Are you one of the 35.5 million Americans looking to move this year?
Whether you’re moving down the street or to another state, one thing is certain: you need money. And if the move is unexpected, you might not have enough time to raise the money you need to settle the moving expenses.
What do you do? Go in for a bad credit loan for moving!
In this article, we’re telling you why moving loans are a good idea, as well as how to secure one with bad credit.
Moving Loans Have Fast Approvals
When you have to move suddenly, you need money fast. As such, the last thing you want to do is to apply for a personal loan no credit check that’ll take several days to hit your bank account.
Lucky for you, moving loans typically have super quick approvals. Lenders know many borrowers usually need the money urgently, so their lending processes are designed to support short turnaround times.
As long as your application meets all the approval requirements, you can get the money in a matter of hours.
Unsecured installment loans are credit facilities that don’t require any collateral as a condition for approval. And it’s easy to see why this feature makes moving loans attractive.
Maybe you don’t own any high-value item – such as a car – you can put up as collateral. Even if you do, some logistical challenges can prevent you from using the item. If you own an apartment, for instance, it’s likely you’ll put it up for sale before moving. Because lenders will require you to hand over your ownership title, you won’t be able to sell the property.
The good news is, moving loans are unsecured. Most lenders only require you to provide proof of sufficient income.
Bad Credit? No Worries
About 68 million Americans have bad or poor credit.
If you’re one of them, you know how difficult it is to get a loan from a traditional bank. And in the event your request is approved, you’re slapped with high-interest rates.
These days, though, there’s no need to worry about the status of your credit score. With many online lenders offering personal loans for bad credit, you have a strong chance of getting approved.
How to Secure a Moving Loan with Bad Credit
Now that you know the benefits of a moving loan, let’s tackle how to get approved with bad credit.
Start by finding a preferred lender for your personal loan online.
A simple “moving loans for bad credit” search on the web is enough to reveal many online companies offering these loans. Loan fees, interest rates, and repayment periods vary from lender to lender, so be sure to read their terms and conditions.
If you have a very low interest rate, you should look at payday loans online, as they have a high likelihood of approval. However, make sure you look at the fees and payment schedule to ensure you will be able to repay the loan when it comes due.
When applying for the loan, you’ll need to provide proof of identity (national security number and your new address), as well as proof of income (pay stubs and/or employment letter). Lenders use this information to verify your identity and determine whether you’re able to repay the amount of money you’re borrowing.
Get a Loan to Fund Your Move
From paying professional movers to renting or buying a condo in your new location, moving expenses can quickly add up.
If you’re short on cash, moving loans will come in handy. We’ve demonstrated why they’re an attractive credit facility when you’re moving and told you how to get your application approved.
Good luck with your move and don’t forget to explore our blog for more personal finance tips and advice.