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5 Moving Loans for Relocation Expenses October 2020

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Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”

If you need to relocate, moving loans could help you cover the costs. Moving loans are a type of personal loan specifically for covering relocation expenses, such as hiring movers, renting a truck, and more.

The average cost of a move within your state is $2,300 while an out-of-state move is $4,300 (also accounting for four movers and an average weight of 7,400 pounds). A moving loan could make these costs more affordable.

Here’s what you should know about moving loans:

Personal loans for moving expenses

There are several lenders that offer personal loans for relocating. Moving loans are generally unsecured personal loans, so you don’t have to worry about collateral. The lenders in the table below are Credible’s partners that offer moving loans.

Avant

Avant offers personal loans from $2,000 up to $35,000. A moving loan from Avant could be a good choice if you’re looking for personal loans for bad credit.

  • Rates: 9.95% – 35.99% APR
  • Loan terms (years): 2, 3, 4, 5*
  • Loan amount: $2,000 to $35,000**
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except CO, CT, HI, IA, LA, NV, NY, SC, VT, and WV
  • Min. income: $24,000
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 580
  • Time to get funds: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Loan uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes

Avant personal loans review

*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.

**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

Best Egg

You can get a $5,000 personal loan up to a $35,000 personal loan with Best Egg to cover your moving costs. If you need fast loan funding, Best Egg could be a choice option.

  • Rates: 5.99% – 29.99% APR
  • Loan terms (years): 3, 5
  • Loan amount: $5,000 – $35,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except DC, IA, VT, and WV
  • Min. income: None
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 640
  • Time to get funds: As soon as 1 – 3 business days after successful verification
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

Best Egg personal loans review

LendingClub

You can borrow $1,000 up to $40,000 with LendingClub. As a peer-to-peer lender, LendingClub could be a good choice if you’re looking for personal loans for fair credit. However, because you’ll have to wait for an investor to accept your loan offer, a LendingClub loan might take a slightly longer time to fund.

  • Rates: 6.95% – 35.89% APR
  • Loan terms (years): 3, 5
  • Loan amount: $1,000 to $40,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA
  • Min. income: None
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 580
  • Time to get funds: Usually takes about 3 days
  • Loan uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes

LendingClub personal loans review

Based on a majority of borrowers from LendingClub’s marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary.

Marcus

Marcus is the consumer banking arm of Goldman Sachs and offers personal loans from $3,500 to $40,000. You’ll need good credit to qualify for a Marcus personal loan. Marcus could also be a good option if you’re looking for debt consolidation loans, credit card consolidation loans, or home improvement loans.

  • Rates: 6.99% – 19.99% APR1
  • Loan terms (years): 3, 4, 5, 6, 7
  • Loan amount: $3,500 to $40,0002
  • Fees: None
  • Discounts: None
  • Eligibility: Available in all states except MD
  • Min. income: $30,000
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 680
  • Time to get funds: Many Marcus customers receive funds in as little as five days
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

Marcus personal loans review

1Rate reduction available for AutoPay.

2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt.

3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details.

Upstart

With Upstart, you can borrow as little as $1,000 or as much as $50,000. If you have a thin credit history, Upstart could be a good option.

  • Rates: 8.13% – 35.99% APR4
  • Loan terms (years): 3 to 5 years4
  • Loan amount: $1,000 to $50,0005
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA and WV
  • Min. income: $12,000
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 600

    (in most states)
  • Time to get funds: As soon as 1 – 3 business days6
  • Loan uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes

Upstart personal loans review

4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 15% and 36 monthly payments of $33 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.

