What type of credit or loan to get for job relocation?

Question

I have never had a credit card. The only loans I've had have been student and car loans. Both of those I always paid on time; both are paid off.

I have accepted a job offer and am now looking to scrape together some funds for relocation. I am guessing I would need no more than $5000. I am coming off being unemployed but can perhaps show offer letter as proof of income? What kind of credit or loans could I qualify for for these purposes? What is the best kind to get? I plan to pay it down as soon as possible. What is typical for this situation?

Thanks.

Answer 1

Obviously you know your own circumstances, but it would be considered normal for a company to pay relocation expenses for someone they hire. Unless they have explicitly said no already you should at least ask.

Even if they have said no, they might make you a loan to cover your expenses, at a low or even zero interest rate, to be paid back out of your salary.

If they absolutely say no again, then go with the other options mentioned here.

Answer 2

Personal loan in bank or a social lending club would be what you're looking for. Since you have a credit history with loans paid on time and paid off - with offer letter your chances are pretty good, shop around for rates though.

You can also check with the employer about a signing bonus to cover the relocation expenses, relocation assistance or just an advance on the account of your future salary - if they do either of that it would be the best.

Answer 3

Look for "balance transfer" offers from large credit card lenders like Chase or Citibank. You should be able to find deals like "0% interest for 18-24 months with 3% fee" or "1.9% interest for 24-36 months with 3% fee".

If you have the discipline to make the payments, these are usually the cheapest ways to get up to $20k with an unsecured loan.