How to Finance Your Moving Expenses

Moving boxes — personal loan for moving expenses

How to Finance Your Moving Expenses

Written by the LendingPoint Editorial Team

A moving loan is a personal loan that may be used to pay for relocation costs, such as movers, a moving truck, packing supplies, deposits on a new home, storage, and travel. Borrowers typically receive funds as a lump sum and repay the loan in fixed monthly installments over a set term. For consumers facing time-sensitive relocation costs, a personal loan may be one option to help manage expenses.

How Much Does It Cost to Move?

Moving costs vary widely based on distance, volume, and whether you hire professional movers. According to Moving.com industry data1 and HomeAdvisor estimates2, typical cost ranges are:

  • Local move (under 100 miles), DIY rental truck: $200–$600
  • Local move, professional movers: $800–$2,500
  • Long-distance move (cross-country), DIY: $1,500–$3,500
  • Long-distance move, professional movers: $4,000–$10,000+
  • Hybrid (portable container like PODS or U-Pack): $1,500–$5,000

Beyond the core move, plan for:

  • Security deposit and first/last month’s rent on your new place: often $3,000–$6,000 combined
  • Utility deposits and connection fees: $100–$500
  • Lease-break penalty at your current place: often 1–2 months’ rent
  • Travel costs (gas, lodging, flights, pet boarding): $200–$2,000+ depending on distance
  • Packing supplies, storage, tips for movers

Depending on distance, household size, and relocation needs, moving costs can range from several thousand dollars to significantly more for long-distance moves. LendingPoint offers personal loans from $1,000 to $36,500 that may be used to help cover those costs. Not all applicants will qualify for a loan or the maximum loan amount. Loan approval, amounts, rates, and terms are subject to credit review and underwriting.

A Step-by-Step Guide: How to Get a Loan for Moving Expenses

  1. Estimate your total moving cost. Use the ranges above plus any new-home deposits to estimate total cash needed. Consumers may want to account for unexpected expenses when estimating moving costs.
  2. Check if your employer offers relocation support. Ask HR before borrowing. Reimbursement, direct-pay, or a signing bonus may reduce what you need.
  3. Check your credit score. Your score drives the rate you’re offered. Many apps (including your credit card issuer’s) give you a free FICO.
  4. Get pre-qualified with 2–3 lenders. Check your rate at LendingPoint with no impact to your credit score. Soft-pull pre-qualification doesn’t affect your credit score and lets you compare APRs.
  5. Compare repayment terms carefully. Shorter terms may reduce total interest paid, while longer terms may result in lower monthly payments but higher total cost over time.
  6. Formally apply. A hard credit pull happens here. Upload pay stubs, bank statements, and ID as requested.
  7. Consider how loan funds will be used and keep documentation for major moving expenses, especially if employer reimbursement may apply.
  8. Some borrowers choose autopay to help manage due dates after a move.

Moving Loan vs. Credit Card vs. Employer Relocation Package

Loan amounts and terms vary based on credit profile and approval.

Feature Moving Loan (Personal Loan) Credit Card Employer Relocation
Rate Fixed, based on credit Variable APR; average credit card interest rates are currently above 20%3 N/A — employer pays
Payment Fixed monthly Minimum varies with balance None to employee
Amount $1,000–$36,500 at LendingPoint* Limited by credit line Depends on package
Flexibility Pay any moving cost directly Can use anywhere cards accepted Usually reimbursement with receipts
Best for Consumers who need to finance eligible moving expenses and prefer fixed monthly payments Short-term expenses that can be repaid quickly Job-related relocation — ask first

* Not all applicants will qualify for a loan or the maximum loan amount. Loan approval, amounts, rates, and terms are subject to credit review and underwriting.

How to Qualify for a Moving Loan

Approval requirements vary by lender, but most personal loan providers evaluate a combination of your credit profile, income, existing debt obligations, and repayment history when reviewing an application.

Common factors lenders consider include:

  • Creditworthiness and borrowing history4. Stronger credit profiles may improve approval odds and help borrowers qualify for lower rates and better terms.
  • Debt-to-income ratio (DTI)5. Lenders typically review how much monthly debt you already carry compared to your income.
  • Stable income or employment. Proof of reliable income — including a new job offer in some cases — may help support your application.
  • Payment history. Recent late payments, collections, or bankruptcies may impact eligibility.

Many lenders allow applicants to check rates through a soft credit inquiry that does not impact credit scores.