6If you accept your loan by 5pm EST (not including weekends or holidays), loan funds will be sent to your designated bank account on the next business day, provided that such funds are not being used to directly pay off credit cards. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

Learn More: Personal Loans With No Credit Check

Relocation loans: Pros and cons

Whether moving loans make sense for you depends on your situation. Here are some pros and cons of moving loans to keep in mind:

Pros Cons
  • Typically unsecured, so you don’t need collateral
  • Wide range of loan amounts available
  • Usually have lower rates than credit cards
  • Can come with high fees, depending on the lender
  • Limited options for borrowers with fair or bad credit
  • Interest will add to your overall moving costs

Check Out: Types of Personal Loans

How to qualify for a moving loan

To qualify for a personal loan for moving expenses, you’ll generally need to meet the lender’s credit and income requirements. Every lender has its own set of criteria, so it’s a good idea to research lenders ahead of time.

Credible makes this process easier — you can compare prequalified rates from multiple lenders in two minutes to see what loan option fits your needs.

Compare Rates Now

How to apply for a moving loan

If you decide to take out a moving loan, follow these steps:

  1. Estimate your moving costs: Be sure to consider all of your expenses to figure out how much you’ll need to borrow. For example, you might only need a $1,000 personal loan — or you might need a $10,000 personal loan.
  2. Compare your rates: Many personal loan lenders let you check your rates and loan options before filling out a full application. It’s also a good idea to consider what fees the lenders might charge. Credible makes this easier — you can compare your prequalified rates from multiple lenders at once after filling out a single form.
  3. Pick the option you like most: After comparing lender rates and fees, choose the loan that best fits your needs.
  4. Get your loan funds: Once you’ve made your choice, you can fill out a full application for your loan and submit any required documentation. If you’re approved, you’ll need to sign for your loan to have the funds sent to you. It typically takes one to seven business days to fund a loan — though you might get your money in less than five business days if you take out your loan through Credible.

Ready to find your moving loan?
Credible makes it easy to find the right personal loan for you.

  • Free to use, no hidden fees
  • One simple form, easy to fill out and your info is protected
  • More options, pick the loan option that best fits your personal needs
  • Here for you. Our team is here to help you reach your financial goals

Find My Rate
Checking rates won’t affect your credit

Alternatives to moving loans

You can use personal loans for a variety of purposes, but they’re not always the right choice. Here are some other options that could help cover your moving expenses:

  • Sell unused items: This can be a good way to reduce how much you’ll need to move while making money in the process. However, this takes time and effort.
  • Get help from family and friends: If you need help moving, your family and friends might be willing to pitch up with gifts or no-interest loans. Just be careful not to strain your relationships.
  • Use a 0% APR credit card offer: If you’re considering a personal loan vs. credit card, keep in mind that some credits come with 0% APR introductory offers. This could help you save on interest if you’re able to pay off your balance before this period ends. But if you don’t pay off your balance in time, you could end up paying some hefty interest charges.
  • Save up your money: If you know you’ll be moving in the future, you might have time to set money aside and avoid a cash crunch altogether. A high-yield savings account could be a good way to earn more interest while you’re saving.

Keep Reading: What You Can Use a Personal Loan For

American Moving and Storage Association

About the author

Miranda Marquit

Miranda Marquit

Miranda Marquit is a mortgage, investing, and business authority and a contributor to Credible. Her work has appeared on NPR, Marketwatch, FOX Business, The Hill, U.S. News & World Report, Forbes, and more.

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Caldwell Housing Authority to address affordable housing shortage with RV park

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If all goes well with the Canyon County Planning and Zoning Commission in March, 219 RV spaces will be added to the Farmway Village property in Caldwell.

CALDWELL, Idaho — Editor’s Note: This article was originally published by The Idaho Press.

Canyon County is facing a shortage of affordable and available housing. The county of 230,000 people lacks more than 4,000 affordable units for low-income residents.

Mike Dittenber, head of the Caldwell Housing Authority, fields about 10 calls each week from people asking if they can park their RVs on the Farmway Village property, the agency’s rural housing complex.

“We get calls from people who say, ‘I live in an RV, and I am not sure if the police are going to cite me for trespassing. Can I park my RV at your place?'” Dittenber said. 

