Putting down roots in a new place can be an exciting time in your life, but that excitement can quickly become overshadowed once you consider how expensive it is to pay for a move. Between renting a truck and putting down a security deposit, you might be strapped for cash. That’s where moving loans come in.
Moving loans are simply personal loans that are used to cover moving 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, which means you’ll always know how much you owe and when you can expect to be out of debt.
Lenders determine your creditworthiness as a borrower by analyzing your credit score and debt-to-income ratio, among other factors.
APR range | Loan terms | Minimum credit score | |
Earnest | 5.99% to 17.24% | 36 to 60 months | 650 |
Best Egg | 5.99% to 29.99% | 36 or 60 months | 640 |
SoFi | 5.99% to 20.69% | 24 to 84 months | 680 |
Marcus by Goldman Sachs® | 6.99% to 19.99% | 36 to 72 months months | Not specified |
Getting a loan to move out is simple with LendingTree. Follow these steps:
Moving loans are a type of unsecured personal loan. Unsecured loans don’t require collateral, which means that lenders rely heavily on your credit history to make lending decisions. Because of this, it may be difficult to secure good terms on a moving loan if you have bad credit.
You could try to improve your credit score before applying for a loan. If you’re in a pinch, some lenders may work to get you a moving loan for bad credit. However, you should expect high interest rates as the lender takes on more risk in lending you money.
A good option for a bad credit moving loan is to work with your local credit union. These member-owned institutions may be more flexible in their loan requirements and have more favorable terms compared to banks.
If you want to pay for your moving expenses with a credit card, it’s possible. To avoid paying interest, make sure you pay the entire statement balance by the time the bill is due. 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.
A small no-interest loan from family never hurt anyone — as long as it’s paid back in full in a timely fashion. If you have the means to borrow from friends or family, then go for it. Just remember to borrow responsibly so you don’t tarnish any relationships.
Chances are, you’ll have a few months between the time you secure the lease or mortgage for your new place and when you actually need to move. Put that time to good use by developing a tighter budget and saving extra money if you can.
Downsizing 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 through a third-party marketplace like Nextdoor or Facebook. You may also sell other belongings you don’t want to take with you to your new home.