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Best Moving Loans

While moving is often a welcome change, it can be costly. Hiring movers isn’t the only expense — you may also have to pay for a security deposit, travel expenses, or closing costs on your new home. Moving loans can help make the process easier.

Moving Loan
Lindsay Frankel
Written by:Lindsay Frankel
Personal Finance Expert

Moving is one of the most stressful life experiences, according to a 2020 survey. Some of that stress may be due to the financial challenges of moving. According to HomeAdvisor, the average cost of hiring movers for a short distance move is $1,624. Moving across the country can cost up to $5,700. Add that to other costs you may incur — such as insurance premiums, deposits, repairs, and more — and moving can be unaffordable. A relocation loan may be just what you need to make the process possible.

The best personal loans for moving come with low rates, few fees, an easy online process, and fast funding. Our team of financial experts reviewed and ranked more than 30 online lenders to help you get funded. Here are our top picks for every type of borrower.

Our Top Picks for Best Moving Loans

rocketloans_logo
  • Same-day loan approval
  • Competitive interest rates
  • Credit scores as low as 640 accepted
Min. Credit Score
Min. Credit Score 640+
Loan Amounts
Loan Amount $2K-$45K
Est. APR
Loan Repayment 36-60 months
 upgrade_logo
  • Funding as soon as the next day
  • Can be approved with fair credit
  • Variety of discounts on rates
Min. Credit Score
Min. Credit Score Not disclosed
Loan Amounts
Loan Amount $1K-$50K
Est. APR
Loan Repayment 24 to 84 months
oportun_logo
  • Fast funding with direct deposit
  • Accepts borrowers with newer credit profiles or lower credit scores
  • Flexible approved uses for the loan money
Min. Credit Score
Min. Credit Score 580+
Loan Amounts
Loan Amount $300-$10K
Est. APR
Loan Repayment 24 - 60 months

How to Choose the Best Moving Loan

When evaluating lenders, we considered the following parameters. It’s a good idea to pay attention to these factors as you narrow down your options:

  • Loan features: Make sure the lender can offer you the amount you need with a repayment term that you can afford. Also confirm the loan can be used for relocation.
  • Interest rates and fees: Aim for the lowest interest rate and the fewest fees you can qualify for based on your credit score, and avoid any lenders that charge prepayment penalties.
  • Application process: Understand whether the lender offers prequalification with a soft credit pull and when a hard credit check will occur. If you need the money quickly, opt for lenders that offer fast funding.
  • Qualification process: Ensure you are eligible based on your credit score and income. If you need to apply with another borrower or co-signer, make sure the lender allows this. Some lenders have membership requirements, so pay attention to those as well.
  • Customer support: Check the lender’s customer service hours to ensure you can get assistance at a time and through a channel that is convenient for you. We love a lender that offers live chat or other tools that make it easy to get help.
  • Online user reviews: Check independent review sites like Trustpilot, ConsumerAffairs, and Credit Karma. You may notice a few customer complaints, but make sure they’re not pervasive.
  • Perks and Bonuses: Ensure the lender maintains a transparent website at the very least. Some lenders may also offer payment flexibility or advanced technology that will make managing your loan easier.

Best Moving Loans in 2022 — Full Overview

1.Rocket Loans — Best for Fast Funding

Rocket Loans is a great option for someone with good or excellent credit who needs a quick personal loan for moving. Rocket Loans can provide funding as soon as the same day, and the lender also offers low starting rates and has excellent customer service reviews.
Pros
Easy online application
Fast funding as soon as the same day
No prepayment penalties
Autopay discount
Check your rate without hurting your credit
Excellent customer service reviews
Cons
Charges an origination fee
Only two term choices
No joint applications or co-signers allowed
Requires good credit

rocket loans
You can borrow between $2,000 and $45,000 from Rocket Loans for your relocation expenses and repay the loan over a 36 or 60-month term. Rocket Loans charges a 1% to 6% origination fee, which will be deducted from your loan proceeds. APRs range from 5.97% (with Autopay) to a maximum of 29.99%. Rocket Loans doesn’t disclose minimum credit score or income requirements, but several third-party sources report that you’ll need at least fair credit to be approved. With Rocket Loans, you can receive a decision and get your funds as soon as the same day you apply.