Unfortunately, he said, he has to say no, because he doesn’t have the proper permitting.

But he’s looking into ways to change that.

“I think the next wave of caring for people who don’t have housing is to provide an affordable RV space,” Dittenber said.

If all goes well with the Canyon County Planning and Zoning Commission in March, Dittenber will add 219 RV spaces at the Farmway Village property in Caldwell.

Walking through Farmway Village Wednesday morning, Dittenber explained that he came up with the idea for an RV park about 10 years ago because he often sees RVs parked in abandoned store parking lots, sometimes in city and county parks and on the side of the road.

Zoe Ann Olson, executive director of the Intermountain Fair Housing Council, said the council is seeing more people than usual being displaced from their housing rentals and choosing to live in something like an RV.

“It is not ideal to have people live in RVs, but it is such a desperate need right now for people to have places to live that they’ll take what they can get,” Olson said.

The Caldwell Housing Authority is in a good position to work on the RV park because it has a sewer line running from the city of Caldwell to its facility. 

The housing authority’s plan is to provide showers and restrooms for the RV park residents and hookups for their vehicles at a cost.

Dittenber said RV parks in Caldwell or Nampa often have strict requirements for what the vehicle looks like, and they require inspections.

“If you believe that everybody deserves housing, then you have to overlook things that prevent people from having housing,” Dittenber said, explaining that sometimes for the RV park the housing authority might do inspections, but it wouldn’t require specific years or makes of vehicles. He also said it may be necessary to overlook things such as bad credit, low income and a poor rental history with tenants.

Dittenber said the RV park tenants would not be required to have a short-term lease and could stay as long as they needed and the housing authority would work with them if they needed work or amenities for their vehicles.

AFFORDABLE HOUSING SHORTAGE

Canyon County has a deficit of 4,325 affordable and available homes for the renters with the lowest incomes, or renters who make less than 30% of the median family income, according to the National Low Income Housing Coalition

The national coalition found the county only has 26 available and affordable units for each 100 renters with incomes under $33,754, the median income.

“It is incredibly apparent in Canyon County that it is very difficult for people with moderate to low income to find a place to live,” said Kendra Knighten, policy associate with the Idaho Center for Fiscal Policy.

The fair market rent for a modest two-bedroom home in Canyon County is $941, according to the National Low Income Housing Coalition. In order to afford this rent without experiencing housing cost-burden, a renter would need to work full time, 40 hours, at $18.10, Knighten wrote in an email to the Idaho Press. The average renter wage in Canyon County is $12.12, meaning the average renter has to work 60 hours each week to afford a modest two-bedroom home. A renter earning minimum wage would have to work 100 hours a week to afford a modest two-bedroom home in Canyon County.

Nearly half, 46%, of the renters in Canyon County are categorized as households with a cost-burden, meaning the household spends more than 30% of its income on housing costs, according to the Department of Housing and Urban Development.

Olson said the Intermountain Fair Housing Council has also seen an increase in calls from struggling renters in Canyon County. She said renters are struggling there because their wages no longer support them with the cost of rentals in the county.

“The need (for affordable housing) has outgrown what exists in Canyon County, and people are cost-burdened,” Olson said.

For Dittenber, the bottom line is that everybody deserves housing, and he is willing to do what he can to make that a reality for Canyon County residents. 

His proposed RV park requires a conditional use permit that would allow the park to be built on the land zoned for agricultural use. Dittenber said he will have a meeting with Planning and Zoning in March. He hopes to break ground in May 2021.

Rachel Spacek is the Latino Affairs and Canyon County reporter for the Idaho Press. You can reach her at rspacek@idahopress.com. Follow her on twitter @RachelSpacek.


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3 mortgage refinancing options for those with bad credit

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Does a low score mean limited options? (iStock)

Record-low interest rates are dominating the news cycle and homeowners, in particular, are jumping to refinance. Data from the Mortgage Bankers Association puts current refinance activity at 98% higher this year than last year, even amid a global pandemic.

