Best Personal Loans for Moving Expenses and Relocation

Whether you’re preparing to move across town for a new job or across the country for a change of scenery, transporting all of your possessions from one location to another can be an epic undertaking depending upon how much stuff you have and how far you’re traveling. And when you add up the costs of everything involved, the bottom line might almost be enough to scare you into staying put.

Fortunately, moving loans, also known as relocation loans, make it more manageable to balance your budget during times of change. But exactly what are moving loans, and how do they typically work? Let’s take a closer look.

What Are Relocation Loans?

There’s no big mystery surrounding relocation loans; they’re essentially sums of money people can borrow to ease the transition into a new house, condo, or apartment. These funds can be applied toward any number of expenses associated with your move, and how you spend the money is usually entirely up to your discretion.

Say you need a temporary place to stay while setting up your new abode. A moving loan can cover the costs. Or perhaps you could use some extra hands to help you load or unload a rental truck. You can use a moving loan to hire helpers too. No matter what costs you confront during the process of relocating your life, a moving loan can help you make ends meet in the interim.

Can I Take Out a Loan to Pay for Relocation?

Moving is expensive, and while many people might think to use credit cards to cover the costs during such a time, personal loans can make much more sense. The APRs with loans are often lower, and repayment terms are generally more attractive. So instead of relying on plastic for your relocation, it’s worth giving loans a look.

Compare Personal Loans For Moving Expenses

If you’re in the market for a moving loan, here are four lenders you should consider first:

Lender APR Loan Limit
Earnest Starting at 6.99% $5,000-$75,000
Marcus 6.99%-24.99% $3,500-$40,000
SoFi 6.99%-15.115% $5,000-$100,000
Best Egg 5.99%-29.99% $2,000-$35,000

Click to compare estimated rates on PrimeRates.

Earnest: Borrowers can set their own preferred payment amount with this lender that offers fixed-rate personal loans with APRs starting at just 6.99%. Earnest doesn’t charge any fees, and they account for factors such as education, spending habits, and career trajectory before determining your creditworthiness. If approved, you can have the funds in your account within 48 hours.

Marcus: Boasting no fees of any kind under any circumstances, Marcus offers fixed-rates from $3,500 to $20,000 with terms spanning from three to six years. Approved applicants usually receive requested funds within five days, and borrowers can determine how much they want to repay each month.

SoFi: SoFi offers moving loans from $5,000 to $100,000 with APRs ranging from 6.99% to 14.99%. Borrowers never pay any fees of any kind, and they usually receive their funds in one week or less.

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BestEgg: With Best Egg, loans for moving expenses can range from $2,000 to $35,000 with APRs from 5.99% to 29.99%. There’s no penalty for paying more than your monthly minimum amount, and BestEgg typically completes bank transfers in one or two business days.

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What to Use Your Moving Loan For

The truth is, most moving loan lenders don’t have strict requirements regarding what you can and can’t use the funds for. However, here are some of the most popular uses of moving loans.

  • Purchasing moving supplies (boxes, blankets, etc.)
  • Renting a moving truck and associated costs (fuel, insurance, etc.)
  • Securing a storage unit for possessions you want to keep but don’t have space for
  • Hiring people to help you move at both ends
  • Paying for temporary housing before your new residence is ready
  • Transporting your vehicle(s)

How Much Does Moving to a New Town Cost?

It’s common sense that the farther away your destination is, the more money it’s going to cost to move there. But when it comes to estimating the total cost of moving to a new town, there are myriad other factors to consider, and no two individual’s situations are exactly alike. While some people might be able to completely migrate their lives for just a few thousand dollars, it can cost others twice as much — or even more. The average cost to move, however, hovers around $5,000.

Calculating Your Moving Costs

It’s not at all uncommon for many people about to make a big move to drastically underestimate the actual cost of uprooting their lives and settling in somewhere new. Indeed, many unsuspecting movers find themselves facing a cascade of costs while transitioning from point A to point B.

To help you wrap your head around all of the expenses you might encounter during your relocation, here’s a quick list of typical line items and their associated costs:

  • Auto shipping: $250 to $1,000 or more
  • Rental security deposit: Usually from $1,500 to $4,000
  • Furniture shipping: $400 to $2,500
  • Moving truck: $20 to $40 per day plus fuel, insurance, and $0.99 per mile driven
  • Hotel stays: At least $60 per night
  • Final utility bills: $100 to $200
  • Realtor or broker fees: $1,000 to $10,000

Pros and Cons of Moving Loans

Although moving loans have a lot to offer, it’s not all good news. Here’s a comparison of the pros and cons of getting a loan to move:

  • Pros
    • Lower interest rates than credit cards
    • More attractive repayment terms
    • Fewer fees than other financing options
    • Diversifies your credit mix and can boost your credit score
  • Cons
    • Only applicants with exceptional credit get the best rates
    • Interest rates can be costly over time

Can I Get a Moving Loan with Bad Credit?

Plenty of people miss credit cards payments from time to time or have other negative remarks on their credit reports. But does this automatically disqualify them from getting approved for a moving loan? Not necessarily. Many lenders do provide moving loans for bad credit applicants, although these individuals should expect to pay higher interest rates than borrowers with a better track record for repayment.


Moving to a new state, a new city, or even just a new neighborhood can be an extremely exciting experience — but it can also be extremely expensive. Moving loans, however, can make relocation far more affordable. If you’re looking for a loan to make your move manageable, at least one of our recommended lenders should be able to help you.

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