The Bottom Line

If you have good credit and need a moving loan quickly, Rocket Loans may be your best bet. Excellent credit borrowers will likely find fewer fees elsewhere, while poor credit borrowers may not be approved.

2.Upgrade — Best for Joint Applications

Upgrade is one of the few online lenders to allow joint applications on relocation loans. The lender will consider credit and income information from both applicants when making a decision, so applying with a creditworthy co-borrower will increase your chances of being approved. Upgrade also offers a range of loan amounts and is open to fair credit borrowers.
Pros
$1,000 minimum borrowing amount
Allows joint applications
Check your rate without hurting your credit
Significant discount for existing checking customers
Autopay discount
Funding within one business day
No prepayment penalties
Cons
Charges an origination fee
Only two term choices
Charges a late payment fee

upgrade
Upgrade offers loan amounts between $1,000 and $50,000 that you can repay over a 36 or 60-month term. The lender charges a 2.9% to 8% origination fee, which is relatively high, but the lender is open to fair credit borrowers, particularly those applying with a creditworthy co-borrower. APRs range from 5.94% to 35.97%, but note that the lowest rates are reserved for excellent credit borrowers who enroll in Autopay and use the loan for debt consolidation. Upgrade doesn’t disclose minimum credit score or income requirements. Funding occurs within one business day of accepting the loan.

The Bottom Line

If you have fair credit and want to apply with a creditworthy co-borrower, Upgrade may be your best option. If you’re an existing checking customer with Upgrade, you’ll also earn a valuable discount on your loan.

3.Oportun — Best for Bad Credit

While Oportun is open to borrowers with fair credit or no credit history, the lender still caps APRs at 36% and offers flexible repayment terms in most states. Oportun also offers the opportunity to secure a personal loan with your vehicle in some states, which can result in a lower APR.
Pros
$300 minimum borrowing amount
Free online tools and resources
Check your rate without hurting your credit
No prepayment penalties
Secured option for borrowers in some states
Flexible repayment terms in most states
Open to borrowers with poor credit or no credit history
Live chat and excellent customer service reviews
Most applicants receive funds the same day
Cons
Charges an origination fee
Charges a late payment fee
$10,000 maximum for unsecured loans
Relatively high APRs
48 month maximum repayment term

oportun
You can borrow between $300 and $10,000 from Oportun (Or up to $20,000 if you secure the loan in Arizona, California, Florida, or Texas). Repayment terms range from 12 to 48 months and vary by state. Oportun charges an origination fee, which also varies by state. That fee is represented in the APR, which ranges from 7.99% to 35.99%. There are no minimum credit score or income requirements, and Oportun welcomes anyone to apply. Most applicants receive the funds on the same day they are approved for a loan.

The Bottom Line

Oportun is our top pick for people with bad credit who want to get a quick and easy loan. APRs are capped at 35.99%, repayment terms are flexible, prequalification is easy, and funding is fast.

4.AmOne — Best for Loan Comparison

If you want to compare rates at multiple lenders in one place, AmOne is our top pick for a loan comparison platform. AmOne has loan products for borrowers in every credit tier with a variety of loan amounts and terms, so you can find what you need whether you’re looking for a loan to move out of state or a loan to move into an apartment.
Pros
No minimum credit score
$1,000 minimum borrowing amount
Excellent customer reviews
Free live support with extended hours
Save time with one rate check for multiple lenders
Cons
Rates vary by lender and can be high
Releases personal information to multiple lenders

AmOne
When you check your rate with AmOne, you’ll be shown the loans you are eligible for, which could include borrowing amounts ranging from $1,000 to $50,000, APRs ranging from 2.49% to 35.99%, and terms of up to 72 months. Origination fees and other fees vary by lender. There are no minimum credit score or income requirements, and AmOne has experience working with applicants with a range of credit backgrounds. Funding time varies by lender but can happen as soon as the same day.

