Family moving into a new home

Moving Loans: Everything You Need To Know

Get Your Personal
Loan Options

Apply online with Rocket LoansSM and instantly see what you prequalify for. Enough hypotheticals. See personalized numbers.

Explore your mortgage options

NMLS #3030

*Connect with a mortgage specialist

We teamed up with Rocket Mortgage to help you get house-hunting sooner. Answer a few questions and an agent will reach out to discuss your options.

Get Started by selecting an option below

What kind of loan are you interested in?

What to expect

Tell us what you need and a representative from Rocket Mortgage will give you a call. You’ll have support at every step.

What kind of property do you want to purchase? What kind of property do you own?

Why we’re asking

Rocket Mortgage® can provide a more accurate rate estimate if they know what kind of property you’re interested in.

NMLS #3030
How do you use your property? How would you use this property?

Why we’re asking

Having a little more information upfront helps Rocket Mortgage® provide a personalized rate faster.

NMLS #3030
When are you planning to buy?

Still House Hunting?

Hope you find your dream home soon! In the meantime, it’s never too early to know your rate.

NMLS #3030
Are you a first-time home buyer?

It’s all good:

Whether it’s your first – or second property – Rocket Mortgage® can provide you with a rate estimate.

NMLS #3030
Do you have a second mortgage?

It’s all good

If you have a second mortgage, it’s no problem. Letting us know helps to customize your rate.

NMLS #3030
What is your credit score?

Don’t know your score?

Don’t sweat it! Make your best guess. Credit scores range from 300 (low) to 850 (excellent).

NMLS #3030

Tell us a bit more about you

What happens next?

A representative from Rocket Mortgage® will be in touch to discuss your commitment-free, personalized rate. Then you can decide whether you’d like to lock it in!

NMLS #3030

Enter your contact info so Rocket Mortgage® can get in touch!

By providing your contact information and clicking the "Agree & Send Information" button below, you agree to our Terms of Use and Privacy Policy. You also expressly consent by electronic signature to receive telephonic sales, promotional, marketing and other calls and text messages, including any calls and messages sent by any automated system or other means for the selection or dialing of telephone numbers, or using an artificial or prerecorded voice message when a connection is completed, from Rocket Mortgage, its Family of Companies, our partner companies and our marketing partners at the telephone number you have provided, even if that telephone number is on a corporate, state, or national do-not-call list or registry. Your consent and agreement to receive such calls or text messages is not a condition of purchasing any property, goods or services from us, our Family of Companies or any of our partners.

NMLS #3030

Whether you’re renting a truck and doing the heavy lifting yourself or hiring professionals, moving costs can add up quickly, especially if you’re moving a significant distance. Moving loans are commonly floated as a way to help people finance relocating.

But what exactly is a moving loan? Should you consider getting one? We’ll explain what moving loans are, their strengths and weaknesses and suggest some alternatives to help you decide for yourself.

Need Cash?

Applying for a personal loan has never been easier. Get the cash you need with competitive terms from Rocket LoansSM.

Checking your options won’t affect your credit score.

What Are Moving Loans and How Do They Work?

Moving loans, also referred to as relocation loans, are personal loans used to cover moving expenses. Personal loans can be used for many things and often get described by what the funds will be used for.

Personal loans are usually available in amounts ranging from about $2,000 to $45,000. The way they work is straightforward: A borrower will apply for the loan, and the lender will either approve or deny the application.

Moving loans are typically unsecured personal loans. That means that there’s no collateral required to receive the loan. The lender will approve or deny the loan solely on the strength or weakness of the application.

Assuming the application is approved, the funds will be transferred to the borrower in a lump sum, meaning they’ll get all the money at once. Upon receiving the funds, the borrower is free to spend it on whatever they need. In the case of a moving loan, this is likely moving equipment or movers.

After receiving the money, the borrower will be responsible for paying the loan back. This is usually done via a monthly payment, and the length of the repayment period depends on the loan terms.

How much do moving loans cost?

