Moving Financing for April 2024

Get a moving financing at one of the lenders verified by our specialists. On 23.04.2024 there are 1 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.
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Royal Bank of Canada
I appreciate the transparency in the loan terms provided by Royal Bank of Canada, with no hidden fees or charges.
Royal Bank of Canada
RBC provided me with a flexible loan repayment schedule, making it easier to manage.
Royal Bank of Canada
I encountered some hidden fees when repaying the loan with RBC, making it more expensive than I expected.
Royal Bank of Canada
Unfortunately, the loan terms offered to me by RBC turned out to be less favorable than those of other banks.
Royal Bank of Canada
It's very convenient to use RBC's online services to manage my loan and make monthly payments.
Royal Bank of Canada
I obtained my home loan with RBC, and they were very flexible in setting terms that suited my financial capabilities.

What is a Moving Financing?

A loan for moving expenses is a type of financial assistance designed to help individuals cover the various costs associated with relocating from one place to another. Whether it's a local move or a long-distance relocation, moving expenses can quickly add up, encompassing everything from hiring professional movers to purchasing packing supplies and securing temporary accommodation during the transition period. These loans provide borrowers with the necessary funds to manage these expenses effectively, offering a convenient solution to address the financial challenges often encountered during the moving process.

Typically structured as unsecured personal loans, moving loans do not require any collateral, making them accessible to a wide range of borrowers. Instead, eligibility for these loans is primarily determined based on the applicant's creditworthiness, including factors such as credit score and income level. Once approved, borrowers receive a lump sum of money, which can be used to cover moving-related costs. The repayment terms are usually fixed, with borrowers required to make regular monthly payments over a predetermined period, often at a fixed interest rate. This structure provides borrowers with predictability and allows for better financial planning throughout the moving process.


  1. Unsecured Nature. Moving loans are typically unsecured personal loans, meaning borrowers don't need to provide collateral such as a car or property to secure the loan.

  2. Flexible Usage. Borrowers have the flexibility to use the loan amount for various moving-related expenses, including hiring professional movers, purchasing packing supplies, and covering temporary housing costs during the transition.

  3. Fixed Interest Rates. Many moving loans come with fixed interest rates, providing borrowers with predictability in their monthly payments and allowing for better financial planning.

  4. Lump-Sum Funding. Once approved, borrowers receive a lump sum of money, enabling them to address moving expenses upfront rather than piecemeal.

  5. Fast Funding. Many moving loan providers offer fast funding, allowing borrowers to access the funds quickly to meet urgent moving needs.

  6. Loan Amount Customization. Borrowers can select loan amounts based on their specific needs, ensuring they receive enough funding to cover their moving expenses without overborrowing.

  7. Predictable Monthly Payments. Fixed repayment terms and interest rates result in predictable monthly payments, facilitating easier budgeting for borrowers.

Pros and Cons


Financial Flexibility. Personal loans offer individuals the flexibility to address various financial needs, whether it's consolidating debt, making a major purchase, or investing in personal development.

Structured Repayment. With fixed monthly payments and a predetermined repayment term, personal loans provide a structured approach to debt management, allowing borrowers to budget effectively.

Quick Access to Funds. The application and approval process for personal loans is often streamlined, enabling borrowers to access funds relatively quickly, especially in comparison to more complex financial products.


Origination Fees. Lenders may charge origination fees, adding to the upfront costs of obtaining a personal loan. Borrowers should carefully review the fee structure to understand the total expense.

Risk of Default. For unsecured loans, there's a risk of default, which could lead to legal action by the lender. Secured loans, while reducing this risk, may result in the loss of collateral if payments are not met.

Impact on Credit Score. Any late or missed payments on a personal loan can negatively impact the borrower's credit score, potentially limiting future borrowing options.

How to Get a Moving Financing

Apply for a Loan

  1. Assess Your Financial Situation. Before applying for a personal loan, evaluate your financial needs, and determine the amount you require. Consider your current income, existing debts, and monthly expenses to establish a clear understanding of your financial situation.