The Bottom Line

If you want to quickly get an idea of your rate with a handful of lenders, AmOne can be your one-stop shop. But if you’re concerned about getting calls from lenders, including those you choose not to apply for, you should check your rate individually with a couple of lenders from this list.

Try AmOne

5.Figure — Best for Hardship Protection

Figure offers an easy online application with low starting rates and next-day funding. What’s more, if you lose your job or face financial hardship, you may be eligible for forbearance for up to six months over the life of your loan. It’s good to know the lender has your back if you run into money issues after you move.
Pros
Up to six months of forbearance available
Rates as low as 5.75% with Autopay discount
Check your rate in a few clicks without hurting your credit
Automated online application
Next-day funding
No prepayment penalties
Referral rewards program
Cons
May charge an origination fee of up to 5%
Minimum $5,000 borrowing amount
Only two term choices
Fair credit borrowers unlikely to be approved
Not available in all states

figure
You can complete an online application with Figure in minutes and borrow between $5,000 and $50,000 for relocation expenses with a repayment term of 36 or 60 months. Figure charges an origination fee between 0% and 5% of the loan amount, depending on your creditworthiness. APRs range from 5.75% to 31.44% with the Autopay discount. While Figure doesn’t disclose a minimum credit score or income for its personal loans, several third-party sources report that you’ll need good credit to be approved. Figure requires a minimum credit score of 620 for its home equity lines of credit. Since personal loans are unsecured, you’ll likely need an even higher score. Keep in mind that Figure’s money app product, Figure Pay, may also be helpful for point-of-sale loans on large purchases for your new home, and may be easier to qualify for.

The Bottom Line

Borrowers looking for either a quick and easy application process or hardship protection will find Figure to be an appealing lender, but those with fair or poor credit will need to look elsewhere.

6.SoFi — Best for No Fees and Flexible Repayment

Creditworthy borrowers who qualify for a loan from SoFi will appreciate the lack of fees the lender charges. SoFi is best for borrowers with good or excellent credit who need a personal loan of at least $5,000 for moving expenses and want to receive the money quickly. SoFi offers a range of repayment terms and the option to change your due date or request forbearance as well.
Pros
Funding as soon as the same day
No fees whatsoever
Offers unemployment protection
Check your rate without hurting your credit
No prepayment penalties
Well-rated mobile app
Free career coaching and financial education
Repayment terms from 24 to 84 months
Cons
APRs start at 6.99%, which is higher than some other lenders
$5,000 minimum borrowing amount
No secured options
Good or excellent credit most likely required

sofi
SoFi offers moving loans from $5,000 to $100,000 with flexible repayment terms ranging from 24 to 84 months. SoFi doesn’t charge any fees, including origination and late payment fees. APRs range from 6.99% to 20.78%, which includes the Autopay and direct deposit discount. Loans are funded as soon as the same day you’re approved. While SoFi doesn’t disclose a minimum credit score or income requirements, several third-party sources report that you’ll need good or excellent credit to be approved.

The Bottom Line

If you want an easy and fast loan with no fees, free education, hardship protection, and flexible repayment terms, SoFi has it all. However, you’ll need good or excellent credit to apply. And since SoFi’s starting rates are higher than at some other lenders, you should also prequalify with a few other lenders before formally applying to SoFi, especially if you have excellent credit.

Try SoFi

Best Moving Loans — Feature Comparison



Company Name

Est. APR

Est. Credit Tier Needed

Loan Amount

Loan Term

Rocket Loans

5.97% to 29.99%

Fair

$2,000 to $45,000

36 or 60 months

Upgrade

5.94% to 35.97%

Fair

$1,000 to $50,000

36 or 60 months

Oportun

7.99% to 35.99%

Any

$300 to $10,000

12 to 48 months

AmOne

2.49% to 35.99%

Any

$1,000 to $50,000

Up to 72 months

Figure

5.75% to 31.44%

Good

$5,000 to $50,000

36 or 60 months

SoFi

6.99% to 20.78%

Good

$5,000 to $100,000

24 to 84 months

What Is a Moving Loan?

