LightStream: Best for Moving loans with fast funding
Est. APR
6.99-25.29%
Loan amount
$5K-$100K
Min. credit score
660
View details
Qualifications:
LightStream is a solid option for good-credit borrowers, with no fees and low rates that vary based on loan purpose.
- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
- Origination fee: None.
- Late fee: None.
Upstart: Best for Small moving loans
Est. APR
7.80-35.99%
Loan amount
$1K-$50K
Min. credit score
None
View details
Qualifications:
Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid choice for financing large purchases.
- Must be a U.S. citizen or permanent resident living in the U.S.
- Must be at least 18 years old in most states.
- Must have a valid email address and Social Security number.
- Must have a full- or part-time job, a full-time job offer starting within six months or another source of regular income.
- Must have a personal bank account at a U.S. financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts on your credit reports.
- Fewer than six hard inquiries on your credit report in the last six months, excluding student, auto and mortgage loans.
- Minimum credit score: None.
- Minimum annual income: $12,000.
- Origination: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15, whichever is greater.
- Insufficient funds fee: $15.
SoFi Personal Loan: Best for Moving loans for good credit
Est. APR
8.99-29.99%
Loan amount
$5K-$100K
Min. credit score
None
View details
Qualifications:
Qualified borrowers will find few lenders better than SoFi, thanks to thoughtful perks like unemployment protection and free financial advising.
- Must be at least 18 years old in most states.
- Must be a U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
- Must be employed, have sufficient income from another source, or have an offer of employment to start within the next 90 days.
- Acceptable income sources: Employment, spouse’s income, retirement, alimony, child support, Social Security payments and disability benefits.
- Origination fee: 0% to 7%.
- Late fee: None.
Discover® Personal Loans: Best for Moving loans for good credit
Est. APR
7.99-24.99%
Loan amount
$2.5K-$40K
Min. credit score
660
View details
Qualifications:
With competitive rates and no origination fees, Discover personal loans are good options for borrowers with good and excellent credit.
- Minimum credit score: 660.
- Minimum annual household income: $25,000. Income can come from employment, retirement, alimony, child support, Social Security payments and disability benefits.
- Must provide a valid U.S. address and email address.
- Must be 18 years old with a valid Social Security number.
- Origination fee: None.
- Late fee: $39.
Best Egg: Best for Moving loans for fair credit
Est. APR
7.99-35.99%
Loan amount
$2K-$50K
Min. credit score
600
View details
Qualifications:
Best Egg is worth considering for borrowers looking for a secured loan or to consolidate debt, but the loans come with an origination fee.
- Minimum credit score: 600.
- Maximum debt-to-income ratio: 70% including a mortgage.
- Minimum credit history: 3 years and 1 account.
- Acceptable income sources: Employment, household income, alimony, retirement, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident and at least 18 years of age.
- Origination fee: 0.99% - 9.99%.
LendingClub: Best for Moving loans for fair credit
Est. APR
8.91-35.99%
Loan amount
$1K-$40K
Min. credit score
600
View details
Qualifications:
LendingClub personal loans are a solid option for good-credit borrowers looking to consolidate debt and build their credit.
- Minimum credit score: 600; average borrower score is above 700.
- Minimum income: None; lender requires proof of income. Borrower average is $100,000 per year.
- Maximum DTI: 40%.
- Minimum credit history: 36 months and two accounts.
- Origination fee: 3% to 8%.
- Late fee: 5% of payment or $15 after 15-day grace period.
- Insufficient funds: $15.
Achieve Personal Loans: Best for Joint moving loans
Est. APR
8.99-29.99%
Loan amount
$5K-$50K
Min. credit score
640
View details
Qualifications:
Achieve personal loans can be a good debt consolidation option for fair- or good-credit borrowers who qualify for one of the lender’s rate discounts.
- Minimum credit score: 640.
- Maximum debt-to-income ratio: 70% including a mortgage payment or other housing expense.
- Minimum income: None.
- Minimum credit history: 3 years across 2 accounts.
- Must be a U.S. citizen or permanent resident living in a state where Achieve operates.
- Must provide a Social Security number or ITIN.
- Origination fee: 1.99% - 6.99%.
- Late fee: $8.
Prosper: Best for Moving loans for bad credit
View details
Qualifications:
Prosper accepts borrowers across the credit spectrum and offers competitive rates and fees, plus instant approval.
- Minimum credit score: 560; borrower average is 705.
- Minimum income: No minimum requirement; borrower average is $131,000.
- Maximum debt-to-income ratio: 50% (excluding mortgage); borrower average is 41.6% (including mortgage).
- Must be at least 18 years old.
- Must provide Social Security number and a U.S. bank account.
- Origination fee: 1% to 9.99%.
- Late fee: The greater of $15 or 5% of the unpaid amount.
- Insufficient funds fee: $15.
- Mailed-in payment fee: $5.
Upgrade: Best for Moving loans for bad credit
Est. APR
9.99-35.99%
Loan amount
$1K-$50K
Min. credit score
580
View details
Qualifications:
Upgrade personal loans come with multiple rate discounts and offer direct payment to creditors. This lender has a low minimum credit score requirement, making the perks stand out even more.
