Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

Best moving and relocation loans in 2020

If the costs of moving has you down, here's what to know about financing your expenses.

Updated . What changed?

Fact checked

Editor's choice: LendingClub personal loans

LendingClub personal loans logo
  • Less strict eligibility requirements
  • Quick turnaround time
  • High Trustpilot rating
Check my rate
The most common type of relocation loan is an unsecured personal loan. You can use these for any legitimate expense, including the cost of a move. Generally, relocation loans are best for expensive moves — think over $5,000. Otherwise, other options like taking out a new credit card might be a less expensive choice.

Our team reviewed over 120 personal loan providers before selecting these lenders based on factors such as the ranges of rates, terms fees and loan amounts available. We perks that might benefit someone in the middle of a move — like lenders that accept job offers rather than requiring employment.

6 best personal relocation loans

SoFi personal loans logo
Finder Rating: 4.3 / 5

★★★★★

Check my rate
at SoFi personal loans's secure site

Best for moving to start a new job: SoFi personal loans

680
Min. Credit Score
5.99%
Starting APR
$100,000
Loan Amount
Aside from financing your move, SoFi offers a wide range of career-boosting perks like networking events and career coaching that can help you get your professional start in a new town. You can also qualify based on a new job offer, as long as it begins within 90 days of applying. But don't borrow too early. You still need to afford repayments before your first paycheck comes.
  • No fees
  • Accepts job offers start date within 90 days
  • High borrowing cap of $100,000
  • Higher rates for longer terms — up to over 18.28%
  • Turnaround as long as 30 days
  • Loans start at a high $5,000
Loan Amount $5,000 – $100,000
APR 5.99% to 18.28%
Interest Rate Type Fixed
Min. Credit Score 680
Min term 24 months
Max term 84 months
Turnaround Time Up to 30 days
Disclaimer
Fixed rates from 5.99% APR to 18.28% APR (with AutoPay). SoFi rate ranges are current as of October 5, 2020 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
Stilt personal loans logo
Finder Rating: 4 / 5

★★★★★

Check my rate
at Stilt personal loans's secure site

Best for when you're new to the country: Stilt personal loans

Not required
Min. Credit Score
7.99%
Starting APR
$25,000
Loan Amount
This lender is one of the few that specializes in financing nonresidents. You don't need a green card to qualify. And instead of your credit score, Stilt considers other aspects of your financial history when evaluating your application, like spending habits. But it might not be ideal for your first move: You need to have a job and a US bank account to qualify.
  • No credit history required
  • Accepts nonresident visas
  • APRs from 7.99% to 15.99%
  • Only available in 16 states
  • Funding stops at $25,000
  • Job and US bank account required
Loan Amount $1,000 – $25,000
Interest Rate Type Fixed
Min term 6 months
Max term 36 months
Turnaround Time 2 to 3 business days

Best for medical residents and fellows: Laurel Road personal loans

680
Min. Credit Score
7.50%
Starting APR
$45,000
Loan Amount
Laurel Road is one of the only lenders that accepts cosigners — someone who can help you meet eligibility requirements when you can’t on your own. This can help you take advantage of its competitive APRs and perks, like its $300 referral bonus and special rates for healthcare professionals.
  • Pay as little as $25 a month
  • Loans up to $45,000 for moving expenses
  • Accepts cosigners
  • High starting APR of 24.75%
  • Limited to 60- or 84-month terms
  • Loans start at $1,000
Loan Amount $1,000 – $45,000
APR 7.50% to 24.75%
Interest Rate Type Fixed
Min. Credit Score 680
Min term 36 months
Max term 60 months
Turnaround Time As little as 2 business days
LightStream personal loans logo
Finder Rating: 4.83 / 5

★★★★★

Check my rate
at LightStream personal loans's secure site

Best for for good and excellent credit: LightStream personal loans

670
Min. Credit Score
Varies
Starting APR
$100,000
Loan Amount
LightStream is a great option if you're looking to cut back on the cost of your move. It offers some of the most competitive rates out there. Get a better offer from another lender it might beat that rate — as long as it meets certain terms and conditions. It also has a steep 0.5% autopay discount to help you save even more.
  • Might beat confirmed offers from competitors by 0.1%
  • High 0.5% autopay discount
  • Offers loans up to $100,000
  • No option to get preapproved
  • No customer service phone number
  • Loans start at a high $5,000
Loan Amount $5,000 – $100,000
APR Varies
Interest Rate Type Fixed
Min. Credit Score 670
Min term 24 months
Max term 84 months
Turnaround Time Varies
Disclaimer
All loans are subject to credit approval by LightStream.

