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Best Moving and Relocation Loans October 2024

A relocation loan, also known as a moving loan, is a form of personal loan designed to cover various moving expenses. This encompasses costs such as renting a moving truck, hiring professional movers, purchasing packaging materials, and more. While these loans generally offer flexibility, it's important to be aware that they may entail additional fees or interest charges.

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Key Facts

  • Free-to-use marketplace with a choice of vetted lending partners.
  • Borrowers are in control and can compare competitive loan options.
  • No prepayment fees and origination fees as low as 0%
  • Max Loan Amount: $200K

Pros

pros iconGreat for Comparing Lenders

pros icon Fast and Easy

pros iconSecure 256-bit encryption

Cons

cons iconFees Vary

cons iconOther Variable Info

cons iconTerms are Limited

Personal Loans Rate and Terms Disclosure: Rates for personal loans provided by lenders on the Credible platform range between 6.99% – 35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 12%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 3, 2022, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.

Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Lowest rate advertised is not available for all loan sizes, types, or purposes, and assumes a very well qualified borrower with an excellent credit profile.

To check the rates and terms you may prequalify for, Credible conducts a soft credit pull that will not affect your credit score. If you choose a lender and continue with your application, the lender will usually conduct a hard credit pull that may impact your credit score.

Debt consolidation and credit card refinancing involve using a new loan to pay off your existing balance. This does not eliminate debt, but replaces one debt with another. While personal loan rates generally are lower than credit card interest rates, you may pay more in origination fees and interest over the life of the loan depending on other loan terms. Please consult a financial advisor to determine if refinancing or consolidating is right for you.

Student Loan Rate and Terms Disclosure:  Rates displayed include Automatic Payment and Loyalty Discounts, where applicable. Note that such discounts do not apply while loans are in deferment. The lenders on the Credible.com platform offer fixed rates ranging from 3.59% – 17.99% APR and Variable interest rates from 5.00% – 17.99% APR. Variable rates will fluctuate over the term of the borrower’s loan with changes in the Index rate. The Index will be either LIBOR or SOFR. Rates are subject to change at any time without notice. Your actual rate may be different from the rates advertised and/or shown above and will be based on factors such as the term of your loan, your financial history (including your cosigner’s (if any) financial history) and the degree you are in the process of achieving or have achieved. While not always the case, lower rates typically require creditworthy applicants with creditworthy co-signers, graduate degrees, and shorter repayment terms (terms vary by lender and can range from 5-20 years) and include Automatic Payment and Loyalty discounts, where applicable. Loyalty and Automatic Payment discount requirements as well as Lender terms and conditions will vary by lender and therefore, reading each lender’s disclosures is important. Additionally, lenders may have loan minimum and maximum requirements, degree requirements, educational institution requirements, citizenship and residency requirements as well as other lender-specific requirements. Lenders will conduct a hard credit pull when you submit your application. Hard credit pulls will have an impact on your credit score.

Student Loan Refinancing Rate and Terms Disclosure: The lenders on the Credible.com platform offer fixed rates ranging from 4.74% – 10.98% (4.74% – 10.98% APR). Variable interest rates offered by the lenders on Credible.com range from 4.86% – 12.39% (4.86% – 12.39% APR). Variable rates will fluctuate over the term of the borrower’s loan with changes in the Index rate. The Index will be either LIBOR, SOFR, or the Prime Rate of interest as published in the Wall Street Journal (WSJ). The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Rates are subject to change at any time without notice. Your actual rate may be different from the rates advertised and/or shown above and will be based on factors such as the term of your loan, your financial history (including your cosigner’s (if any) financial history) and the degree you are in the process of achieving or have achieved. While not always the case, lower rates typically require creditworthy applicants with creditworthy cosigners, graduate degrees, and shorter repayment terms (terms vary by lender and can range from 5-20 years) and include loyalty and Automatic Payment discounts, where applicable. Loyalty and Automatic Payment discount requirements as well as Lender terms and conditions will vary by lender and therefore, reading each lender’s disclosures is important. Additionally, lenders may have loan minimum and maximum requirements, degree requirements, educational institution requirements, citizenship and residency requirements as well as other lender-specific requirements.