- Minimum credit score: 580.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including mortgage payments.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security, disability benefits and other sources.
- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
LightStream: Best for Moving loans with fast funding
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
LightStream is a solid option for good-credit borrowers, with no fees and low rates that vary based on loan purpose.
- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
- Origination fee: None.
- Late fee: None.
Upstart: Best for Small moving loans
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid choice for financing large purchases.
- Must be a U.S. citizen or permanent resident living in the U.S.
- Must be at least 18 years old in most states.
- Must have a valid email address and Social Security number.
- Must have a full- or part-time job, a full-time job offer starting within six months or another source of regular income.
- Must have a personal bank account at a U.S. financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts on your credit reports.
- Fewer than six hard inquiries on your credit report in the last six months, excluding student, auto and mortgage loans.
- Minimum credit score: None.
- Minimum annual income: $12,000.
- Origination: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15, whichever is greater.
- Insufficient funds fee: $15.
SoFi Personal Loan: Best for Moving loans for good credit
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
Qualified borrowers will find few lenders better than SoFi, thanks to thoughtful perks like unemployment protection and free financial advising.
- Must be at least 18 years old in most states.
- Must be a U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
- Must be employed, have sufficient income from another source, or have an offer of employment to start within the next 90 days.
- Acceptable income sources: Employment, spouse’s income, retirement, alimony, child support, Social Security payments and disability benefits.
- Origination fee: 0% to 7%.
- Late fee: None.
Discover® Personal Loans: Best for Moving loans for good credit
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
With competitive rates and no origination fees, Discover personal loans are good options for borrowers with good and excellent credit.
- Minimum credit score: 660.
- Minimum annual household income: $25,000. Income can come from employment, retirement, alimony, child support, Social Security payments and disability benefits.
- Must provide a valid U.S. address and email address.
- Must be 18 years old with a valid Social Security number.
- Origination fee: None.
- Late fee: $39.
Best Egg: Best for Moving loans for fair credit
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
Best Egg is worth considering for borrowers looking for a secured loan or to consolidate debt, but the loans come with an origination fee.
- Minimum credit score: 600.
- Maximum debt-to-income ratio: 70% including a mortgage.
- Minimum credit history: 3 years and 1 account.
- Acceptable income sources: Employment, household income, alimony, retirement, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident and at least 18 years of age.
- Origination fee: 0.99% - 9.99%.
LendingClub: Best for Moving loans for fair credit
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
LendingClub personal loans are a solid option for good-credit borrowers looking to consolidate debt and build their credit.
- Minimum credit score: 600; average borrower score is above 700.
- Minimum income: None; lender requires proof of income. Borrower average is $100,000 per year.
- Maximum DTI: 40%.
- Minimum credit history: 36 months and two accounts.
- Origination fee: 3% to 8%.
- Late fee: 5% of payment or $15 after 15-day grace period.
- Insufficient funds: $15.
Achieve Personal Loans: Best for Joint moving loans
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
Achieve personal loans can be a good debt consolidation option for fair- or good-credit borrowers who qualify for one of the lender’s rate discounts.
- Minimum credit score: 640.
- Maximum debt-to-income ratio: 70% including a mortgage payment or other housing expense.
- Minimum income: None.
- Minimum credit history: 3 years across 2 accounts.
- Must be a U.S. citizen or permanent resident living in a state where Achieve operates.
- Must provide a Social Security number or ITIN.
- Origination fee: 1.99% - 6.99%.
- Late fee: $8.
Prosper: Best for Moving loans for bad credit
View details
Qualifications:
Prosper accepts borrowers across the credit spectrum and offers competitive rates and fees, plus instant approval.
- Minimum credit score: 560; borrower average is 705.
- Minimum income: No minimum requirement; borrower average is $131,000.
- Maximum debt-to-income ratio: 50% (excluding mortgage); borrower average is 41.6% (including mortgage).
- Must be at least 18 years old.
- Must provide Social Security number and a U.S. bank account.
- Origination fee: 1% to 9.99%.
- Late fee: The greater of $15 or 5% of the unpaid amount.
- Insufficient funds fee: $15.
- Mailed-in payment fee: $5.
Upgrade: Best for Moving loans for bad credit
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
Upgrade personal loans come with multiple rate discounts and offer direct payment to creditors. This lender has a low minimum credit score requirement, making the perks stand out even more.
- Minimum credit score: 580.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including mortgage payments.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security, disability benefits and other sources.
- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
» MORE: Compare unsecured loans
What is a moving or relocation loan?
A moving loan is an unsecured personal loan used to pay for moving expenses, such as movers and new furniture. A personal loan used for relocation comes in a lump sum that you repay, plus interest, in fixed amounts usually over a few years.
These loans are available from online lenders, credit unions and many banks. Online loans typically fund faster, but you may get a better rate from a local bank or credit union.
