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Updated on Tuesday, November 27, 2018
Updated – Nov. 27, 2018
Whether you’re relocating across the country or to a different neighborhood, moving expenses can take a huge bite out of your bank account.
Moving expenses can vary widely depending on how much you’re moving, as well as how fast and how far. In one comparison of moving costs, we found that an interstate move would cost $800 or more to rent and gas up a moving truck, upward of $1,800 for container shipping or $4,700 for a full-service move.
If your moving expenses come in on the higher end, taking out a personal loan can be a strategic way to cover them without wiping out your savings. Here’s what you should know if you’re considering a loan for moving expenses.
5 best personal loans for moving expenses
The best loans for moving expenses will allow you to borrow what you need and choose a repayment term that keeps payment affordable. They’ll also have low interest rates and fees.
A great way to start your search for moving loans is using the LendingTree personal loan shopping tool. After you provide some general details about yourself, the LendingTree tool could quickly match you with up to five different lenders and highlight the best loan offers for you.
As low as 3.49%
Minimum 500 FICO®
24 to 60
LendingTree is our parent company. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. LendingTree is not a lender. Terms Apply. NMLS #1136.
As of 17-May-19, LendingTree Personal Loan consumers were seeing match rates as low as 3.49% (3.49% APR) on a $10,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected). Terms Apply. NMLS #1136
Shopping around and comparing different lender offers is how you’ll find moving loans that meet your needs — and your budget.
You can also conduct a search for loans to help with moving expenses. To give you a head start, we’ve tracked down details on personal loan providers offering some of the most competitive interest rates in our marketplace.
LightStream is a division of SunTrust Bank that offers a wide range of personal loan features with low costs. You can borrow with LightStream for any purpose, including getting moving loans.
- Fixed rates from 3.49% to 19.99% APR, including a 0.50% discount for auto-pay
- LightStream says it will beat other lenders’ qualifying rates
- Amounts range from $5,000 to $100,000
- Loan terms of 24 to 144 months.
- Fast loan processing, funded as soon as the same day you apply
- No origination or processing fees, and no prepayment penalties
- Loan experience guarantee grants $100 if the borrower is unsatisfied
For LightStream loans, qualified applicants should have several years of credit history with multiple accounts, a clean payment history, stable income and evidence of savings.
One thing to keep in mind before requesting a rate with LightStream is that it uses a hard credit inquiry to do so, which might have a minimal impact on your score.
24 to 144*
No origination fee
LightStream is the online lending division of SunTrust Bank.... Read More
*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.49% APR with a term of 3 years would result in 36 monthly payments of $292.98.
The Payoff debt consolidation loan will pay off existing credit card balances with a new, low-cost loan. Your new loan can help you save hundreds of dollars in interest and get out of debt faster, compared to paying your credit card minimums. Here’s how it works:
- Fixed rates from 5.99% to 24.99% APR
- Consolidate $5,000 to $35,000 in credit card debt
- Loan terms of 24 and 60 months
- Origination fees of up to 5.00%
- No application, prepayment or late payment fees
- Free monthly FICO® Score updates
- Job loss support and payment adjustments
Payoff also has some details on who would be a good fit to apply for its consolidation loan. You’ll need a FICO Score of 640 or higher, a DTI ratio at or below 50% and at least three years of solid credit history.
Minimum Credit Score
24 and 60
up to 5.00%
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.
3. Best Egg
Next is Best Egg, an online lending platform that offers relocation and moving loans that can provide a straightforward way to cover moving expenses. Also important during a busy move, Best Egg can quickly process your loan application and, if you’re approved, fund it as soon as the same day.
Here are some other details of Best Egg moving loans:
- Fixed rates from up to 5.99% to 29.99% APR
- Borrow as little as $2,000 up to $35,000
- One-time origination fee of 0.99% - 6.99%, depending on creditworthiness and length of the loan
- Rate quotes use a soft credit inquiry, which won’t affect credit
Best Egg looks at a range of information on a loan application, including your credit reports and your DTI ratio.
Minimum Credit Score
36 or 60
0.99% - 6.99%
People looking for a process that is fast and straightforward can’t go wrong when applying through Best Egg for a personal loan. ... Read More
The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99% to 29.99%, which may include an origination fee from 0.99% - 6.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR 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 rate.
Best Egg loans are unsecured personal loans 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. All uses of "Best Egg" on this site mean and shall 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. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available. 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. Borrowers should refer to their loan agreement for specific terms and conditions. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.
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.
Next up is peer-to-peer lending platform Peerform, which connect applicants seeking loans with investors who are willing to fund them. Peerform offers personal loans for moving expenses, with several beneficial features.
- Fixed rates from 5.99% to 29.99% APR
- Loan amounts of $4,000 to $25,000
- Origination fees of 1.00% - 5.00%
- No prepayment penalties
Besides these, Peerform uses a grading system to rate borrowers, which considers a range of factors. You can be considered for a Peerform loan with a FICO Score of at least 600 and a debt-to-income ratio below 40%.
