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2021 Holiday Gift Guide: Stop making these mistakes when buying smartphones and other tech gifts
This story is part of Gift Guide, our year-round collection of the best gift ideas.
An unfolding supply chain crisis and a continuous pandemic won't stop the holidays -- but it'll definitely make it more difficult for you to get your hands on the perfect holiday gift. And while seeing empty shelves might push you into a panic to buy something ASAP, you should still take the time to not make common mistakes when you're shopping for tech gifts.
If you're looking at smartphones, you might need to decide between Apple's iPhone 13 or Google's Pixel 6 (not to mention the Galaxy S21 and all the other Samsung models). For headphones, you have options ranging from wireless earbuds like the third-generation AirPods, to over-the-ear options like the Bose QuietComfort 45. And if you're thinking about smart speakers, well, you have a wealth of options: There's the Amazon Echo, Google Nest Mini, Apple HomePod Mini and Sonos One, just to name a few.
No matter what tech gift you're considering -- gaming console, computer or even a smart garden -- due diligence is not just recommended, it's necessary. In this guide, we'll take a closer look at what you should avoid doing (and what you should do) when considering buying a gadget.
Read more: Best places to sell your used electronics
Watch out for extras someone else will have to buy
No matter what type of device you end up buying as a gift, keep any extra accessories it may require in mind. Ask yourself -- or the salesperson -- if the device is ready to use right out of the box.
If you purchase some color-changing bulbs, for example, do they require a hub to get them to work? If it's a phone or tablet, does it make sense to also give a case, or to let your recipient pick one out later? Many phones have ditched the headphone jack, so a dongle to go from a USB-C or Lightning plug to a 3.5mm audio connection may be needed.
More examples to heed: For a Roomba, extra brushes, filters or virtual barriers are going to be items your loved one will eventually need. Odds are, if you gift a smart speaker, which also doubles as a voice-activated speaker for streaming music, a gift card for a subscription to Spotify or Pandora will be appreciated.
Another aspect to consider is if your giftee will need to replace stuff they already have. Maybe that new phone requires a different kind of charging cable than what they already use. It may not be your responsibility to replace that, but be aware that your gift could have ripple effects.
Dongles are sometimes a necessary evil.
Sarah Tew/CNETPay attention to which devices they already own
The last thing you want to do is get Dad a present that he can't or won't use. Before deciding to get someone the latest Amazon Echo or an Apple Watch, find out what kind of devices they already use on a regular basis.
For example, if your giftee has an Android phone, they'll barely be able to use an Apple Watch. Or if they have a house full of Apple HomePod speakers, a smart home gift that relies on Amazon's Alexa assistant probably isn't a good fit.
Wireless earbuds are usually a safe bet, and smartwatches (outside of the Apple Watch) generally work with any type of smartphone. Streaming devices like Roku or Fire TV typically work with any TV, as well (just make sure they don't already have a Roku-enabled TV).
Don't get so caught up in what kind of products your friends and family members already have that you don't make a decision, just remember to keep your gift receipts handy so they can make an exchange, guilt-free.
If you have a general idea of what kind of device (or devices) the giftee already uses around the house, here are more specific angles to consider when giving smart home gifts.
Knowing what the recipient already owns is a key aspect of gift shopping for tech.
Angela Lang/CNETThe golden rule of buying a phone as a gift
If you're buying someone a phone , pat yourself on the back for your thoughtfulness and generosity. Just make sure you've considered all the angles.
The most important one is making sure that the phone you're buying for someone will work with their wireless carrier of choice. Wireless providers use different technology that can prevent phones from working across competitors' networks. The last thing you want to do is buy a phone that only works on Verizon Wireless for someone who's entrenched in T-Mobile.
Either ask the gift recipient which wireless carrier they use or consider buying an unlocked phone. Many phone-makers offer an unlocked version that will work on almost all wireless carriers. Just know that not every carrier feature might work, like Wi-Fi calling, which is tuned to specific networks. In a nutshell, know your audience.
Keep your receipt handy, and make sure to tell your recipient that there are no hard feelings if they ultimately want to return or exchange the phone. This gift is all about the gesture.
There are plenty of unlocked phones for you to pick from.
Juan Garzon / CNETWatch for privacy red flags
Some products have privacy and security implications. Even if you're OK with having an Amazon Echo and its always-on microphone in your home, your giftee might not be as comfortable with the idea. And even though you may feel that Aunt Mary desperately needs to join the 21st century with an Echo Show 8 , keep her comfort level in mind.
We store a lot of information on our phones and gadgets. Private information such as banking info, frequently visited locations, our current location, photos and conversations are all things we blindly trust our devices with.
At the least, you should take note of companies such as Meta (the new name for Facebook) or Amazon, which are constantly surrounded by privacy questions and concerns, if you're considering buying a next-gen Portal Plus or the latest Ring Video Doorbell 4 as a gift.
If you're looking at a product from a company you've never heard of, or even for companies you have, a quick Google search is in order. Looking up "Meta/Facebook privacy issues," for example, should surface any potential issues.
For someone who's uneasy with Facebook's privacy practices, the Portal may not be a good idea.
Tyler Lizenby/CNETLook into how long a company will support its product
Routine software updates are an important part of owning a tech product. Not only do updates make a product better over time but they can fix and improve the security of a device.
