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Moving Loans

Make Your Move With a Personal Loan

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Won't impact your credit score.

What Is a Moving Loan?

Moving loans, or relocation loans, are unsecured personal loans that primarily help cover the cost of moving your household, whether it’s across the country or across town. Especially if you find yourself in a hurry to move, a personal loan for moving offers low rates, manageable monthly payments, flexibility on how and when you can use the money, and, best of all, fast funding. Along with covering costs like moving services, truck rentals, and hotel stays, relocation loans are a convenient way to pay for some or all other related expenses that come with moving, such as security deposits, new furniture, and home repairs.

Moving loans can be used to pay for any and all expenses related to relocating.


  • Moving services
  • New furniture
  • Security deposits
  • Packing supplies
  • Truck rentals
  • Storage space
  • Time off work
  • Unexpected expenses

While moving loans can be a good option for some, there are other ways to pay for a move:


  • Dig into your savings. If you have enough cash saved, you can avoid borrowing money and paying interest, but try to leave at least a few months of expenses in your rainy day fund for emergencies.
  • Use a credit card. A credit card might be a good financing option if it has a promotional or low interest rate, or if you’re able to pay it back fast. However, moving loans typically offer lower rates than credit cards along with predictable monthly payment and fixed repayment terms.
  • Sell your possessions. Selling furniture and other household goods before you move can help you raise the funds you need. It might also reduce your overall moving costs and the number of items you’ll need to move.
  • Ask your employer for a relocation package. If you have a new job or role lined up, see if the company will help cover part or all of your relocation expenses.

Many lenders offer personal loans that can be used for moving expenses. When deciding which lender is right for you, you’ll want to compare:


  • Loan amounts: Make sure the minimum and maximum loan amounts align with your needs.
  • Repayment terms: A longer loan term can lower your monthly payment, but a shorter term will cost you less overall.
  • Interest rate ranges: The lower your interest rate, the less your loan will cost overall.
  • Eligibility requirements: Loan approval usually is based on your credit score, payment history, and income, among other factors.
  • Fees: Application costs, origination fees, and prepayment penalties vary by lender and may impact your total cost. Compare APR’s across a couple different lenders to understand the true cost of each loan offer.
  • Joint applications: If you think you might not qualify on your own based on your credit history, work with a lender that accepts co-borrowers and apply together for a joint personal loan.

Pros and Cons of Personal Loans for Moving

Pros

  1. Check your loan offers without hurting your credit.
  2. Get a potentially low interest rate and manageable monthly payment.
  3. Many moving loans don’t have application or prepayment fees.
  4. Generally, you won’t need to offer collateral.

Cons

  1. Submitting an official application generates a hard credit inquiry.
  2. You may need good credit to qualify for a loan with favorable terms.
  3. Some lenders charge an origination fee.

How LendingClub Personal Loans Work

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How LendingClub Personal Loans Work

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Frequently Asked Questions

Because most relocation loans are unsecured, your eligibility and offers depend on your creditworthiness, income, and current debt. A good or excellent credit score, steady income, and a good debt-to-income ratio can improve your chance of securing a loan with a low interest rate and the amount you need. Once you receive and accept your loan offer, you can use your personal loan for moving to hire movers, rent a moving truck, pay a security deposit, furnish your new home, cover other moving and living expenses, and more.
At LendingClub, you can precheck your rate without hurting your credit. You then review the loan terms, pick an offer, complete the application, accept the official offer, and funds are deposited directly into your bank account. Once you get the loan, you’ll repay it with fixed monthly payments over a set period of time.
There are moving loans for bad credit borrowers, but you may find the fees and high interest rates make them a poor option. If possible, try to boost your credit score before applying, or consider taking out a joint loan or using a co-borrower with better creditworthiness. In some cases, using a credit card could be less expensive. You might also consider cutting costs by renting a truck and asking friends or family to help with your move rather than hiring a moving service.
At LendingClub, you can check your rate and submit the initial application in minutes. After you submit any needed verification documents and accept the offer, you can receive funds in as little as a few days. *
Moving costs vary depending on where you live, how far you’re moving, and how much stuff you need to move. You can often save money by doing the move yourself rather than hiring movers, though that generally takes more time and planning, and can be very stressful. And keep in mind long-distance relocations are almost always more expensive than a local move, even if you go the DIY route.