Thinking about moving? From professional services, to trucks, to packaging and travel—all things considered…the costs can add up.
Fortunately, a personal loan could be a handy, affordable way to pay for this infrequent, yet critical, life event. Here’s a few things to consider before you take out a relocation personal loan:
- Lower interest rates. Personal loans generally have lower rates than credit cards, and can be a more manageable source of debt for some people who need help moving.
- Zero collateral. For relocation expenses, you won’t need to take a secured loan, which means nothing will be used as collateral such as your car or home.
- Flexible terms and fixed monthly payments mean you won’t play guessing games, and can tailor repayment options in a way that works for you.
- Watch for fees: Some lenders charge origination fees or prepayment penalties (Hint: We don’t). So read the fine print before going forward.
- Can you handle it? Are you ok going into more debt, and are you managing your other debt responsibly? Don’t let the cart get ahead of the horse—make sure you’re financially sound to take on more debt.
Still not certain that a personal loan is the right choice for your relocation? If you can find a 0% or very low APR introductory offer, a credit card could be a viable option—or perhaps ask your new employer about relocation assistance if moving for a new job.
Be sure to explore all of your financing options and consider your budget carefully in anticipation of the move. We are always here to answer any questions.