Let’s face it — not everyone has been saving money for moving out, but that shouldn’t hold you back from moving. If you’re considering moving to a new place but are hesitating due to the high cost of moving, a moving loan may be the solution to your problem. Here’s everything you should know when reaching out to loan providers.
What is a Moving Loan?
A moving loan is a loan to help you foot the costs of the move itself; a mortgage, on the other hand, is a loan you take out to buy a house. Of course, it’s not just the cost of the actual move that a loan can cover. Other moving expenses include:
- Paying your final bills
- Cleaning/repairing the home you’re leaving
- Deposit fees in your new place
- Moving insurance
Benefits of Moving Loans
First time homeowners with mortgages are not likely to want to take out yet another loan. And even if you’re planning to rent, borrowing from a loan provider might not be your first choice. However, taking out a moving loan does have some benefits:
- Moving loans are significantly less than mortgages, which means you’ll be able to pay them off much quicker.
- Moving loans are personal loans, which means that they are unsecured and you don’t need to put up any collateral
- Personal loans typically offer lower interest rates than credit cards (which you would probably need to use to cover your expenses)
- Moving loans are a good solution when you don’t have a large sum of cash to cover all your moving expenses.
If a moving loan sounds like it could be the answer to your hesitation, here are a few loan providers to check out:
Peerform doesn’t only look at your credit score, but it takes other factors into consideration before approving your loan application. The application process is easy and can be done online, and there are no hidden fees. Once approved, you’ll get your funds quickly.
LoanMe offers personal loans ranging from $2600 to $100,000. While you shouldn’t need the maximum amount for a moving loan, it’s good to know that all your expenses can be covered. LoanMe also offers a fixed repayment schedule, so if you stick to the repayment terms, you know your loan will be finished in x amount of time. You can apply online and once approved, receive your funds within hours.
Best Egg personal loans range from $2,000 to $35,000 and you can choose a 3-year or 5-year term. Best Egg offers multiple payment options and doesn’t charge you for paying more than your monthly payment; in fact, the company encourages borrowers to eliminate their debt as fast as they can.
Even if you don’t have the best credit score, you can apply for a relocation expense loan at My Any Purpose Loan. The company offers approval within 30 seconds and money transfer within 7 days of approval. If you take out a fairly small loan, you can get a 0% interest credit card that offers 0% interest for 18 months.
When you take out a personal loan from Earnest, you can choose your preferred monthly payment, make extra payments without fees, and get an autopay discount. The application process is easy and once approved, you get your funds within 2 business days.
Got Your Funds? Get Moving!
If you’ve decided that a loan is just the thing to help you make the move you’ve been dreaming of, congratulations. Now all that’s left for you to do is find a moving service that offers both good prices and good service. Once you make the move, you’ll have a hard time remembering why you were so hesitant in the first place.