As such, it's important to have confidence that companies are going to continue to support a device through updates, especially when security issues are discovered (as they often are).
If you're shopping for a phone, Apple's iPhone and Google's Pixel lineup receive consistent and timely updates. Outside of Google's own phones, Samsung has a good track record for consistent updates to its Android phones, as do the OnePlus phones.
Software updates for smart speakers and streaming devices such as a Chromecast or Apple TV are handled in the background, without you ever knowing. That's ideal for those who aren't all that tech-savvy.
It's a good idea to look into how long a company promises to support a product with software updates after its release.
Lastly, there are bound to be many great deals and promotions this shopping season, especially around Black Friday. Don't be swayed by a deal on a product that seems too good to be true. If the product is discontinued (or soon-to-be), your gift could end up becoming an expensive paperweight. Again, Google is your friend when it comes to learning more about a product and its future.
Meta (formerly Facebook) discontinued the Oculus Rift S in 2021.
John Kim/CNETRead multiple reviews
Even if you're handed a list with a specific gadget gift idea, do your own research by reading reviews of the product. Read more than one review and look for similarities in compliments and issues.
For example, the Nintendo Switch comes in three versions: the original ($300), OLED ($350) and Lite ($200). If you're opting for the Lite -- the least expensive version -- you should know that it doesn't come with Joy-Con controllers, not all games are compatible with it and it doesn't feature TV or tabletop mode. And while you could swing for the fences with the OLED model (which comes with a 7-inch touchscreen, 64GB of storage and a built-in wired LAN port), the original still packs a punch and comes with many of the features the Lite is missing.
Reviews can help you make a more informed decision.
Reviews are an important part of researching new products.
Scott Stein/CNETThe same can be said for products that were released earlier in the year and are likely to be upgraded and replaced shortly after the holidays. Take some time, do your research and make an educated choice.
Still not sure where to start? Here are the best phones of 2021, along with our 2021 gift guide that includes items for different budgets, and gifts for different kinds of people, such as Star Wars fans. You can also check out our favorite selections for popular products like smart speakers, tablets and laptops.
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Best Baby High Chairs for 2022
Becoming a new parent is overwhelming. What will your baby even need, let alone want? I spent hours trawling baby sites and Amazon for car seats, cribs and high chairs and reading dozens of reviews trying to figure out what to buy for the day my baby would need it.
Now that my son is 9 months old and eating solids (and throwing them across the room), I put 13 different high chairs to the test. I nailed down the best high chairs across every category, from fitting into small spaces to the most cleanable, best convertible and even the most luxe. Yes -- there are luxe high chairs.
Here are my picks for every category, plus notes and our methodology for choosing the best high chairs.
Read more: Is Your Baby Ready for a High Chair? Here Are the Signs to Look Out For
Where other high chairs are difficult, the Polly Progress is easy. It's got four recline angles and eight height positions, which are genuinely simple to transition between. It's so easy to fold up and down one-handed that it makes you wonder why the others are so hard to adjust. It's easy to adjust the tray, easy to roll, easy to lock the wheels, easy to build, easy to recline and easy to fold the armrests up and down. It also transitions between five modes to last you through infancy and early childhood: a newborn recliner complete with toy bar, infant high chair, toddler booster, big kid booster and youth stool. Though several other high chairs also came with an additional booster seat, the Polly Progress even included padding.
It's a nice looking high chair and comes in either black or black and gray.
Price: $230
The Safety 1st 3-in-1 high chair is fairly easy to put together, with six heights and four swiveling wheels. It's very easy to use; my baby's feet reached the footrest because it tilts upward or downward to adjust for height, and he looked very comfortable in the seat. The tray goes back nice and far, and the chair has a cushioned seat that's also easily wipeable and foldable.
It comes in four color options: light gray, dark gray, green chevron and teal polka dots. It reminds me of the Chicco Polly Progress, but on a much more affordable level.
Price: $90
The Maxi Cosi Minla is cushy, folds down nicely and reminds me of a first-class airplane seat. The stylish high chair has six modes: An infant recliner; a baby high chair; a high chair seat and tray table that can be attached to a dining chair; a seat that can be attached to a dining chair without the tray, so your toddler can tuck into the table; a toddler seat; and a booster seat. It has nine height positions, five recline positions and four tray positions, and an adjustable footrest that your baby and toddler will definitely be able to reach. The tray insert is dishwasher safe, making it easy to clean.
It folds right down, but it can be hard to fold up and down by yourself. The tray also can't be pushed in very far, because of the big block between the baby's legs.
It's got an attractive design and comes in four color options: light gray, dark gray, navy blue and pink.
Price: $250
The Cozy Tot Deluxe is a tiny, basic high chair with a great adjustable footrest that babies and toddlers can reach. There's no padding on the chair, so it's easy to keep clean, and the tray table folds down. The high chair takes up very little room (though it doesn't fold down any smaller), making it great for families living in smaller spaces who still want a traditional standing high chair -- or for grandparents or other caretakers who want a high chair for visits. The tray is a little on the small side, but it has a cup holder and curves nicely around your baby. The whole thing also conveniently transforms into a toddler chair once your child grows up and no longer needs a high chair. It doesn't have a five-point harness but comes with a lap belt, and the chair back doesn't come up high enough to provide head support.