Those with low credit shouldn’t skip rate shopping either as there are still options available in today’s low-rate environment — even for those with the thinnest credit profiles.

Mortgage rates vary by lender. Many non-traditional lenders take other factors into consideration outside of credit score, like earning potential and steady work history. While some of these lenders do advertise their qualification criteria, many borrowers may not happen upon them unless they actively shop for refinance rates and offers.

These days, borrowers can quickly explore their mortgage refinance options by visiting Credible, which allows loan seekers to compare both rates and lenders in one place.

1. Look at FHA loans

FHA loans aren’t just for first-time buyers with small down payments. The benefit to doing an FHA refinance is that this option, backed by the Federal Housing Administration, does consider borrowers with sub-600 credit scores who hold less than 20% equity in the home. In fact, only those with less than 20% are eligible for an FHA refinance.

There’s even better news for those with existing FHA loans. With the newer FHA Streamline Refinance product, borrowers can refinance without an appraisal and with lower out-of-pocket costs, saving both time and money.

HOW TO REFINANCE YOUR MORTGAGE

2. Explore VA loans (if you qualify)

Veterans receive many benefits for their service to our country, and one of those is access to mortgage loans backed by the government via the Veterans Administration (VA). Not only are these loans offered at some of the lowest interest rates available, but they also benefit current and past service members regardless of their credit.

Those with current VA loans can also consider refinancing through the VA with the Interest Rate Reduction Refinance Loan program. The IRRRL program is similar to the FHA Streamline Refinance product in that it does not require hefty out-of-pocket closing costs or an appraisal.

If you’re interested in finding the lowest interest rates around, however, you should consider using a multi-lender marketplace like Credible. Credible allows you to compare rates and lenders to ensure you find the best deal.

HOW TO GET THE LOWEST MORTGAGE REFINANCE RATES

3. Opt for cash-out refinance

A cash-out refinance may make the most sense for those with low credit due to a large amount of high-interest debt. Leveraging a cash-out refinance turns home equity into a liquid asset, which borrowers can then use to pay off outstanding debts. Additionally, refinancing to a lower interest rate will save money on the repayment. With current credit card interest rates above 17%, and cash-out refinance rates at 3.194% APR for a 30-year fixed option, this refinance option makes financial sense for those battling to get out from under their debt.

You can visit Credible to get pre-qualified for such a loan and to shop around for loan options among different mortgage lenders. By providing some basic information, you can find out if approval for a loan is likely and can see what rate you’d pay so you can determine if a mortgage refinance loan is affordable.

IS NOW A GOOD TIME TO REFINANCE YOUR MORTGAGE?

What are today’s mortgage rates?

It’s important when shopping for a mortgage refinance to keep an eye on interest rate changes week to week as even a small increase adds up to thousands saved on interest. Again, Credible is a great place to shop. You can compare rates and complete the entire mortgage refinance application process online. Find your rate today.

HOW REFINANCING YOUR MORTGAGE CAN PUT MONEY BACK IN YOUR POCKET

As of the time of writing, (the week November 19th) the current interest rates are:

  • 30-year fixed-rate refinance average: 2.75%.

In the month prior (Week of October 19th), the average 30-year fixed-rate refinance was much higher at 3.16%.

To illustrate the difference, let’s look at the numbers. A consumer refinances a $300,000 loan at 3.2% in October pays over $167,000 in lifetime interest. Another consumer who waits a month and refinances $300,000 at a slightly lower rate of 2.8% percent will pay just $143,000 in interest over the life of the loan.

The bottom line

Don’t let a bad credit score keep you away from the significant savings to be had with today’s low interest rates. While lower credit may not qualify you for the best rates available, depending on when you refinanced and your credit score at the time, refinancing now could still be a big financial win.

To start, investigate refinance options by shopping with multiple lenders to see potential rates, and then input those figures into a mortgage refinance calculator to visualize savings.

