Can I get a loan for just one electric company deposit?

Yes, absolutely. You can apply for a loan for the exact amount you need, whether it's to cover a single large electric deposit or a combination of smaller fees for water, gas, and internet. Simply calculate the total amount you need for all setup costs and request that amount in your application.

How quickly can I get money for utility connection fees?

The process is designed to be fast because we know these needs are urgent. The online application takes only a few minutes. If you are approved and accept a loan offer from a lender, funds can often be deposited into your bank account as soon as the next business day, though funding times may vary by lender.

What if the utility company refunds my deposit later?

This is a great outcome! Most utility companies will refund your deposit after 12-24 months of consistent on-time payments. When you receive that money back, you can use it however you wish. A smart option is to apply it as a lump-sum payment toward your personal loan balance to pay it off faster and save on interest.

Can I get a loan if I have bad credit and need to pay a deposit?

Yes, it's possible. Many online lenders specialize in providing options for individuals with bad or fair credit. They often place more emphasis on factors like your income, employment stability, and ability to repay. While rates may be higher than for someone with excellent credit, a personal loan can still be a much better option than alternatives like payday loans.

Is this a 'no deposit electricity' loan?

This loan doesn't eliminate the utility company's deposit requirement. Instead, it provides you with the cash you need to pay that deposit. It's a financing tool to meet the provider's terms. Some energy retailers offer 'no deposit' plans, but these often come with higher per-kilowatt-hour rates or require pre-payment. A loan allows you to access standard, often cheaper, utility plans by covering the deposit upfront.

Can I use the loan to pay my first utility bill as well?

Yes. A personal loan is flexible. When you apply, you can request an amount that covers both the required deposits and an estimate for your first month's bills. This can provide a helpful financial cushion as you get settled in your new home and adjust to new expenses.

Get a Loan for Utility Deposits, Even with Limited Credit

Finance the security deposits for electric, gas, and water services so you can get your new home up and running without draining your savings.

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Moving is expensive enough without surprise deposit fees.

Utility companies are demanding hundreds in deposits before they'll turn on your service.
A small loan provides the upfront cash to cover multiple deposits at once, so you can get your lights and water on immediately.
Your moving budget is already stretched thin with movers, rent, and a security deposit.
Finance these unexpected connection fees with a predictable monthly payment, preserving your cash for other moving essentials.
A past credit issue is forcing you to pay a deposit you can't afford right now.
We connect you with lenders who consider more than just your credit score, focusing on your ability to repay.
You need to act fast. Your move-in date is this week and you can't be without power or water.
Our simple online process takes minutes, and if approved, funds can often be deposited as soon as the next business day.

How a Utility Deposit Loan Works

A loan for utility deposits is a type of small, unsecured personal loan designed to cover the upfront costs required by utility providers. When you move to a new residence, companies providing electricity, natural gas, water, and even internet service may require a security deposit before initiating service. This is especially common if you have a limited or poor credit history. These deposits can add up quickly, creating an unexpected financial hurdle during an already expensive move.

Instead of scrambling to find cash or putting high-interest charges on a credit card, a personal loan provides a lump sum of cash directly to your bank account. You can then use these funds to pay each utility provider's required deposit and any associated utility connection fees. You'll repay the loan over a set period (often 6 to 24 months) through fixed monthly payments. This makes budgeting simple and allows you to manage the cost of getting your new home operational without derailing your finances.

Get Funds for Your Deposits in 3 Simple Steps

1
Fill out one simple form.
Our secure online form takes just a few minutes to complete. We'll ask for some basic information about you and your needs.
2
See your loan options.
If you pre-qualify, you'll see potential offers from our network of lenders. This initial check won't impact your credit score.
3
Get your funds.
Choose the best option for you, finalize your application with the lender, and if approved, funds are typically deposited directly into your account.

Ready to Cover Your Deposits?

See what you could qualify for in just a few minutes. It's fast, free, and won't affect your credit score.

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Estimating Your Utility Deposit Costs

The total amount you'll need for utility deposits can vary significantly based on the provider, your location, and your credit history. Someone with excellent credit may have most deposits waived, while someone with poor credit might be asked to pay the maximum amount. It's wise to call each utility company ahead of your move to confirm the exact deposit and connection fees you'll be responsible for. This allows you to request an accurate loan amount.

Common Utility Deposit & Fee Ranges

Electric Deposit Often equals 1-2x the average monthly bill	$150 - $400
Water Deposit / Setup Fee Varies by municipality and meter size	$50 - $150
Natural Gas Deposit Based on property usage and credit check	$50 - $200
Internet/Cable New Service Fee Can include deposit and/or installation	$50 - $100

Estimated monthly

$47/mo

A $500 loan with a 12-month term at 25% APR would have an estimated payment of:

Loan amount: $200 – $1,500
APR: 7.99% – 35.99%
Term: 6 mo – 36 mo

Your actual APR depends on factors like credit score, requested loan amount, loan term, and credit usage and history. The rates above are representative and not guaranteed.