It comes in black and white or teal and white.
Price: $100
The Chicco QuickSeat hooks directly onto your dining table or kitchen countertop, so your baby can sit with the family at mealtimes without taking up any additional space. It feels really secure, and you can easily slide a splat mat underneath to catch the spills. My baby seemed very comfortable sitting in the seat. The QuickSeat also folds down, so it's great for taking on vacation. The downside is you can't pull the tray any closer to your baby, so he or she needs to lean forward to get to food, meaning a lot drops in your baby's lap. There's no footrest, either. Because the chair's so small, there's also no five-point harness, just a lap belt, and the back of the chair reaches up only to my baby's upper back.
The QuickSeat comes in black, dark gray, light gray, red and teal.
Price: $70
The Peg Perego Siesta comes out of the box almost fully built, with a faux leather seat and a great selection of colors to choose from. We nicknamed this super stylish chair the Ferrari -- it's made in Italy, and I tested out the Ferrari-esque berry color, with an elastic compartment on the back of the seat, like in a car. The fabric is easy to wipe, and the chair has four wheels and is sturdy.
On the cons side, the tray didn't slide in quite far enough for my little guy, meaning more mess spills onto the actual seat; the cup holder was a little shallow, and his feet didn't reach the footrest yet -- so you'll have to wait for the toddler years to use that.
The Siesta has the most color options out of any chair I tried: Beige, berry, brown, brown and white, three types of gray, apple green, black, orange and striped white, gray and black. It's definitely on the pricier end of high chairs.
Price: $330
The 4moms Connect is a very sturdy high chair, with a simple design and setup, and it was the easiest to clean -- mostly because it doesn't have a soft fabric cushion, so you can just wipe it down every time. Also, the tray magnetically attaches to the high chair for easy but secure snap-on and snap-off, and you can recline the entire seat. There's a removable crotch post for when your baby grows into toddlerhood, and you can lower the chair on height settings. Because it's so sturdy, you don't have to worry about the chair wobbling, rolling or tipping over if your baby likes to climb on furniture. The seat cushion is rubbery but not soft.
The downsides are there's no footrest, which could be a big stumbling block for your child's comfort, and you also can't fold it up to make more room.
It comes only in a white and gray color combo.
Price: $300
The seat cushion is made from recycled plastics, which sets the Century high chair apart from the pack. It's easy to put together out of the box, the tray comes with lots of little segments rather than just the standard wide space with a cup holder, and it reclines. My baby's feet didn't quite reach the footrest, so you'll have to wait until your baby grows into it; however, it has only two wheels. It's another convertible high chair: a baby high chair, toddler booster, child stool and big kid chair. The seat cushion is machine washable, and the tray insert is dishwasher safe, making it easy to use and clean.
The Dine On comes in gray, blue and lilac.
Price: $90
The Munchkin Cloud is one of the most stylish high chairs we tried, with a minimalistic style for those who are more about matching their baby's needs to their home decor. It's got clear plastic backing, a gray seat cushion, wooden legs and white plastic fittings -- though I imagine the clear plastic might become smeared or smudged with long use and continual wiping from messy babies. The capsule-style seat swivels 360 degrees.
My very-tall-for-his-age nine-month-old's feet didn't reach the footrest, so you'll have to wait until toddlerhood for that foot support. The chair's claim of one-minute assembly proved true. However, there seemed to be a lot of little crevices where food got stuck, more than usual for some reason. You also can't fold the chair down for storage.
It comes in one color option of white and light gray.
Price: $200
Other products we've tested
- Evolur Zoodle 3-in-1 High Chair : Compared with the other high chairs we tried, the $132 Evolur Zoodle requires almost a full construction job out of the box -- you have to put every single part together yourself. That said, it's a very sturdy and modern-looking, Scandinavian-style chair with stylish beechwood and non-skid legs, though it doesn't fold down. It converts into a toddler chair when your baby outgrows it, which is handy. It comes with four extra legs for the purpose, so you'll need to rebuild that part of it. The Evolur Zoodle has several finishes for your seat cushion in sweet colors that are machine washable, a dishwasher-safe tray and two nonadjustable footrests.
- Fisher-Price Spacesaver Simple Clean High Chair : The $45 Fisher-Price Spacesaver is a cute high chair and great for apartments because you can strap it onto any adult chair you have. It isn't ideal for traveling, because it doesn't fold down any smaller. It could also benefit from having an extra strap at the top back to feel a little more secure, particularly if you have a boisterous baby who moves around a lot. Your baby's feet will also dangle without support, like most space-saving high chairs.
- Cosco Simple Fold High Chair : This high chair is a great budget option for just $40, particularly if your family likes to go camping or even just to a picnic or soccer game. It sets up literally in seconds right out of the box, like a lawn chair. You can screw on feet for additional stability, however. The seat has a cute design, it comes with a small tray but deep cup holder and a footrest. It might be better suited for older toddlers -- my baby kept sliding downward while he was using the chair, leaving him slumped most of the time.
