Written by Amanda Push | Edited by Katie Lowery | Reviewed November 15, 2023
Read about how we chose our top lenders for moving loans.
Why we like it: Best Egg offers loans as low as $2,000. While $50,000 moving loans are available, accessibility depends on where you live and whether you have a special offer code. Otherwise, borrowers can only access loans up to $35,000.Overview: Best Egg offers flexibility in both loan amounts and repayment terms. Borrowers have the option to take out either secured or unsecured loans, meaning they can choose whether to offer an asset as collateral.
To access Best Egg’s lowest rates, you’ll need to have a minimum credit score of 700 and an income of at least $100,000, which may be a high bar to clear for some consumers. Best Egg also charges a 0.99% - 8.99% origination fee that will come out of your loan balance.
| Pros | Cons |
|---|---|
Fast funding (one to three business days) Option to choose between secured and unsecured loans Option to change due date | Charges a 0.99% - 8.99% origination fee High income requirement to receive low rates Doesn't offer joint applications |
Eligibility requirements: Best Egg has a minimum credit score requirement of 600 but it also stipulates that you’ll need to meet the following criteria:
Why we like it: If you don’t qualify for a LendingClub moving loan on your own or want to try for lower rates, this lender allows you to file a joint application.Overview: Unlike some lenders, LendingClub allows consumers to submit a joint application. Potential borrowers can also prequalify for a loan so they can see what kind of rates, terms and amounts they may be eligible for without impacting their credit score.
However, LendingClub only offers loans up to $40,000 and also charges an origination fee (3.00% - 8.00%), which will come out of your total loan balance.
| Pros | Cons |
|---|---|
Allows joint applications Low credit score requirement (600) No prepayment penalty | High maximum APR (35.99%) Low maximum loan amount Charges an origination fee (3.00% - 8.00%) |
Eligibility requirements: Other than requiring a minimum credit score of 600, LendingClub doesn’t specify its moving loan qualifications. The lender does consider the following characteristics, though:
Why we like it: If you’re planning for a large, expensive move, SoFi offers loan amounts that soar as high as $100,000.Overview: Aside from large loan amounts, SoFi also skips required fees when providing loans to consumers. With a maximum APR of just 25.81% (with autopay), SoFi’s APR range sits much lower than the range of other lenders, which can go as high as 36.00%.
To get a loan with SoFi, you’ll need to have a good credit score. If you’re looking for a small moving loan, SoFi’s minimum borrowing amount of $5,000 may be too high for your needs.
| Pros | Cons |
|---|---|
No required fees Long maximum loan terms (up to 84 months) Offers unemployment support | High minimum borrowing amount ($5,000) Low-credit borrowers may not qualify May need to accept origination fee for lower rates |
Eligibility requirements: SoFi offers several clear guidelines on what it’s looking for in potential borrowers:
Why we like it: When you get a moving loan from Upstart, you can receive your funds as soon as one business day after you’ve been approved.Overview: Despite having just two loan repayment terms to choose from, Upstart offers flexibility in other areas, such as its loan amounts. Upstart also provides low, competitive rates, though the best rates are reserved for those with the strongest credit scores and profiles.
This lender isn’t without its downsides: You’ll need to budget for a possible origination fee and Upstart doesn’t offer the option to add a cosigner.
| Pros | Cons |
|---|---|
Flexible loan range of $1,000 to $50,000 Low credit score requirement (300) Fast funding timeline | Charges an origination fee (0.00% - 12.00%) High maximum APR (35.99%) Only two repayment term options |
Eligibility requirements: To get a moving loan with Upstart, you’ll need to check the following boxes to meet this lender’s basic requirements:
Moving loans are a form of personal loans that are used to cover relocation expenses. Personal loans are unsecured, meaning they don’t require collateral like your car or home. They also come with fixed interest rates and repayment terms, so you’ll always know how much you owe and when you can expect to be out of debt.
Moving and relocation loans can typically be used for:
Lenders determine your creditworthiness as a borrower by analyzing factors like your credit score and debt-to-income ratio.
While each lender has their own unique application process, here’s what you can generally expect when getting a moving loan:
Because moving loans are typically unsecured, most lenders rely heavily on your creditworthiness to determine whether to approve your loan request. Lenders consider factors like your credit score, profile and length of history when evaluating your moving loan application.
To improve your chances of qualifying, you can take the following steps:
If you need to move but you have bad credit, there are still options available to help you cover your relocation expenses.
Pay with a credit cardIt’s possible to pay for your moving expenses with a credit card. To avoid paying interest, make sure you pay off the entire statement balance before the due date. You could also look for a credit card with an introductory 0% APR period — that way, you can avoid paying interest as long as you pay off the card by the time the period expires.
Borrow from loved onesA small, no-interest loan from family could be an option — as long as it’s repaid in full and in a timely fashion. If you have friends or family willing to lend you money, then go for it. Just remember to borrow family loans responsibly so you don’t tarnish any relationships.
Budget for months in advanceChances are that you’ll have a few months between the time you secure the lease or mortgage for your new place and the day you actually need to move. Put that time to good use by tightening your budget and saving extra money. If you’re moving for your job, you might even ask your employer to offer relocation assistance.
Sell some of your old furnitureDownsizing or upgrading your furniture? Sell any furniture you don’t want to bring with you and put that money toward moving expenses. You can consign furniture at some antique shops or sell it through a third-party marketplace like Nextdoor or Facebook. Not only can this bring in extra cash, but you can also avoid having to move so much stuff into your new home.
Yes — because personal loans offer flexibility, many lenders offer consumers the option to take out a moving loan. You can use that loan in multiple ways, whether that’s paying for a moving truck or a security deposit for your new home.
Moving loans are typically unsecured and come with fixed interest rates so your monthly payments will remain the same each installment.
Whether it’s a good idea to borrow a moving loan depends on your financial position. Before taking out a loan, examine your budget to see how much you need to borrow and make sure you are able to afford the monthly payments. If you’re unable to repay the loan, a loan default can have a severe impact on your credit score and potential legal repercussions.
Even if you have bad credit, there are still ways you can fund your moving expenses. If you’re not able to improve your credit score quickly enough, consider getting a loan with a cosigner. This can improve your chances of getting approved since two people are making the commitment to repay the loan instead of just one.
You may also consider borrowing money from a loved one, though this can open a can of worms if you’re unable to repay the loan or agree to its terms.