Truist Bank is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Upstart personal loans logo
Finder Rating: 4.15 / 5

★★★★★

Check my rate
at Upstart personal loans's secure site

Best for fair credit: Upstart personal loans

600
Min. Credit Score
8.69%
Starting APR
$50,000
Loan Amount
While Upstart looks at your credit score, it also gives more weight to your career and level of education. This can help you qualify for a more competitive rate if you've spent more time building on your professional skills than your credit history. But rates run relatively high, from 8.69% to 35.99% APR.
  • Funding as soon as the next day
  • Loans start at a low $1,000
  • No origination fee for some borrowers
  • High APRs of 8.69% to 35.99%
  • Origination fees reach a high 8%
Loan Amount $1,000 – $50,000
APR 8.69% to 35.99%
Interest Rate Type Fixed
Min. Credit Score 600
Min term 36 months
Max term 60 months
Turnaround Time 1 to 3 business days

Best for bad credit: OneMain Financial personal loans

300
Min. Credit Score
18%
Starting APR
$20,000
Loan Amount
This lender doesn't have any hard-and-fast credit requirements, and could offer relatively competitive deals if your credit score is below 580. Especially if you opt to secure your loan with collateral. You can get your money as soon as the next day, though you'll have to stop by a branch to sign your documents.

But you can likely find a better deal if you have fair credit or higher. Rates start at a high 18% APR, including an origination fee of 1% to 10%.

  • No minimum credit requirements
  • Next-day turnaround
  • Relatively low cost compared to installment loans
  • High rates compared to other personal loans
  • Requires a stop at a branch
  • Origination fee of 1% to 10%
Loan Amount $1,500 – $20,000
APR 18% to 35.99%
Interest Rate Type Fixed
Min. Credit Score 300
Min term 24 months
Max term 60 months
Turnaround Time As soon as the same day
Disclaimer
Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $300. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.

Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $14,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

Compare more personal loans to help finance your move

Check out additional personal loan options that can help you get settled in your new home.

Data indicated here is updated regularly
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible personal loans
4.99% to 35.99%
Fair to excellent credit
$100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Monevo personal loans
3.49% to 35.99%
None
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
Fiona personal loans
4.99% to 35.99%
Good
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
LendingTree personal loans
Starting from 2.49%
Good to excellent credit
$50,000
Receive up to five loan offers in just minutes through LendingTree's simple online form.
SoFi personal loans
5.99% to 18.28%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
NetCredit personal loans
34% to 155%
No minimum
$10,500
Check eligibility in minutes and get a personalized quote without affecting your credit score.
LightStream personal loans
Varies
Good to excellent credit
$100,000
Borrow up to $100,000 with low rates and no fees.
Even Financial personal loans
4.99% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
loading

Compare up to 4 providers

What costs can I cover with a relocation loan?

There are no limits to what costs you can cover with a relocation loan — as long as it’s legal. Depending on how you do it and how far you’re going, moving can cost you as little as $50 if you just need to rent a truck or over $10,000 if you have a big cross-country move.

Here are some common expenses you might want to consider when calculating your full cost.

  • Boxes and packing materials
  • Hiring movers
  • Security deposit
  • Shipping your car
  • Shipping furniture
  • Moving truck rental
  • Gas
  • Storage unit rentals
  • Moving insurance
  • Hotel stays
  • Realtor or broker fees
  • Utility contract termination fees
  • Living expenses while you wait to start a job

Compare moving companies + 4 ways to save money

Pros and cons of using a relocation loan

A relocation loan might help make sure your relocation costs are fully covered on time. But it’s not always a great choice.

