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How Personal Loans Can Take the Stress Out of Moving

December 26, 2018 | By Louis Tully

 

As exciting as moving into a new place can be, it can be equally as stressful. Packing everything away in boxes, loading all those boxes into a truck, then unloading everything back out of the truck, and then finally taking the time to unpack everything in the new house is just exhausting. Not only that, but the money it can cost for the moving truck and even replacing things that got damaged from the move, can get really expensive. Talk about stress!

But how does one go about handling all that extra expense? Two words: personal loans. Let’s face it, moving in itself is an expensive venture, but so was the $35,000 down payment you just put on the house you’re moving into! So, what else are you supposed to do? Moving costs can range anywhere from $2,300 to $4,300 (even more so if you’re moving cross-country). If you don’t have enough in savings, a personal loan might be your best bet to get everything you need done without any hiccups or setbacks.

Reasons to Use a Personal Loan for Your Move

These days you can get a personal loan approval without stepping foot into a bank. There are numerous online lenders that allow you to pre-qualify for a personal loan with just a few clicks. The following lenders offer financing options that are typically quicker and more convenient than traditional bank loans:

Pros and Cons of Personal Loans

As when making any financial decision in life, you always want to weigh out the pros and cons. Here’s a quick glance at both the good and the bad when it comes to taking out a personal loan:

The Pros

  • Lower APR than credit cards: Personal loans typically offer a lower APR than most credit cards.
  • Fast cash: In some cases, you could receive funds after just one business day from being approved. This can definitely come in handy when in the process of moving.
  • More spending power: Moving can get expensive. A personal loan could provide enough cash to pay the movers, replace damaged goods, etc.

The Cons

  • Debt: Obviously, by taking out any loan, you automatically take on debt, which you’ll eventually have to pay back, plus interest.
  • Additional fees: Lenders might charge you a starting fee upon getting approved for the loan. Also, you’ll likely get hit with late fees should you fail to make your payments on time.
  • High APR: Depending on where your credit stands, you might get hit with a higher-than-average APR, making it that much harder to pay back the loan.

Could Payday Loans Help Me Move, Too?

Payday loans may be a better fit for a financial emergency rather than a moving expense aid. However, if you do happen to be in a financial bind and maybe your credit is stopping you from taking out a personal loan, a payday loan could be an option to consider. While payday loans only range from $100 to $500, it could be just enough to cover certain moving costs that may be standing in your way. For more information about payday loans and other short-term loan products, feel free to contact a licensed lender near you.

Other Options Besides Loans

Aside from payday loans and personal loans, there are other ways you could get some quick cash without borrowing it:

  • Pawn your stuff: Trade in that stack of early 2000’s DVDs at your local pawn dealer for cash!
  • Ask your family: There’s no shame in asking family for help when it’s needed. Surely, you’d do the same for them.
  • Credit Card: If you already happen to have a zero-interest credit card sitting in your wallet, use it! Better than paying interest on a personal loan or payday loan.
  • Yard sale: Since you’re already in the process of moving all your stuff, you might as well lighten the load by selling the things you can leave behind. It’s a win, win!

There are lots of ways to get the extra cash you need to meet your moving expenses, whether it means picking up a side gig or getting rid of a few things around the house. It’s all about weighing your options against the costs. However you fund your move, make sure to do your homework and make the choice that’s right for you! Best of luck, and happy moving!