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With nearly a decade covering personal finance, Rebecca Safier simplifies loans and other complex financial topics to help people manage their money with confidence. Her work has been featured in Forbes Advisor, Buy Side from WSJ, U.S. News & Wor...
With nearly a decade covering personal finance, Rebecca Safier simplifies loans and other complex financial topics to help people manage their money with confidence. Her work has been featured in Forbes Advisor, Buy Side from WSJ, U.S. News & Wor...
With nearly a decade covering personal finance, Rebecca Safier simplifies loans and other complex financial topics to help people manage their money with confidence. Her work has been featured in Forbes Advisor, Buy Side from WSJ, U.S. News & Wor...
With nearly a decade covering personal finance, Rebecca Safier simplifies loans and other complex financial topics to help people manage their money with confidence. Her work has been featured in Forbes Advisor, Buy Side from WSJ, U.S. News & Wor...
Jordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top perf...
Jordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top perf...
Jordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top perf...
Jordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top perf...
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
Relocation costs add up fast, whether you’re moving across town or the country. From renting a truck to hiring professional movers, you might not have enough cash on hand to cover your moving expenses.
A moving loan, also known as a relocation loan, is an unsecured personal loan that’s designed to finance your moving costs. While you can use it to cover all of your moving costs, keep in mind that you’ll have to pay interest on the amount you borrow, as well as any fees associated with the loan.
Our editors are committed to bringing you unbiased ratings and information. Advertisers do not and cannot influence our ratings. We use data-driven methodologies to evaluate financial products and companies, so all are measured equally. You can read more about our editorial guidelines and the personal loans methodology for the ratings below.
29 national lenders researched
16 data points evaluated
Unbiased editorial team
No AI writing
Best Moving and Relocation Loans 2024
BEST OVERALL MOVING LOAN
SoFi®
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
SoFi is an online lending platform that offers unsecured fixed-rate personal loans in every state. Founded in 2011, SoFi has extended over $50 billion in loans and stands out for allowing high loan amounts and its availability of extended loan terms.
Loans are available from $5,000 to $100,000, making SoFi a great option for those with excellent credit who need to borrow a large amount of money. Loan amounts available may vary by the state you live in. Repayment terms range from two to seven years, making SoFi an incredibly flexible option for those with sufficient credit (minimum 650) and annual income (at least $45,000). SoFi also lets prospective borrowers submit joint applications—although co-signers are not permitted.
Approved borrowers are rewarded with comparatively low APRs. What’s more, SoFi doesn’t charge origination fees, late fees or prepayment penalties—a stand-out feature because personal loan lenders often charge origination or late payment fees at a minimum.
However, if you’re considering a debt consolidating loan from SoFi, keep in mind that the lender does not offer direct payment to a borrower’s other creditors. This means the loan proceeds will be deposited to your bank account and you’ll have to pay off your other lenders individually. The platform does offer customers a number of other perks and discounts.
Consumer Sentiment Index
4.2
4.2/10
Consumer Score
The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
Consumer Sentiment Index
3,184
How do we calculate
We gather and analyze consumer sentiment from a range of sources to create the Consumer Sentiment Index to determine customer satisfaction levels for each feature outlined below. This data is designed to give you an idea of real consumer experience of the services and product we review. This data is currently separate from our overall rating out of 5
Insights Analyzed
# Interest Rates and Fees
ForInterest Rates and Fees
57% of people had positive sentiments
14% of people had neutral sentiments
29% of people had negative sentiments
57%
14%
29%
ForInterest Rates and Fees
57% of people had positive sentiments
14% of people had neutral sentiments
29% of people had negative sentiments
# Customer Service
For Customer Service
26% of people had positive sentiments
11% of people had neutral sentiments
63% of people had negative sentiments
26%
11%
63%
For Customer Service
26% of people had positive sentiments
11% of people had neutral sentiments
63% of people had negative sentiments
# Loan Terms and Flexibility
For Loan Terms and Flexibility
56% of people had positive sentiments
23% of people had neutral sentiments
21% of people had negative sentiments
56%
23%
21%
For Loan Terms and Flexibility
56% of people had positive sentiments
23% of people had neutral sentiments
21% of people had negative sentiments
# Ease of Approval and Process
For Ease of Approval and Process
64% of people had positive sentiments
10% of people had neutral sentiments
26% of people had negative sentiments
64%
10%
26%
For Ease of Approval and Process
64% of people had positive sentiments
10% of people had neutral sentiments
26% of people had negative sentiments
While some borrowers appreciate SoFi’s simple application and disbursement process, others are dissatisfied with communication and customer service. Borrowers are also frustrated with misleading promotional offers and how their loan inquiries were handled.
