Can I Get a Personal Loan With Around 500 Credit Score?

In an ideal world, we would always have stellar credit scores to back us up in times of financial need. However, life doesn’t always go as planned, and sometimes our credit scores take a hit.

If you find yourself in a situation where you have a 500 credit score and need financial assistance, you might wonder if it’s possible to secure a personal loan. The good news is that it’s not impossible, but it is challenging and you will likely end up paying more in interest than someone with good credit.

What Does a 500 Credit Score Mean?

First, let’s understand what a 500 credit score means.

Credit scores range from 300 to 850, with higher scores indicating better creditworthiness. When your credit score falls between 300 and 579 it’s rated as “very poor,” and it can make borrowing money difficult.

Many lenders are unwilling to take a chance on you since your score suggests that you have a history of late payments, delinquency, and high credit utilization.

Where Can I Go For a Loan With a 500 Credit Score

While traditional banks and credit unions may be reluctant to lend to individuals with a 500 credit score, there are still options.

Consider online lenders with more lenient credit requirements – look for ones that specialize in bad credit loans. Try Peer-to-peer lending platforms that connect borrowers with individual investors. Or go for a secured loan where you use collateral like a car or savings account to back the loan.

How Can I Get a Personal Loan With Poor Credit?

Improve your chances of getting a personal loan with a 500 credit score by taking the following steps:

Check Your Credit Report: Review your credit report for errors and dispute any inaccuracies. This can potentially boost your score.
Shop Around: Compare loan offers from different lenders to find the best terms and interest rates available to you.
Understand the Criteria: Lenders who consider applicants with a 500 credit score may throw in additional criteria like employment history or income.
Determine the cost: Ask about any fees and the potential interest rates for the loan. You may have to prequalify in order to see the exact costs.
Provide Documentation: Be prepared to demonstrate your ability to repay the loan by providing proof of income and employment stability.

What Is the Easiest Type of Loan to Get With Poor Credit?

For those with a 500 credit score there are a few options with a higher rate of approval.

Secured Loans: Secured loans are the easiest to obtain and are backed by collateral – your car, house, or savings account – which reduces the lender’s risk. Be aware, that you risk losing your collateral if you don’t make payments.

Bad Credit Personal Loans: Online lenders who offer these loans tend to take into account the whole applicant – your income, employment history, home ownership – not just your credit score. These loans are typically unsecured so are a good option if you don’t have collateral.

Co-signed Loan: Add a co-signer with good credit to help you get approved and obtain lower interest rates and fees. The co-signer essentially “vouches” for your ability to repay the loan, making it less risky for the lender.

Payday loans: These loan are usually short-term and designed for people with low credit scores. Keep in mind that they typically come with high-interest rates and fees.

How Will a 500 Credit Score Affect Loan Rates and Fees?

A credit score of 500 significantly impacts loan rates and fees. When you have a poor score – anything under 670 on the FICO scale or 661 on the Vantage scoring model – lenders will charge you more. Lenders view a score in this range as a high risk, meaning there is a good chance that you will not repay what you owe.

Most people who have poor scores do have a history of missed payments, defaults, or other credit issues. Consequently, lenders will charge more money up front. That way if you default on the loan, they won’t lose much money.

When you have a 500 credit score, you are likely to face interest rates considerably above the average, sometimes double or triple the standard rates offered to those with good credit. You may also encounter higher fees, including origination fees and private mortgage insurance (PMI) requirements for home loans.

In some cases, securing a loan might require a larger down payment or collateral to offset the lender’s risk. Overall, a 500 credit score makes borrowing more expensive and challenging.

Should You Take Out a Personal Loan if You Have Bad Credit?

Taking out a personal loan with bad credit should be approached with caution. While it can provide necessary funds for emergencies or consolidating debt, the high interest rates and fees associated with bad credit loans can exacerbate financial strain. Borrowers with poor credit often face significantly higher interest rates, making monthly payments and total repayment amounts much larger.

Generally, it’s a good idea to wait and improve your score before taking out a loan. Taking out a loan with high interest rates and fees can be very expensive and lead to a cycle of debt.

