Relocating is costly and stressful at the same time. The expense mounts up rapidly, whether you are relocating across town or to a distant country. The cost of relocating can add up, and you might not have enough cash on hand to cover everything from hiring professional movers to renting a vehicle. Thankfully, there is an option to take out moving and relocation loans.
If you need money for an upcoming move, then you can take out a moving and relocation loan. This loan is a type of personal loan that was created to help you cover several moving expenses. This covers costs such as buying packaging materials, hiring professional movers, and renting a moving truck.
6 Best Moving and Relocation Loans of 2024
In this segment of this blog post, I will provide the best moving and relocation loans of 2024.
1. LendingPoint
LendingPoint is an online lender that is based in Atlanta and provides personal loans to prospective borrowers in 48 states and Washington, D.C. It doesn’t offer loans in West Virginia or Nevada. Prospective applicants in qualified states can apply online and also benefit from quick funding. LendingPoint personal loan amounts range from $2,000 to $36,500; Georgia loans also have a minimum loan amount of $3,500.
The repayment term ranges from 24 to 72 months, or even two to six months. There are two main disadvantages to LendingPoint: high maximum APRs and origination fees. While you can usually avoid high APS by maintaining a high credit score, LendingPoint’s origination fee is based on the state you live in.
2. Upstart
Upstart is among the best lenders that offer moving and relocation loans. It is well-known for its artificial intelligence and machine learning based on its approach to borrower qualification. Upstart also estimates that it has been able to approve 27% more borrowers than other traditional lenders.
Upstart’s minimum credit score is 300, which makes it an accessible option for people with poor credit scores. Upstart also provides a flexible range of loan options with amounts that range from $1,000 to $50,000. Although Upstart’s loan cap is much lower than that of some lenders, this is enough for several prospective borrowers.
Even though Upstart loan terms are more restrictive than most lenders, however, it is likely to be an acceptable tradeoff for borrowers who might not be approved in another lending environment. In addition, it is available in every state except Iowa and West Virginia.
3. Universal Credit
Universal Credit is an online lending platform that provides personal loans ranging from $1,000 to $50,000 via its partners. The repayment term also ranges from three to seven years. Although Universal Credit makes finding a personal loan more accessible, even for people with damaged credit, it comes with a few disadvantages.
The first is its high APRs, which are above most competitive rates. The second one is that Universal Credit also charges a 5.25% to 9.99% origination fee on all its loans. This is because it is deducted from your loan proceeds. You will need to consider this factor when determining your loan amount to make sure that you get the necessary amount.
4. LightStream
LightStream provides loans with both a maximum and minimum interest rate, along with a rate-beat program. LightStream’s unsecured personal loans range from $5,000 to $100,000, with loan amounts that vary based on the purpose of the loan.
In addition to providing appealing and flexible terms, LightStream charges no origination, prepayment fees, or even origination. The lender also offers a 0.50% rate discount for borrowers who are enrolled in autopay.
5. Upgrade
Upgrade was established in 2017, and it offers accessible online and mobile credit and banking services. Ever since this time, the platform has made over $3 billion in credit, which is available to more than 10 million applicants, and continues to expand its mobile and online services.
The loan amount ranges from $1,000 to $50,000, and its repayment term is between two and seven years. Upgrade charges an origination fee, which ranges between 1.85% and 9.99% of the loan. The borrowers can also encounter a $10 fee if their payment is over 15 days late or if the payment doesn’t go through.
There are also no discounts for autopay. Furthermore, Upgrade doesn’t only offer accessible personal loans; it streamlines the lending process with a mobile app that enables borrowers to check their balance, update personal information, and make payments.
6. SoFi
SoFi is an online lending platform that provides unsecured fixed-rate personal loans in almost all states in the U.S. It also has extended loan terms. The loan amount ranges from $5,000 to $100,000, which makes it an ideal option for people with a good credit score who need to borrow a large sum of money.
The loan amount available might vary by the state you live in. The repayment term also ranges from two to seven years, which makes SoFi a flexible option for people with sufficient credit scores and annual income. SoFi also enables its borrowers to submit joint applications.
However, co-signers are not permitted. If you are considering applying for a debt-consolidating loan from SoFi, then the lender doesn’t offer any direct payment to the borrower’s other creditors. Thus, the loan proceeds will be deposited into your bank account, and then you will have to pay off your lenders individually.
These are the online lending platforms that offer loans for moving and relocation. These lending platforms offer the loan amount needed for relocation and offer several perks.
Tips for Comparing Moving and Relocation Loans
Before borrowing to cover your moving and relocation costs, there are some tips that you have to consider, and they include:
- Compare annual percentage rates: certain fees and interest charges can add to the cost of borrowing, so ensure that you search for loans with a low APR.
- Shop around: each lender has its own fees, rates, and borrowing criteria. By comparing offers from several lenders, you will be able to get the best deal.
- Review qualification requirements: each lender has its own requirements, so ensure that you find the one that fits your finances.
- Check the repayment terms: the repayment terms vary by lender, so make sure that you check how long it takes to pay the loan. A shorter repayment term means that there is a higher monthly payment and lower interest charges. The longer repayment term provides affordable monthly bills, but it charges more interest throughout the loan.
The above-mentioned are some of the tips to consider when you are comparing mortgage and relocation loans.
Should I Get a Personal Loan for Moving?
A personal loan is among the few financing options for moving because it doesn’t have many restrictions on how to use it. A personal loan is an ideal option if you don’t have savings for moving costs.
Can You Get a Moving Loan with Bad Credit?
It is very difficult to be approved for a moving and relocation loan if you have a bad credit score. However, different lenders have their own credit requirements, and some of them provide loans for borrowers with bad credit.