- Evolur Ann Beechwood 4-in-1 Highchair : The $146 Evolur Ann required a lot of steps to build out of the box. The tray didn't slide far enough in for our baby, leaving a lot of mess, the straps kept getting tangled, and the seat isn't tall enough to support your child's head if she or he leans back. The footrest, tray and back aren't adjustable. On the pros side, it can convert from a high chair to a toddler chair, island stool and booster seat, with the conversion kit included in the pack. It's also stylish, with beechwood legs, matte white plastic and pretty seat cushion covers -- so it depends on your priorities in a seat.
Best high chairs overview
| Chicco Polly Progress Relax 5-in-1 Highchair | $230 | Yes | Yes | Yes | Yes | 60 lb | No | No |
| Safety 1st 3-in-1 Grow and Go High Chair | $90 | Yes | Yes | Yes | Yes | 35 lb | Yes | No |
| Maxi Cosi Minla 6 in 1 | $250 | Yes | Yes | Yes | Yes | 50 lb | Yes | Yes |
| Primo Cozy Tot Deluxe | $100 | No | Yes | No | Yes | 30 lb | Yes | N/A |
| Chicco QuickSeat Hook-On Chair | $70 | No | No | Yes | No | 37 lb | No | Yes |
| Peg Perego Siesta | $330 | Yes | Yes | Yes | Yes | 45 lb | Yes | No |
| 4moms Connect High Chair | $300 | Yes | Yes | No | No | 60 lb | Yes | No |
| Century Dine On 4-in-1 High Chair | $90 | Yes | Yes | Yes | Yes | 40 lb | Yes | No |
| Munchkin 360° Cloud High Chair | $200 | Yes | No | No | Yes | 33 lb | Yes | No |
| Evolur Zoodle 3-in-1 High Chair | $132 | Yes | Yes | No | Yes | Doesn't say | No | No |
| Fisher-Price SpaceSaver High Chair | $45 | Yes | No | No | No | 50 lb | No | Yes |
| Cosco Simple Fold High Chair | $40 | No | No | Yes | Yes | 50 lb | No | No |
| Evolur Ann Beechwood 4-in-1 Highchair | $146 | Yes | Yes | No | Yes | Doesn't say | Yes | Yes |
How we test high chairs
After researching the most popular and highly rated high chairs online, I reached out to companies and asked for test products to review. I tested each for several days with my 9-month-old baby, including using the "yogurt test," the messiest meal possible, to see how easy they were to clean.
When evaluating each high chair, I considered the following:
- Ease of use: How easy is setup out of the box? How easy is it to take the tray on and off? Is it easy to fold up and down? Is it easy to take apart, and fairly lightweight if it's intended for traveling?
- Ease of cleaning: Are the surfaces easy to wipe? Are there crevices where mushy food gets stuck? If it has cushions, are they machine washable? Is the tray dishwasher safe? Will you ever be able to get those straps clean?
- Comfort: Is it cushiony? Is it ergonomic? Is there a footrest that babies and toddlers alike can reach?
- Safety: Is it sturdy? Are the straps adjustable?
- Price: Is it a good value for money?
- Features: Is it attractive? Does it come in a lot of color options? How long can it be used?
High chair FAQ
What are the different types of high chairs?
There are four main types of high chairs: convertible, compact, basic and high-end.
What should I consider when buying a high chair?
Choosing a high chair depends on your lifestyle and budget: How many kids or babies do you have? How much space does your dining room or kitchen have -- do you need a space saver? You also need to consider how much you travel and, most importantly, how much you want to spend on the high chair.
Your baby will spend a lot of time in the high chair, probably at least three meals a day, and finding one that's comfortable for your baby, easy to clean and easy to use are the most important things.
Other considerations include whether you want to find something that matches your furniture or follows a particular color scheme.
Read more: Your Step-by-Step Guide to Cleaning Your Baby's High-Chair Straps
How much does a high chair cost?
High chairs vary from $40 up to $300-plus, with a lot of variety in between.
The information contained in this article is for educational and informational purposes only and is not intended as health or medical advice. Always consult a physician or other qualified health provider regarding any questions you may have about a medical condition or health objectives.
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AMD Radeon RX 6700 XT launches for fast 1440p gaming at $479
AMD is bringing us a new affordable graphics card, the RX 6700 XT. It's a followup to the October launch of its Radeon RX 6000-based GPUs, the RX 6800, 6800 XT and 6900. The launch comes just after Nvidia launched an entry-level card incorporating its latest Ampere architecture, the GeForce RTX 3060. AMD's new card seems more of a competitor to the RTX 3060 Ti or RTX 3070, though, since its $479 list price falls between the two.
It's slated to launch on March 18, with both AMD's own cards and all the usual suspects for third-party cards. It will also be available in regular retail PCs; HP has already announced that it's planning to add the card as an option in its Omen 25L and 30L desktops at the end of March, along with an AMD Ryzen 9 5900X option so you can take advantage of AMD's Smart Memory Access. (International prices aren't immediately available, but $479 is about £345 or AU$615.)
The big question is how to keep the new cards out of the hands of bots and cryptocurrency miners and in the hands of regular folks -- and at their budget launch prices. Unlike Nvidia, which attempted to address the out-of-stock problem by throttling the RTX 3060's mining-related performance, AMD didn't address the issue at all in its announcement.