Finding the best mortgage refinance rates takes time. You’ll need to compare rates from multiple lenders. Credible allows you to compare multiple lenders to ensure you meet your personal finance goals. Find out how much you could save on your loan amount by refinancing now.

HOW TO FIND THE BEST MORTGAGE RATES AND FASTEST CLOSINGS

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Can I Cancel My Full Coverage Car Insurance?

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While you’re financing a vehicle, you must maintain full coverage auto insurance – it’s not required by your state, but by your lender. If you don’t have a loan, you still need to meet your state’s minimum insurance requirements to legally drive your car on the road. Here’s what you need to know about full coverage insurance, and your choice in the matter.

Auto Loans and Full Coverage Car Insurance

Financing a vehicle means you borrow money from a lender, and then you pay them back in installments. Until you completely pay off the auto loan, the lender has ownership rights to the car. They’re listed on the vehicle’s title as a “lienholder,” and it gives them rights to repossess it if you stop paying or break the loan contract.

One of the requirements of an auto loan contract is that you have full coverage car insurance until you pay off the vehicle. Since the car is technically the lender’s, they can, and do, require that the vehicle is covered to the fullest extent.

If you cancel your full coverage auto insurance while you’re financing, you’re breaking terms of your loan contract. The insurance company generally contacts your lienholder right away and lets them know that the insurance coverage has lapsed.

Your lender can then put what’s called “force-placed” coverage, and add the cost of it to your monthly loan payment. It’s typically more expensive than if you were to choose the insurance for yourself, since the lender isn’t going to shop for the cheapest rates out there – you’re the one footing the bill – because they just want the car covered.

If you refuse to pay for the force-placed coverage, or you can’t afford it, then the lender hires a recovery company to repossess your vehicle. Your other option is to reinstate your previous full coverage that you canceled, or find another insurance plan that meets your lender’s requirements. Contact your lender to see what their insurance requirements are and what you need to do to remove force-placed coverage.

Types of Auto Insurance Coverage

If you’re not financing, then you can simply opt for personal liability and property damage (PLPD) coverage if you choose. This is usually the most basic level of insurance coverage offered by insurance companies, and it’s required to carry this coverage to drive your car on the road in nearly every state.

Can I Cancel My Full Coverage Auto Insurance?Full coverage is defined as a combination of comprehensive, collision, and liability insurance.

  • Comprehensive – Can cover damage from “perils” such as fire, theft, vandalism, or other single accidents not involving another driver, and carries a deductible.
  • Collision – Covers your vehicle in the event of an accident with another driver, regardless of who’s at fault, and carries a deductible.
  • Liability – Covers bodily injury and property damage if you’re in an accident and you’re at fault. This is the most basic level coverage that’s required in nearly every state.

The consequences of not carrying any sort of auto insurance on your car are usually hefty fines, and possibly other serious long-lasting repercussions. Not having auto insurance could lead to a misdemeanor or even a suspension of your license depending on your home state.

Check with your state’s minimum car insurance requirements so you can be sure that your insurance plan is up to snuff.

Car Insurance Too Expensive? Consider a Different Car!

The price of your auto insurance is also dependent on what vehicle you’re driving. Newer cars are usually more expensive to insure because they have more bells and whistles that are costly to insure and fix.

Used vehicles are typically less expensive, but it also depends on the make and model. Some cars are more desirable than others, which can make some vehicles a higher risk for theft. Your credit score can even be a factor in your auto insurance costs in many states.

If your car is too expensive to insure, then consider getting another vehicle. Sometimes, though, getting into an auto loan can be hard if your credit score isn’t the best. Instead of searching all over town for dealerships that can work with your credit, let us help at Auto Credit Express.

We’ve produced a nationwide network of dealers that are teamed up with bad credit car lenders, so let us look for a dealership for you in your local area. Fill out our free auto loan request form to begin the search for your next vehicle.

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