Pros & Cons
Prequalification without a hard inquiry
Same-day approval possible
Can pay off third-party creditors directly
High credit score requirement
Co-signers not permitted
Details
Eligibility
Minimum credit score required. 650
Minimum annual income. $45,000
Co-borrowers. Permitted
Co-signers. Not permitted
Customer service
We evaluated SoFi’s customer service experience by calling its team directly. During our assessment, we found that its wait times were some of the longest—one minute and 41 seconds. Once we connected with customer service, its team was able to answer each of our questions effectively.
They disclosed loan amounts, available interest rates, required documents and loan approval times. They also shared information about prequalification and potential fees.
BEST FOR LOW INTEREST RATES
LightStream
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
LightStream offers loans with both a low minimum and maximum interest rate, along with a rate-beat program. LightStream’s unsecured personal loans range from $5,000 to $100,000 with loan amounts varying based on the loan purpose. In addition to offering appealing and flexible terms, LightStream charges no origination, late payment or prepayment fees. The lender also offers a 0.50% rate discount for borrowers who enroll in autopay.
Consumer Sentiment Index
4.0
4/10
Consumer Score
The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
Consumer Sentiment Index
1,791
How do we calculate
We gather and analyze consumer sentiment from a range of sources to create the Consumer Sentiment Index to determine customer satisfaction levels for each feature outlined below. This data is designed to give you an idea of real consumer experience of the services and product we review. This data is currently separate from our overall rating out of 5
Insights Analyzed
# Interest Rates and Fees
For Interest Rates and Fees
64% of people had positive sentiments
14% of people had neutral sentiments
22% of people had negative sentiments
64%
14%
22%
For Interest Rates and Fees
64% of people had positive sentiments
14% of people had neutral sentiments
22% of people had negative sentiments
# Customer Service
For Customer Service
19% of people had positive sentiments
1% of people had neutral sentiments
80% of people had negative sentiments
19%
1%
80%
For Customer Service
19% of people had positive sentiments
1% of people had neutral sentiments
80% of people had negative sentiments
# Loan Terms and Flexibility
For Loan Terms and Flexibility
71% of people had positive sentiments
18% of people had neutral sentiments
11% of people had negative sentiments
71%
18%
11%
For Loan Terms and Flexibility
71% of people had positive sentiments
18% of people had neutral sentiments
11% of people had negative sentiments
# Ease of Approval and Process
For Ease of Approval and Process
77% of people had positive sentiments
8% of people had neutral sentiments
15% of people had negative sentiments
77%
8%
15%
For Ease of Approval and Process
77% of people had positive sentiments
8% of people had neutral sentiments
15% of people had negative sentiments
LightStream borrowers appreciate the user-friendly application process, fast funding and competitive interest rates. However, there are a handful of concerns about customer service and discrepancies between advertised and actual rates.
Pros & Cons
Long loan terms available
Low interest rates
Fast approval and funding
No prequalification option
High minimum loan amount
Low average customer rating on Trustpilot
Details
Eligibility:
Minimum credit score. 660
Minimum income. Does not disclose
Co-borrowers. Permitted
Customer service
We tried to call LightStream to test the quality of its customer service, but they don’t provide a customer service number. If you want to reach their customer service team, you must contact them via email. Its email support is available Monday through Friday, 9:30 am to 7 pm and Saturday, 12 to 4 pm ET.
BEST FOR FAST FUNDING & BELOW-AVERAGE CREDIT
LendingPoint
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
LendingPoint is an online lender that offers personal loans to prospective borrowers in 48 states and Washington D.C.; it doesn’t offer loans in Nevada and West Virginia.
Why We Like It
LendingPoint offers longer loan terms than many other lenders—24 to 72 months—or two to six years—providing borrowers with more flexibility in their repayment plans.
What We Don’t Like
High maximum APRs and origination fees up to 10% may make LendingPoint more costly for less-qualified borrowers.