If you have fair or bad credit (689 credit score or lower), credit union loans may be an especially good option, since they tend to offer lower rates and more flexible terms for borrowers with low credit scores. Federal credit union loans can start under $1,000 and have a maximum APR of 18%.
How much does it cost to move?
The cost to move depends on several factors, such as how far you’re moving and where to, how much you’re bringing and how you’ll get them there.
On average, a move across town costs about $1,689, while a cross-country relocation costs about $4,567, according to HomeAdvisor.
Your moving expenses could include:
Boxes and supplies.
Professional packers or moving crew.
Moving truck or trailer.
Shipping containers.
Airfare.
Gas.
New furniture.
Cleaning service.
Security deposit and first and last month’s rent.
Make sure to budget for the move before applying for a moving loan, since you won’t be able to request more money once the loan is funded.
» MORE: How much does it cost to move?
Pros and cons of moving loans
Taking a personal loan for moving expenses is just one financing option. Here are the main pros and cons of getting one for a big move.
Pros of moving loans
Lower rates than some credit cards. If you have good credit, you may get a lower rate on a personal loan than on a credit card. Personal loan rates range from about 6% to 36%.
Fast funding. If the move is soon, some online loans fund as quickly as the same or next business day after you’re approved. Submitting a complete application with all the required documents can speed up funding.
Predictable payments. Personal loans have fixed interest rates, meaning the monthly payment will be the same for the life of the loan. This can help you budget for the payments. Use our personal loan calculator to estimate monthly payments based on loan amount, interest rate and loan term.
Cons of moving loans
Long-term debt. You’ll likely be paying for the move long after settling into your new home, since repayment terms on personal loans can extend up to seven years.
Fees. Some lenders charge origination fees that can range from 1% to 10% of the loan amount. This fee is included in the annual percentage rate and may be subtracted from the loan proceeds. For example, a $5,000 loan with a 5% origination fee ($250) would net you $4,750.
High rates for bad credit. If you have bad credit (629 credit score or lower) or a lot of existing debt, a personal loan can be expensive. In this case, the interest rate may be above 20% and possibly even higher than 30%.
Should I get a personal loan for moving?
A personal loan is one of a few financing options for your move. Because there aren’t many restrictions on how to use a personal loan, you can spend the funds on moving expenses and things like new home furnishings.
A personal loan may be the right choice if you don’t have savings or cheaper financing options, like a 0% interest credit card or a relocation package from a new employer.
How to get a loan for moving
Borrowers with strong credit and a low debt-to-income ratio have the best chances of qualifying for a low rate on a moving loan, although requirements vary by lender. Building your credit and improving your debt-to-income ratio are good ways to boost your chances of qualifying for a moving loan.
Here are the steps to apply for a personal loan.
Decide how much you need: Personal loans come in a lump sum, unlike a credit card or line of credit, and it’s not always easy to go back and borrow more. Make sure to have a strong idea of how much the move will cost before you apply.
Pre-qualify: Pre-qualify with a lender to see your estimated loan amount, APR and monthly payments. Pre-qualifying doesn’t affect your credit score, so you can compare offers from a few lenders before committing to a loan.
Prepare documents and apply: Once you’ve decided which offer to accept, gather documents like identification, Social Security number, W-2s and pay stubs. Having all of these documents ready can get you through the application more quickly and may help the lender approve the application faster.
Make a repayment plan: Be sure you have a plan to make your payments on time, which can help you build credit and avoid late fees. Most lenders don’t penalize you for making extra payments or paying the loan off early. If you’re able to pay extra, you’ll save on interest in the long run.
Alternatives to moving loans
Savings are the cheapest way to pay for a move, so if you have an emergency fund or time to budget beforehand, you could avoid borrowing as much or getting a loan altogether.
If not, compare these alternatives with a personal loan to find the financing option that’s best for your plans:
Relocation package: If you’re relocating for a new job, ask your new company about paying for some or all of your moving expenses. If you didn’t discuss it during the negotiation process, it could be worthwhile to ask before going into debt for the move.
Credit cards: Borrowers with good or excellent credit may qualify for a 0% APR credit card, which charges no interest if the balance is paid off within the promotional period — usually 15 to 21 months.
Family and friends: Getting a loan from family or friends can be a low- or no-interest way to borrow money that won’t affect your credit score. Tread lightly with this option if borrowing money would mean risking your relationship with the lender.
Sell your stuff: Do you really need that piano? Selling larger items like a couch or pool table puts cash in your pocket and reduces moving costs. List items for sale online or hold a moving sale.
Last updated on May 28, 2024
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
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Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 50 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
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NerdWallet's Personal Loans for Moving and Relocation in 2024
- LightStream: Best for Moving loans with fast funding
- Upstart: Best for Small moving loans
- SoFi Personal Loan: Best for Moving loans for good credit
- Discover® Personal Loans: Best for Moving loans for good credit
- Best Egg: Best for Moving loans for fair credit
- LendingClub: Best for Moving loans for fair credit
- Achieve Personal Loans: Best for Joint moving loans
- Prosper: Best for Moving loans for bad credit
- Upgrade: Best for Moving loans for bad credit