A moving loan is any loan used to pay for relocation expenses. Typically, moving loans refer to unsecured personal loans, which are fixed rate installment loans that don’t require collateral. When you’re approved for a moving loan, you’ll receive a lump sum of money you can use for any of your moving expenses, and you’ll repay the loan in monthly installments, typically over the course of at least one year.

Reasons for Taking Out a Moving Loan

Moving loans can be used for any number of expenses related to your move, including:

  • Hiring movers for a local or out-of-state move
  • Storage services
  • Packing services
  • Packing supplies
  • Shipping services
  • New furniture or appliances
  • Travel arrangements
  • Cleaning services
  • Security and pet deposits
  • Renters or homeowners insurance premiums
  • Small repairs on a new home

The Pros and Cons of a Moving Loan

Pros

APRs typically lower than a credit card
Few restrictions on use
Faster than other forms of financing
Repay in fixed monthly installments
No need for collateral

Cons

APRs can be high if you don’t have good credit
Many lenders charge fees
Can be more difficult to qualify for than secured financing

How to Get a Moving Loan

  1. Check your credit: It’s a good idea to view your free credit report to see where you stand. Dispute any errors that might be currently impacting your credit score.
  2. Prequalify with a few lenders: Check your rate with a few lenders that offer a soft credit pull.
  3. Evaluate your choices: For the lenders offering the lowest rates, compare other features, such as free education, discounts, or forbearance programs. Ensure your top choice also offers the amount you need and a repayment term you can afford.
  4. Formally apply: Apply for the best moving loan you can qualify for. This will require a hard credit check, which will cause a slight dip in your score. Submit additional documentation as requested.
  5. Sign and accept: If you’re happy with your rate, read the fine print to make sure you understand the terms, and then sign and accept your loan documents.
  6. Wait to receive the funds: Follow up to make sure you receive the funds in your bank account, which typically takes a few days or less.

Moving Loan Alternatives

  • 0% APR Credit Card: If you can qualify for a 0% introductory APR credit card and can afford to pay off your moving expenses within 18 months, then this will be your cheapest financing option.
  • Relocation Package: Some employers may include a relocation package in their job offer. If a job offer requires you to move out of state, consider negotiating compensation for moving expenses.
  • 401(k) Loan: If your plan sponsor allows, you can borrow from your 401(k) — you’ll just need to pay it back with interest to avoid tax penalties. However, if you leave your job, you may be required to pay back the money all at once.
  • Family Loan: Your friends and family members may be willing to help you with a small loan if they know you’re moving. This could give you more flexibility with repayment.

Tips for Successful Moving Financing

  • Estimate the cost using an online moving calculator and only borrow what you need
  • Calculate the monthly payment you can afford given your budget and choose the shortest corresponding term available to you
  • Prequalify with multiple lenders and compare APRs to get the lowest rate
  • Avoid lenders that charge prepayment penalties so you can make extra payments whenever possible
  • Look for ways to save on your move, like grabbing free boxes from your office or Craigslist, enlisting help from family and friends, using an on-demand moving service, and tossing items you no longer need
  • Sell old furniture and other belongings on social media or host a garage sale to help pay for your move

Conclusion

Not only is moving a stressful experience, but it also puts a strain on your income. Even if you’re moving to get a job with a better salary or a home with a cheaper mortgage payment, you may need cash to tide you over until your financial situation is more settled. Hiring movers to move your family out-of-state is especially costly. If you can’t qualify for a 0% APR credit card or you need more money and more time for repayment, a personal loan for relocation expenses will likely be your next-best option. Just make sure to compare rates from a few lenders and choose a loan that meets your needs.

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About the Author

Lindsay Frankel

Lindsay Frankel

Personal Finance Expert

Lindsay Frankel is a Denver-based freelance writer specializing in personal finance. She covers topics such as loans, insurance, credit cards, budgeting, and more.

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