monthly payment could jump too high.

Alternative funding options

LendingClub

APR

6.95%
To
35.89%

Credit Req.

Not Specified

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 0.... Read More

LendingClub is an online lender providing personal loans up to $40,000. Unlike Align, LendingClub provides traditional loans with a fixed interest rate. This means that your payments remain the same every month, a benefit when you are overseeing a household budget. LendingClub does not charge prepayment penalties, but it does have an origination fee between 1.00% - 6.00%. Anyone seeking more certainty with their loan payments should explore this option.

SoFi

SoFi
APR

5.99%
To
17.67%

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.990% APR to 17.67% APR (with AutoPay). Variable rates from 5.60% APR to 14.700% APR (with AutoPay). SoFi rate ranges are current as of August 7, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.60% APR assumes current 1-month LIBOR rate of 2.27% plus 3.08% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

SoFi is another popular source of personal loans. This online lender also provides traditional loans, with interest rates lower than many lenders because it primarily targets borrowers with great credit. SoFi charges no origination fee or prepayment fees and temporarily pauses your payments if you lose your job.

Payoff

APR

5.99%
To
24.99%

Credit Req.

640

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

up to 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Payoff is a financial services firm that offers personal loans mainly to help consolidate credit card debt.... Read More


All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

Another online lender, Payoff lets you apply online for a personal loan. The company charges no application fees, and applying does not impact your credit score. You can choose a loan amount between $5,000 to $35,000 and terms from 24 to 60 months.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Dan Rafter
Dan Rafter |

Dan Rafter is a writer at MagnifyMoney. You can email Dan here

Get Personal Loan Offers
Up to $50,000

$

Won’t impact your credit score

Advertiser Disclosure

Personal Loans

Where U.S. Families Are Leaving in Droves — and Where They’re Moving to

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

While some media outlets report increasing challenges for families seeking a comfortable life in America’s biggest cities, leading to declining birth rates, other research claims most cities and metropolitan areas are as family-friendly as the nation as a whole. What’s clear is that the cost of living, and in particular the cost of childcare, presents significant challenges for those raising children in 2019 and beyond.

We analyzed U.S. Census Bureau migration data to understand which areas families with children are moving to, as well which metropolitan areas they are moving away from. For the purposes of this article, we defined a family as any household with children under the age of 18. Final rankings were determined by subtracting the number of families who left a metro area between 2016 and 2017 from the number of families who moved in.

Key findings

  • Riverside, Calif., took the top spot for highest migration, with a net inflow of 6,279 families. Nearly 15,700 families moved to Riverside while just under 9,400 left.
  • Phoenix, Ariz., was the second most popular spot for families to move to. In total, this metro saw a net inflow of 5,580 families. This city is also known for being a destination of choice for retired seniors and snowbirds, thanks not only to good weather but also retirement-friendly tax laws.
  • The country’s largest city, New York, saw about 38,100 families leave and 13,149 move in. This created a net outflow of just under 25,000 families, making it the city families are most likely to leave.
  • Other big cities like Los Angeles and Chicago did not perform well in this analysis, either, ranking second and third for net outflow of families. The good news for big cities is that they are the ones best able to recover from the loss of families. With a large population of young people, it is possible these cities can naturally replace the families leaving.
  • Apart from the three largest cities, other large cities round out the bottom 10. San Francisco, Washington, Miami, San Diego and Seattle all saw a net loss of families from migration.
  • On the state level, the most popular states for families to move to were North Carolina, Massachusetts and Texas. Those states saw a net gain of 10,108 families; 8,092 families; and 7,643 families, respectively.
  • The worst-performing states, according to our analysis, were New York, California and Indiana. New York lost 23,276 families; California lost 15,690; and Indiana lost 7,670.

Which states families are moving to

Riverside, Calif., ranks first on our list of the top 25 places families are migrating to. It’s followed closely by Phoenix, then by Tampa, Fla.; Portland, Ore.; and Orlando, Fla.

Surprisingly, these states rank relatively low on MagnifyMoney’s list of the top 25 happiest states in America. In that study, Arizona ranked 17th, followed by Oregon at 18th, while California and Florida came in 21st and 29th, respectively. Diving deeper into the categories that contributed to residents’ happiness, California ranked 11th in health, while Florida came 46th in economic stability.

Surprisingly, while the state of Arizona has a lower total population overall than California or Florida, its capital city, Phoenix, ranked second in the number of new families moving in. Florida is also a hot spot for educated workers who are drawn to its relatively low cost of living and low unemployment rates. These are some of the attributes responsible for two cities in Florida ranking in the top five places families move to.

Which states families are moving from

The largest exodus of families comes from the nation’s largest cities. The top five cities families are moving away from include New York, which is at the very top of the list with a net mobility of almost -25,000.

The difference in net mobility between New York and Los Angeles, the next city on the list, is more than 10,000 families. Chicago, San Francisco and Washington follow more closely behind.

These numbers support the recent MagnifyMoney happiness study that ranked New York the 39th happiest state in the U.S. and second-to-last in economic stability overall, just above the state of Louisiana. Another MagnifyMoney study ranked Washington and San Francisco among the top three most expensive cities in the nation, where even a six-figure salary may not be enough to afford housing and transportation costs or live a comfortable lifestyle.

On the other end of the spectrum, Colorado ranked third-happiest state in America, and Fort Collins, Colo., is lowest on the list of metropolitan places families move away from. It also has the second lowest number of families who are moving in.

The cost of moving

From packing supplies and moving trucks to hiring staff and taking time off work, moving and relocation expenses can put a significant dent in a family’s savings. On average, it costs between $2,000 and $5,000 per move more than 100 miles away, according to Consumer Affairs.

You may want to start saving for moving expenses now — or consider options such as an introductory 0% APR credit card or personal loan — to cover costs when making a move with your family across state lines. That’s especially true if your company won’t cover moving expenses.

If you decide that a personal loan is the best option for you, try searching for the best interest rates and repayment terms on MagnifyMoney’s personal loan comparison tool, where you can see if you qualify for personal loan offers.

Methodology

In order to rank the places where families were moving, researchers looked at the number of families who moved from one metro area to another from 2016 to 2017. To define family, we looked at households with children under the age of 18. To create the final ranking, we subtracted the number of families leaving a metro area from the number of those moving in.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Barbara Balfour
Barbara Balfour |

Barbara Balfour is a writer at MagnifyMoney. You can email Barbara here

Get Personal Loan Offers
Up to $50,000

$

Won’t impact your credit score