Specifications
| | AMD Radeon RX 6700 XT |
|---|---|
| Memory | 12GB DDR6 |
| Memory bandwidth (GBps) | 384 |
| GPU clock (GHz, base/boost) | 2.3/2.6 |
| Memory interface | 192 bit |
| Texture fill rate (gigatexels per second) | 413 |
| Ray Accelerators | 40 |
| Stream cores | 2,560 |
| Texture mapping units | 160 |
| Compute Units | 40 |
| TGP/min PSU (watts) | 230/650 |
| Bus | PCIe 4.0 x 16 |
| Size | 2 slots; 10.5 inches (267mm) long |
| Price | $479 |
| Ship date | March 18 |
AMD may be at a disadvantage compared to Nvidia's latest competitors in some respects. The RX 6700 XT draws more power and requires a bigger power supply than they do, and draws slightly more power than the RX 5700 XT it replaces. AMD's card needs eight-pin plus six-pin power connections, while the RTX 3060 is just eight-pin. Unlike the RX 5700 XT though, AMD says it's worked to make the fans quieter, at least on its own card.
While many of its specs are similar to the 5700 cards -- it has the same 40 compute units, for example -- the newer model shares the generational jump to RDNA 2, which adds ray-tracing acceleration, and bumps up to 12GB memory to better handle the larger textures required by the higher 1440p resolution it's designed for.
It also debuts at $479, however, slightly higher than its predecessor. But if we can find it for less than $1,000 (if at all) at launch, I'll eat my keyboard.
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Best Personal Loans for August 2022
Whether you want to consolidate debt, finance a home improvement project or need access to a large stream of money, a personal loan can be a helpful tool. With lower interest rates and more flexible repayment terms than credit cards, personal loans offer financing for a variety of uses.
We've evaluated the major national personal loan providers and highlighted the best personal loan options below. As interest rates continue to rise, you can expect personal loan rates to also climb throughout the year. We'll update this list regularly as interest rates change and new loan products are released.
Rates as of Aug. 3, 2022.
- APR: 4.99% to 19.99% (With Autopay)
- Repayment terms:2 to 7 years*
- Funding amounts:$5,000 to $100,000
- Funding timeline: As soon as same business day (conditions apply)
- Origination fee:None
- Other fees: None
- Minimum credit score required:Good credit
LightStream delivers just about everything you want in a personal loan: flexible repayment terms, a $100,000 maximum, no fees and same-day funding (note, it's possible, but not guaranteed). There's also a low APR range -- though, of course, your interest rate will reflect your specific credit profile. As such, we think it's a great place to start your search for a personal loan. (Note that LightStream is a division of SunTrust Bank, which recently became Truist.)
Personal loans through LightStream also come with longer repayment terms. While home improvement loans have longer repayment terms, general personal loan repayment terms extend up to seven years.
If you have a checkered credit history or blemished financial profile, keep in mind that LightStream's credit requirements are stringent. When asked about its criteria for good credit, the company said that there's "no single definition," but that people who qualify for loans usually have several years of credit history with few delinquencies, a "manageable" amount of revolving credit card debt, some liquid savings and a stable and sufficient income.
- APR: 6.99% to 22.73% (with AutoPay)
- Repayment terms:2 to 7 years
- Funding amounts: $5,000 to $100,000
- Funding timeline:Up to 7 days
- Origination fee:None
- Other fees: None
- Minimum credit score required:680
SoFi's personal loans have low rates, a $100,000 maximum loan amount and no origination, administrative or late fees. It's also one of the few lenders that's transparent about its credit score requirements -- though all loan providers take into account factors such as credit history and debt-to-income ratio when determining eligibility. It's worth noting that SoFi routinely runs promotions on its site. At the moment, the company is offering a bonus of up to $310 on some loans.
- APR:5.74% to 20.99%
- Repayment terms:1 to 7 years
- Funding amounts:$3,000 to $100,000
- Funding timeline:Next business day
- Origination fee:None
- Other fees: Rejected payment: $39; late payment: $39
- Minimum credit score required:None
The personal loan market has come to be dominated by a fleet of online banks that, in most cases, don't have physical branches. (With no branches to maintain, they can often offer better online personal loan terms.) But some people may feel more confident borrowing money after an in-person conversation with an employee from a bank located in their neighborhood. Among the big national lenders, Wells Fargo offers a reasonable range of APRs, no fees, flexible repayment terms and a wide array of funding amounts. One caveat: Wells Fargo may change fees for rejected payments (also called NSF or nonsufficient-funds payments) and late payments. And those can add up.
- APR:9.95% to 35.99%
- Repayment terms:2 to 5 years
- Funding amounts:$2,000 to $35,000
- Funding timeline:Next business day
- Origination fee:Up to 4%
- Other fees: Rejected payment: $15; late payment: $25
- Minimum credit score required:600
For those with less than excellent credit -- referred to as fair credit by lenders -- Avant could be a good loan option. Though the company will accept a loan application from anyone, applicants with a score of 600 or higher "have the best chance of being accepted," according to a company representative.
As with most financial products, if you have a less stable financial standing or consistent credit card debt, you should expect to pay higher fees and more interest for a personal loan. Avant charges up to 4.75% in administrative fees, depending on factors including your credit history and where you live. And if your credit score is 600 or lower, you will likely end up with a higher APR. Avant's top rate annual percentage rate is a whopping 35.99%, which could end up costing you thousands of dollars in interest over the course of a loan. Proceed with caution.