Waiting is not always an option. You cal also explore alternatives such as borrowing from friends or family, peer-to-peer lending, or cash advance apps that can offer loans typically with lower interest rates and fees. Diligently compare lenders and loan options to make sure that you get the best one possible.

Alternatives to Personal Loans for Bad Credit

For individuals with bad credit, there are several alternatives to personal loans that might be more suitable and less costly. These alternatives can help manage financial needs without the high interest rates and fees associated with bad credit loans. Options include:

– Credit Union Loans: Credit unions often offer more favorable terms to their members, even those with bad credit.

– Secured Loans: These loans require collateral, reducing the lender’s risk and potentially leading to better terms.

– Peer-to-Peer Lending: There platforms connect borrowers with individual investors, which can sometimes result in lower rates.

– Family or Friends: Borrowing from loved ones can be a low-cost alternative, but it’s crucial to formalize the agreement to avoid conflicts.

– Credit Counseling: Nonprofit credit counseling agencies can assist in managing debt and improving credit scores.

– Payment Plans: Negotiating payment plans with creditors can provide relief without the need for additional loans.

Exploring these alternatives can help mitigate the financial burden associated with bad credit while addressing immediate financial needs.

How to improve your loan application

Improving your loan application involves several strategic actions to enhance your creditworthiness and make your profile more appealing to lenders. Here’s a comprehensive approach:

Check and Correct Your Credit Report: Start by obtaining your credit report from the major credit bureaus. Review it thoroughly for any errors or inaccuracies that could be negatively impacting your score. Dispute any incorrect information to have it corrected or removed.

Enhance Your Credit Score: Improving your credit score is crucial. Focus on making all your payments on time, as payment history significantly affects your score. Reduce your credit card balances to lower your credit utilization ratio, ideally below 30%. Avoid opening new credit accounts shortly before applying for a loan, as each application can result in a hard inquiry, temporarily lowering your score.

Demonstrate Stable Income: Lenders favor applicants with a stable and sufficient income. Ensure you can provide proof of consistent employment and income, such as pay stubs, tax returns, or bank statements. A higher income relative to your debt obligations increases your chances of approval.

Reduce Existing Debt: Lowering your debt-to-income ratio by paying down existing debts can significantly improve your application. This ratio is a key factor lenders consider when assessing your ability to repay new debt.

Prepare a Detailed Budget: Create a comprehensive budget that outlines your income, expenses, and how you plan to manage loan repayments. This demonstrates to lenders that you have a clear financial plan and are serious about managing your finances responsibly.

Save for a Larger Down Payment: A larger down payment reduces the loan amount needed and can make you a more attractive borrower. It shows financial discipline and reduces the lender’s risk.

Consider a Co-Signer: If your credit is less than ideal, consider asking a family member or friend with good credit to co-sign your loan. A co-signer’s strong credit can improve your chances of approval and help you secure better loan terms.

Choose the Right Lender: Research and choose lenders that cater to individuals with your credit profile. Some lenders specialize in bad credit loans and may offer more favorable terms than traditional banks.

By taking these steps, you can improve your loan application and increase your chances of securing a loan with favorable terms.

How to rebuild your credit

Rebuilding your credit involves a series of disciplined steps that demonstrate financial responsibility and gradually improve your credit score. Here’s a comprehensive guide to help you rebuild your credit:

Check Your Credit Report: Obtain your credit report from the three major credit bureaus (Equifax, Experian, and TransUnion). Review it for errors or inaccuracies that could be hurting your score. Dispute any incorrect information to have it corrected or removed.
Make Timely Payments: Payment history is a significant factor in your credit score. Ensure that you make all your payments on time, including credit cards, loans, utilities, and other bills. Consider setting up automatic payments or reminders to avoid missing due dates.
Reduce Outstanding Debt: Work on paying down your existing debt. Focus on reducing high-interest debts first, as they cost you more over time. Aim to keep your credit card balances low relative to your credit limit, ideally below 30%.
Use a Secured Credit Card: If you have difficulty getting approved for a traditional credit card, consider a secured credit card. This requires a cash deposit as collateral, which acts as your credit limit. Use the card responsibly, making small purchases and paying off the balance in full each month.
Limit New Credit Applications: Each time you apply for new credit, it results in a hard inquiry on your credit report, which can temporarily lower your score. Limit new credit applications and only apply for credit when necessary.
Become an Authorized User: Ask a family member or friend with good credit to add you as an authorized user on their credit card. This can help you build a positive credit history, provided they maintain good credit habits.
Create a Budget and Stick to It: Establish a budget to manage your finances effectively. Track your income and expenses to ensure you can meet your financial obligations and avoid unnecessary debt.
Seek Credit Counseling: Consider working with a nonprofit credit counseling agency. They can help you create a plan to manage your debt, improve your credit, and provide financial education and resources.

