Relocation Loans
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It finally happened. You’re moving to start a new and exciting stage of your life. New home, new town, new job. Now all you have to do is get there. Simple enough, right? But then you discover that the average cost of relocating to another state is more than $5,000.
Add up the cost of movers, packing supplies, shipping, security deposits, rentals, insurance and fees, and you’ll soon realize that moving requires a serious upfront investment.
A relocation loan from Marcus by Goldman Sachs® could help you finance these costs.
What is a relocation loan?
A relocation loan is a personal loan that is used primarily to help cover the costs of moving, whether you’re moving in-state or across the country.
A personal loan from Marcus could help finance costs associated with moving.
How can you use a relocation loan?
Once you have the funds in your account, you can spend them on any moving expense.
Here are just some of the ways you could spend the money:
Moving truck or company
Boxes, tape and bubble wrap
Padding, cords and rope
Replacement ceramic bowls and plates from when the moving guys tossed the box you forgot to label "fragile"
Storage unit
Fuel for the truck
Fuel for the people
An overnight stay halfway through the drive
An overnight stay in a motel near your new home, since the real estate agent fibbed about when the house would be ready for move-in
Moving insurance
Snacks
Security deposits
First and last month’s rent
The loan may also help cover temporary living expenses if you’re transitioning to a position at a new company and are waiting to receive your first paycheck.
Get started with Marcus
Benefits of Marcus relocation loans
No fees. Ever.
No sign-up fees. No late fees—you just pay interest for the additional days. No prepayment. No fees, period.
Fixed rates for the life of your loan.
Your interest rate is fixed, so you won’t have to worry about changing rates over the life of the loan or fluctuating monthly payment amounts.
Easy online application process.
The application process is easy—compared to packing up your bedroom, that is. Many Marcus customers receive their funds within 5 days.
Loan amounts up to $20,000.
Marcus relocation loans are available from $3,500 to $20,000 with terms from 3 to 6 years.
A Marcus relocation loan vs. a credit card
Maybe you planned it out, and it’ll cost about $5,000 to move your three-bedroom home cross-country from Detroit to Dallas using a moving company.
What’s the better choice to help fund your move: a relocation loan from Marcus or a credit card?
You could place those hefty expenses on your credit card, only to be hit with fees if you forget to make a payment. Plus, the interest rate on your credit card could go up. Sounds like your moving debt could grow larger and faster than the packed boxes in the living room if you put all those expenses on your credit card.
With a relocation loan from Marcus, you could get up to $20,000—and a lower interest rate than a high-interest credit card—to fund your move.
Unlike your credit cards, Marcus loans have fixed interest rates. This can help you save money over high-interest credit cards, especially since they could increase their rates, thus forcing you to shell out more money each month.
And rather than worry about fluctuating payment amounts, you can select your loan amount and desired monthly payment.
Marcus money-saving moving tips:
Instead of buying boxes for your move, get some free ones. Liquor stores often save their boxes and give them away. These boxes were designed for glass bottles, so they are sturdy — and they are often a decent size for moving. This could save you a little money (seeing as boxes needed for moving a two-bedroom apartment could cost up to $100), and, hey, recycling is a good thing, too.
Use everyday clothing or fabrics, such as T-shirts, socks, blankets, pillows and jeans, to pad any boxes that contain delicate or breakable objects. This will save you some space in other boxes, and it provides free padding.
Moving companies are required by federal law to offer the choice of either full-value or release-value protection insurance for interstate moves. Under full-value protection, your movers are responsible for the replacement value of any lost or damaged goods during your shipment. Under released-value, your protection is more limited—covering no more than $0.60 per pound per item, though it is much more affordable since it’s offered at no additional cost. If you’re transporting valuable items, you’ll want to pay extra for full-value protection. Costs for full-replacement coverage tend to be around $8 to $10 per $1,000 of declared property—so coverage for $20,000 worth of goods would cost $160 to $200.
If you’re doing a long-distance move and need to stop overnight, try to find friends or family who live along your route. Getting a small break in there will be nice, and you’ll be saving yourself the cost of a hotel for the entire family. Plus, who doesn’t love catching up with people they haven’t seen in a while?
Use your move as an excuse to do some spring cleaning. Find the things in your home that you don’t use or need, and sell or donate them. Though that elliptical is great for drying clothes, maybe someone else could use it for its intended purpose.