*Not all available financial products and offers from all financial institutions have been reviewed by this website

  • $1K-$200K Loan Amount
  • 550 Min Credit
  • 6.99-35.99% APR
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Key Facts

  • Competitive rates available for good credit scores and income source
  • Access to financial advisors, private networking events, & unemployment protection
  • Flexible terms & payment options with no fees whatsoever
  • Max Loan Amount: $100K

Pros

pros iconPersonal loan application process is easy and only takes a few minutes to complete

pros iconSoft credit check that doesn’t affect your credit score and gives you personalized rates

pros iconFixed and variable rate loans available ranging from $5,000 to $100,000

pros iconNo late or origination fees required

pros iconExcellent customer support team

pros iconOnline autopay comes with a discount on interest

pros iconExclusive benefits for members (ex. networking events and access to financial advisors)

pros iconUnemployment Protection feature comes with a temporary payment pause (up to 12 months)

pros iconNo prepayment penalties

Cons

cons iconMay take up to 4 days to receive funds after approval (longer than other online lenders)

cons iconHigh eligibility requirements (ex. good credit and sufficient income)

“SoFi” is a registered trademark of Social Finance, Inc. SoFi is not affiliated with colleges and universities listed on SoFi.com. Colleges and universities listed on SoFi.com do not endorse, promote or recommend SoFi loan products.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 1121636. (www.nmlsconsumeraccess.org)

Loan Example: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. In this case the total amount expected to pay by the borrower will be $13,680

✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

©2022 Social Finance, Inc. All rights reserved.”

Fixed rates from 3.99% APR to 14.83% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 01/16/24 and are subject to change without notice. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-6%, which will be deducted from any loan proceeds you receive.Autopay: 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. Autopay is not required to receive a loan from SoFi.Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

  • $5K-$100K Loan Amount
  • 680 Min Credit
  • 8.99-29.99% APR
Powered by Credible
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Key Facts

  • APRs ranging from 8.99% to 17.99%.
  • Must be a member to apply for a loan.
  • No penalties for paying off your loan early

Pros

pros iconFast funding time

pros iconGreat reputation

pros iconMinimal fees

pros iconWide range of term lengths

Cons

cons iconYou need to be a PenFed Credit Union member to get a loan

cons iconDoesn’t disclose all eligibility requirements

©2024 Pentagon Federal Credit Union

This credit union is federally insured by the National Credit Union Administration. Rates are current as of September 2024 unless otherwise noted and are subject to change.

APY = Annual Percentage Yield
APR = Annual Percentage Rate

Routing #256078446

Personal Loans Disclosure

Rates and offers current as of September 2024 and are subject to change.

1The initial inquiry will be a soft pull that will not affect your credit score. If you choose to initiate a loan application after checking your rates, you will be required to authorize a full credit report inquiry, which would be considered a hard pull and may affect your credit.

*Your actual APR will be determined at the time of disbursement and will be based on your loan term and creditworthiness, which includes an evaluation of your credit history and the length of your PenFed membership. Not all applicants will qualify for the lowest rate. Rates quoted assume excellent borrower credit history. Other eligibility requirements may apply.

Loan Payment Example: A $50,000 personal loan financed at 8.99% APR would amount to 36 monthly payments of approximately $1,590 each.

Loan amount determines rate and term. All loans are subject to a minimum monthly payment of $50.

**There is no balance transfer fee, no early payoff fee, and no origination fee. There are no “hidden” fees such as home appraisal, closing, or title search fees that you might incur in other borrowing situations. If you do not make your monthly installment payment on time, you may incur late payment fees.

Auto Loans Disclosure

Rates and offers current as of September 1, 2024 and are subject to change.

1The initial inquiry will be a soft pull that will not affect your credit score. If you choose to initiate a loan application after checking your rates, you will be required to authorize a full credit report inquiry, which would be considered a hard pull and may affect your credit

*APR = Annual Percentage Rate. Your actual APR will be determined at the time of disbursement and will be based on your application and credit information. Rates quoted assume excellent borrower credit history. Not all applicants will qualify for the lowest rate.

New Auto Loans: Loan rate applicable to new vehicles only. New vehicles are where you are the original owner and the untitled vehicle is model year 2023 or newer with less than 7501 miles. Up to 125% financing is available in the U.S. Up to 110% financing is available in Puerto Rico and Virgin Islands. Vehicle weight and mileage restrictions apply.