- APR:5.99% to 24.99%
- Repayment terms: 2 to 5 years
- Funding amounts: $5,000 to $40,000
- Funding timeline: 2 to 5 business days
- Origination fee: Between 0% and 5%
- Other fees: None
- Minimum credit score required:640
With a low credit score requirement, lower-than-average APR and fairly flexible repayment terms, Happy Money is a personal loan worth considering if you have credit card debt. We like that Happy Money, formerly known as Payoff, allows you to check your rate and determine different repayment options before it runs a hard pull on your credit. That means if you want to compare personal loan offers -- and you should -- no harm will be done to your credit score until you officially apply.
Its loan funding amount is lower than many competitors, but with average credit card balances for Americans sitting at $5,525 as of the beginning of 2022, this shouldn't be an obstacle for average borrowers. Happy Money also notes that on average, borrowers who paid off at least $5,000 in credit card debt saw an average FICO credit score increase of 40 points after their first few payments, according to a 2021 Happy Money survey.
Best personal loans, compared
| Best for | Overall | No fees | Flexible terms | Low credit | Credit card debt |
|---|---|---|---|---|---|
| Lender | LightStream | SoFi | Wells Fargo | Avant | Happy Money |
| APR | 4.99% - 19.99% (with Autopay) | 6.99% - 22.73% (with autopay) | 5.74% - 24.49% | 9.95% - 35.99% | 5.99% - 24.99% |
| Repayment terms | 2 - 7 years* | 2 - 7 years | 1 - 7 years | 2 - 5 years | 2 - 5 years |
| Funding amounts | $5,000 - $100,000 | $5,000 - $100,000 | $3,000 - $100,000 | $2,000 - $35,000 | $5,000 - $40,000 |
| Funding timeline | As soon as same day (conditions apply) | 7 days | Next business day | Next business day | 2 - 5 business days |
| Origination fee | None | None | None | Up to 4% | 0% - 5% |
| Other fees | None | None | Rejected payment: $39; late payment: $39 | Rejected payment: $15; late payment: $25 | None |
| Credit requirement (estimated) | 700 - 800 | 680 and up | N/A | 600 and up | 640 |
FAQs
What is a personal loan?
Most people take out a personal loan to consolidate debt, finance home improvements, or pay for a wedding, a family-related expense or a medical emergency. You can generally use personal loan funds for any purpose, other than paying for school and educational costs or investing.
A personal loan is a type of installment loan, meaning you repay the balance in fixed installments over the lifetime of the loan. Though lenders may advertise different types of personal loan options for specific purposes, there are only two major types of personal loans -- secured and unsecured loans. A secured personal loan requires you to put up an asset as collateral before you can secure loan funding, like with a car loan or home loan. With an unsecured personal loan, collateral is not needed.
Personal loan amounts generally fall between $5,000 and $50,000, though some lenders will lend you as little as $1,000 or as much as $100,000. The average repayment period (or term) is between three and five years. Most institutions charge an interest rate between 10% and 15%, though they can go as low as 3.99% and as high as 36%. Borrowers may tailor a loan to their specific circumstances, though lenders may be less flexible if your credit history has blemishes.
How do I choose a personal loan?
With interest rates rising, we recommend shopping around for the least expensive personal loan. Your credit score is the main criteria lenders will use to determine your loan APR, or annual percentage rate, which is the amount of interest and fees you'll pay a lender, over the duration of your loan. We recommend comparing APRs and loan terms to find the best option for your budget.
For example, borrowing $10,000 at a 9.99% APR paid back over five years would require 60 monthly payments of $212.42 -- and would cost you $2,745.27 in total interest. However a $10,000 loan at a lower rate of 8.99% APR, repaid over seven years would require 84 payments of $160.84 -- and would cost you $3,510.56 in interest overall. So, even though the APR on the first loan is higher, because the loan terms are shorter, you save on interest. You can use a loan calculator like Bankrate's to help you compare personal loan offers.
Some loans may offer perks, such as autopay discounts. On the flip side, pay special attention to any origination fee, loan application fee, prepayment penalties or rejected payment fee. And be aware that submitting a loan application will trigger what's called a hard pull, which may temporarily impact your credit score, even if you aren't approved or decide not to take out the loan.
What credit score do I need for a personal loan?
Most lenders look at an array of factors to determine eligibility for a personal loan. Yes, your credit score is important -- but so is your credit history, current financial situation (including employment status and annual income), debt-to-income ratio and any other debts and obligations. Lenders want to understand how likely you are to pay off the loan on time.
Having a credit score of 700 and up increases your chances of being approved and receiving a lower APR. A credit score under 600 may make it more challenging, though not impossible. Happy Money, for instance, recommends having a minimum credit score of 600 to apply -- but that doesn't mean you'll be disqualified with a lower score. Some lenders, like Upgrade, also use alternative credit history, such as rent and utility payments and a steady job history, to help determine your eligibility.
If you have low credit -- say a FICO credit score under 600 -- check out our best loans for bad credit recommendations.
What are the alternatives to a personal loan?