The true cost of borrowing money is determined by the annual percentage rate (APR). This combines lender fees with the interest rate that the borrower will pay.

Lender fees can vary widely from lender to lender. The interest rates on a personal loan are usually higher than for a mortgage but lower than the interest rates you’ll see for credit cards.

What Are the Pros and Cons of Moving Loans?

To help you decide if a moving loan makes sense for your situation, we’ve put together a list of pros and cons.

PROS of moving loans👍

Flexible use of funds

Flexibility is one of the biggest draws of a moving loan. You can use the funds to cover any aspect of your moving expenses, from renting the truck to paying movers to gas money.

Quick turnaround

Most lenders can provide moving loans in less than a week and sometimes within 1 business day.

Lower interest rates

Typically, these loans offer lower interest rates than what’s available with credit cards.

Predictable to budget

Because you can determine the repayment period, you can control how much your monthly payment will be. That makes it easier to select a repayment schedule that fits your budget.

CONS of moving loans👎

Potential to overborrow

Because the funds from a moving loan are so flexible, it can be tempting to borrow more than you need. This leads to paying more in interest over the life of the loan and can make keeping up with your monthly payments harder.

Hard minimums

Most personal loans come with a minimum of around $2,000, meaning you can’t get one worth less than that. Depending on how much cash you need for your move, you may not want to borrow that much.

Could damage your credit

If you can’t repay the loan, you’ll wind up causing significant damage to your credit score. Make absolutely certain you can afford to repay the loan before taking it out.

What Are the Alternatives to Moving Loans?

If a moving loan isn’t the best option, there are other ways to get money to cover the cost of your loan, including employer reimbursements, grants and paying out-of-pocket.

Moving expense reimbursements

If you’re moving for work, some employers may offer relocation reimbursements to help you cover the costs of your move. These can be done through a lump sum payment, a reimbursement after the relocation or your employer paying movers and other vendors directly.

Sometimes, this is negotiated as part of your benefits during the hiring process. However, It’s still worth asking your employer if they offer anything when you need to move for work, even if you didn’t discuss it during the initial negotiation.

Credit cards

Depending on the amount you need to cover your move, you may be able to put it on your credit card or cards. This can be convenient – no application process, just swipe your card and go.

Keep in mind that credit cards have higher interest rates compared to loans. The longer you carry a balance on your credit card, the more you’ll pay in interest, so it’s a good idea to use your card responsibly.

Some credit cards have zero or low-APR introductory offers. If you can take advantage of this period you may be able to pay less in interest. However, these offers usually only last 6 – 24 months.

Also, be wary of using your credit card at the ATM. You can take out a cash advance, but it will cost you.


If you know that you’ll be making a move, try to set aside money in advance to cover your moving expenses. You can do this by committing to save a certain amount of money each week or each month and putting it into a savings account. 

You can also look for ways to save before you move by canceling subscriptions, cutting back on regular expenses and putting the difference into your savings account.

Selling your stuff

If you have items that you don’t plan to take with you or that just won’t fit in with your new digs, selling these items can put some extra cash in your pocket to help cover expenses.

Final Thoughts on Moving Loans

Ready to make a move, but not sure how you’re going to afford it? You have options. Whether you take advantage of a moving or relocation loan or get your funding through another source, making a big move is possible. You just need to do a little planning and make sure you don’t overextend yourself financially.

Get Prequalified for Loans from $2,000 to $45,000

Rocket LoansSM offers personal loans from $2,000 – $45,000. From debt consolidation to unexpected expenses, we’ve got you covered.

Checking your options won’t affect your credit score.

The Short Version

  • Looking to move, but not sure you’ll be able to cover the costs? It’s possible to get a moving or relocation loan in a week or less, without it costing you a fortune
  • If your cash flow is limited and your credit is good, a moving or relocation loan can help make your move a lot more manageable
  • There are other ways to get money to cover the cost of your loan, including employer reimbursements and grants and paying for it out-of-pocket
Back to top of page

You Should Also Check Out…

Our team of financial experts write, review and verify content for accuracy and clarity.