Loans for NYC Moving Expenses
May 14, 2013 7:29 AM   Subscribe

I'm planning to move from one NYC neighborhood to another at the end of the summer. Though I'm 99% sure I'll be able to cover all potential expenses (movers, security deposit, first/last month's rent, broker's fee), I was wondering if there's a reputable company that advances small loans to help cover these costs.

Though at this point I'm fully expecting to be able to cover all the expenses, I'm worried about the possibility of some sort of emergency that would necessitate dipping into these savings. The amount that I would potentially need to borrow would be small (absolute worst case scenario, probably $4000), and could be repaid reasonably immediately.

I have doubts about my bank (Chase) advancing such a loan, though I'll be thrilled if anyone tells me otherwise. I'm also strongly considering asking for an increase to my credit limit, because though I have yet to encounter a landlord who takes payments by card, I know that could be the thing that preserves my bank balance in an emergency.

Basically, any advice on how to cover my ass, beyond just crossing my fingers, would be appreciated.
posted by incomple to Work & Money (11 answers total) 1 user marked this as a favorite
Cash advance on a credit card? Not the greatest way to get money, but beats dealing with Cash companies.
posted by jcworth at 7:32 AM on May 14, 2013

Related Rentals takes payment by credit card. Not sure if their apartments are in your budget, but that certainly is one big landlord that does do rentals by credit card.
posted by dfriedman at 7:36 AM on May 14, 2013 [1 favorite]

Best answer: You are talking about an unsecured loan, so your options are pretty much limited to personal loans and credit cards. I've noticed my credit cards are sending me zero-interest convenience checks again (with a 2-4% fee) so you could check with your cards to see if these are available. You may even be able to check online (go into your account and look for something like "balance transfer offers" or "special offers").

Another way to go about this is to find a credit card with a 0% introductory rate. Shift your spending to the card while you stockpile the cash that you would otherwise be spending. For example, if you spend $1000/month on groceries, utilities, cell phone payment, clothes, going out, etc. - anything you can put on a card - put all of that on a card and put $1000 in a savings account. By the end of the summer you will have a $3000 credit card balance and $3000 in cash.

If neither of those options work, apply for a personal loan.
posted by payoto at 7:45 AM on May 14, 2013

If you have decent credit, getting a small loan from your bank should work.

If it doesn't, apply to join a credit union that gives small personal loans. They tend to be friendlier about that stuff.
posted by ablazingsaddle at 7:45 AM on May 14, 2013

Check out a credit union.
posted by Ruthless Bunny at 7:46 AM on May 14, 2013

Are you Jewish? If so, try for a Hebrew Free Loan.
posted by latkes at 7:52 AM on May 14, 2013

Response by poster: "Convenience checks" are basically exactly what I needed to learn about, payoto. Getting a small extension to my credit limit seems perfectly reasonable, so that gives me complete peace of mind. I don't know how I had never heard of them.

Thanks as always, Metafilter, for your generous and quick responses!
posted by incomple at 8:11 AM on May 14, 2013

Can you apply for whatever the equivalent is to citibank's 'checking plus' where you basically have a 'loan account' with a certain max you can withdraw- like 5k?
posted by bquarters at 8:31 AM on May 14, 2013

You can also get a "Personal line of credit" from a bank. It's like a creidt card wherein they set your limit, then you borrow only what you need up to the limit by paying with checks issued form the account and the interest rates are much more competitive than credit card rates and comparable to personal loan rates.
posted by WeekendJen at 8:38 AM on May 14, 2013

In the meantime, start selling as much as you can. Less stuff = less to move + less to pay to move + less to unpack + a bit of income. It means you'll reduce your expenses by having less to move, increase your productivity by having less to stuff to wrangle, and increase your income by a bit at the same time. Win-win!
posted by barnone at 9:05 AM on May 14, 2013

Convenience checks usually are treated as cash advances, meaning there may be a higher interest rate than on purchases. They are likely to not have any grace period either, so you won't escape finance charges by paying your balance in full every month as you can for purchases on a credit card.
posted by grouse at 7:24 PM on May 14, 2013

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