Item: Zable Personal Loan
Rating: 3.5
Author: Robin Hartill, CFP®

3.5

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3.5

NerdWallet Rating

Est. APR

9.95 - 35.99%

Min. credit score

600

Time to fund

1 day

Loan amount

$1K - $35K

Loan term

2 to 5 years

Origination fee

3.5% to 6.75%

Disclosures from Zable Personal Loan

Overview

Zable is an online lender that provides midsize loans to borrowers with at least a fair credit score and a three-year credit history. Its personal loans offer same-day funding, but they’re not available in many states. The company only provides unsecured personal loans and charges an origination fee that’s deducted upfront from the loan amount.

Zable, a subsidiary of U.K.-based Lendable, is relatively new to the United States, so its personal loan product may evolve as the lender establishes itself.

» COMPARE: The best personal loans

Detailed breakdown

Affordability

(25%)

3/5

We review lenders’ annual percentage rate offerings and the competitiveness of each lenders’ APR range. We also assess whether a lender charges an origination fee and any opportunity for borrowers to receive a rate discount.

Customer experience

(20%)

4.5/5

We consider the experience of the consumer trying to manage a personal loan, which means accessibility of customer service representatives, whether borrowers can choose and change their payment due date, and the ability to track their loan on a mobile app.

Underwriting and eligibility

(20%)

4.5/5

We consider the rigorousness of each lender’s underwriting practices and how widely available their loans are. This category includes whether a lender does a hard credit check before providing a loan, the range of credit profiles they accept and how many states their loans are offered in.

Loan flexiblity

(20%)

3.5/5

We assess how flexible lenders can be with borrowers, including whether they offer multiple loan types, personal loan amounts and repayment term options and whether they offer direct payment to creditors on debt consolidation loans.

Application process

(15%)

4.5/5

We consider the lender’s full application process, including a borrower’s ability to preview their loan offer via pre-qualification, whether basic loan information such as APR range and repayment terms are available and easy to find online and how quickly a loan can be funded after approval.

Overall

3.5/5

Read more about our ratings methodology for personal loans.

Where Zable personal loans stand out

Pre-qualifying shows a wide range of information. Zable allows customers to pre-qualify with a soft credit check, which won’t affect your credit score. Borrowers can see their potential loan amount, rate, monthly payments, term and total interest, as well as view multiple offers by pre-qualifying. The lender says its pre-qualified offers are considered pre-approved, so they’re guaranteed, subject to final verification.
Accepts with a wide range of credit scores. Zable works with borrowers who have fair, good and excellent credit, with a minimum credit score of 600. Though some lenders don’t have a minimum credit score or work with borrowers who have bad credit, others require good credit (a score in the mid-600s or higher).
Options to choose and change payment date. Zable allows borrowers to choose their payment date before signing their loan agreement and to switch their due date once a year. Having the flexibility to select and change your payment date can be helpful if your payday changes or you want to spread out when your bills are due.
Same-day funding. Zable says the majority of borrowers get their funds within 24 hours — some within just 15 minutes of applying. Some other lenders take up to a week to disburse loan funds.

Where Zable personal loans fall short

Charges an origination fee. Zable charges an origination fee of 3.5% to 6.75% of the loan amount, depending on the term. Like many lenders, Zable deducts the origination fee from the loan before disbursing funds, so you may need to request a higher loan amount.
No joint loan or co-signed loan options. Unlike some lenders, Zable doesn’t offer joint or co-signed loans. With a joint loan, two co-borrowers have access to loan funds and share responsibility for repayment. A loan co-signer doesn’t have access to funds, but they accept responsibility for payments if the primary borrower doesn’t make payments. Adding a co-borrower or co-signer can often help you qualify for a loan amount or APR you wouldn’t qualify for with your own credit profile.
No secured loan option. Zable doesn’t offer secured loans, which are backed by an asset that a lender can seize if the borrower doesn’t repay the loan. Secured loans can help borrowers qualify for a loan or annual percentage rate (APR) they wouldn’t be eligible for otherwise. Some lenders offer secured loans using a vehicle or bank account as collateral.
Limited availability. Zable personal loans aren’t available in 18 states. Many online lenders offer personal loans in all 50 states and Washington, D.C.

How to qualify

Zable says it considers all borrowers with a VantageScore 3.0 of at least 600. The lender says it uses AI-powered underwriting to streamline its application process, which can help some borrowers avoid having to manually submit documents like proof of income and employment. As part of its application, the lender requires a hard credit check, which may lower your credit score by a few points.

Zable loans are not available in CO, CT, HI, IA, LA, ME, MD, NE, NV, ND, OK, PA, RI, SC, VT, WV, WI, and WY.

Zable’s borrowing requirements

Minimum credit score: 600.
Maximum debt-to-income ratio: 50%, not including mortgage.
Minimum credit history: 3 years and 3 accounts.
Must provide valid email address and Social Security number.
Must have a U.S. bank account.

» MORE: How to get a personal loan

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Profile of an average Zable borrower

Credit score

678

Average APR

22.04%

Annual income

$56,160

Loan amount

$8,300

Loan purpose

Debt consolidation

Loan term

52 months

Compare Zable to the best lenders

Personal loan lenders offer different rates, loan amounts and special features, so it pays to weigh other options. The best personal loan is usually the one with the lowest APR.

3.5	4.5	5.0	5.0
EST. APR 9.95% - 35.99%	EST. APR 8.74% - 35.49%	EST. APR 7.9% - 35.99%	EST. APR 7.74% - 35.99%
LOAN AMOUNT $1K - $35K	LOAN AMOUNT $5K - $100K	LOAN AMOUNT $1K - $60K	LOAN AMOUNT $1K - $50K
MIN. CREDIT SCORE 600 Check Rates	MIN. CREDIT SCORE None Check Rates	MIN. CREDIT SCORE 600 Check Rates	MIN. CREDIT SCORE 600 Check Rates