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Best Moving Loans

March 2024

A little change of scenery can make a huge difference in how your life plays out, which is why people are moving more frequently than ever before. Of course, moving is an expensive ordeal that many of us can’t afford, especially if you need professional movers. Here is SuperMoney's list of the best moving loans available.
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In many cases, the best way to finance the move you want with as little problem as possible is to take out a moving loan. These are personal loans meant to cover the costs of moving to a new home. To help you find the best lender for your move, we did all the "heavy lifting" for you and compared the best moving loans around.
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Methodology: How we picked the best moving and relocation loans

We took a hard look at all of the top moving loan companies and rated them based on -- among other things -- their rates, terms, and customer service.

What is the best moving loan?

The best moving loan will change from person to person. It depends on what you qualify for and what each loan company offers. The best loan for you will give you the money you need at a low rate, with plenty of different ways to pay. Ideally, it'll be a loan that is also flexible enough to work with the moving company you choose.

How did we pick the loans and lenders we featured?

We picked them by looking at the same stuff we would tell others to look for. We suggest looking for a loan that has the following traits:
  • Low APR. The lower your interest, the less you have to pay over time.
  • Availability. Not all loans will be doable in all states. You have to find one that is available for you.
  • Fees: Some lenders will have minor fees for their service.
  • Speed: You want to have the fastest and easiest approval process possible, especially with disbursement. After all, movers need to get paid.
  • Application process. The easier the application process is, the easier it will be for you to get your loan.
  • Customer service: You want to be able to rest assured that you will get the best possible customer service and experience out of this.
  • Reviews: It's not a complete observation without actually seeing what real customers have to say. A good reputation is worth its weight in gold. If we saw a lot of bad user experience writeups, we panned it.

Top moving loans: pros and cons

If you are looking to move across the country or just need to make sure that you have enough funds for your local move, it's a good idea to weigh your perks and pitfalls. Loans are not for everyone, especially when it comes to moves.
Here is a list of the benefits and the drawbacks to consider.
  • You get your move fully funded.
  • There's a wide range of lenders to choose from.
  • Most credit scores will be able to get approved.
  • The process is quick and easy.
  • You don't have to worry about moving around money to get the move.
  • Moving loans often have lower interest rates than alternative financing options, such as credit cards.
  • There is less of a need to cut corners when it comes to moving supplies and services.
  • You have to pay back the loan.
  • Interest rates might be higher than the norm.
  • Many companies offer limited loan options.
  • Some lenders have prepayment fees.
Moves can cost anywhere from $500 for a very local move to upwards of $8,000 for a full-service move across the country. Finding out your price quote can give you a better idea of whether or not you need to take out a personal loan for a move.

What's the difference between moving loans and personal loans?

You might be surprised to hear this, but there are not many differences between the two. Both moving and personal loans tend to have the same interest rate and terms. Even the loan amount for a personal loan can be identical to what you would get for your relocation.
The biggest differences come in the loan amount, the duration of the loan, and the amenities they offer. Many lenders who offer relocation loan products will offer a security bonus to ensure that your goods get to the new home safely. Some also offer fee-free payoffs or shorter payoff terms.

How to apply for a moving loan

Moving loans are fairly easy to apply for. Most companies allow you to apply via an online form. From there, they will check your income and credit score. With that all done, they should give you an answer within 48 to 72 hours at the most.
You should take a look at origination fees, prepayment penalties, and the ability to get automatic payments. After all, it's not just about getting a loan. The opportunity of a fresh start and avoiding extra fees matters, too.