Generally a personal loan will offer lower interest rates than alternatives. But, if you're not able to get approved for a personal loan or want to consider a different option, you could apply for a balance transfer credit card or other card that offers an introductory 0% APR period. With both options, you should make sure you can repay the total balance before the balance transfer or 0% introductory APR period ends -- otherwise interest will start accruing. And credit card APR is typically much higher than personal loan APR. So, if you can't confidently repay the balance before your intro period ends, a personal loan is a safer, less expensive option.
What happens if I miss a payment or default on a loan?
Even if a lender doesn't immediately charge you a fee if you miss a payment, you're still responsible for paying off the loan. If your payment is more than 30 days late, your loan could be considered in default. Defaulting on a loan can carry severe consequences; your credit history will suffer, your credit score will plunge -- as much as 100 points per late payment -- and you'll be far less likely to get another loan in the future.
If you continually miss payments, a lender can sell your debt to a collection agency that may charge its own fees and aggressively pursue you through emails and phone calls. Ultimately, a lender can take you to court to seek reparations if you don't remedy the situation. Be careful, make your payments promptly and don't borrow money that you can't pay back.
More loan advice
*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
Payment example: Monthly payments for a $10,000 loan at 5.73% APR with a term of 3 years would result in 36 monthly payments of $303.00.
Truist Bank is an Equal Housing Lender. © 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
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This story is part of Recession Help Desk, CNET's coverage of how to make smart money moves in an uncertain economy.
What's happening
Inflation slowed slightly in July, but prices remain at record highs. Economists still worry that a recession, or even stagflation, is a risk.
Why it matters
Soaring prices mean that gas, food and necessities are more expensive, and a slow economy means it's harder for Americans to earn money, secure employment and save.
What's next
The Fed raised rates last month to try to combat staggering inflation. The central bank meets again in September to determine whether more interest rate hikes -- which could slow down the economy -- are necessary.
The newest Consumer Price Index numbers for July are out -- and while inflation cooled slightly, prices still remain at record highs. The index for gas fell by 7.7%, but that decline was offset by increases in food and housing. That places overall inflation at 8.5% over the last 12 months, a slight decrease from June's 9.1% reading.
In July, prices for shelter, medical care, car insurance, household furnishings, new vehicles and recreation all ticked up. Prices declined in July for airline fares, used cars and trucks, communication and apparel. Even if you remove energy and food from the equation, which tend to have volatile pricing, inflation still rose by 0.3% in July -- compared to 0.7% in June.
Last month, in an attempt to stifle runaway inflation, the Federal Reserve raised the federal funds rate by another 75 basis points. That marked the Fed's fourth rate increase of the year. While containing inflation is the Fed's primary goal right now, many financial experts worry that raising rates too aggressively and quickly could push the economy into a recession. Or, if inflation remains high as unemployment rates start ticking up, the US could find itself in a period of stagflation.
What does all of this mean, exactly, and should you be worried? We'll break down what inflation is, how we got to this point and explain the difference between a recession and stagflation. Here's everything you need to know about rising prices and where the economy might be headed.
What is inflation?
Simply put, inflation is a sustained increase in consumer prices. It means a dollar bill doesn't get you as much as it did before, whether you're at the grocery store or a used car lot. Inflation is usually caused by either increased demand (such as COVID-wary consumers being finally ready to leave their homes and spend money) or supply side factors like increases in production costs and supply chain constraints.
Inflation is a given over the long term, and it requires historical context to mean anything. For example, in 1985, the cost of a movie ticket was $3.55. Today, watching a film in the theater will easily cost you $13 for the ticket alone, never mind the popcorn, candy or soda. A $20 bill in 1985 would buy you almost four times what it buys today.
Typically, we see a 2% inflation rate from year to year. It's when the rate rises above this percentage in a short period of time, like it has throughout 2022, inflation becomes a concern. As wages fail to keep up with skyrocketing prices for basic goods and more companies initiate layoffs, US households, particularly low-income Americans, are feeling severe financial strain on their wallets.
Right now, gasoline, food and housing are the biggest drivers of our current high levels of inflation. However, prices are up across the board. Even outside of "core inflation," price indices for medical care, car insurance, clothing, household furnishings and recreation all rose last month.
What's a recession?
The slowdown in the US economy during the first quarter of 2022 has raised concerns of a recession. This refers to a period of prolonged economic decline and market contraction where the unemployment rate goes up and production goes down, generally slowing inflation.
Looking back at previous US recessions tells us that, during a period of recession, unemployment rates tend to go up and the prices of goods begin to drop. It's generally harder to obtain financing during a recession, as banks tighten their requirements, to minimize their risk of lending to borrowers who may default on loans.
What about stagflation? Is it the same as a recession?
Stagflation, on the other hand, refers to a period where a recession is uniquely coupled with high inflation. According to Bank of America's fund manager survey in June, 83% of investors expect a period of stagflation within the next 12 months.
A mash-up of "stagnation" and "inflation," the term "stagflation" was coined in 1965, when British politician Iain Macleod lamented the country's growing gap between productivity and earnings: "We now have the worst of both worlds -- not just inflation on the one side or stagnation on the other, but both together. We have a sort of 'stagflation' situation and history in modern terms is indeed being made."