Minimum loan amount is $15,000 for 61-72 month term. Minimum loan amount $20,000 for 73-84 month term. Rate also depends on term.

Loan Payment Example: A $20,000 new auto loan financed at 5.59% APR would amount to 60 monthly payments of approximately $384.47 each.

Used Auto Loans: Maximum used car loan advance will be determined by PenFed using a JD Power value. Financing is available up to the JD Power valuation plus tags, title, taxes and extended warranties not to exceed 125% in the U.S. Up to 110% financing is available in Puerto Rico and Virgin Islands. Some restrictions apply. Call 1-800-247-5626 for details.

For the 84 month loan term, eligible used vehicles must have model years as new as or newer than the current calendar year minus five years and less than 60,000 miles. 

Rate depends on term. Vehicle weight and mileage restrictions apply. 

Loan Payment Example: A $20,000 used auto loan financed at 6.94% APR would amount to 60 monthly payments of approximately $396.62 each.

Refinance Auto Loans: New vehicles are where you are the original owner and the untitled vehicle is model year or newer with less than 7501 miles. Used vehicles are pre-owned vehicles or vehicles with over 7501 miles. For used vehicles, maximum used car loan advance will be determined by PenFed using a JD Power value. Up to 125% financing is available in the U.S. Up to 110% financing is available in Puerto Rico and Virgin Islands. PenFed does not permit internal refinances of an existing PenFed auto loan.

Rate depends on term. Other restrictions including vehicle and mileage limitations may apply.

Loan Payment Example: A $20,000 new auto loan financed at 5.59% APR would amount to 60 monthly payments of approximately $384.47 each.

PenFed Car Buying Service:

PenFed Car Buying Service is available in all 50 states.

Loan Payment Example: A $20,000 new auto loan financed at 4.74% APR would amount to 36 monthly payments of approximately $599.21 each.

PenFed Automobile Deductible Reimbursement

Requires reporting of completed qualified purchases within 45 days of purchase date. Reimburses what you’ve paid, if anything, for your automobile insurance deductible when you file a claim on the purchased vehicle within 365 days of registering in program. Covers up to $500 2x a year (service not available in New Hampshire or New York). To learn more about this program see TrueCar’s Program Details and Terms and Conditions.

Certificate Disclosure

Money Market Certificates

Annual Percentage Yield (APY) is accurate as of September 1, 2024 and is subject to change at any time.

We will establish your certificate on the day we receive your application and funding. Once purchased, the rate is locked in for the term of your certificate.

**6 Month certificates earn dividends on simple interest basis. All other certificate dividends are compounded daily.

You choose how your dividends are withdrawn: monthly OR at maturity.

3 payment options:

  1. Add dividends to certificate.
  2. Transfer dividends to Regular Share, checking, or MMSA (Money Market Savings Account).
  3. Have dividend sent to you in check form.

Early Redemption Penalties

Penalties are imposed for early withdrawal of Money Market Certificates. This will reduce earnings on the account. You must provide your request in writing.

Please refer to the Money Market Certificate Application for further details. For all certificates funded by ACH, funds cannot be withdrawn within the first 60 days of the account opening.

IRA Certificates

Annual Percentage Yield (APY) is accurate as of September 1, 2024 and is subject to change at any time. Fees may reduce earnings.

*Refer to a qualified tax advisor

Rates are subject to change monthly and are fixed for the term of the certificate. Certificates dividends compound daily. The minimum balance to open a certificate is $1,000.

Partial withdrawals for members over the age 59 1/2 (including Required Minimum Distributions) and qualified distributions regardless of age (including Disability) may be processed from IRA certificates without incurring an early redemption penalty.

Coverdell Education Savings

APY (Annual Percentage Yield) is accurate as of September 1, 2024 and is subject to change at any time. Fees may reduce earnings.

We will establish your certificate on the day we receive your application and funding. Once purchased, the rate is locked in for the term of your certificate.

Certificate dividends are compounded daily and credited monthly.

For all certificates funded by ACH, funds cannot be withdrawn within the first 60 days of the account opening.

Early Redemption Penalties

Penalties are imposed for early withdrawal of Coverdell Education share certificates. You must provide your request in writing.