Who It’s Best For LendingPoint is best for borrowers who want a longer repayment period.
Consumer Sentiment Index
6.0
6/10
Consumer Score
The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
Consumer Sentiment Index
10,607
How do we calculate
We gather and analyze consumer sentiment from a range of sources to create the Consumer Sentiment Index to determine customer satisfaction levels for each feature outlined below. This data is designed to give you an idea of real consumer experience of the services and product we review. This data is currently separate from our overall rating out of 5
Insights Analyzed
# Interest Rates and Fees
For Interest Rates and Fees
64% of people had positive sentiments
13% of people had neutral sentiments
23% of people had negative sentiments
64%
13%
23%
For Interest Rates and Fees
64% of people had positive sentiments
13% of people had neutral sentiments
23% of people had negative sentiments
# Customer Service
For Customer Service
68% of people had positive sentiments
2% of people had neutral sentiments
30% of people had negative sentiments
68%
2%
30%
For Customer Service
68% of people had positive sentiments
2% of people had neutral sentiments
30% of people had negative sentiments
# Loan Terms and Flexibility
For Loan Terms and Flexibility
84% of people had positive sentiments
7% of people had neutral sentiments
9% of people had negative sentiments
84%
7%
9%
For Loan Terms and Flexibility
84% of people had positive sentiments
7% of people had neutral sentiments
9% of people had negative sentiments
# Ease of Approval and Process
For Ease of Approval and Process
95% of people had positive sentiments
2% of people had neutral sentiments
3% of people had negative sentiments
95%
2%
3%
For Ease of Approval and Process
95% of people had positive sentiments
2% of people had neutral sentiments
3% of people had negative sentiments
Borrowers appreciate the easy application process and robust customer service but criticize the high interest rates and misleading prequalification process. Some borrowers are concerned about LendingPoint’s perceived predatory practices and poor handling of loans post-approval.
Pros & Cons
Quick funding
Low credit score requirements
No prepayment penalty
Origination fee up to 10%
Co-signers or joint loans not permitted
Not available in Nevada and West Virginia
Details
Eligibility:
Minimum credit score. 600
Minimum annual income. $35,000
Co-signers. Not permitted
Customer service
After testing and evaluating LendingPoint’s customer service, we found it to be one of the most helpful and transparent lenders on our list after waiting only 46 seconds to be connected to a representative. The customer service representative we spoke with shared an in-depth perspective of their loan offers, including information about loan amounts, eligibility requirements, how interest rates are determined and prequalification.
LendingPoint’s team also disclosed late fees but didn’t confirm origination fees. While customer service didn’t share this information wasn’t, the lender discloses a fee of up to 10% on its website. LendingPoint was also one of few lenders that shared how they report payments to credit bureaus, which it typically does at the start of the month.
BEST FOR BAD CREDIT
Upgrade
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Upgrade offers accessible online credit and banking services, including personal loans of $1,000 to $50,000.
Why We Like It
Upgrade allows borrowers to apply with co-signers and sets a low minimum credit requirement of 300, increasing the chances of approval.
What We Don’t Like
Upgrade’s loans only go up to $50,000. The lender also charges origination fees between 0% and 12% of the loan amount, which can decrease the total borrowed amount.
Who It’s Best For Upgrade’s personal loans are best for borrowers with poor credit histories who may not qualify for a personal loan without a co-signer.
Consumer Sentiment Index
5.4
5.4/10
Consumer Score
The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
Consumer Sentiment Index
5,884
How do we calculate
We gather and analyze consumer sentiment from a range of sources to create the Consumer Sentiment Index to determine customer satisfaction levels for each feature outlined below. This data is designed to give you an idea of real consumer experience of the services and product we review. This data is currently separate from our overall rating out of 5
Insights Analyzed
# Interest Rates and Fees
For Interest Rates and Fees
54% of people had positive sentiments
10% of people had neutral sentiments
36% of people had negative sentiments
54%
10%
36%
For Interest Rates and Fees
54% of people had positive sentiments
10% of people had neutral sentiments
36% of people had negative sentiments
# Customer Service
For Customer Service
67% of people had positive sentiments
3% of people had neutral sentiments
30% of people had negative sentiments
67%
3%
30%
For Customer Service
67% of people had positive sentiments
3% of people had neutral sentiments
30% of people had negative sentiments
# Loan Terms and Flexibility
For Loan Terms and Flexibility
74% of people had positive sentiments
10% of people had neutral sentiments
16% of people had negative sentiments
74%
10%
16%
For Loan Terms and Flexibility
74% of people had positive sentiments
10% of people had neutral sentiments
16% of people had negative sentiments
# Ease of Approval and Process
For Ease of Approval and Process
94% of people had positive sentiments
2% of people had neutral sentiments
4% of people had negative sentiments
94%
2%
4%
For Ease of Approval and Process
94% of people had positive sentiments
2% of people had neutral sentiments
4% of people had negative sentiments
Upgrade customers report mixed experiences with its personal loan offerings. Some wins that jump out include the streamlined application process, easy approval and quick funding. But their experiences were not perfect. Some users are dissatisfied with the high APRs and loan fees that make working with Upstart costly.