Pros

  • Cheaper than your credit card. Credit card rates usually run from 15% to 22% APR. If you can’t pay off your balance right away, a loan is typically less expensive.
  • No collateral required. While some lenders might offer secured loans, you don’t have to put any assets on the line to get most personal loans.
  • Freedom to jump on opportunities. Borrowing can be an investment in a new job opportunity that can pay for itself.
  • Funding as soon as the next day. Many online lenders offer next-day financing if you get all of your documents in on time.
  • Finance up to $100,000. The main restriction on how much you can borrow is your ability to afford monthly repayments.

Cons

  • Adds to your monthly expenses. A personal loan adds to your monthly expenses and can make it hard to qualify for other types of financing until you pay it off, like a new car loan.
  • Potential origination fees. While it’s possible to find a loan with no fees whatsoever, many lenders charge an origination fee of up to around 5% of the loan amount at closing.
  • High rates and few options for bad credit. With credit scores below 580, you could easily end up paying a rate as high as 36% APR, if you’re able to qualify for a loan at all.
  • May require a job. If you’re moving to start a job, you might not be able to qualify for a personal loan — unless you already have an offer.

How else can I pay for a move?

A personal loan isn’t the only financing solution you can look into. Consider these options as well.

  • New credit cards. Many credit cards come with a 0% APR promotional period that lasts around 12 months. If you can pay off your moving expenses within that time, this is one of the least expensive options.
  • Save up. The cheapest way to finance a move is to plan ahead by creating a budget. There are a range of online calculators that you can use to get an estimate of your moving costs to help you set a goal.
  • Company relocation assistance. If you’re upgrading to a new job or are transferred to a new office, find out if your company covers any part of your moving costs.
  • Use a service like OfferUp. Sell whatever you don’t plan on taking with you to help finance your cost.
  • Friend and family loans. Ask friends and family if they’d be willing to lend you money for the move. If you’re uncomfortable going to one or two people, consider setting up a campaign on a crowdfunding site where more people can chip in small amounts.

3 tips for covering moving expenses

  1. Plan ahead. Estimate how much a move will cost you to help determine your expenses and budget. If you have time to save, set money aside for paying your final bills, covering any deposits or preparing a place at the end of the road.
  2. Shop for quotes. By comparing moving companies, you can save money by finding the exact service to meet your needs. The cheapest move is likely the one that lets you rent a truck and drive your belongings yourself. If can’t do that, companies that charge by weight or total truck square footage can offer you rates and fees to compare.
  3. Cut down on costs. Skip the hotel and stay with friends or family on a cross-country move, get free boxes from liquor stores and retailers, and find other ways to avoid spending more than necessary.

Can I write off moving expenses on my tax forms?

Not anymore. Because of the sweeping tax reforms signed into law in December 2017, you can no longer write off the moving expenses that come with relocating for a new job. Unless your move took place under the wire and you can claim it in your 2017 tax returns, you won’t be able to write off movers or vans, hotels, airline tickets or other expenses.

Speak to a tax professional about your specific move to determine if it’s eligible for 2017 deductions.

Watch out for moving company scams

The last thing you want is to have strangers hold your possessions hostage for a higher fee than you’d agree to. But there are a few red flags to watch out for.

  • No inspection. A legitimate company won’t give you an estimate or contract without visiting your place to get an idea of what you’re planning on moving.
  • Consistent complaints. If multiple customers complain on sites like the Better Business Bureau (BBB) and Trustpilot that they ended up paying more than they agreed to, it’s a sign the company is not legit.
  • Frequent name changes. Companies with a bad reputation often change their name to rebrand.
  • Upfront fees. While it might be that the company is working through a broker that requires a deposit, in most cases you shouldn’t pay until the job is done

Legit moving companies typically ask to inspect your home to estimate overall costs, often six to eight weeks ahead of your scheduled move date. By knowing how much you’re moving — and, therefore, how much labor and supplies are necessary — a company can provide a more accurate idea of how much you can expect to pay for its services.

If the company offers a quote without an inspection, it could be a scam to lowball you now and require more money after moving your items.

Bottom line

Moving isn’t easy, but it doesn’t have to cost you an arm and a leg. If you need a boost to your budget when relocating, compare rates for personal loans you’re eligible for to fund the next chapter of your life.

Frequently asked questions

Image source: Shutterstock

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site