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How to Get a Loan if You Have Bad Credit

March 5, 2024

Don’t let a low credit score stop you from getting a personal loan. Personal loans can be lifelines for emergencies, help finance big purchases, or consolidate debt. But they’re not always easy to get if you have a bad credit score.

Credit scores span a range of 300 to 850, with scores below 670 typically categorized as “low.” While a low credit score might pose challenges in securing a conventional personal loan, it’s important to note that it doesn’t render loan approval impossible.

5 steps to get a personal loan with bad credit

1. Know your credit score

Lenders typically have a minimum credit score threshold, and if your score falls below it, your application can be denied. Many financial companies, including ChoiceCreditScore, provide access to your credit score and AnnualCreditReports.com offers a free detailed credit report. Take a look at your report, and if you find any errors, request corrections since fixing them can boost your credit.

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2. Find lenders specializing in bad credit loans

Not all lenders have the same requirements when it comes to personal loans. Research and identify lenders who specialize in working with borrowers with less than stellar credit. These lenders include:
– Online lenders
– Credit unions
– Peer-to-Peer lenders
– Family and friends
These tend to consider alternative criteria like employment stability, income, education, and banking history, as well as your credit score. 

3. Prequalify for loans and compare

No two lenders will offer the same rates so it pays to compare options. Before you apply for a loan, check if you prequalify. This will let you see the loan amount, rates, and repayment terms without hurting your credit score. When you do apply, the lender will do a hard credit check which temporarily lowers your credit score.

Prequalifying lets you see if you can get approved and compare loan rates and terms without hurting your credit. Then you apply for the best offer you got.

4. Consider collateral or a co-signer

Look into co-signed, joint, and secured loans. Lenders are more likely to approve co-signed or secured loans with better rates because they lessen the risk to the lender. If you don’t pay, your co-signer will have to pay the loan or the lender can seize your collateral. Lenders will review the co-signer’s financial details and/or the collateral value (home, vehicle, assets) for approval and rates.

5. Apply for small loans

Ask only for what you need and can afford to repay. If the lender thinks the amount you asked for will overextend your finances they are more likely to decline you. Lenders want to be repaid so they’ll only lend what they think you can handle.

Instead, ask for a smaller amount and be sure to add all your income. This includes nonemployment income like alimony, child support, retirement, or Social Security payments. Responsibly managing a small loan can build trust with lenders and lead to larger loan approvals in the future. 

Tips to Get Approved for a Personal Loan with Bad Credit

Securing a personal loan with bad credit can be challenging, but it’s not impossible. Here are some strategic tips to increase your chances of approval:

  1. Consider a Co-signer: Having a co-signer with a strong credit history can significantly improve your chances of getting approved. A co-signer agrees to take responsibility for the loan if you default, providing the lender with added security.
  2. Opt for a Secured Loan: Secured loans, which require collateral such as a car, savings account, or other valuable assets, are easier to obtain for individuals with bad credit. Collateral reduces the lender’s risk, making them more likely to approve your application.
  3. Research Lenders: Not all lenders have the same criteria for approving loans. Some specialize in working with individuals who have poor credit. Research and compare different lenders, including credit unions and online lenders, to find one that caters to your financial situation.
  4. Improve Your Debt-to-Income Ratio: Lenders assess your debt-to-income (DTI) ratio to determine your ability to repay the loan. Paying off some existing debts to lower your DTI ratio can make you a more attractive loan candidate.
  5. Include All Sources of Income: Most lenders let you put down alternative sources of income like government benefits, child support, and alimony.
  6. Provide Detailed Documentation: Prepare to provide comprehensive documentation that demonstrates your ability to repay the loan. This may include proof of income, employment history, and any other financial assets. Detailed documentation can reassure lenders of your financial stability.
  7. Seek Pre-Approval: Many lenders offer pre-approval processes that do not impact your credit score. Pre-approval gives you an idea of what loan terms you might qualify for without the risk of a hard credit inquiry.
  8. Be Realistic with Loan Amounts: Requesting a smaller loan amount can improve your approval odds. Lenders are more likely to approve smaller loans as they pose less risk.

By following these tips, you can improve your chances of securing a personal loan even with bad credit. While the process may require extra effort and diligence, obtaining a loan with favorable terms is achievable with the right approach.

Where to Get a Personal Loan with Bad Credit

Finding the right lender is crucial when you have bad credit. As you probably already know, traditional banks are usually not the most accommodating. Here are some options to consider:

Credit Unions: Credit unions often have more flexible lending criteria and lower interest rates compared to traditional banks. They are member-focused and may be more willing to work with individuals who have less-than-perfect credit.

Online Lenders: Many online lenders specialize in offering loans to people with bad credit. These lenders use alternative data and technology to assess creditworthiness, often providing quicker approval processes and competitive rates.

Peer-to-Peer Lending Platforms: Peer-to-peer (P2P) lending platforms connect borrowers directly with individual investors. These platforms often have more lenient credit requirements and can offer a variety of loan options tailored to different credit profiles.

Community Banks: Smaller, community-focused banks may offer more personalized services and be more willing to consider your overall financial situation rather than just your credit score.

Exploring these options can help you find a personal loan that meets your needs, even if your credit is less than stellar. Always compare terms and conditions to ensure you secure the best possible deal.

