Moving Loans Can Help with Relocation Costs
Key takeaways
- A moving loan is a personal loan used to cover relocation expenses like deposits, truck rentals, and packing supplies.
- Common types of moving loans include installment loans, lines of credit, cash advances, and title loans.
- Local moves average $1,400; long-distance moves average just over $5,000.
- You don't need perfect credit to qualify — lenders like Advance America consider income and employment, not just your credit score.
- Seeing if you're eligible for an Advance America moving loan won't affect your credit score.
Anyone who's moved knows how quickly costs can add up. Between deposits, utility transfer fees, packing supplies, and truck rentals, a move can easily cost a few thousand dollars. But that money isn't always available, and you don't always have time to save up for it.
If you have an upcoming move and finances are tight, a moving loan could help you bridge the gap.
What is a moving loan?
Moving loans are any kind of personal loan you use for relocation expenses. Whether you’re moving down the road or across the country, a moving loan could help you cover some, if not all, of the costs.
Moving loans are typically small- to medium-sized loans that can be either secured or unsecured, depending on your preferences. It’s important to compare lenders and loan options so you can choose the right loan for you.
Types of personal loans for moving or relocating
There are several different types of personal moving loans to choose from, including:
Installment loans
An installment loan lets you borrow a lump sum and repay it over time through monthly installments. These loans can range anywhere from a few hundred to a few thousand dollars. Depending on your lender, you don’t need a good credit score to get an installment loan.
An installment loan may be a good option if you have a more expensive move or will need more time to repay your loan.
Lines of credit
A personal line of credit is a type of revolving credit that gives you access to a set amount of funding. You can borrow as much or as little of the money from your line of credit as needed, and you’ll only pay interest on what you use. As you repay your line of credit, that funding becomes available to borrow again without you needing to apply for another loan.
A line of credit could be a good option if you’re facing a longer moving timeline or if you expect to move again in the near future. This borrowing option makes it easy to access extra funds as needed without applying for a new loan each time an expense arises.
Cash advances
A cash advance is a short-term, small-dollar loan designed to be repaid in full when you get your next paycheck.
Cash advances can be a good moving loan option if you’re short on funds for your relocation but know you’ll have the money available to repay the loan when you get paid next. They’re helpful for filling short-term funding gaps, compared to installment loans, which have longer repayment schedules.
Title loans
Title loans are one of the few types of secured loans you can use for relocation expenses. With a title loan, you give the title of your vehicle to the lender, and they give you money in exchange. The size of your loan is based on your car’s estimated value, and you can continue driving your vehicle as you repay the loan.
However, keep in mind that you risk losing your vehicle if you fail to repay the loan. You will also only qualify for a title loan if you own a vehicle free and clear, as leasing doesn’t qualify.
How much does it cost to move?
Moving costs tend to sneak up on people, and many don’t realize how expensive it can get. According to Moving.com, the average cost for local moves is $1,400, while long-distance moves cost an average of just over $5,000.
Your total moving costs will depend on several factors, including:
- The size of your home
- Moving distance
- Whether or not you rent a moving vehicle
- Whether you hire professional packers and movers
- Renting moving supplies, such as dollies
As a general rule, the further you move and the more belongings you have, the more expensive your move will be.
Moving costs to consider
When determining the total cost of a move, you have to look at more than just the cost of a moving company or truck rental. Here are some important costs to budget for and estimate before applying for a moving loan:
- Storage: If you can’t move everything into your home right away, you may need to rent a storage unit temporarily. Climate-controlled storage units can cost anywhere from $50 to $250 per month, depending on the size.
- Furniture: If you’re moving for the first time into an unfurnished home, you’ll need to fill it with furniture. Furnishing a home can easily cost upwards of $10,000, depending on the size of your new space and the furnishings you choose.
- Security deposit: Most renters need to pay a security deposit. This can be anywhere from a few hundred dollars to one month’s rent, depending on your rental.