Example scenario

I was totally blindsided by the electric deposit. My credit isn't great and they wanted almost $300 upfront. Getting a small loan covered it and the water setup fee, which was a huge relief during a stressful move.

Maria R.·New Renter, Austin, TX

Comparing Options for Covering Deposits

When you need cash quickly for utility deposits, you have a few options. While each can solve the immediate problem, they come with different costs and long-term implications. A small personal loan is often a more structured and affordable choice compared to high-interest alternatives.

Utility Deposit Loan vs. Alternatives

	Personal Loan	Credit Card Cash Advance	Payday Loan
Typical APR	8% - 35.99%	25% - 30% + Fees	300% - 500%+
Loan Amount	$200 - $1,500+	Depends on credit limit	Typically < $500
Repayment	Fixed monthly payments	Revolving balance	Lump sum on next payday
Credit Impact	On-time payments can build credit	Can increase utilization ratio	Often not reported to bureaus

Find out what you qualify for.

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What Lenders Look For

Common Qualification Criteria

Verifiable Income: Lenders need to see that you have a steady source of income (from a job, benefits, etc.) to comfortably make payments.
Credit History: While perfect credit isn't required, lenders will review your history. Some lenders specialize in working with those with less-than-perfect credit.
Active Bank Account: You'll need an open checking account in your name for the funds to be deposited and for payments to be withdrawn.
Age and Residency: You must be at least 18 years old and a U.S. citizen or permanent resident with a valid address.
Debt-to-Income Ratio (DTI): Lenders assess how much of your monthly income goes toward debt payments to ensure you can handle a new loan.

If your credit is a concern, focus on highlighting your stable income and low DTI. Having all your documents ready, like pay stubs and bank statements, can also help speed up the process.

Don't Let Deposits Derail Your Move

Get the funds you need to turn on the lights, water, and heat in your new home. Check your rate now.

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Frequently Asked Questions

Can I get a loan for just one electric company deposit?
Yes, absolutely. You can apply for a loan for the exact amount you need, whether it's to cover a single large electric deposit or a combination of smaller fees for water, gas, and internet. Simply calculate the total amount you need for all setup costs and request that amount in your application.
How quickly can I get money for utility connection fees?
The process is designed to be fast because we know these needs are urgent. The online application takes only a few minutes. If you are approved and accept a loan offer from a lender, funds can often be deposited into your bank account as soon as the next business day, though funding times may vary by lender.
What if the utility company refunds my deposit later?
This is a great outcome! Most utility companies will refund your deposit after 12-24 months of consistent on-time payments. When you receive that money back, you can use it however you wish. A smart option is to apply it as a lump-sum payment toward your personal loan balance to pay it off faster and save on interest.
Can I get a loan if I have bad credit and need to pay a deposit?
Yes, it's possible. Many online lenders specialize in providing options for individuals with bad or fair credit. They often place more emphasis on factors like your income, employment stability, and ability to repay. While rates may be higher than for someone with excellent credit, a personal loan can still be a much better option than alternatives like payday loans.
Is this a 'no deposit electricity' loan?
This loan doesn't eliminate the utility company's deposit requirement. Instead, it provides you with the cash you need to pay that deposit. It's a financing tool to meet the provider's terms. Some energy retailers offer 'no deposit' plans, but these often come with higher per-kilowatt-hour rates or require pre-payment. A loan allows you to access standard, often cheaper, utility plans by covering the deposit upfront.
Can I use the loan to pay my first utility bill as well?
Yes. A personal loan is flexible. When you apply, you can request an amount that covers both the required deposits and an estimate for your first month's bills. This can provide a helpful financial cushion as you get settled in your new home and adjust to new expenses.

Settle into your new home faster

Personal loan disclosure

Money Savvy is not a lender. We are a marketing service that connects consumers with participating lenders. Rates, amounts, and terms vary by lender, your credit history, and other factors.

Loan amounts: $1,000 – $100,000
Repayment terms: 3 – 84 months
Min APR: 5.99%
Max APR: 35.99%
Origination fees: 0% – 10% of the loan amount
Late fees: May apply; vary by lender

Representative example: A $10,000 loan with a 36-month term at an 18.99% APR would have an approximate monthly payment of $366.39 and a total cost of $13,190.04, including interest and a $500 origination fee.

Your actual APR depends on your credit score, income, and other factors. Only borrow what you can afford to repay.

California residents: California Financing Law disclosures available upon request.

Get the funds to get connected.

A simple application is all that stands between you and getting your utilities turned on. Check your rate in minutes without impacting your credit score.

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