Best Moving and Relocation Loans in 2023

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Best lenders for moving loans

Written by Amanda Push | Edited by Katie Lowery | Reviewed November 15, 2023

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
LenderUser ratingsBest for...Annual percentage rate (APR)Loan termLoan amountMinimum credit score
Best EggSmall loan amounts8.99% - 35.99%36 to 60 months$2,000 - $50,000600
LendingClubJoint loan applications9.57% - 35.99%24 to 60 months$1,000 - $40,000600
SoFiLarge loan amounts8.99% - 25.81% (with autopay)24 to 84 months$5,000 - $100,000680
UpstartFast funding6.40% - 35.99%36 and 60 months$1,000 - $50,000300

Read about how we chose our top lenders for moving loans.

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Best Egg

  • Loan amounts: $2,000 – $50,000
  • APR: 8.99% – 35.99%
  • Terms: 36 to 60 months
  • Origination fee: 0.99% - 8.99%
  • Minimum credit score: 600
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.

 

ProsCons

  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:

  • Be a U.S. citizen or permanent resident
  • Not reside in Iowa, Vermont, West Virginia, District of Columbia, U.S. territories

LendingClub

  • Loan amounts: $1,000 – $40,000
  • APR: 9.57% – 35.99%
  • Terms: 24 to 60 months
  • Origination fee: 3.00% - 8.00%
  • Minimum credit score: 600
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.

 

ProsCons

  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:

  • Be a U.S. citizen or permanent resident
  • Be 18 or older
  • Have a verifiable bank account

SoFi

  • Loan amounts: $5,000 – $100,000
  • APR: 8.99% – 25.81% (with autopay)
  • Terms: 24 to 84 months
  • Origination fee: 0.00% - 6.00%
  • Minimum credit score: 680
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.

 

ProsCons

  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:

  • Minimum credit score of 680
  • Current employment, employment to start within 90 days or another form of consistent income
  • Must be a U.S. citizen, permanent resident or non-permanent resident with current immigration status

Upstart

  • Loan amounts: $1,000 – $50,000
  • APR: 6.40% – 35.99%
  • Terms: 36 and 60 months
  • Origination fee: 0.00% - 12.00%
  • Minimum credit score: 300
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.

 

ProsCons

  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:

  • Minimum credit score of 300
  • Be enrolled in or graduated from an eligible post-secondary education program if you don’t have credit
  • Must be a U.S. citizen or permanent resident
  • Must have a full-time or part-time job, a full-time job offer starting in six months or another source of consistent income
  • Cannot live in Iowa or West Virginia
  • Have a valid email
  • Have a U.S. address
  • Have a personal banking account

What are moving loans?

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:

  • Storage costs before a move
  • Moving supplies, like boxes and tape
  • Renting a van or truck (and filling its gas tank)
  • Hiring professional movers
  • New furnishings
  • Security deposit or first and last month’s rent
  • Hotel accommodations or other temporary living situation before moving in

Lenders determine your creditworthiness as a borrower by analyzing factors like your credit score and debt-to-income ratio.

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Moving loans: Pros and cons

Moving can be expensive, so you may be looking for a way to fund your next move. Before settling on a moving loan, it’s wise to weigh the pros and cons of this type of debt.

PROS

  • Fixed interest rate and fixed monthly payments: With a moving loan, your monthly payments will stay constant across a set term — typically 12 months or longer, although shorter terms may be available.
  • Likely lower APRs than credit cards: Borrowers with good credit may qualify for a lower interest rate with a personal loan.
  • Potential for fast funding: Some lenders will deposit funds into your account within a day of loan approval.
  • No need for collateral: If you can’t repay your loan, you won’t risk losing an asset to the lender (though some lenders offer the option of secured personal loans).

CONS

  • You’ll pay interest on moving costs: To get the best deal on moving supplies and expenses, you’ll want to pay with cash and avoid going into debt for moving altogether.
  • Borrowing minimums can be high: Even the smallest personal loans tend to start at around $1,000, so if you’re seeking a low-dollar moving loan, you might be better off saving up.
  • Borrowers with subprime credit scores may not qualify: Borrowers with good credit can qualify for competitive terms, but those with poor credit will have a hard time qualifying.
  • You may have to pay additional fees: On top of interest, you may be responsible for fees. Many lenders charge an origination fee, which can range from 1% to 12% of your loan amount.

How to get a moving loan

While each lender has their own unique application process, here’s what you can generally expect when getting a moving loan:

  • Research lenders: To get the best deal on a personal loan, you’ll want to find a reputable lender with the lowest possible APRs for your financial situation. You’ll also want to compare fees, terms and available amounts. By filling out a single form with LendingTree, you may receive up to five loan offers from lenders.
  • Get prequalified: Some lenders allow you to prequalify for a moving loan. This allows you to see what kind of rates, terms and borrowing amounts you may be eligible for without any impact to your credit score.
  • Submit your application: Once you choose a lender, you’ll formally apply. You’ll need to confirm your income and employment status with documentation like pay stubs. The lender will then conduct a hard credit inquiry, which can cause your credit score to go down by a few points.
  • Receive the funding you need: Many lenders can process your application within a day, meaning you could get funding quickly. This will come in a lump sum deposited into your bank account. You’ll repay the loan in fixed monthly payments over the term outlined in your loan agreement.
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How to qualify for 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:

  • Improve your credit score. Each lender is different, but typically, you’ll want a credit score of at least 670 to qualify for a moving loan with decent rates. If your credit score is on the low side, you can take steps to improve your credit score by lowering your credit usage (paying down on balances) and making sure you pay your bills on time.
  • Pay your bills on time. Your payment history makes up a large portion of how your credit score is calculated (35% of your FICO Score). Late payments can cause your credit score to drop as much as 180 points and can stay on your credit report for up to seven years.
  • Check your credit report for errors. Unfortunately, credit report errors are common. One in five individuals find mistakes on their credit reports, according to the Federal Trade Commission. These errors can impact your credit score because your score is based on the events on your credit report. You can dispute credit report errors by contacting the credit bureau(s) publishing the error and the creditor who reported the activity.

Moving loans for bad credit

If you need to move but you have bad credit, there are still options available to help you cover your relocation expenses.

  • Apply for a secured loan. While you will have to put up a valuable asset as collateral (such as a vehicle or savings account), you may have an easier time qualifying because collateral-backed loans present less risk to the lender. You may even receive lower rates. However, if you aren’t able to repay the loan, the lender can legally seize your collateral.
  • Research lenders with the best personal loans for cosigners — someone who is creditworthy and agrees to repay the loan on your behalf if you struggle in repayment.
  • If you’re in a pinch, some lenders may work to get you a bad credit loan for moving, though you should expect high interest rates because the lender takes on more risk in lending you money.

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Moving loan alternatives

  Pay with a credit card

It’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 ones

A 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 advance

Chances 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 furniture

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 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.

How we chose the best lenders for moving loans

We reviewed more than 28 lenders to determine the overall best four moving loans. To make our list, lenders must offer competitive annual percentage rates (APRs). From there, we prioritize lenders based on the following factors:

Here’s the criteria we assessed to choose the best moving loans:

  • Accessibility: Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
  • Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.

Frequently asked questions

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.