adminCould you execute a local move with the help of friends and family for a few hundred bucks? It’s possible, but if you need to move far away, you could be looking at thousands in relocation expenses. And since many people are moving, the cost of renting a truck may be higher than ever.
How can you get the cash to move to your new place? By getting a moving or relocation loan that can help you with paying for:
- A professional mover
- A moving truck
- Moving insurance
- Storage
- Packing supplies
- Security deposit
- First and last month’s rent
- Other moving expenses
Besides helping you fund all of the above, many moving loans offer the benefits of fixed interest rates and payment plans to fit your budget. What’s the downside to relocation loans? You’ll have to repay the loan with interest, and you may get hit with origination fees and other expenses. But if you lack the cash to move now, getting a moving loan may save the day if you don’t want to try these alternatives:
- Waiting to move until you have enough cash saved.
- Asking friends and family for help.
- Borrowing a truck.
Where To Get A Moving Loan
Here are some of the top lenders for relocation loans. Contact each to see what it takes to get a moving loan, and you could start planning your relocation quicker than you imagined.
Avant
Is your credit history less than perfect? Then Avant may be the moving lender for you, as they offer approvals for people with past credit issues who may have trouble getting relocation loans elsewhere.
Avant offers personal loans from $2,000 to $35,000 with APRs ranging from 9.95% to 35.99% and loan terms between 24 and 60 months. While pricey, you may be willing to deal with Avant’s higher interest rates if you really need the cash now and cannot get approved via other lenders.
Avant’s loans come with fixed payments, so you pay the same amount each month, and you could get funded in one business day. And if you are worried about hurting your credit score when applying, try Avant’s prequalification, which can let you know if you’ll be approved before doing a hard credit pull.
Best Egg
You can get a relocation loan from Best Egg for between $2,000 and $50,000 with a three to five-year term. Interest ranges from 5.99% to 35.99%. Best Egg is the ideal lender for someone who is moving and needs cash fast, as it claims that half of its customers receive funding within one day.
While fast, Best Egg can be a bit more difficult to qualify for, as you’ll need a 700 credit score and $100,000 in yearly income to get the best rate on your loan. There will also be an origination fee, so keep that in mind.
Upstart
Do you have some savings and just need a bit of cash to make your move? Then Upstart may be your top choice for a relocation loan, as its loans start at $1,000 but go all the way up to $50,000 for longer moves.
Upstart gives you three to five years to pay back the moving loan, and the interest rate ranges from 5.22% to 35.99%. You can check your rate without affecting your credit score, and if you choose to go with Upstart, you can get cash the next day.