Stagflation became more widely known during what was known as the Great Inflation in the US in the 1970s. As unemployment hit 9% in 1975, inflation kept ratcheting upward and reached more than 14% by 1980. Memories of this dismal economic period have factored into current fears about out-of-control inflation.
Economic circumstances today have some parallels to the 1970s, but also major differences. During the energy crises then and today, a disruption in the supply chain helped fuel inflation, followed by a period of relatively low interest rates, in an attempt to expand the supply of money in the economy. Unlike the 1970s, though, both the dollar and the balance sheets of major financial institutions are strong. The official US unemployment rate also still remains low, currently sitting at 3.5%, according to the Bureau of Labor Statistics.
When do we know we're in a period of inflation?
Inflation isn't a physical phenomenon we can observe. It's an idea that's backed by a consensus of experts who rely on market indexes and research.
One of the most closely watched gauges of US inflation is the Consumer Price Index, which is produced by the federal Bureau of Labor Statistics and based on the diaries of urban shoppers. The CPI reports track data on 80,000 products, including food, education, energy, medical care and fuel.
The BLS also puts together a Producer Price Index, which tracks inflation more from the perspective of the producers of consumer goods. The PPI measures changes in seller prices reported by industries like manufacturing, agriculture, construction, natural gas and electricity.
And there's also the Personal Consumption Expenditures price index, prepared by the Bureau of Economic Analysis, which tends to be a broader measure, because it includes all goods and services consumed, whether they're bought by consumers, employers or federal programs on consumers' behalf.
The current inflationary period generally started when the Labor Department announced that the CPI increased by 5% in May 2021, following an increase of 5% in April 2021 -- a rise that caused a stir among market watchers.
Though a rise in the CPI in and of itself doesn't mean we're necessarily in a cycle of inflation, a persistent rise is a troubling sign.
How did we get such high inflation in the first place?
Today's inflation was originally categorized as "transitory" -- thought to be temporary while economies bounced back from COVID-19. US Treasury Secretary Janet Yellen and economists pointed to an unbalanced supply-and-demand scale as the cause for transitory inflation, provoked when supply-chain disruptions converged with high consumer demand. All of this had the effect of increasing prices.
But as months progressed, inflation started seeping into portions of the economy originally undisturbed by the pandemic, and production bottlenecks persisted. The US was then hammered by shocks to the economy, including subsequent COVID variants, lockdowns in China and Russia's invasion of Ukraine, all leading to a choked supply chain and soaring energy and food prices.
"I think I was wrong about the path that inflation would take," Yellen told CNN in late May. "There have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I didn't -- at the time -- didn't fully understand, but we recognize that now."
How can the Federal Reserve try to ease inflation?
The Fed, created in 1913, is the control center for the US banking system and handles the country's monetary policy. It's made up of 12 regional Federal Reserve banks and 24 branches and is run by a board of governors, all of whom are voting members of the Federal Open Market Committee, which is the Fed's monetary policymaking body.
While the BLS reports on inflation, the Fed moderates inflation and employment rates by managing the supply of money and setting interest rates. Part of its mission is to keep average inflation at a steady 2% rate. It's a balancing act, and the main lever it can pull is to adjust interest rates. In general, when interest rates are low, the economy and inflation grow. And when interest rates are high, the economy and inflation slow.
The federal funds rate is the interest rate banks charge each other for borrowing and lending. When the Fed raises this rate, banks pass on this rate hike to consumers, driving up the overall cost of borrowing in the US. Consequently, this often drives consumers, investors and businesses to pause their investments, rebalancing the supply-and-demand scales disrupted by the pandemic.
Raising interest rates makes it more expensive for businesses and consumers to take out loans, meaning buying a car or a home will get more expensive. Moreover, securities and cryptocurrency markets could also be negatively affected by this: As interest rates increase, liquidity in both markets goes down, causing the markets to dip.
With rates well over the 2% inflation goal, the Fed reacted by raising rates a quarter percentage point in March, a half point in May, three quarter points in June and another three quarter points in July. The Fed has noted that we are likely to see more rate hikes this year -- as many as six total.
What about deflation, hyperinflation, shrinkflation?
There are a few other "flations" worth knowing about. Let's brush up.
Deflation
As the name implies, deflation is the opposite of inflation. Economic deflation is when the cost of living goes down. (We saw this, for example, during parts of 2020.) Widespread deflation can have a devastating impact on an economy. Throughout US history, deflation tends to accompany economic crises. Deflation can portend an oncoming recession as consumers tend to halt buying in hopes that prices will continue to fall, thus creating a drop in demand. Eventually, this leads to consumers spending even less, lower wages and higher unemployment rates.
Hyperinflation
This economic cycle is similar to inflation in that it involves an increase in the cost of living. However, unlike inflation, hyperinflation takes place rapidly and is out of control. Many economists define hyperinflation as the increase in prices by 1,000% per year. Hyperinflation is uncommon in developed countries like the US. But remember Venezuela's economic collapse in 2018? That was due in part to the country's inflation rate hitting more than 1,000,000%.
Shrinkflation
Tangentially related to inflation, shrinkflation refers to the practice of companies decreasing the size of their products while keeping the same prices. The effect is identical to inflation -- your dollar has less spending power -- and becomes a double whammy when your dollar is already weaker. Granola bars, drink bottles and rolls of toilet paper have all been caught shrinking in recent months.
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