The 4 best moving loans

Written by: Anna Baluch
• Updated •5 min read
This date may not reflect recent changes in individual terms.
Woman laughing with her child, who is sitting in a moving boxImage: Woman laughing with her child, who is sitting in a moving box

In a Nutshell

A moving loan is a personal loan that can help you cover a range of moving expenses. But before borrowing cash for your next move, it’s a good idea to compare lenders to find the best fit for your situation. We’ve rounded up our top picks for the best moving loans — comparing features such as loan amounts, extra perks and how quickly you might be able to get cash.
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The cost of moving can add up quickly.

While a local move might cost you just a few hundred dollars, you may have to shell out thousands for a long-distance move if you’re relocating out of state, according to HomeAdvisor.

If you don’t have the cash to pay for your moving costs upfront, a moving loan may be a good option. Also known as a relocation loan, a moving loan is an unsecured personal loan used to cover a variety of relocation or moving expenses.

With a moving loan, you can borrow the money you need to rent a moving truck, store your items, hire professional movers, buy packing supplies and get moving insurance. You might also be able to use the cash to cover your security deposit, first and last month’s rent, and other move-in costs.

Unsure of which moving loan to get? Here’s our roundup of the best moving loans and the features that make them stand out.

Best for small moving loans: Upstart

Why Upstart stands out: If you’re moving locally or plan to handle most of the move on your own, a moving loan from Upstart may be your best option. Upstart’s minimum loan amount is just $1,000, so you won’t have to take out more money than you need. Here are some details about Upstart moving loans.

  • Ability to prequalify: With Upstart you can check your rates before you apply without a credit check. Note that prequalification isn’t a guarantee of approval, and you may be offered different terms after completing a full application.
  • Interest rate may be high: Upstart’s interest rates may be a bit higher than those of other lenders that offer moving loans. You may be able to get a lower rate elsewhere.

Read reviews of Upstart loans to learn more.

Best for fast funding: Best Egg

Why a Best Egg loan stands out: A Best Egg moving loan may be a solid pick if you’re moving soon and can’t wait too long to get your money. Best Egg says that about half of its customers get their cash as soon as the next day. But a number of factors can delay your funding, and depending on your bank, there may be a wait before you can access your cash.

  • Origination fee: Best Egg will deduct an origination fee from your total loan amount before giving you your funds. You’ll have to take this into account so that you have enough to cover the cost of your move.
  • Better rates for good credit and higher incomes: To qualify for Best Egg’s lowest rates, you’ll have to have a credit score of at least 700 and earn a minimum of $100,000 a year.
  • Large range of loan amounts: Best Egg’s loans range from $2,000 to $50,000, so a moving loan from the lender may work whether you need to borrow a small or large amount for your move.

Read reviews of Best Egg personal loans.

Best for extra perks: SoFi

Why SoFi stands out: With a SoFi moving loan, you can get more than just money for your move. If you’re approved and become a SoFi member, you might be able to access happy hours and in-person networking events with other SoFi members in your new area.

  • Prequalification available: SoFi offers prequalification so you can check your rates without any effect on your credit scores. But remember that prequalifying isn’t a guarantee of approval and the terms you’re offered after submitting a formal application can be different from the terms you prequalified for.

Read reviews of SoFi loans to learn more.

Best for people with less-than-perfect credit: Avant

Why Avant stands out: If you’re worried you may not qualify for a moving loan because of your credit, Avant can be a good choice. You may get approved even if your credit score isn’t perfect. Here are some more details about Avant moving loans.

  • Fast funding: Depending on when you apply, you can get the money you need to move as soon as the next business day. That’s good news if you have a last-minute move, but keep in mind that when your funds become available to you will depend on your bank.
  • Multiple repayment terms and options: Avant offers flexible repayment terms ranging from two to five years. You can make your payments online or through the mobile app.
  • Prequalification available: You may check your loan options without hurting your credit score. If you decide to move forward with an Avant loan, the lender will then do a hard credit pull, which can affect your credit. Though getting prequalified doesn’t mean you’re approved for a loan, it helps you to understand whether you’re likely to be approved and the loan terms you may qualify for.

Read reviews of Avant personal loans to learn more.

Is it good to take out a loan for moving?

A moving loan can be a good option to cover costs if you’re moving and don’t have the cash to pay for your expenses upfront.

Since most moving loans come with fixed interest rates, you’ll be able to budget your monthly payments in advance. But it’s important to remember that you’ll have to pay back the loan with interest, and there could be other fees, such as origination fees. So before deciding to take out a moving loan, it’s a good idea to factor in the total cost over the life of the loan.

You might want to consider alternatives such as borrowing a truck, recruiting friends and family to help you move, or waiting to relocate until you have enough saved up. And if you’re moving for work, check with your employer to see if it can help cover any relocation expense.

How we picked these loans

We reviewed moving loans from a dozen lenders to compile our top picks. Interest rates, fees, loan amounts, repayment terms and funding timelines were all considered. We also looked at the application processes and extra perks.

*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.

About the author: Anna Baluch is a freelance personal finance writer from Cleveland, Ohio. You can find her work on sites like The Balance, Freedom Debt Relief, LendingTree and RateGenius. Anna has an MBA in marketing from Roosevelt Un… Read more.