Moving Loans

Lenders don’t often place restrictions on what you can use personal loans for. That said, most borrowers use moving loans to cover major relocation expenses. These include:

• Hiring a moving company

• Moving truck rentals

• Professional movers’ fees

• Shipping a vehicle

• Moving insurance

• Covering a security deposit on your new home

A moving loan might make sense if:

• You're relocating for a new job or life opportunity

• You’re covering multiple moving-related expenses at once

• You want to avoid high-interest credit card charges

• You need upfront cash but want to repay on a predictable schedule

If the cost of moving is larger than your current budget can comfortably handle, a personal loan can provide breathing room during the transition.

• Flexibility: Because a moving loan is a type of personal loan, you can use it for almost anything—including moving costs, new appliances, or even debt consolidation if you have leftover funds. Please note that loan proceeds may not be used for postsecondary educational expenses, including refinancing federal or private student loans.

• Fast loan application process: It’s possible to fill out an online application and get approved for a moving loan as soon as the same or next business day.

• Set loan terms: Unlike credit cards, personal loans must be paid off on a set schedule, which can make budgeting easier. Most borrowers will find loan offers with a range of repayment terms, usually one to five years.

• Low interest rates: Personal loans lenders tend to charge lower rates than credit card companies or other short-term lenders.

• Monthly payments: Taking on new debt will leave you with a repayment burden—especially if you have bad credit and don’t qualify for low loan rates. If you’re moving for a new job, see if your employer provides a moving stipend.

• Credit requirements: You’ll typically need an excellent credit score to qualify for the highest loan amounts and lowest rates. Review your lender’s eligibility requirements, then check your credit report.

• Fees: Some lenders charge origination fees, prepayment penalties, and other costs¹.

• Minimum loan amount: Some lenders require you to borrow a minimum loan amount.

If you can pay off your balance quickly, a credit card might work for smaller moving costs. But for larger expenses you’ll need more time to repay, a moving loan (a type of personal loan) usually offers a lower, fixed rate and predictable payments.

• Get multiple quotes from movers to avoid overborrowing

• Plan for upfront housing costs—rent, deposits, and utility setup

• Track all moving expenses in a spreadsheet or budgeting app

• Use a loan if it helps you relocate safely, smoothly, and without relying on high-interest debt