If you have to move cross-country for your job or your school, you can use personal loans to finance your trip. Even if your company will cover your relocation expenses, most companies will do a reimbursement of your costs after the job starts. This means you will still need to come up with the cash to make the move yourself, and float these expenses until your reimbursement check comes in. Using a line of credit will help you meet your needs as you make this life-changing move at a lower interest rate than credit cards typically carry; after all, the last thing you want to worry about is trying to balance these expenses with your usual monthly bills. Following are three ways a personal loan can help you as you relocate:
1. Pay Deposits and Fees
One of the most expensive parts of your move will be paying your deposits and fees on your new home. Many utility companies require a deposit before turning on service to your new address. Your landlord will require, in many cases, first and last months’ rent as well as a pet deposit if you are bringing your pets. All of these deposits can add up to thousands of dollars, and they must be paid before you can move in to your new place. Personal loans can help you meet these obligations while still remaining current on your regular monthly expenses.
2. Pay Your Travel Expenses
You will also need to find a way to cover your travel expenses until your employer can pay you back. You will need to rent a moving van to move your household cross-country, and you will need to pay for your own gasoline, lodging, and food on the road if you choose to drive. If you fly out, you will need to pay for your own plane tickets. Personal loans can cover all of these planned expenses plus emergencies that occur on the road. For example, if you have a flat tire and need to repair or replace it, a personal line of credit can help you pay for everything and get back on the road.
3. Cover Your Paycheck
Finally, most employers have some sort of lag between your hire date and the time you receive your first paycheck. Consumers often find that carrying the burden of an expensive cross-country trip plus waiting for a paycheck is simply too much to bear. A personal loan can help you ride out the time between starting your job and your payday, allowing you to buy groceries, gasoline, and other mundane expenses without worrying how you will pay for everything.