How to Reduce Moving Costs

Sort through belongings before moving

We could all stand to get rid of a few things from our closets and cabinets, so when preparing to move, this is the perfect time. Donating unwanted items may reduce the amount you need to move. Some donations may be tax-deductible depending on IRS rules and individual tax circumstances.

“Hire” trusted neighbors and friends

Teenage neighbors and family friends are great candidates to help with packing. Many people throw packing parties or painting parties — a group working together makes the move faster and more fun.

Trim hourly movers’ costs

Professional movers typically charge by the hour. Pack small items, tape and label boxes, and disassemble large furniture before they arrive. Every hour saved cuts the bill.

Get three quotes and insure the move

If you’re hiring a professional mover, get three quotes before deciding. Ask movers what coverage applies if they pack your belongings, and review valuation or insurance options before the move.

Don’t forget the little things

Budget for packing supplies (boxes, tape, markers, bubble wrap), cleaning supplies, hotel stays, fuel, utilities deposits, plane tickets, and taxi fares. Ask neighbors for unused boxes and use blankets and towels in place of packing paper.

Moving Loan FAQs

What is a moving loan?

A moving loan is a personal loan used to pay for relocation costs — movers, trucks, deposits on a new home, packing supplies, and travel.

Can I get a loan for moving expenses?

Yes — many unsecured personal loans may be used for moving costs, including expenses such as movers, deposits, packing supplies, and travel.

How much can I borrow for a move?

Depending on distance, household size, and relocation needs, moving costs can range from several thousand dollars to significantly more for long-distance moves. LendingPoint offers personal loans from $1,000 to $36,500 that may be used to help cover those costs. Not all applicants will qualify for a loan or the maximum loan amount. Loan approval, amounts, rates, and terms are subject to credit review and underwriting.

How fast can I get funds for moving expenses?

Funding timelines vary by lender and individual application details. With LendingPoint, approved applicants may receive funds as soon as the next business day after final approval. Timing can depend on factors such as bank processing and verification requirements.

Does my employer have to cover moving expenses?

No. Employer relocation benefits vary by company and role. Some employers offer full relocation packages, some offer a lump sum, and some offer nothing. Before paying expenses out of pocket, employees should confirm whether reimbursement is available and whether receipts or pre-approval are required.

What kind of credit profile is typically needed for a moving loan?

Eligibility requirements vary by lender. Personal loan providers generally consider factors such as credit history, income, existing debt obligations, and payment history when reviewing applications. Applicants with stronger overall credit profiles may qualify for more favorable rates and terms.

Can I get a moving loan with no credit check?

Some lenders advertise “no credit check” loans, but borrowers should carefully review the terms and costs associated with these products. Many established lenders use at least a soft credit inquiry during pre-qualification and may perform a hard inquiry during the application process. Reviewing APRs, fees, repayment terms, and lender reputation can help consumers compare loan options more effectively.

The Bottom Line

Moving expenses can add up quickly and may fall outside a household’s regular monthly budget. Before borrowing, consumers should compare available options, including employer relocation benefits, savings, credit cards, and personal loans, and review the total cost of repayment.

Check Your Options

Get started with a simple application to see your payment options with no impact to your credit score.

Sources

1 Moving.com — Average cost of local and long-distance moves — moving.com/movers/moving-cost-calculator.asp
2 HomeAdvisor — Moving costs — homeadvisor.com/cost/storage-and-organization/hire-a-moving-service/
3 Forbes – Average Credit Card Interest Rate — forbes.com/advisor/credit-cards/average-credit-card-interest-rate/
4 Experian – What Is a Good Credit Score — experian.com/blogs/ask-experian/credit-education/score-basics/what-is-a-good-credit-score/
5 CFPB — DTI explainer — consumerfinance.gov/ask-cfpb/what-is-a-debt-to-income-ratio-en-1791/

This content is for educational purposes only. Not all applicants will qualify for a loan, the maximum loan amount, or the most favorable rates and terms. Loan approval, amounts, rates, and repayment terms are subject to credit review and underwriting criteria. A soft credit inquiry may be used during pre-qualification and will not impact your credit score; however, a hard credit inquiry may occur during the full application process and may affect your credit score. Funding timing varies and is subject to verification requirements and bank processing schedules.

LendingPoint Editorial Team

The LendingPoint Editorial Team creates educational content designed to help consumers make informed financial decisions. Our team develops articles and resources covering personal loans, credit, debt management, budgeting, and other personal finance topics.
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