Pros & Cons
Flexible eligibility requirements
Can pay off creditors directly
High loan amounts available
High APR range
Fees for late payments and insufficient funds
Charges origination fees from 0% and 12%
Details
Eligibility:
Minimum credit score. 300
Minimum income. None
Co-applicants. Permitted
Customer service
We called Upgrade to gauge the responsiveness of its customer service team and found it to be one of the most responsive lenders on our list. While we waited just over one minute for their team to answer our call—which is not the fastest time—they were transparent and knowledgeable about Upgrade’s loans.
We received information on loan amounts, required documentation, interest rate ranges, approval speed, fees and various perks, like hardship programs and autopay discounts. The representative also confirmed that they report payments to credit bureaus.
BEST FOR COMPARING MULTIPLE OFFERS
Universal Credit
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Universal Credit is an online lending platform that offers personal loans between $1,000 to $50,000 through its partners. Repayment terms range from three to seven years.
While Universal Credit makes finding a personal loan accessible even to those with damaged credit, it comes with a few tradeoffs. First, it charges high APRs, well above the most competitive rates seen on our list. Second, Universal Credit charges a 5.25% to 9.99% origination fee on all personal loans. Because this is deducted from your loan proceeds, you’ll need to factor this in when determining your loan amount to ensure you receive the necessary amount after the fact.
Pros & Cons
Flexible qualification requirements
Next-day funding
No prepayment penalty
APRs are higher than those offered by top competitors
Origination fees from 5.25% to 9.99%
Details
Eligibility:
Minimum credit score. 580
Minimum income. Does not disclose
Co-signers. Not permitted
Co-borrowers. Not permitted
BEST FOR NO INTEREST IF REPAID WITHIN 30 DAYS
Discover
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Discover is an online bank that also offers customers credit cards, retirement solutions and personal loans in all 50 states. As a lending platform, Discover stands out because of its online application and mobile banking tools, well-reviewed customer support team and quick funding.
In general, loans are available from $2,500 to $40,000 and may be issued for between three and seven years. So, while borrowers may get a larger loan from another lender, the repayment terms are fairly flexible. Discover charges a late payment fee and does not offer an autopay discount; however, it does not charge any origination fees or prepayment penalties, making it competitive with other top personal loan providers.
Pros & Cons
No origination fees
Low interest rates
Direct creditor payoff with debt consolidation loans
No interest rate discount for automatic payments
No co-signers or co-borrowers accepted
Good credit needed to qualify
Details
Eligibility:
Minimum credit score required. 660
Minimum annual income. $25,000
Co-borrowers. Not permitted
Co-signers. Not permitted
Expert’s Take
It’s no surprise that Discover personal loans are popular. Discover was the original rewards credit card with a large, diverse customer base. It utilizes its app and website to make the application process easy (especially for existing customers). In some cases, the funds are available the next day. Discover doesn’t have an application fee and is flexible with repayment options. The entire process is consistent with the brand and experience Discover’s customers are familiar with.
— Herman Thompson, Jr., advisory board member
BEST FOR LOANS AS LOW AS $1,000
Upstart
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Upstart uses artificial intelligence (AI) to evaluate applications, allowing the lender to consider factors such as employment and education when determining eligibility.
Why We Like It
Upstart’s minimal credit score requirements allow more borrowers to qualify for loans. The Consumer Financial Protection Bureau estimated Upstart has approved 27% more borrowers than possible under a traditional lending model.