  2. Check Your Credit Score. Obtain a copy of your credit report and check your credit score. Lenders use this information to assess your creditworthiness and determine the interest rate on your loan. A higher credit score often results in more favorable loan terms.

  3. Research Lenders. Explore various lenders, including traditional banks, credit unions, and online lenders. Compare interest rates, terms, fees, and customer reviews to identify a lender that aligns with your financial goals and preferences.

  4. Determine Loan Type and Amount. Decide whether you need a secured or unsecured loan and determine the loan amount that suits your needs. Secured loans require collateral, while unsecured loans do not but may come with higher interest rates.

  5. Gather Necessary Documentation. Prepare the required documentation, including proof of income, permanent address, and a valid ID. Lenders may also request additional documents to assess your eligibility.

  6. Shop Around for Rates. Request loan quotes from multiple lenders to compare interest rates and terms. This allows you to choose the most competitive offer that suits your financial situation.

  7. Apply for the Loan. Complete the loan application with the chosen lender. Provide accurate information and ensure that all required documents are submitted. Some lenders offer online applications for added convenience.

  8. Await Approval. Once your application is submitted, the lender will review your credit history, financial information, and documents. The approval process may take some time, so be patient while awaiting a response.

  9. Review Loan Terms. Carefully review the terms and conditions of the loan agreement before accepting. Pay attention to the interest rate, loan term, monthly payments, and any associated fees.

  10. Accept Funds. If approved, the lender will disburse the funds according to the agreed-upon method, such as a direct deposit into your bank account.


  1. Credit Score. Most lenders will require borrowers to have a minimum credit score to qualify for a moving loan. While specific requirements may vary, a good or fair credit score generally increases the likelihood of approval and may result in better loan terms.

  2. Income Verification. Lenders typically require borrowers to provide proof of income to ensure they have the means to repay the loan. This may include recent pay stubs, bank statements, or tax documents.

  3. Debt-to-Income Ratio. Lenders may evaluate borrowers' debt-to-income ratio, which compares monthly debt payments to gross monthly income. A lower ratio indicates a borrower's ability to manage additional debt and may improve loan eligibility.

  4. Employment History. Stable employment history can be a favorable factor for lenders, demonstrating consistent income and financial stability. Some lenders may require a minimum length of employment or proof of employment stability.

  5. Residency Status. Borrowers may need to provide proof of residency or citizenship in Canada to qualify for a moving loan from Canadian lenders.

  6. Age Requirement. Borrowers typically need to be at least 18 years old to apply for a moving loan. Some lenders may have higher age requirements.


  1. Loan Amounts. Lenders may offer varying loan amounts, allowing borrowers to select the amount that best suits their moving expenses. Minimum and maximum loan amounts are determined by the lender's policies and the borrower's creditworthiness.

  2. Interest Rates. Lenders may offer fixed or variable interest rates on moving loans. Fixed rates remain constant throughout the loan term, providing predictability in monthly payments, while variable rates may fluctuate based on market conditions.

  3. Repayment Terms. Lenders offer different repayment terms, ranging from several months to several years. Borrowers can choose a term that aligns with their financial situation and repayment ability.

  4. Origination Fee. Some lenders may charge origination fees, which are upfront fees for processing the loan application. Borrowers should consider these fees when evaluating loan offers.

  5. Late Payment Penalties. Lenders may impose penalties for late payments, such as additional fees or increased interest rates. Borrowers should review the loan terms carefully to understand the consequences of late payments.

  6. Prepayment Options. Borrowers should inquire about prepayment options, including whether the lender imposes penalties for early loan repayment. Some lenders allow borrowers to pay off the loan ahead of schedule without incurring additional fees.

  7. Automatic Payments. Many lenders offer the option for borrowers to set up automatic payments from their bank account, ensuring timely repayment and potentially qualifying for interest rate discounts.