- Moving supplies: You need a way to pack up all your belongings. You may be able to ask local retailers for some empty boxes, but you’ll likely need to buy additional boxes, tape, bubble wrap, and other packing materials.
- Moving equipment and labor: Depending on whether you have moving help, you may need to rent dollies, carts, and other moving equipment. Or, you might have to hire professional movers, which can get expensive.
- Vehicle rental: Renting a van, truck, or trailer is perhaps the most common moving-related cost to consider. Vehicle rental costs vary based on the type of vehicle you rent and how far you take it.
🔗 Related: How to Finance Furniture with Bad Credit
Emergency moving loans
Sometimes you have months to plan (and save up for) a move; other times you need to make your move happen ASAP. Maybe you’re facing an unexpected relocation for work, you’ve been through a breakup and need to move out, or you’ve suddenly lost your housing due to unforeseen circumstances. No matter the reason, you need funds fast to make your move possible — and an emergency loan can help.
Here’s how different emergency moving loan options stack up when time is of the essence.
Comparing emergency loans for moving | |||
Loan type | Funding speed | Repayment | May be best for |
Installment loan | Often available the same business day once approved* | Fixed monthly payments over time | Bigger moves, or when you need more time to repay |
Cash advance | Often available the same business day once approved* | Repaid in full on your next payday | Short-term gaps you can repay quickly |
Line of credit | Available once approved, then reusable | Repay and reuse funds as needed | Ongoing moves or expenses that come up in stages |
| *Online approvals before 10:30 a.m. ET (Monday-Friday) are typically funded to your bank account by 5:00 p.m. ET the same day. Approvals after 10:30 a.m. ET are typically funded in the morning on the next business day. | |||
Benefits of an Advance America moving loan
If you need a fast and convenient moving loan, consider Advance America. Here’s what we have to offer:
- Online applications: You can apply for moving loans online or in person.
- Quick approvals: Once you apply, whether online or in store, you’ll get an approval decision within minutes. Speed is especially important when you need an emergency moving loan.
- Fast funding: If you get approved, you’ll receive your funds quickly, sometimes even the same day.*
- Manageable payments: Our goal is to make repaying your loan as easy and convenient as possible. You can set up an automatic payment plan online to ensure you don’t miss any payments.
- You don’t need good credit: As a direct lender, we consider factors like your income and employment, not just your credit score. You could qualify for a moving loan with good, bad, or no credit.
*Online approvals before 10:30 a.m. ET (Monday-Friday) are typically funded to your bank account by 5:00 p.m. ET the same day. Approvals after 10:30 a.m. ET are typically funded in the morning on the next business day.
Moving loans FAQs
How do I get a moving loan?
You can apply for a moving loan with Advance America online or in person at a nearby store. You’ll typically receive an approval decision within minutes.
How quickly can I get a loan for moving expenses?
Approval times vary, but many customers get a decision within minutes of applying. If you’re approved before 10:30 a.m. ET on a business day, your funds are typically available in your bank account by 5:00 p.m. the same day.
What can I use a moving loan for?
A moving loan can help cover almost any relocation cost, including truck rentals, movers, storage, security deposits, and moving supplies. You can put the funds toward whatever your move requires.
How big of a moving loan do I need?
Add up your expected moving costs, like truck rental, movers, deposits, and supplies, to determine a target loan amount. Borrow only what you need for your move, since loan amounts and terms vary by state and lender.
Do moving loans require a credit check?
Whether you need a credit check depends on your lender and the type of loan you choose. Direct and online lenders typically consider other factors, such as your employment status and current income, rather than your credit score alone during the approval process.
Can I get a moving loan with bad credit?
Yes. Many lenders, including Advance America, look at more than your credit score, such as your income and employment. You could still qualify for a moving loan even if you don’t have perfect credit.
Notice: Information provided in this article is for informational purposes only. Consult your attorney or financial advisor about your financial circumstances.
About the author
Jalin Coblentz has contributed to Advance America since 2023. His experiences as a parent, full-time traveler, and skilled tradesman give him fresh insight into every personal finance topic he explores.