Moving? See How A Relocation Loan Can Help

So we solve your concern with this question: Have you postponed relocating because you can’t afford your moving costs? Then see how a relocation loan can help you move now, thanks to quick and significant funding.

If you’ve never heard of a relocation or moving loan before, here’s its basic definition: An unsecured personal loan that can cover your moving costs. What qualifies as a moving cost? Pretty much anything related to your move, such as:

• A professional mover.
• Truck rental.
• Moving supplies like boxes, tape, wrap, etc.
• A storage unit.
• Food and lodging (hotel, motel) during your trip.
• Security deposit and first and last month’s rent.

Having quick cash to pay for such expenses is great, but is a moving loan all pluses and no minuses? No, because, as with everything else, moving loans have advantages and disadvantages.

Moving Loan Advantages

• Get cash fast via next-day funding through some lenders.
• Loans up to $100,000, depending on the lender.
• Fixed interest rates and payments.
• Better interest rates than credit cards, depending on your situation.

Moving Loan Disadvantages

• Going into long-term debt and adding another monthly payment to your existing bills.
• Interest rates above 30 percent if your credit is bad.
• Origination fees of one to ten percent for some lenders.

Companies That Offer Relocation Loans

After weighing the pluses and minuses of relocation loans, you may decide that they’re a good fit for your moving needs. Here are some lenders that specialize in relocation loans. Be sure to shop around

to find the best interest rate and read the fine print before finalizing the loan.

1. Best Egg

   – Get up to a $50,000 moving loan from Best Egg with next-day funding. How fast you get the cash will mostly depend on your bank.

2. Avant

   – Try Avant if you are having trouble getting personal loans for moving elsewhere due to your credit. They offer moving loans up to $35,000 to people with lower credit scores. Interest rates range from 9.95 to 35.99 percent.

3. Upstart

   – You can get a smaller moving loan (starting at $1,000) from Upstart if you just need a bit of cash for a local move.

4. Marcus

   – This lender offers zero fees or prepayment penalties with its relocation loans that go up to $20,000. Marcus may be your best option for a lower interest rate if you have good credit.

5. SoFi

   – Get a personal loan between $5,000 and $100,000 from SoFi that you can use to cover your moving expenses. Funding typically comes through within a week, and there are no prepayment penalties or hidden fees. As a bonus, SoFi has unemployment protection, so if you lose your job, you can pause moving loan payments.

Moving Loan Alternatives

If a moving loan does not fit your needs, consider these alternatives to cover your relocation costs:

• Get a loan from friends or family.
• Ask your employer for a relocation package.
• Use a zero-percent APR credit card if it’s still within its promotional period.
• Sell some of your items for quick cash to pay your moving costs.
• Get a loan from a federal credit union.

If you do not find accommodation soon with adequate planning and time but need to move urgently,

it is possible to find a short-term rental.

We’ll tell you a little more about this!

Here are some tips for finding short-term accommodation:

• Search online: Conduct research according to your needs. Consider the type of area you want to live in.
• Airbnb and Vrbo are two of the most popular sites for short-term leases. Browse through them to get multiple options, such as the number of rooms, private parking, and other amenities you need.
• Try to find furnished places to avoid headaches. Remember that this will be your home away from home, so you don’t have to worry about buying furniture or appliances.

• Check the location before choosing the place. There are multiple options, so choose a location that will allow you to move flexibly to your work or areas you usually visit.

These tips will help you move efficiently and effectively for the short term. If you need a relocation loan, these recommendations can be helpful for your next step in organizing your activity.