By TLB Contributing Financial Writer: Cyndy Lane
Moving to a new home is something that can be very stressful but also very costly. For many people, the cost of moving can spiral out of control and without adequate funds in savings it can be difficult to cover the cost of the move. Fortunately, a guaranteed loan could help with moving costs and ensure that you are able to get your move sorted on time.
You may find that your best option when it comes to getting this type of loan is through peer-to-peer lending. This is because most traditional lenders such as banks are unable to guarantee a loan unless they have gone through your circumstances, credit report, and details thoroughly. If you do not meet the criteria they will turn you down, as otherwise the risk to the lender would be too high.
When it comes to your move, there are various costs that you may need to cover. Even if you are selling your own home, you would have to wait for the sale to go through and funds to be released before you get the cash so you may need to borrow money over the short-term to cover the cost of your own move. One of the key costs associated with the move is the cost of removal services so that your worldly goods can be transported safety to your new property. Always make sure you compare different providers in order to try to get the best deal on your removal service costs, as this could save you a lot of money.
Another thing you may have to cover the cost of is storage units, as you may need to put some items into storage during your transition from your old property to the new one. The good news is that you can get some great deals on the cost of storage so you shouldn’t have to pay too much in order to benefit from these facilities.
You may need money to cover the cost of packing materials for your move as well. While this is not the biggest expense, the cost of materials can still add up particularly if you have a lot of items that have to be moved. It is important to ensure you get high quality materials so that your belongings are safe and not at risk during the move, and these quality materials are not always cheap. You need to think about boxes, packing tape, bubble wrap, and other packing materials that you may need depending on what needs to be moved.
If you do need to take out a loan in order to cover the cost of your move, one thing that you should do is take time to compare different deals. Interest rates with loans that are guaranteed will be higher because of the risk involved. However, if you have damaged credit but still need to borrow money for your move this may be your best option.
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