Does a new year or phase of life have you thinking about moving? Whether a new job is calling, or you’re simply ready for a change of scenery to/from a city, you’re not alone if relocating is on your mind this year.
If you’re ready to make a move, you’ll probably want to start planning for moving expenses. From professional services, to trucks, to packaging and travel—all things considered…the costs of moving can quickly add up.
Fortunately, a personal loan could be a handy, affordable way to pay for this infrequent, yet critical, life event. In this case, you could consider a personal loan to pay for moving or relocation.
A moving loan, also known as a relocation loan, is an unsecured personal loan used to cover relocation or moving expenses. Depending on your needs, you could use the money to rent a moving truck or hire professional movers, purchase packing supplies, get moving insurance, or even cover the security deposit at your new place. The amount you can borrow may depend on the lender, as well as your credit score and debt-to-income ratio, and the state you live in among other factors.
Here’s a few things to consider before you take out a relocation personal loan:
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.
In providing this information, neither Laurel Road or KeyBank nor its affiliates are acting as your agent or is offering any tax, financial, accounting, or legal advice.
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