What We Don’t Like
Upstart’s three- or five-years loan terms are more limited than other lenders. However, this is likely an acceptable tradeoff for applicants who might not be approved in a traditional lending environment.
Who It’s Best For Upstart is best for individuals with limited credit history who want a more inclusive approach to the lending process.
Consumer Sentiment Index
3.4
3.4/10
Consumer Score
The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
Consumer Sentiment Index
2,077
How do we calculate
We gather and analyze consumer sentiment from a range of sources to create the Consumer Sentiment Index to determine customer satisfaction levels for each feature outlined below. This data is designed to give you an idea of real consumer experience of the services and product we review. This data is currently separate from our overall rating out of 5
Insights Analyzed
# Interest Rates and Fees
For Interest Rates and Fees
28% of people had positive sentiments
14% of people had neutral sentiments
58% of people had negative sentiments
28%
14%
58%
For Interest Rates and Fees
28% of people had positive sentiments
14% of people had neutral sentiments
58% of people had negative sentiments
# Customer Service
For Customer Service
10% of people had positive sentiments
3% of people had neutral sentiments
87% of people had negative sentiments
10%
3%
87%
For Customer Service
10% of people had positive sentiments
3% of people had neutral sentiments
87% of people had negative sentiments
# Loan Terms and Flexibility
For Loan Terms and Flexibility
56% of people had positive sentiments
16% of people had neutral sentiments
28% of people had negative sentiments
56%
16%
28%
For Loan Terms and Flexibility
56% of people had positive sentiments
16% of people had neutral sentiments
28% of people had negative sentiments
# Ease of Approval and Process
For Ease of Approval and Process
66% of people had positive sentiments
8% of people had neutral sentiments
26% of people had negative sentiments
66%
8%
26%
For Ease of Approval and Process
66% of people had positive sentiments
8% of people had neutral sentiments
26% of people had negative sentiments
Upstart borrowers express frustration with high interest rates and origination fees that increase the cost of borrowing. While borrowers found Upstart’s borrowing process simple and quick, others reported issues with customer service, communication and lending practices.
Pros & Cons
Accessible to borrowers with no credit history
Prequalification with a soft credit check
Ability to choose a custom payment date
Charges an origination fee up to 12% of the loan amount
No co-signer option
Only offers three- or five-years terms
Details
Eligibility:
Minimum credit score. 300
Minimum income. No minimum but must have a source of income
Co-signers. Not permitted
Co-borrowers. Not permitted
Customer service
We tested Upstart’s customer service quality to evaluate its helpfulness. Through our research, we found Upstart’s team was one of the fastest to answer, as we waited only 39 seconds. However, once connected, the representative was vague. While they disclosed general loan details like loan amounts, fees and interest rate ranges, they were unclear about documentation requirements and approval times.
Moving costs an average of about $1,400 for a two-person, local move while moves across the country average between $2,200 and $5,700. If you’re borrowing to cover those expenses, here are some tips for comparing moving and relocation loans:
Shop around. Every lender sets its own rates, fees and borrowing criteria, so comparing offers from multiple lenders can help you find the best deal. Take advantage of prequalification whenever possible, which allows you to check your rates with no impact on your credit score.
Compare annual percentage rates (APRs). Interest charges and fees can add significantly to your costs of borrowing, so look for a loan with the lowest APR. APR is a more inclusive term than interest rate alone, since it measures both interest and fees, thereby allowing you to compare loan offers on an apples-to-apples basis.
Watch out for fees. Although APR includes both interest rate and fees, it’s still worth reviewing the various fees associated with each loan offer so you don’t run into any surprises. For example, some lenders charge an origination fee between 1% and 8% that’s deducted from your loan. If the lender charges this fee, you might need to borrow a slightly higher amount to get the full sum you need.
Check out repayment terms. Terms will vary by lender, so check to see how long you have to pay back the loan. A shorter term will mean higher monthly payments but lower interest charges, while a longer term offers more affordable monthly bills but more interest charges over the life of the loan.
Review qualification requirements. Every lender sets its own eligibility requirements, so look for one that could be a good fit for your finances, especially in terms of minimum credit score and income.
Consider time to fund. If you need a relocation loan quickly, prioritize lenders that can approve and fund your loan in a matter of days, rather than weeks.