By consistently following these steps, you can rebuild your credit over time. Patience and persistence are key, as improving your credit score is a gradual process that requires ongoing effort and financial discipline.

Frequently asked questions

1. Can I get a personal loan with a 500 credit score?

Yes, you can get a personal loan with a 500 credit score, but it will be challenging. Lenders view this score as high risk, resulting in higher interest rates and fees. You may need to seek out specialized lenders or consider secured loans, which require collateral. Improving your credit score beforehand can increase your chances of getting better loan terms.

2. Where can I get a personal loan with bad credit?

You can get a personal loan with bad credit from credit unions, online lenders specializing in bad credit loans, or peer-to-peer lending platforms. Some banks may also offer secured loans requiring collateral. Comparing offers and terms from multiple sources can help you find the best option for your financial situation.

3. How can I get a loan with bad credit fast?

To get a loan with bad credit quickly, consider online lenders specializing in bad credit loans, credit unions, or peer-to-peer lending platforms. Prepare necessary documentation, such as proof of income and identification, to expedite the process. Secured loans, which require collateral, might also be an option for faster approval. Compare offers to find the best terms.

The Bottom Line

When you have a credit score of 500 it’s challenging but not impossible to get a personal loan. You’ll find that there are fewer options and less favorable terms than for someone with fair or good credit, but not every lender has closed their door to you.

So check in with yourself and ask how badly you need that loan. If you can hold off, do so and improve your credit first so that you can secure a loan with more favorable terms and interest rates. If you can’t and you need money right away, consider the options we’ve suggested to find the loan that is right for you.

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions. Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card issued by Choice Financial Group, and the Current Visa® secured charge card issued by Cross River Bank, are both pursuant to licenses from Visa U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

2. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.

3. Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.

4. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

5. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Funds held in Savings Pods are FDIC-insured on a pass-through basis up to $250,000 at our partner bank Choice Financial Group, member FDIC

6. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.

7. Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to Fee-free Overdraft Terms and Conditions.

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9. Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.

10. Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.

11. Cryptocurrency services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC, and may not be available in all states. Terms and conditions apply. When you buy or sell cryptocurrency, a difference between the current market price and the price you buy or sell that asset for is called a spread. However, unlike most other exchanges Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested. Cryptocurrency is not insured by the FDIC or any other government-backed or third-party insurance. Your purchase of cryptocurrency is not a deposit or other obligation of, or guaranteed by, Choice Financial Group or Cross River Bank. The cryptocurrency assets in your Zero Hash account are not held at Current, Choice Financial Group, or Cross River Bank. Current, Choice Financial Group, and Cross River Bank are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither Current, Choice, nor Cross River Bank is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Terms and Conditions apply (platform and user agreements). Crypto on Current is not currently available in HI. Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. This does not constitute investment advice.

12. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Your money is FDIC-insured on a pass-through basis up to $250,000 at each of our partner banks, Choice Financial Group and Cross River Bank, members FDIC.

13. Average value based on Fine Hotels + Resorts bookings in 2023 for stays of two nights. Benefits include daily breakfast for two, room upgrade upon arrival when available, $100 amenity, guaranteed 4PM late checkout, and noon check-in when available. Certain room categories not eligible for upgrade. $100 amenity varies by property. Actual value will vary based on property, room rate, upgrade availability, and use of benefits.

14. Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

15. The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

16. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

17. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

18. Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions, and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

19. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

20. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

21. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

22. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.

23. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

24. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

25. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

26. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

27. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

28. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

29. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

30. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

31. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

32. Tipping or not tipping has no impact on your eligibility for SpotMe®.

33. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

34. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

35. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

36. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.

37. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.

38. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.

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Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.