If the certificate is redeemed within the first year, all dividends will be forfeited.

If after the first year, but prior to the maturity date, the early withdrawal penalty will equal 30% of what would have been earned if the certificate had been held to maturity, not to exceed total dividends earned.

IRA Disclosure

Annual Percentage Yield (APY) is accurate as of September 1, 2024 and is subject to change at any time. Fees may reduce earnings. Rates could change after account opening.

*Refer to a qualified tax advisor

Rates could change after account opening.

Roth IRA

Rates could change after account opening.

To take a qualified distribution, and avoid any tax liabilities, you must wait until after the five-taxable-year period beginning with the taxable year in which you first contributed to a Roth IRA.

IRA Certificates

Rates are subject to change monthly and are fixed for the term of the certificate. Certificates dividends compound daily. The minimum balance to open a certificate is $1,000.

Early Redemption Penalties

Penalties are imposed for early redemption of certificates. You must provide your request in writing.

If the certificate is redeemed within the first year, all dividends will be forfeited.

If after the first year, but prior to the maturity date, the early withdrawal penalty will equal 30% of what would have been earned if the certificate had been held to maturity, not to exceed total dividends earned.

Exceptions. The penalties described above will not be applied if the withdrawal is made: (i) Subsequent to the death of any holder of the Certificate. (ii) As a result of the voluntary or involuntary liquidation of the credit union. (iii) If the owner is permanently disabled, as defined in the Internal Revenue Code Section 72(m). (iv) If the owner has reached age 59½ and takes a partial withdrawal in the form of a distribution to themselves. (v) If the owner has reached the applicable RMD age and take a withdrawal of any amount in the form of a distribution to themselves. Note: a trustee-to-trustee direct transfer is not considered a distribution to yourself therefore regular certificate penalties would apply. Roth IRAs do not qualify under RMD exceptions.

 

 

  • $500-$50K Loan Amount
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Key Facts

  • Discounts for Upgrade account owners
  • No prepayment fees
  • Fast funding in 1-4 days

Pros

pros iconOffers a small minimum loan amount

pros iconDeals with credit scores of at least 580

pros iconNo early prepayment fee

pros iconQuick time to funding

pros iconSolid mobile app to manage loans

Cons

cons iconCharges origination fee

cons iconLate fees in place

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 9.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 1.85% to 9.99% origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade’s bank partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.

Fast Funding Disclosure: *Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.

  • $1K-$50K Loan Amount
  • 580 Min Credit
Powered by Credible
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Key Facts

  • Wide range of loan term lengths.
  • No prepayment penalties.
  • Enjoy additional services Axos offer.

Pros

pros iconNo prepayment penalties

pros icon1-year loan terms available

pros iconFast, 2-day funding

pros iconWide range of loan terms

Cons

cons iconHigh credit score requirements

cons iconOrigination fee

cons iconShorter loan terms

Axos Bank® offers bank products and services. All deposit accounts through Axos Bank brands are FDIC insured through Axos Bank. All deposit accounts of the same ownership and vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546. All deposit accounts through Axos Bank brands are not separately insured by the FDIC from other deposit accounts held with the same ownership and vesting at Axos Bank. For more information, read our FDIC Notice. Axos Bank NMLS# 524995. For example, if you get approved for a $15,000 loan at 6.99% APR for a term of 72 months, you’ll pay just $256 per month for a total amount of $18,432.

 

  • $5K-$50K Loan Amount
  • 690 Min Credit
Powered by Credible
View Details arrow

Key Facts

  • Good credit gets low rates and zero fees
  • Fast and easy online process
  • $100 Loan Experience Guarantee¹
  • Max Loan Amount: $100K
  • Powered by Credible

Pros

pros iconGet a loan for practically anything

pros iconAutopay discount available

pros iconDedicated app to manage your loan

pros iconLightStream doesn’t charge any fees

Cons

cons iconPersonal loan up to $100K

cons iconRequires steady income

cons icon1-3 Days till funding

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Lowest rates require excellent credit. At least 29% of approved applicants applying for the lowest rate qualified for the lowest rate available based on data from 04/01/2024 to 06/30/2024. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

Payment example: Monthly payments for a $25,000 loan at 6.94% APR with a term of 3 years would result in 36 monthly payments of $771.24.