  8. Online Account Management. Borrowers may have access to online account management portals where they can view loan details, make payments, and track their loan balance.

Ways to Get the Money

  1. Direct Deposit. Many lenders prefer to disburse loan funds directly into the borrower's bank account via electronic transfer. Once the loan is approved and the borrower has signed the necessary agreements, the lender initiates a direct deposit of the loan amount into the designated bank account. Direct deposit is a convenient and efficient method, allowing borrowers quick access to the funds without the need for physical checks or visits to a bank branch.

  2. Check Issuance. Some lenders may offer to issue a check for the loan amount, which borrowers can deposit into their bank accounts or cash at a bank branch. While less common than direct deposit, receiving a check provides borrowers with a tangible form of payment and may be preferred by those who are not comfortable with electronic transactions or who do not have a bank account.

  3. Wire Transfer. In certain cases, particularly for larger loan amounts or expedited funding requests, lenders may arrange for a wire transfer of the loan funds directly to the borrower's bank account. Wire transfers offer same-day or next-day delivery of funds and are often used for time-sensitive transactions or when immediate access to funds is required.

  4. Prepaid Debit Card. Some lenders may offer the option to receive loan funds on a prepaid debit card. Upon loan approval, the lender loads the approved loan amount onto a prepaid card, which borrowers can then use for purchases, ATM withdrawals, or bill payments. Prepaid debit cards provide a convenient alternative for borrowers who do not have a traditional bank account or prefer not to link the loan to their existing accounts.

  5. In-Person Pickup. In rare cases, particularly for small loans or specialized lending arrangements, borrowers may have the option to pick up the loan funds in person from the lender's office or a designated location. This method allows for face-to-face interaction with the lender and immediate access to funds, but it may be less common due to logistical considerations and security concerns.

Best Places to Get a Moving Financing

  1. FlexMoney offers moving loans to ease the financial burden associated with relocation. Whether you need funds for hiring professional movers, securing storage lockers, or obtaining packing materials, FlexMoney provides personal installment loans designed to facilitate a smooth transition into your new home. Operating entirely online, FlexMoney boasts a commitment to providing one of the fastest personal loan services in Canada. With an emphasis on convenience, their online loan applications take mere minutes to complete, delivering an instant decision to applicants.

  2. For those facing challenges in securing loans due to limited credit history or new residency in Canada, easyfinancial steps in to provide both unsecured and secured personal loans. Tailored for covering moving expenses, easyfinancial's unsecured personal loans range from $500 to $15,000, offering an attractive alternative to payday loans with a starting interest rate of 29.99%. Borrowers have the flexibility to repay these loans over terms as short as 9 months or as long as 60 months, ensuring a customizable and manageable repayment plan.

  3. With a legacy spanning over a century, Fairstone stands as one of Canada's most established personal loan lenders. Trusted and reliable, Fairstone caters to Canadians with fair to good credit scores, providing quick personal loans ranging from $500 to $35,000. The lending specialists at Fairstone tailor each loan to match the unique needs and repayment capabilities of individual customers. Offering competitive interest rates starting at 19.99% for secured loans and 26.99% for unsecured loans, Fairstone provides repayment flexibility with terms ranging up to 60 months for unsecured loans and 120 months for secured loans.

  4. GoPeer distinguishes itself by catering to borrowers with a minimum credit score of 600, extending personal loans with an APR range of 8.99% to 34.99%. This lender provides accessibility to those with lower credit scores, offering flexibility in lending. With an instant pre-qualification process that doesn't impact the applicant's credit score, goPeer ensures a user-friendly experience. While lacking round-the-clock customer support or a mobile app, goPeer emphasizes human contact during business days, contributing to a personalized touch in the lending process.

Things to Pay Attention To

  1. Cosigner Responsibilities. For loans with cosigners, carefully consider the responsibilities involved. Both the primary borrower and the cosigner share the obligation for loan repayment, and failure to repay can affect both credit scores.

