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Best bad credit loans – CBS News
Today’s economic climate can be challenging for many consumers. Inflation is cooling but still high and interest rates are, too. Layoffs are also rising nationwide. It’s caused some to turn to credit cards to cover bills — and credit card debt is surging as a result (balances are up nearly 6% from a year ago).
Unfortunately, high credit card debts and poor payment history — among other financial mistakes — can take a serious toll on your credit, limiting your financial options down the line.
There are still ways to borrow money, though. Are you in need of cash, but are worried your low credit score will limit you? These are the best credit loans to consider.
Find out more about your top personal loan options online now.
Best bad credit loans
Here are some of the best bad credit personal loans to get, broken down into six categories.
Best overall: Upgrade
Upgrade is a good option for personal loans all around. There are both secured and unsecured options, the interest rates are fixed, and there are even several rate discounts available.
Upgrade’s loan amounts go up to $50,000, and you can often get your funds within a day of closing. Loan terms range from 24 months to 84 months.
Best for low rates: Upstart
According to Upstart, its rates are 38% lower than traditional lenders, as it considers alternative factors like education and employment when setting a borrower’s rates. The lender’s loan amounts go up to $50,000 and have three- or five-year terms.
Currently, its rates start at just 7.8% — the lowest of all the lenders we looked at.
Learn more about Upstart here.
Best for fast funding: One Main Financial
If you’re looking for fast access to cash, One Main Financial is a great option. For some borrowers, funding happens as quickly as just one hour after closing.
Loan amounts go up to $20,000, and there are both secured and unsecured options available. Terms range from two to five years.
Best for secured loans: Oportun
If you’re comfortable with a secured loan, Oportun is a smart choice. You can get up to $18,500 when using your car title as collateral, and you’ll see costs that are two to four times less than traditional title and payday loans, according to the lender. You can choose between loan terms of two years and 53 months.
Best for unsecured loans: Avant
Avant only offers unsecured loans, so if you don’t want to risk any of your hard-earned assets like your car or home, then this may be the lender for you. You can borrow up to $35,000, and terms range from one to five years. Avant offers lending decisions within minutes, and you’ll typically get your funds within one business day of closing.
Best for no (or low) fees: PenFed
PenFed is a good option if you’re looking to minimize the fees you’ll pay on your loan. There’s no origination fee (some competitors charge as high as 10%), and there are no early payoff fees or balance transfer fees, either. You also won’t pay any fees for appraisals, closing or title search, though there are late fees for failing to make your payment on time.
The bottom line
When you’re getting a loan, it’s important to always compare at least several lender options. This is especially true if you have bad credit, as interest rates can vary widely from one lender to another.
You can also use an online loan marketplace to get several quotes at once. Just make sure you’re comparing apples to apples and that you look at outside factors — like customer reviews, funding time, repayment options and other non-cost-related details that matter, too.
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Popular gluten free tortilla strips recalled over possible contamination with wheat
A food company known for popular grocery store condiments has recalled a package of tortilla strips that may be contaminated with wheat, the U.S. Food and Drug Administration said Friday. The product is meant to be gluten-free.
Sugar Foods, a manufacturing and distribution corporation focused mainly on various toppings, artificial sweeteners and snacks, issued the recall for the “Santa Fe Style” version of tortilla strips sold by the brand Fresh Gourmet.
“People who have a wheat allergy or severe sensitivity to wheat run the risk of serious or life-threatening allergic reaction if they consume the product,” said Sugar Foods in an announcement posted by the FDA.
Packages of these tortilla strips with an expiration date as late as June 20, 2025, could contain undeclared wheat, meaning the allergen is not listed as an ingredient on the label. The Fresh Gourmet product is marketed as gluten-free.
Sugar Foods said a customer informed the company on Nov. 19 that packages of the tortilla strips actually contained crispy onions, another Fresh Gourmet product normally sold in a similar container. The brand’s crispy onion product does contain wheat, and that allergen is noted on the label.
No illnesses tied to the packaging mistake have been reported, according to the announcement from Sugar Foods. However, the company is still recalling the tortilla strips as a precaution. The contamination issue may have affected products distributed between Sept. 30 and Nov. 11 in 22 states: Arizona, California, Colorado, Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Maryland, Maine, Michigan, Minnesota, North Carolina, New Jersey, Ohio, Oregon, Pennsylvania, Texas, Utah, Virginia and Washington.
Sugar Foods has advised anyone with questions about the recall to contact the company’s consumer care department by email or phone.
CBS News reached out to Sugar Foods for more information but did not receive an immediate reply.
This is the latest in a series of food product recalls affected because of contamination issues, although the others involved harmful bacteria. Some recent, high-profile incidents include an E. coli outbreak from organic carrots that killed at least one person in California, and a listeria outbreak that left an infant dead in California and nine people hospitalized across four different states, according to the Center for Disease Control and Prevention. The E. coli outbreak is linked to multiple different food brands while the listeria outbreak stemmed from a line of ready-to-eat meat and poultry products sold by Yu-Shang Foods.