Maximum APR for a LightStream loan is 25.79%. Loan terms range from 24 – 240 months depending on the loan type.

1You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process.

Business Hours (Eastern time)

Customer Service
Monday – Friday: 9:30 a.m. to 7 p.m. & Saturday: Noon to 4 p.m.

Application Processing
Monday – Friday: 10 a.m. to 6 p.m.
Saturday & Sunday: 1 p.m. to 6 p.m.

Mailing Address
PO Box 117320
Atlanta, GA 30368-7320

E H L Truist Bank is an Equal Housing Lender. © 2024 Truist Financial Corporation.
Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation.
All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

  • $5K-$100K Loan Amount
  • 660 Min Credit
Powered by Credible
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Key Facts

  • Flexible repayment options
  • Great for customers with bad credit score
  • Safe and secure

Pros

pros iconEasy, fast application process

pros iconFunds are disbursed quickly

pros iconBuilds personal credit

Cons

cons iconHigh fees and interest charges

cons iconNo co-signed, joint, or secured loan option

cons iconNo rate discount for automatic payments

Loan Example: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. In this case the total amount expected to pay by the borrower will be $13,680

  • $2K-$35K Loan Amount
  • 580 Min Credit
  • 9.95-35.99% APR

Top Moving and Relocation Personal Loan Providers 

Credible

Get Personalized Prequalified Rates

550

Min Credit Score

6.99-35.99%

APR. Fixed Rate

6.99-35.99%

APR. Variable Rate

$1K-$200K

Loan Amount

1-10 years

Repayment terms

Yes

Soft Credit Pull

Marketplace

Lender Type

Yes

Other Fees

Varies

Origination Fee

Varies

Prepayment Fee

Within 5 working days

Funding Time

Pros & Cons

drop-down-btn
  • con-icon Great for Comparing Lenders
  • con-icon Fast and Easy
  • con-icon Secure 256-bit encryption
  • con-icon Fees Vary
  • con-icon Other Variable Info
  • con-icon Terms are Limited

Loan Purpose

drop-down-btn
  • Credit Card Refinance
  • Debt Consolidation
  • Home Improvement
  • Medical Expenses
  • Relocation
  • Vacation
  • Wedding

Loan Type

drop-down-btn
  • Unsecured Personal Loans
  • Fixed-Rate Personal Loans
  • Variable-Rate Personal Loans
  • Co-singer / Joint loans
sofi logo
SoFi

Low Rates. No Fees are Required.

680

Min Credit Score

8.99-29.99%

APR. Fixed Rate

8.99-29.99%

APR. Variable Rate

$5K-$100K

Loan Amount

24 to 84 months

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

None

Other Fees

None

Origination Fee

None

Prepayment Fee

Same-day funding if approved before 7:00 PM ET days

Funding Time

Pros & Cons

drop-down-btn
  • con-icon Personal loan application process is easy and only takes a few minutes to complete
  • con-icon Soft credit check that doesn’t affect your credit score and gives you personalized rates
  • con-icon Fixed and variable rate loans available ranging from $5,000 to $100,000
  • con-icon No late or origination fees required
  • con-icon Excellent customer support team
  • con-icon Online autopay comes with a discount on interest
  • con-icon Exclusive benefits for members (ex. networking events and access to financial advisors)
  • con-icon Unemployment Protection feature comes with a temporary payment pause (up to 12 months)
  • con-icon No prepayment penalties
  • con-icon May take up to 4 days to receive funds after approval (longer than other online lenders)
  • con-icon High eligibility requirements (ex. good credit and sufficient income)

Loan Purpose

drop-down-btn
  • Credit Card Refinance
  • Debt Consolidation
  • Home Improvement
  • Major Purchase
  • Medical Expenses
  • Relocation
  • Vacation
  • Wedding

Loan Type

drop-down-btn
  • Unsecured Personal Loans

8.99-17.99%

APR. Fixed Rate

$500-$50K

Loan Amount

Up to 5 years

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

N/A

Other Fees

None

Origination Fee

None

Prepayment Fee

1 days

Funding Time

Pros & Cons

drop-down-btn
  • con-icon Fast funding time
  • con-icon Great reputation
  • con-icon Minimal fees
  • con-icon Wide range of term lengths
  • con-icon You need to be a PenFed Credit Union member to get a loan
  • con-icon Doesn’t disclose all eligibility requirements

Loan Purpose

drop-down-btn
  • Debt Consolidation
  • Home Improvement
  • Medical Expenses
  • Other

Loan Type

drop-down-btn
  • Unsecured Personal Loans

What Is a Relocation Loan?