  2. Loan Purpose. Clearly understand and articulate the purpose of the loan. Whether it's for home renovations, unexpected expenses, or debt consolidation, aligning the loan purpose with your financial goals is crucial.

  3. Repayment Discipline. Maintain a disciplined approach to loan repayment. Timely payments contribute positively to credit history, while missed payments can lead to negative consequences, including damaged credit scores.

  4. Flexibility of Use. Assess the flexibility in using the loan funds. Some loans may have restrictions on how the funds can be utilized, so ensure that the loan accommodates your specific needs.

  5. Eligibility Criteria. Review the eligibility criteria set by the lender. Ensure that you meet the requirements, such as Canadian citizenship, active bank account, minimum income, and credit score standards.

  6. Impact on Government Benefits. Understand how taking a loan may impact government benefits, such as the Canada Pension Plan (CPP) or Old Age Security (OAS). Certain types of income may be considered when assessing eligibility and repayment capacity.

  7. Loan Repayment Insurance. Explore the option of loan repayment insurance, especially if health or other uncertainties exist. This insurance can provide coverage in case of unexpected events that affect repayment capacity.

  8. Customer Reviews and Reputation. Research the lender's reputation and read customer reviews. Positive reviews and a good reputation can provide insights into the lender's reliability and customer service.

How to Repay a Loan?

  1. Set Up Automatic Payments. Whenever possible, set up automatic payments through your bank. This ensures that loan payments are made on time, reducing the risk of missed payments and potential late fees.

  2. Communicate with Lender. If facing financial difficulties or unexpected hardships, communicate with the lender. Some lenders offer flexibility in terms of restructuring payments or providing temporary relief. Open communication can prevent negative consequences.

  3. Review Interest Rates. Regularly review the interest rates associated with the loan. If there are opportunities to refinance the loan at a lower rate, consider exploring those options to reduce overall interest costs.

  4. Track Payments. Keep a record of all loan payments made. This helps in monitoring progress, ensuring that payments are credited correctly, and identifying any discrepancies that may arise.

  5. Complete Repayment. Once all scheduled payments are made and the loan is fully repaid, confirm with the lender that the obligation has been fulfilled. Retain documentation indicating the completion of the loan.

Reasons for Getting Rejected for a Moving Financing

  1. Low Credit Score. A low credit score is a significant factor that can lead to loan rejection. Lenders use credit scores to assess borrowers' creditworthiness, and a low score may indicate a higher risk of defaulting on the loan.

  2. Insufficient Income. Lenders typically require borrowers to have a steady income to ensure they can repay the loan. If a borrower's income is insufficient or unstable, it may raise concerns about their ability to meet repayment obligations.

  3. High Debt-to-Income Ratio. A high debt-to-income ratio, where a borrower's monthly debt payments exceed their income, may indicate financial strain and increase the risk of loan default. Lenders prefer borrowers with a manageable debt load relative to their income.

  4. Limited Employment History. Lenders may prefer borrowers with a stable employment history, as it demonstrates financial stability and the ability to repay the loan. Limited or erratic employment history may raise concerns about the borrower's ability to maintain income for loan repayment.

  5. Recent Delinquencies or Bankruptcies. Previous delinquencies, defaults, or bankruptcies on a borrower's credit report can significantly impact creditworthiness and increase the likelihood of loan rejection. Lenders may view these negative marks as indicators of financial instability.

  6. Insufficient Residency Status. Borrowers typically need to be legal residents or citizens of the country where they're applying for a loan. Failure to meet residency requirements may result in loan rejection.

  7. Inadequate Loan Documentation. Incomplete or inaccurate loan documentation can lead to delays in the loan approval process or outright rejection. Borrowers must provide all required documentation, such as proof of income and identification, to support their loan application.

  8. Unstable Financial Situation. Lenders prefer borrowers with stable financial situations, including consistent income and manageable debt levels. Significant fluctuations in income or financial instability may raise concerns for lenders and result in loan rejection.