Relocation loan tips and tricks

If you are not sure whether you need moving costs covered by a loan, these tips and tricks can help you get a good rate and a reasonable price.
  • Always ask your employer if they cover moving expenses. Some employers offer relocation loans or even pay moving expenses out of pocket. It's worth a shot to see if they can get you a discount or if they could help you make things easier.
  • Keep expenses low by following these valuable moving tips.
  • Try to beef up your credit. Good credit will lead to lower interest rates. Bad credit will lead to a higher interest rate or denial. This is true if you are looking for a credit card or if you're browsing loans for moving. A good credit score starts at 700.
  • If you are worried about the APR related to loans for moving, check out a typical loan's interest rate instead. Sometimes, it's better to go for a classic personal loan. Other times, it makes sense to put moving costs in the hands of relocation loans.
  • Read up about lenders before you ask for a loan from them. Whether it is a standard personal loan or a personal loan for moving doesn't matter. What matters is that you avoid lenders who have bad reviews.
  • Don't be afraid to hit up your credit union when you want to move. They offer loan funding for a wide range of loans. In many cases, the interest charges and fees are also lower. This can lead to a lower monthly payment and even a better repayment term plan.

Frequently asked questions about moving loans

Can you take out a personal loan to move?

The short answer is yes. The long answer, however, depends on your situation. For example, if you have a bad credit score or if the loan amount does not meet your expenses for moving, then it makes little sense to look into this option.

What type of loans are moving loans?

A moving loan is a type of personal loan that is designed specifically to help people finance their relocation expenses. In many cases, it is just a marketing term since, typically, personal loans can be used to finance most purchases and expenses.

When should you consider getting a moving loan?

Moving loans are ideal for people who have to move under unusual circumstances that do not allow them to save up money for a company. They are also highly advisable for people who are going to move across the country since it's often way out of budget.
Any time that moving expenses seem like they are going to be too much for your accounts to handle is a good time to consider it. Relocation expenses can get pricey, and having a decent loan at a reasonable interest rate could help.

Can you use your credit card to pay for a move?

Yes, you can, but credit cards are often one of the worst methods to get your move funded. The interest rates alone will make your life a nightmare. You will end up paying off that move for ages, especially if you can't pay it off in a month. Besides, it could seriously ding your credit score.
Don't get us wrong. If you can't qualify for personal loans or can't get the right loan amount from lenders, you can use credit cards as a way to get the extra money you need for that transition. With that said, we do not advise it. It could turn your "OK" credit score into bad credit from utilization alone.

What's the lowest amount you can borrow for a move?

If we're discussing a personal loan for moving, then it depends on your credit score and the loan terms. Most lenders will require a minimum loan amount of $500, but some will ask for a loan amount of $1000 as the lowest. Anything lower will mean that you may have to pay out of pocket.
You might be able to find loan amounts that are lower, but those tend to be payday loans. Moreover, the repayment trends tend to be rougher.

What is the highest amount you can borrow for a move?

Assuming that you are going for a moving or "relo" loan, you can expect a loan amount maximum of $5,000 from most lenders. Credit unions usually cap their maximum amount at a slightly lower $3,000. With that said, each bank is different.

How much does a moving loan offer?

A moving loan can typically finance anywhere from $1,000 to $50,000 for a move. However, most of these loans will rest between $2,000 to $5,000. Some might also add a little extra for security fees. Checking the loan term paperwork can help you figure out what is right for you.

Do I need to pay tax on a moving loan?

No, but some moving loans might be considered tax-deductible, which means that they can lower your taxable income during tax season. It's usually best to talk with your accountant and ask about the IRS guidelines before you claim this type of deduction.

Can your employer help fund your move?

Yes, many employers offer contributions to job-related relocations. They do this by offering company-backed "relo" loans. You may still need to pay back a portion (or all) of the loan, but they definitely make it easier. Ask your employer if they have relo benefits before you apply for a loan on your own.

How do you cover moving expenses?

There are a few ways that you can cover your relocation expenses. One popular way is to take out a moving loan or personal loan. You can also use your credit card, but this is not recommended unless you can pay off the balance right away. If you are moving for work, consider asking your future employer to help cover the cost. Selling stuff you no longer need (or can do without) is another way to finance a move.

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SuperMoney is the most comprehensive financial services comparison site around. We have published hundreds of personal finance articles and provide detailed reviews on thousands of financial products and services. Our unbiased advice and free comparison tools help consumers make smart financial decisions based on hard data, not marketing gimmicks.

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