Moving and Relocation Loans: Get a Personal Loan for Moving

Moving is an expensive, but sometimes unavoidable, part of life. If you need help covering movers or boxes and bubble wrap, a personal loan can help you.

MoneyLion is here to help you by offering a service to help you find personal loan offers. You could qualify for offers of up to $100,000 from our top providers. You get to compare rates, terms, and fees from different lenders and choose the best offer for you.

• Moving loans are typically unsecured, ranging from $1,000 to $50,000, and can be funded quickly after approval — making them a practical option when relocation costs hit all at once.

• Your loan terms are determined by your credit score and debt-to-income ratio. A FICO score of 670 or above can unlock better APRs and terms

• Compare multiple lenders before committing. Look for lenders that allow you to prequalify with a soft credit pull.

Summary generated by AI, verified by MoneyLion editors.

How Do Moving Loans and Relocation Loans Work?

A personal loan for moving is unsecured, which means that you don’t have to put up any assets as collateral. These unsecured loans typically range from $1,000 to $50,000, with interest rates varying based on your credit score and income. The stronger your credit score and the lower your debt-to-income ratio, the better the amount, rate and terms you may be able to qualify for.

Most lenders allow you to apply online and receive a decision within a quick turnaround, with funds often deposited into your account typically shortly after approval.

Before you take out a moving loan, it’s important to calculate whether you can afford the monthly payments and compare offers from multiple lenders to find the best rates.

Pros and Cons of Moving Loans

However, before taking out any type of financing, you want to consider the potential drawbacks.

Recommended: How Much Rent Can I Afford?

How To Get a Personal Loan for Moving

Here's the best way to find a loan that's right for your situation:

1. Research Different Lenders

You can pre-qualify for a personal loan for moving without impacting your credit score. Doing so allows you to compare offers from several lenders. You’ll want to compare the loan amount, annual percentage rate (APR), monthly payment, and repayment period.

2. Check Your Credit Score

Before pre-qualifying, check your credit report to find your credit score. A score of 670 or above on the FICO scale can get you better loan terms, including a lower interest rate. Improving your credit score can take time, but is worth it for better terms.

MoneyLion offers a free and convenient way to find offers from our trusted partners to help you improve your credit — such as credit monitoring, credit report disputes, and getting credit by paying bills.

3. Gather Necessary Documents

Once you’ve determined which loan will work best for you, gather the information the lender will need to fund your loan. This includes your personal details, Social Security number, proof of address, W-2s and pay stubs. Having your documentation in order will facilitate the application process and get you funded faster.

4. Fill Out a Loan Application With the Chosen Lender

Applying for a personal loan is pretty straightforward — just give your lender of choice the documentation you gathered when preparing to fill out your loan application. Your lender will check your credit score, payment history, annual income and debt-to-income ratio and decide whether to approve your request.

5. Review the Terms Before Signing the Agreement

You must understand the loan’s agreement terms to know whether you’ll be able to pay it back. Take your time and review the terms carefully before signing the agreement.

6. Use the Approved Funds as Moving Expenses

Once you receive the money, you can deposit it in your checking account and begin paying for the services and supplies you need to carry out your move.

Other Options To Finance Your Moving

Knowing your expenses are covered by a personal loan for moving can reduce your stress and help you get the job done, but there are also other ways to pay for your move.

1. Government Grants or Programs

The federal government and certain nonprofit organizations provide moving assistance. For example, the Federal Relocation Assistance Program can help if you’ve been displaced by a natural disaster.

Similarly, the Good Neighbor Next Door program offers grants to workers who serve their communities, like police officers, firefighters and emergency medical personnel. The United Way also provides moving support for low-income families.

2. Credit Cards 

While credit cards often have higher interest rates than what you’d pay on a moving loan, you might qualify for a zero-percent APR credit card with good-to-excellent credit. You could charge the move and pay off the credit card within the promotional period for no interest. Promotional periods on these cards typically run from 15 to 21 months.

MoneyLion can help you explore a wide variety of credit card options tailored to different needs and preferences, allowing you to make the right choice specific to you!

3. Personal Savings

If you have sufficient savings, it is the most cost-effective option to finance your move. Assuming you start saving well in advance of your planned move, going this route could help you avoid a loan altogether.

MoneyLion offers a convenient marketplace to compare high-yield savings accounts from our trusted partners that could help grow your money.

FAQs

Can I get a loan for moving expenses?

You can seek a personal loan for moving from traditional financial institutions, such as banks or credit unions, or from online lenders. Generally, you must have a good credit score, a stable income, and a positive history of borrowing.

Are personal moving expenses deductible?

Since the passage of the Tax Cuts and Jobs Act of 2017, personal moving expenses aren’t deductible for most people. However, if you’re active-duty military, you can deduct moving expenses related to a military order to move or a permanent change of station. 

Is a personal loan for moving a smart move?

A personal loan for moving can be more cost-effective than paying by credit card or other means. Such a loan typically carries a lower interest rate and fixed payments and doesn’t require expensive assets as security.

Key Terms

• Moving loan: A personal loan used to cover relocation costs such as hiring movers, renting a truck or purchasing packing supplies, typically structured as an unsecured installment loan.

• Unsecured loan: A loan that doesn't require collateral; approval and terms are based on factors like your credit score, income and existing debt rather than a pledged asset.

• Annual percentage rate (APR): The total yearly cost of borrowing, including the interest rate and certain fees, expressed as a percentage so you can compare different loan offers fairly.

• Debt-to-income (DTI) ratio: The percentage of your gross monthly income that goes toward recurring debt payments; lenders use it to assess whether you can take on additional loan obligations.

• Prequalification: A preliminary review based on basic information and a soft credit check that estimates the loan amount and terms you may qualify for without affecting your credit score.

• Introductory APR: A promotional interest rate — sometimes 0% — that a credit card issuer offers for a limited time, typically 15 to 21 months, after which the standard variable rate applies.

• Federal Relocation Assistance Program: A federal program that can provide moving cost support to individuals displaced by federally funded projects or natural disasters.

• Credit report: A detailed record of your borrowing history compiled by the credit bureaus, including open and closed accounts, payment history, balances and public records, which lenders review when evaluating a loan application.

Sources:

• Consumer Financial Protection Bureau: What is a personal installment loan?

• Consumer Financial Protection Bureau: What is the difference between a loan's interest rate and its APR?

• Consumer Financial Protection Bureau: What is a debt-to-income ratio?

• Internal Revenue Service (IRS): Tax Cuts and Jobs Act — Moving Expenses

• U.S. Department of Housing and Urban Development (HUD): Good Neighbor Next Door Program

Summary generated by AI, verified by MoneyLion editors.