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A moving loan is an unsecured personal loan intended to cover the costs of moving. An unsecured loan can be used to pay for anything, such as paying for movers and or furniture for your new house.
When you apply for a personal loan to pay for moving costs, you are asking a lender, such as a bank or credit union, to lend you money to cover the total or partial cost of moving or relocating. If you are approved, you will repay the personal loan plus interest in installments over time. This can be an appealing option because, depending on your credit history, income, and a number of other factors, you may be able to receive a lower interest rate than you would with a credit card.
Because personal loans are typically unsecured, lenders place a high value on an applicant’s financial profile, such as credit score and debt-to-income ratio, when deciding eligibility. Borrowers with good credit will have lower APRs than those with average or bad credit. (APR, or annual percentage rate, is the cost of borrowing a loan over the period of a year. A lower APR indicates a lower total loan cost.)
Moving can be equally stressful and costly. While you may not be able to minimize the stress, a moving personal loan can assist you in covering your expenses.
According to HomeAdvisor, a local move costs approximately $1,600, while a cross-country relocation costs approximately $4,700. If you don’t have enough savings for moving, a personal loan may give you quick cash and lower interest rates than some credit cards.
Personal loans used for moving or relocation costs are great because they often have a lower interest rate than a credit card, small and large loan amounts, fast funding with deposits as soon as one business day after you’ve been approved, and predictable payments, all to help you with relocation and getting settled into your new home.