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Best moving and relocation loans in 2022

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

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

Best for moving to start a new job

SoFi personal loans

Finder rating 4.45 / 5 ★★★★★

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.
  • Not available in: Mississippi

Best for when you’re new to the country

Stilt personal loans

Finder rating 4 / 5 ★★★★★

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.
  • Only available in: Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania, Texas, Utah, Washington, Wisconsin

Best for medical residents and fellows

Laurel Road personal loans

Finder rating 4.2 / 5 ★★★★★

Laurel Road has a special personal loan program for medical residents that rivals a medical residency student loan. Depending on your year in training, you can borrow up to $45,000 — three times as much as you can borrow with some student loans for residents. And you can partially defer payments to pay as little as $25 a month while you're enrolled in the program. The downside is that rates start much higher than you'd typically find with a student loan provider.
  • Available in all states

Best for for good and excellent credit

LightStream personal loans

Finder rating 4.83 / 5 ★★★★★

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.
  • Available in all states

Best for fair credit

Upstart personal loans

Finder rating 4.15 / 5 ★★★★★

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 5.6% to 35.99% APR.
  • Not available in: West Virginia

Best for bad credit

OneMain Financial personal loans

Finder rating 3.4 / 5 ★★★★★

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%.

  • Not available in: Alaska, Arkansas, California, Connecticut, Massachusetts, Michigan, Rhode Island, Vermont

Summary of best business loans for moving

ProviderAPRBest for … What sets it apart
SoFi7.99% to 23.43%Moving to start a new jobAccess to career and financial support — and no fees, ever.
Stilt7.99% to 15.99%When you’re new to the countryFunding made easy for nonresidents — you don’t even need a green card.
Read review
Laurel Road7.45% to 24.25%Medical residents and fellowsAccepts cosigners and has a $300 referral bonus.
Read review
LightStreamCompetitiveGood to excellent creditA rate beat program that can potentially save you 0.1% — plus low starting rates.
Read review
Upstart5.6% to 35.99%Fair creditLooks at your education and career — not just your credit score.
OneMain Financial18% to 35.99%Bad creditNext-day funding is available if you can go to a local branch.
Read review

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.

1 - 5 of 5
Name Product Filter Values APR Min. Credit Score Loan Amount
Best Egg personal loans
7.99% to 35.99%
640
$2,000 to $50,000
A prime online lending platform with multiple repayment methods.
Credible personal loans
3.99% to 35.99%
Fair to excellent credit
$600 to $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Upstart personal loans
5.6% to 35.99%
300
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
SoFi personal loans
7.99% to 23.43%
680
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
LendingClub personal loans
6.34% to 35.89%
600
$1,000 to $40,000
A peer-to-peer lender offering fair rates based on your credit score.
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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.

How Anna paid for living abroad with student loans

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Anna Serio
Writer

I covered my living expenses while abroad with federal student loans for the first few years of my stay. How? I signed up for a graduate program at an American University that offered federal student aid. While I had to pay for that initial plane ticket, I was able to qualify for funding enough to cover my living expenses, student visa fees and annual trips back to the states.

I wouldn’t recommend this to someone who wasn’t already considering going to college or graduate school. But otherwise, it’s an inexpensive way to finance your stay outside of the country, compared to personal loans or credit cards. Plus, being a student it makes it a lot easier to stay abroad legally for an extended period of time.

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.

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