What can a moving loan be used for?

A moving loan is a personal loan that may be used to cover some or all of the costs associated with moving your household. In general, personal loans through Avant may be used for a variety of purposes including storage, truck rental, repair services and more. A moving loan may be able to cover the cost of relocating whether you’re moving across the country or across town.

How do relocation loans work?

To get a relocation loan you have to apply through a bank, credit union or online lender. With Avant this involves a three step process. First, you check your rates without affecting your credit score. Next, you get your decision—within minutes whenever possible.† Finally, if approved you may receive your funds as soon as the next business day.‡

Why use a moving loan vs a credit card?

Moving loans and credit cards involve different types of credit. Credit cards are revolving credit. You may borrow money as you need it, and your payments are based on how much your outstanding balance is at a given time. Personal loans are, by contrast, installment loans. This means that you receive your money in a lump sum, and then repay the loan in even payments over a period of time. Personal loans may be better suited to large, one-off expenses like car repairs, home improvements and relocation costs. Personal loans may also offer a lower interest rate than high interest credit cards, along with simple fixed payments until you pay the debt off. The routine payments may help simplify your budget and the terms of the loan let you know exactly when you’ll be out of debt.

Is a moving loan right for me?

There are a lot of factors to think about when deciding on a loan for moving. You should consider if you can afford to pay the debt off within the terms of the loan amount, which APR and interest rate combination fits your budget, and which financial partner is the right fit to support you along the way. With a relocation loan through Avant you can check your loan options with no impact to your credit score and Avant's Customer Support team is always standing by to help answer any questions. If you’ve reviewed all of your options and a personal loan works with your budget, a moving loan may be right for you.

Can you get a moving loan with bad credit?

Customers who take out personal loans through Avant typically have credit scores greater than 550. If your credit score is 550 or greater, you may be eligible to qualify for a moving loan.

How much does moving cost?

According to Forbes, the national average cost of moving is about $1,400 with a range from $800 to $2,500. However, this price range is for a 2-person moving team completing a local move of less than 100 miles. For long-distance moves, the average cost of movers jumps to between $2,200 and $5,700. So, the short answer is, it varies depending on how much you’re moving and how far. Keep in mind there could be other expenses associated with moving, such as storage, home repair costs and hotel accommodations.