  1. A HELOC, or Home Equity Line of Credit, is a revolving line of credit secured by the equity in a borrower's home. It allows homeowners to borrow against the equity they've built up in their property, typically up to a predetermined limit. With a HELOC, borrowers can access funds as needed, similar to a credit card, and repay the borrowed amount with interest. The interest rates on HELOCs are often variable, meaning they can fluctuate with market conditions. HELOCs are commonly used for home renovations, debt consolidation, or other major expenses where homeowners want the flexibility to borrow funds over time.

  2. Installment loans for bad credit are personal loans specifically designed for individuals with poor or limited credit histories. Unlike traditional loans, which may require excellent credit scores for approval, installment loans for bad credit cater to borrowers with lower credit scores or adverse credit histories. These loans typically come with fixed repayment terms, allowing borrowers to make regular monthly payments over a specified period. While interest rates may be higher compared to loans for borrowers with better credit, installment loans for bad credit offer an opportunity for individuals to access much-needed funds and improve their credit standing through responsible repayment.

  3. Home equity loans allow homeowners to borrow against the equity in their property, using their home as collateral. These loans provide borrowers with a lump sum of money, which can be used for various purposes, such as home renovations, debt consolidation, or major expenses. Home equity loans typically have fixed interest rates and fixed repayment terms, making it easier for borrowers to budget for monthly payments. The loan amount is determined based on the difference between the home's current market value and the amount owed on the mortgage. Home equity loans can be a cost-effective borrowing option for homeowners with significant equity in their properties.

  4. Credit union loans are offered by member-owned financial cooperatives known as credit unions. These loans encompass a variety of products, including personal loans, auto loans, home loans, and more. Credit unions typically offer competitive interest rates and flexible terms to their members, as they operate on a not-for-profit basis and prioritize serving their members' financial needs. Eligibility for credit union loans may require membership in the credit union, which often involves meeting specific criteria such as residency or employment within a certain area. Credit union loans can provide an attractive alternative to traditional bank loans, offering personalized service and community-focused lending options.

Editorial Opinion

Moving or relocation loan options serve as a valuable financial tool for individuals navigating the often costly process of relocation. While they can provide much-needed assistance in covering expenses such as hiring professional movers, securing temporary housing, or purchasing packing supplies, it's essential for borrowers to carefully evaluate their financial situation and consider the terms and conditions of the loan. While moving loans can offer convenience and flexibility, they also come with associated costs, including interest and fees, which borrowers should factor into their decision-making process. Ultimately, relocation loans can be a helpful resource for those facing the financial challenges of relocation, but borrowers should exercise caution and ensure they can comfortably manage the repayment terms.


Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your province. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Canadian Lenders Association (CLA). Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.


At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.


Can you take a loan for moving?

Yes, you can take out a loan specifically designed to cover the expenses associated with moving. These moving loans are typically personal loans offered by various financial institutions, including banks, online lenders, and credit unions. They provide borrowers with funds to cover moving-related costs such as hiring movers, purchasing packing supplies, and temporary housing during the transition. However, it's essential to consider the terms and conditions of the loan and ensure that you can comfortably manage the repayment.

How do you fund a move?

There are several ways to fund a move, depending on your financial situation and resources. Some common methods include using savings or emergency funds, selling assets or belongings, borrowing from friends or family, using credit cards, or taking out a loan specifically for moving expenses. Each option has its pros and cons, so it's essential to evaluate your financial circumstances and choose the method that best suits your needs and preferences.

Is it a good idea to take out a loan for moving?

Whether taking out a loan for moving is a good idea depends on various factors, including your financial situation, credit history, and the terms of the loan. While a moving loan can provide immediate financial assistance and help cover upfront moving costs, it also comes with associated interest rates and fees that need to be repaid over time. Before taking out a loan for moving, it's essential to carefully consider your ability to afford the loan payments and whether the benefits of using the relocation loan option outweigh the costs in the long run. Additionally, exploring other loan options and creating a comprehensive budget for your move can help you make an informed decision.

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