A relocation loan allows you to fund your move to a new city, state, or country without the need for immediate upfront payment. If you're in the process of relocating but lack the immediate funds to cover associated expenses, a relocation loan could be a viable solution to explore.

You can typically use a moving loan for things like:

  • Fuel costs
  • Renting a moving truck or paying for movers
  • Shipping a vehicle overseas
  • Professional cleaning fees for your old or new residence
  • Painting services
  • Landscaping or lawn care
  • Moving supplies like boxes or packing materials
  • Food, furniture, and other expenses that come with moving to a new place
  • Parking fees
  • Utility bills
  • Hotel accommodations
  • Storage unit costs
  • Other common expenses related to moving

How do Relocation Loans Work?

Relocation loans work similarly to other personal loans. Once approved, you’ll typically receive the funds upfront in a lump sum. You’ll then be able to use the money for whatever moving-related expenses you need.

Typically, you’ll need to make fixed monthly payments on the borrowed amount until the repayment term ends. Repayment terms typically last anywhere from 12 to 60 months. As long as you don’t miss any payments, the loan will be repaid in full by the end of the term.

Relocation loans also have an annual percentage rate (APR). This is a percentage of the loan amount that the lender adds to your payments. It’s typically fixed, meaning it won’t change for the duration of your loan.

Having good credit and a steady income can qualify you for better terms, lower interest rates, and higher loan amounts. If you have poor credit or limited income, lenders may be less likely to approve your loan application. Or they might approve a loan with higher interest rates and shorter terms.

How to Get a Relocation Loan

The application process for a relocation loan can vary, but here’s how it generally works:

  1. Determine how much you need. Calculate how much you’ll need to cover your moving expenses before starting the process. This is important because the amount borrowed influences your monthly payments and how much you pay in interest. If you’re not sure, make a list of all the possible moving expenses and add them up.
  2. Check your credit reports. Your credit score has a major impact on the loan amount, terms, and rates. Get a free copy of your credit report and review it for any errors that might be bringing down your score. Your report will also give you a good idea of where your credit is, and what improvements you might need to make.
  3. Compare lenders. Every lender has its own terms, rates, fees, and requirements. Reviewing different offers before choosing one can ensure you get the best loan for your move. If you have limited credit but good income, look for a lender that emphasizes income over credit. Certain lenders also specialize in relocation loans, so consider choosing one of those for your financing needs.
  4. Consider prequalification. Some lenders have a prequalification process that lets you check your rates without affecting your credit score. This can give you a better idea of what you qualify for, as well as the total loan cost before applying.
  5. Collect your documents. You’ll need certain documents when applying for a relocation loan. This may include personal information like your SSN, driver’s license, or passport. It can also include proof of income like paystubs or W-2s, employment information, and contact information.
  6. Apply. After choosing a lender and gathering your documents, it’s time to apply. This process will typically involve a hard credit check, which will temporarily lower your credit score.
  7. Wait for the decision. The lender will either approve or reject your application, or they’ll request more information. If approved, the lender will disburse the funds to your account and you can start using them as intended.

Relocation Loans: What to Consider

Financing your move with a loan can be a great way to alleviate stress and make the entire process easier. Before going this route, here’s what to consider:

