The moving process typically marks the beginning of a new exciting chapter in your life. But the whole experience can be both stressful and financially demanding.
Across-town moves, on average, cost about $1,700, while a cross-country relocation can end up costing you more than $5,000! If you don’t have enough savings to cover moving expenses, an installment loan can help alleviate the financial burden associated with relocating.
Below you will find information on how relocation loans work and how to effectively manage the repayment process. But first, let’s find out what should actually be included in the relocation costs.
Here are the main things that you would have to consider when calculating the cost of moving:
If you’re someone who likes to plan everything, then there are a few things that you can do to prepare yourself for the financial shock that the relocation process would inevitably include.
If you still have a few months until the move, you can create a separate "relocation fund" where you’d be adding the money that you usually deposit to your savings account. If you don’t have a savings account, you can try setting aside the cash you have managed to save by not eating out, for example.
Knowing exactly how much you earn and how much you regularly spend on your needs would also help you determine the size of the monthly payments you can afford to make, in case you decide to apply for a relocation loan.
Now that you have calculated your relocation costs, you can try to reduce them by donating or selling some of the belongings, packing yourself, renting your own truck, or asking your friends and family to help you with the actual process.
The sooner you start thinking about reducing the costs, the more money you’ll be able to save.
If you’re relocating because of a new job, make sure to ask your employer if relocation assistance is included. In case it is, request a copy of the relocation policy and find out what’s covered.
Do bear in mind that you can negotiate, in any case. Even if relocation assistance was not mentioned when you received the job offer, you might end up convincing your employer to cover at least part of the expenses.
A relocation loan is, basically, any loan that can be used to cover your moving expenses. The most common type of relocation loan is an installment loan which you pay back in fixed monthly payments (installments).
Such loans are unsecured which means that you wouldn’t have to provide any form of collateral (like your car or house) to secure the loan. The lender would determine the creditworthiness of the borrower by checking the credit score and credit history.
But that does not mean that an individual with poor or non-existent credit cannot qualify. Simple Fast Loans, for example, is a company that is ready to consider any type of credit.
Once you get approved, the loan will be distributed in a lump sum that you can use to cover all or part of the expenses associated with relocating. An installment loan is a convenient option for anyone who doesn’t have enough savings to take care of moving costs as the money would be provided in the shortest timeframe.
Such loans are repaid in fixed monthly payments. So, after you have had enough time to settle into your new place, you can start planning your budget in such a way that it includes the necessary repayment amount.
Applying for a loan with Simple Fast Loans is as easy as it can be. The company representatives know that you already have a lot to deal with if you’re planning on moving, so they are ready to do everything they can to help save your time and nerves.
Did you know, for example, that the whole process can be completed online? That’s right – you wouldn’t have to leave your house and drive to a store, print out the papers, or even meet up with an agent in-person.
All of your information will be verified electronically and you’ll get to e-sign the necessary documents from your computer. Furthermore, if you get approved, the loan amount will be deposited directly into your bank account.
To get the process started, all you would have to do is fill out a short inquiry form. You’re going to need the information from your government-issued photo ID and checking account and your Social Security number, so make sure to have those at hand. After you submit the form, you will receive a loan decision in minutes.
The good news is that you wouldn’t have to worry about any security issues—Simple Fast Loans is a reputable, nationally-recognized service provider with thousands of 5-star reviews on Trustpilot. Your satisfaction is the company’s top priority, so you can always count on the amazing staff members to help you out whenever you have any questions.
Now that the moving process is finally over, you can get back to your everyday routine and revise your budget.
To effectively manage the repayment of your loan, you would have to immediately include the installment into your budget under the “needs” category. If you don’t want to think about the payments at all, you can choose to set up a direct debit. This means that the monthly installments will be automatically deducted from your bank account.
By the way, with Simple Fast Loans there are no penalties for paying off early.
It doesn’t really matter whether you’re moving to another state, city, or just down the road, the process can be incredibly stressful, and, in the majority of cases, might end up costing you a lot more than you thought it would. An installment loan can help you cover these expenses so that you can fully focus on other important things.
If you choose Simple Fast Loans, you wouldn't even have to leave the house to get the much-needed sum. Furthermore, you might get the whole sum the next workday or even the same day! To get a loan decision right now, simply fill out a short inquiry form.