Read customer reviews. Finally, check out reviews on a site such as Trustpilot to make sure others had a good experience with a lender before you borrow.
What Is a Moving and Relocation Loan?
A moving and relocation loan is a personal loan designed to cover moving expenses. It’s worth noting, however, that you can use a personal loan for just about any legal personal expense. You don’t need to find a loan that’s specifically labeled a moving or relocation loan, but instead can opt for a general personal loan if you find one that’s a good fit.
Moving and relocation loans offer a lump sum upfront that you’ll pay back over time at a fixed interest rate. These loans are typically unsecured, meaning they don’t require collateral. Instead, a lender will review your credit and income when deciding whether to approve your loan request—and how much to approve you for.
Borrowers with good or excellent credit will get the best rates, whereas borrowers with limited credit may get higher interest rates. Personal loan interest rates typically range somewhere between 6% and 36%. As mentioned, some lenders also charge an origination fee between 1% and 8% of your loan amount.
How Do Moving and Relocation Loans Work?
Moving and relocation loans offer a fixed amount of money that’s typically deposited directly into your bank account. Once you have the loan, you can use the proceeds to pay for your moving expenses.
Unlike a line of credit, which you can draw on as needed, a relocation loan comes in a fixed amount. Because of this, it’s important to estimate the costs of your move upfront before you borrow.
Some lenders can approve a personal loan in as little as one day, whereas others may take a few days or weeks before disbursing the funds. Either way, you’ll select repayment terms, often between one and seven years, and start paying your loan back right away on a monthly basis.
You can find personal loans from banks, credit unions and online lenders. Borrowers with strong credit and steady income may qualify for higher loan amounts, whereas borrowers with limited credit may have a lower loan cap.
How to Get a Loan for Moving
Before opting for a moving loan, consider whether you can use your own savings or get reimbursement from your employer. If not, here are some steps you can take to get a relocation loan.
Determine how much you need. Since your moving loan will come in a fixed amount upfront, get a clear understanding of how much your move will cost before you borrow.
Prequalify with multiple lenders. Shopping around can help you find the best rates and terms on a relocation loan. Online prequalification only takes a minute or two and doesn’t harm your credit.
Select your loan offer. Use a personal loan calculator to compare loan offers, paying close attention to monthly payments and long-term interest charges. This step can also help you select a repayment term that fits your budget.
Submit your application. Once you find an offer you like, submit a full application with your personal details and any required documents, such as pay stubs, tax returns or bank statements.
Wait for loan approval and receive your funds. The time it takes to fund the loan varies by lender, but you might get your loan in as little as one or two business days.
Set up repayment. You’ll likely start paying your loan back in monthly installments right away. Consider setting up automatic payments from your bank account so you don’t miss a bill.
Methodology
We reviewed 29 popular lenders based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the best lenders based on the weighting assigned to each category:
Loan cost: 35%
Loan details: 20%
Eligibility and accessibility: 20%
Customer experience: 15%
Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at minimum credit score requirements, whether each lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.
Where appropriate, we awarded partial points depending on how well a lender met each criterion.
Having bad credit makes it more difficult to qualify for a moving loan or other type of personal loan. However, every lender sets its own credit requirements, and some are more flexible than others.
Should you take out a moving loan?
Taking out a moving loan can make sense if you can afford to pay it back. However, it’s usually a good idea to rely on other funding sources, such as savings or reimbursement from an employer, before taking on debt.
If these aren’t an option, make sure the loan payments fit your budget before you borrow. Falling behind on payments could not only lead to higher interest charges and fees, but it could also damage your credit.
Can you get a loan to move to a different state?
You can get a moving or relocation loan to cover out-of-state moving expenses. Moving loans are designed to cover any and all of the costs associated with moving, regardless of whether you’re moving locally or across the country. It’s always a good idea to check with your specific lender, however, to see if it poses any restrictions on how you can use your loan.
Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
With nearly a decade covering personal finance, Rebecca Safier simplifies loans and other complex financial topics to help people manage their money with confidence. Her work has been featured in Forbes Advisor, Buy Side from WSJ, U.S. News & World Report, Newsweek Vault and other publications. Rebecca has her student loan certification from the National Association of Certified Credit Counselors and her Master of Education in Adolescent Counseling from the Harvard Graduate School of Education.
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