  • Secured vs. unsecured: Most relocation loans are unsecured. This means you don’t need to put forth collateral to get the funds. Lenders will asset your ability to repay the loan based on your creditworthiness and income, though.
  • Monthly payments: Your monthly payment amount depends on your loan amount, interest rate, and any other fees. Generally, a shorter repayment term means higher monthly payments.
  • Lender fees: Some lenders tack on additional fees to their loans. A common fee is a prepayment penalty, which incurs if you pay back the loan early. Another common fee is an origination fee, which is a percentage of the amount you borrow. Other fees include application and late fees.
  • Credit score impact: Getting a loan can affect your credit score. If you miss payments, it could also hurt your credit. Always pay on time to avoid late fees and damaged credit.
  • Debt-to-income (DTI) ratio: Your DTI ratio is the percentage of your monthly gross income that goes toward your debts. Lenders typically prefer working with borrowers with a lower DTI ratio.
  • Credit Utilization Ratio: This is the percentage of your available credit that you’re using. The lower your ratio is, the better your approval odds for a moving loan.
  • Time to funding: This varies by lender. Some lenders will issue a loan within 24 to 72 hours of approval. Others will take a few weeks.
  • Eligibility criteria: Certain lenders have stricter eligibility requirements than others. This is especially true when applying for a larger loan. Other lenders offer loans to borrowers with subprime credit, but the terms may be less ideal.

Pros and Cons of Relocation Loans

It is important to regard the main advantages and disadvantages of loans for relocation expenses. Here are some pros and cons to consider:

Relocation Loans Pros

  • Offers necessary funding for moving expenses
  • May offer lower rates than using your credit card
  • May have better terms than alternative financing options
  • Flexible loan usage
  • Unsecured relocation loans don’t require collateral
  • Can be used to build credit
  • Simple application process
  • Lightens the initial financial load when moving
  • Some lenders work with borrowers with poor credit

Relocation Loans Cons

  • Rates may be higher for subprime borrowers
  • Lender fees can add up
  • Failure to make payments could hurt your credit score
  • Higher DTI and credit utilization ratios could limit your options or lead to higher rates
  • Monthly payments can be high

Should You Get a Relocation Loan?

You may want to consider getting a moving loan if you:

  • Are relocating and need help with the upfront costs
  • Can reliably pay back what you borrow on schedule
  • Are good at budgeting your monthly payments
  • Have good credit or better to secure the best rates and terms

Compare Top Relocation Loan Providers

Credible
  • Fixed APR: 6.99 - 35.99%
  • Loan Term: 12-120 months
View rates
sofi logo
SoFi
  • APR: 8.99-25.81%
  • Loan Term: 24-84 months
View rates
penfed logo
PenFed Credit Union
  • APRs ranging from 8.99% to 17.99%
  • Accepts co-signer and joint applications
View rates

Relocation Loan Alternatives

There are a few alternatives to consider as well, including:

  • Savings: If you’re not in a hurry, try saving up some money for your expenses. You can do this through a side gig or by setting aside a portion of your monthly paycheck. This can prevent interest or other fees.
  • Friend or family loan: Asking a loved one for a cash loan is another good way to avoid fees or impact to your credit score. Consider asking someone with steady income. Make sure you’re both clear on the terms.
  • 0% APR credit cards: Certain credit cards have a 0% APR introductory period. During this time, the card’s balance won’t incur interest charges. This is a good option if you can pay off the balance before the period ends.
  • 401(k) loans: If you have a 401(k) plan, you may be able to take out a 401(k) loan to cover relocation expenses. This may lead to early withdrawal penalties, however. The loan amount is also limited based on your account balance.

Consider the terms, expenses, and benefits before choosing an option.

Average Relocation Loan Rates

Rates and terms vary by lender, but here are some examples of the relocation loans you could get:

Lender* Typical APR (Fixed) Loan Term Loan Amount Recommended Minimum Credit Score
LendingTree 6.70% to 36.00% 24 to 144 months $600 to $200,000 580
Upstart 6.7% to 35.99% 36 or 60 months $1,000 to $50,000 580
SoFi 8.99% to 23.43% 24 to 96 months $5,000 to $100,000 N/A
Best Egg 8.99% to 35.99% 36 to 60 months $2,000 to $50,000 700
Credible 5.40% to 35.99% 12 to 84 months $600 to $100,000 600

*Rates subject to change

The Bottom Line

A relocation loan can provide invaluable financial assistance during a significant move, allowing you to manage upfront expenses with ease. Before committing to this option, it's crucial to carefully weigh the associated pros and cons, including factors like interest rates, monthly payments, and potential fees. Consider your creditworthiness and income stability, as these elements can significantly impact the terms of the loan. Furthermore, explore alternative funding options and evaluate their respective advantages. With thorough consideration, you can make an informed decision that aligns seamlessly with your relocation needs. Take the next step towards a smooth transition by exploring our curated selection of top relocation loan providers.