Taking Out a Personal Loan for Your Moving Expenses | Credit Direct Blog

Are you facing a move? This can be a very expensive process, from hiring movers to taking time off work. If you don’t readily have the cash available and you understandably don’t want to add to your credit card bills, you may not know where to turn. Did you know you can take out a personal loan to cover moving expenses?

Keep your savings in the bank and save your credit: take out a personal loan for moving expenses through Credit Direct. We give you a $40,000 personal loan limit, which gives you plenty of financial breathing room to cover any type of move, whether across the city, state or country. 

Here are some tips to decide if taking out loans for moving expenses works for you.


Calculate Moving Costs

First, you have to figure out how much this move is going to cost you. It’s fairly common to underestimate many of the expenses. You’ll need to budget for:

  • Hiring movers
  • Renting a truck
  • Buying moving supplies
  • Paying for storage and hotels
  • Transferring or shipping your vehicle
  • Renting a new apartment
  • Buying a new home (closing costs, etc.)


Now that you know what you have to budget for, do some research on typical costs of everything involved. Get quotes from a few different movers, call truck rental companies, and make a list of all the supplies you’ll need. Tally up the totals. Now you have an amount in black and white. Do you really want to spend your hard-earned cash on all that?

Put control back in your hands with a personal loan for moving expenses that allows you to pay back the amount over time rather than all at once, taxing your available resources.


When it Makes Sense to Use Personal Loans for Moving Expenses

Taking out a personal loan for moving expenses isn’t necessarily right for all situations. Sometimes, though, it does make sense. You may be a good candidate for loans for moving expenses if:


1. You’re moving to take a job with a higher salary

If you’ll be getting paid more from your new job, you will (ideally) be able to afford your payments on the loan. The boost in salary will make it easier to pay off the debt quickly.


2. You can comfortably afford those payments

Just because you’re making more doesn’t necessarily mean you should take on the added debt. If you’re just starting out, you might be on a shoestring budget each month, and adding a personal loan could stretch your resources too thin.

However, if you’ve worked the numbers and know you can easily afford your payments, a personal loan for moving expenses may be a good idea. Make sure to leave plenty of breathing room in case of emergencies.


3. You don’t have other obligations

If you are being crushed in other forms of debt, such as high credit card balances and student loans, you will want to think long and hard about adding to that pile of mounting debt. If the loan will be your only form of debt, or if your other debt holds small balances, you will be able to more easily manage personal loan payments for moving.

The point is not to feel overburdened, and not to raise your debt-to-income ratio too much.


4. You have a plan to pay it off

When applying for loans for moving expenses, it’s vital to have a plan in place to pay it off. Otherwise, taking on more debt can worsen your current issues. You need to be disciplined, set up a calendar and payment schedule, and be diligent about paying off the amount. Set personal goals to achieve your pay-off quickly.

This may involve cutting expenses and taking on side jobs or overtime, applying any extra money to your personal loan balance.


Contact Credit Direct

If you’re ready to take out a personal loan for moving expenses, apply now and get a response within 24 hours. Speak with a representative today at 866-414-4198.


Apply Now

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