Another peer-to-peer lender that offers competitive rates is LendingClub. It offers personal loans that can be used for a range of purposes, including covering your moving expenses.
- Fixed rates from 10.68% to 35.89% APR
- Rate quotes generated without affecting your credit score
- Loan amounts of $1,000 to $40,000, with terms of 36 or 60 months
- Origination fees of 2.00% - 6.00% of the loan amount
- No prepayment penalties
LendingClub takes around seven days to process a loan application and fund it if approved. It also works with a wide range of borrowers, considering credit history and score and ability to repay a loan when evaluating applicants.
36 or 60
2.00% - 6.00%
on LendingTree’s secure website
LendingClub is a great tool for borrowers that can offer competitive interest rates.... Read More
Should you use a personal loan for moving expenses?
If you can’t cover your costs out of pocket or are worried about depleting your savings ahead of a move, you might need to borrow for some or all of your moving expenses. Getting personal loans to help with moving expenses allows you to get the funds you need to cover your moving costs now and repay them later.
But do you need a personal loan to pay for a move? Here are the big benefits and drawbacks of moving loans.
- You can borrow what you need for your move. Lenders can grant personal loans as small as $1,000 and up to $100,000 or higher, which is enough to fund nearly any move.
- You’re likely to get lower rates. Personal loan rates typically beat rates offered on revolving credit options, such as credit cards and lines of credit.
- You know when you’ll be out of debt. A personal loan has fixed monthly payments — or installments — designed for you to pay off the debt over your term.
- You don’t need collateral for a personal loan. Secured loans such as a home equity loan might not be an option if you’re moving and planning to sell your home. You might need an unsecured personal loan instead.
- You might not qualify for a personal loan. Unlike using savings or credit cards you already have, you must apply to get a personal loan. Lenders are unlikely to approve your application unless you have a decent credit score, income and debt-to-income (DTI) ratio.
- You might pay some fees. Some (but not all) personal loans will charge origination fees to set up and fund your loan, adding to your borrowing costs.
- You’re taking on more debt. Debt can be a big burden, so you’ll need to be sure you look at your payments and choose a loan you can afford to repay.
In all, using personal loans for moving expenses can be a decent idea if you can afford the debt. Make sure you calculate personal loan payments and carefully decide if you can fit a moving loan payment into your budget.
Besides looking at your finances, you will also need to choose the lender with which you want to work. Finding the best personal loans for moving expenses will help you borrow what you need at a lower cost and keep monthly payments manageable.
Other ways to cover your moving expenses
Using a personal loan for moving expenses can be a smart option. But it’s not the only way to keep your moving costs under control and make sure you can afford to relocate. You might want to consider additional ways to keep moving costs under control.
Here are some additional or alternative ways you can handle moving costs.
- Minimize moving costs. Take a look at your moving needs and budget and find ways to cut back on costs. You can enlist the help of friends to pack rather than hiring movers, for example. And for services you’ll need, such as renting a truck, make sure you call around and compare moving costs to make sure you’re getting a good deal.
- Sell some belongings. Take inventory of what you own and find things that you could sell to generate some cash to add to your moving fund. Besides putting cash in your pocket, it will mean fewer things that you have to pay to move.
- Delay a move and save up. If you can put off a relocation, this could be a good way to buy some time to save and plan for moving expenses. Make saving for your move a top financial priority. Cut back in other areas of your budget and save extra cash to make it happen.
- Look for a job that offers relocation benefits. If you’re moving because of a job offer, see if your employer can help cover some of your relocation costs. You can also seek job opportunities in the area that you want to move that would provide relocation assistance and pay to move you where you want to live.
- Open a 0% interest credit card. If you have to borrow hundreds rather than thousands for moving expenses, a credit card can be a more convenient way to do so. If you apply for a credit card with a 0% introductory interest rate, you can get a year or more to use this credit card for moving expenses and pay it off interest-free.
- Consolidate credit card debt from moving. If you don’t have time to get a personal loan before moving, it can still help after the fact. You can use credit cards to pay for a move, then consolidate your balances with a personal loan after things settle down. This will simplify your debt and could help you get a lower, more affordable interest rate.
Relocating is a major expense that requires careful budgeting to pull off. These strategies are smart ways to manage moving expenses and keep them from becoming overwhelming or unaffordable.
Moving loans can come in and cover any gaps between what your move will cost and the cash you have available to pay for it. With a range of options and interest rates that beat those on credit cards, it’s worth considering personal loans for moving expenses. Be sure to borrow only what you can afford to repay, and compare loan and rate offers to find the best deals.
Lenders were selected from MagnifyMoney’s personal loans comparisons page when sorted by borrowers with good credit who hold a college degree. They were narrowed to the top five picks, based on APR.