Bad Credit Loans to Avoid

When you have bad credit, it’s essential to be cautious and avoid predatory lending practices. Here are some types of loans to steer clear of:

Payday Loans: Payday loans are short-term, high-interest loans that are typically due on your next payday. While they offer quick cash, the annual percentage rate (APR) can be exorbitantly high, often exceeding 400%. This can lead to a cycle of debt that’s difficult to escape.

Title Loans: Title loans use your vehicle as collateral and offer a loan based on a percentage of your car’s value. If you fail to repay, you risk losing your vehicle. These loans also come with high interest rates and short repayment terms, making them a risky option.

No Credit Check Loans: Loans that advertise “no credit check” can be tempting, but they often come with extremely high interest rates and unfavorable terms. Lenders offering these loans may not adhere to responsible lending practices, putting you at greater financial risk.

Advance-Fee Loans: Be wary of lenders who ask for an upfront fee before providing the loan. This practice is often a scam, where the fee is collected, but the loan is never disbursed.

Pawn Shop Loans: Pawn shop loans require you to hand over a valuable item as collateral. If you cannot repay the loan plus interest, the pawn shop keeps your item. These loans often have high interest rates and fees.

Avoiding these high-risk loans can protect you from further financial hardship and help you focus on finding more sustainable borrowing solutions. Always read the fine print and seek advice from financial counselors if needed.

What to Consider Before Taking Out a Loan with Bad Credit

Taking out a loan with bad credit requires careful consideration to ensure it’s a beneficial decision. Here are key factors to evaluate:

– Interest Rates: Loans for individuals with bad credit often come with higher interest rates. Compare rates from multiple lenders to find the most competitive offer. Even a small difference in interest rates can significantly impact the total repayment amount.

– Fees and Penalties: Be aware of all fees associated with the loan, including origination fees, late payment penalties, and prepayment penalties. These additional costs can increase the overall cost of the loan.

– Loan Terms: Consider the loan term length. Shorter terms may result in higher monthly payments but less interest paid over the life of the loan. Conversely, longer terms have lower monthly payments but higher total interest costs.

– Monthly Payments: Ensure the monthly payments fit within your budget. Missing payments can further damage your credit score and lead to additional fees. Use a loan calculator to estimate your monthly payments based on the loan amount, interest rate, and term.

– Lender Reputation: Research the lender’s reputation. Look for reviews and ratings from other borrowers. Ensure the lender is reputable and has a history of fair lending practices.

– Purpose of the Loan: Clearly define the purpose of the loan and evaluate whether it’s a necessity. Avoid taking on additional debt for non-essential expenses, especially with high-interest rates.

– Improvement Plans: Have a plan for improving your credit score while repaying the loan. Making timely payments on your loan can positively impact your credit history over time.

By considering these factors, you can make an informed decision and choose a loan that aligns with your financial situation and goals.

Alternatives to a Loan With Bad Credit

If you have bad credit, exploring alternatives to traditional loans can help you secure the funds you need without the high costs and risks. Here are some viable options:

Family and Friends: Borrowing from family or friends can be a cost-effective alternative. Ensure that both parties clearly understand the terms to avoid potential conflicts.

Buy Now, Pay Later Apps: These apps let you make purchases and pay in installments. They can help alleviate financial burdens and free up money so you don’t have to take out a loan.

Community Assistance Programs: Various non-profit organizations and community groups offer financial assistance to individuals facing temporary hardships. These programs can provide grants or interest-free loans.

Credit Counseling Services: Credit counseling agencies can help you manage your debts and finances better, potentially offering debt management plans that consolidate your debts into a single monthly payment with lower interest rates.

Exploring these alternatives can provide financial relief and help you avoid the pitfalls of high-interest loans while working to improve your credit score.

Final Thoughts

Getting approved for a personal loan with bad credit can be tough, but it’s certainly doable with the right approach and mindset. While a low credit score might limit your options, it doesn’t completely shut the door on borrowing opportunities. By taking proactive steps to improve your credit score, such as correcting errors on your credit report, paying down existing debts, and making timely payments, you can enhance your creditworthiness over time.

Selecting the right lenders is crucial. Credit unions, online lenders, and peer-to-peer lending platforms often have more lenient criteria and better terms for individuals with bad credit. These institutions are more willing to consider your overall financial picture rather than just your credit score, offering you a fairer chance at securing a loan.

Don’t underestimate the value of personal connections. A co-signer with good credit can significantly boost your chances of approval. Additionally, borrowing from family or friends might provide you with more favorable terms and lower interest rates, although it’s essential to have a clear agreement to avoid misunderstandings.

Exploring alternatives to traditional loans, such as credit union loans, secured credit cards, and community assistance programs, can provide additional avenues for financial support. With persistence, careful planning, and leveraging available resources, you can navigate the challenges of obtaining a personal loan with bad credit and achieve your financial goals.

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.
8. You may earn Points in connection with your everyday spending and by completing other actions that Current designates as subject to the Current Points Program. The amount of Points granted for different actions as well as the purchase requirements necessary to earn Points will vary, and is subject to Current’s sole discretion. After qualifying, please allow 3-5 business days for points to post to your Current account. The Current Points program is not available to Teen Account holders. See Current Points Terms and Conditions.
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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About the author

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.

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