Zable Personal Loans: 2024 Review

Zable is an online lender providing midsize personal loans to fair- and good-credit borrowers, but the lack of flexibility and affordability makes these loans a less-than-optimal choice for borrowers.

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.

Zable’s best features are its pre-qualification process and fast funding, but starting rates are high compared to other lenders that target similar customers. Zable also doesn’t offer alternative loan types such as joint or secured loans.

If you qualify for a Zable loan, compare it with other loan offers that may provide a lower rate or more flexible features.

» More for UK readers: Lendable personal loans

Table of Contents

Zable loans at a glance

Where Zable personal loans stand out and fall short

How to use Zable personal loans

Zable personal loan customer reviews

Do you qualify for a Zable personal loan?

How to apply for a Zable personal loan

Compare Zable to other lenders

How we rate Zable personal loans

Zable personal loans at a glance

• Disclosure from Zable

  Loan amounts are subject to change and state law restriction, including minimums in the following states: MA $6,001, HI$1,500, AL $1,501, GA $3,001. APR is subject to state law, varies by state, and is determined based on your credit, income, and other information provided in your loan application. Approval is subject to income and identity verification; fraud, credit, and bank account checks; and state law restriction. Credit checks include whether an unsecured personal loan was found to be obtained within the past 90 days from this loan application. Bank accounts must have a positive balance on the information provided at the time of application. For applications approved before 3:30 pm EST. Not all applicants will qualify. When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you proceed with your application, we do another (hard) credit inquiry that may impact your credit score. This offer is conditioned upon your submission of a complete application, and our final approval based on our consideration and verification of financial and non-financial information. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, and resides in the US. Zendable, LLC is registered in New York as Zendable of New York, LLC under the assumed name Zable. Zendable, LLC and Zable loans are made by Cross River Bank where APR is under 30% or New Horizon Bank, N.A., where APR is 30% or greater, Members FDIC, Equal Housing Opportunity Lenders. This is not a deposit product. Approval is subject to Income and identity verification; fraud, credit, and bank account checks; and state law restriction. Credit checks include whether unsecured personal loans were found to be obtained within the past 90 days from this loan application. Bank accounts must have a positive balance on the information provided at the time of application and are subject to review.

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Where Zable personal loans stand out

Pre-qualification with soft credit pull: Zable allows borrowers to pre-qualify and preview their potential rate, loan amount, monthly payments and repayment term without impacting their credit scores. Zable says borrowers may recieve up to 30 offers.

Fast funding: Zable says the pre-qualification process takes seconds. The lender says most approved loans are funded within 24 hours after an application is submitted.

Option to change payment due date: Zable allows borrowers to choose their payment due date, and borrowers can change the date once per year by calling in.

» MORE: Best online personal loans

Where Zable personal loans fall short

Origination fee: Zable charges an origination fee that ranges from 2% to 9% of the loan amount. Like many online lenders, Zable deducts this fee from the loan proceeds, reducing the amount borrowed by a few hundred to a few thousand dollars.

No joint, co-signed or secured loans: Zable offers only unsecured loans. Borrowers can’t add a co-applicant or collateral to their loan applications, additions that can help borrowers get a better rate or improve their chances of qualifying. Many lenders offer at least one alternative loan type.

» MORE: Compare co-sign and joint loans

Available in a limited number of states: Zable loans are available in just over half of the United States, which is significantly fewer than other online lenders.

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How to use Zable personal loans

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Zable personal loan customer reviews

As of August 2024, Zable Has 4.8 stars on Trustpilot, a website that collects consumer reviews. Customers mention the company’s simple application process. This lender is not accredited with the Better Business Bureau.

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Do you qualify for a Zable personal loan?

Zable doesn’t disclose many of its borrowing requirements, but you’ll likely need fair or good credit to qualify for a loan with Zable. The lender says it reviews banking data alongside credit reports to lend to more customers.

Here’s what you need to get a loan with Zable:

• A U.S. residential address and Social Security number.

• To be least 18 years old in most states.

• A verifiable bank account.

• Minimum credit score: 600.

• Minimum income: None. This lender accepts income from employment, alimony, retirement, Social Security and disability.

• Zable’s average borrower snapshot

  • Average credit score: 600 to 740.

  • Average personal loan amount: $10,000 to $15,000.

  • Average repayment term: Three to five years.

  • Most common loan purpose: Home improvement, debt consolidation and credit card refinancing.

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How to apply for a Zable personal loan

Here are the steps to apply for a Zable loan.

1. Pre-qualify on Zable’s website. You’ll be asked how much you want to borrow and what the funds are for, as well as some personal information like your name, birthdate, address and Social Security number. There’s no hard credit pull at this stage.

2. Preview loan offers and accept the one that fits your budget. Once you accept a loan offer, you’ll submit a formal personal loan application. This could require more documents to confirm the information you gave during pre-qualification. Zable will also do a hard credit check after you apply, so your credit score could temporarily dip.

3. Stay on top of your loan payments. Because Zable reports to all three major credit bureaus, on-time payments can help build your credit, while missed payments will hurt it. Setting up automatic payments and keeping an eye on your budget are two ways to manage your loan payments.

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Compare Zable to other 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.

Personal loans from Upgrade and Best Egg have lower starting rates and more flexible features than Zable.

Upgrade

» MORE: Read our review of Upgrade

Best Egg

» MORE: Read our review of Best Egg

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How we rate Zable personal loans

NerdWallet writers rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s what we prioritized this year:

• Category defintions

  Affordability (25%)

  An affordable loan has low rates and fees compared to other similar loans and may offer rate discounts.

  Customer experience (20%)

  A good customer experience includes allowing borrowers to choose and change their repayment date, a fully online application process, a mobile app to manage the loan and a customer service team with wide availability.

  Underwriting and eligibility (20%)

  The lender reviews borrowers’ credit reports and credit history and tries to understand their ability to repay a loan. It offers loans in most states and doesn’t restrict eligibility by requiring a pre-existing relationship.

  Application process (20%)

  Borrowers can pre-qualify to check their potential rate, loan amount, repayment term and APR without affecting their credit score. They can easily find answers to questions about the personal loan on the lender’s website. The application process is fast enough to allow funding within a couple of days or less.

  Loan flexibility (15%)

  A flexible loan is one that offers a wide range of loan amounts and repayment term options. It includes common features like additional loan types and direct payment to creditors on debt consolidation loans.

  Discretionary

  A lender’s star rating can be reduced if the lender is sued by a state or federal regulator for unfair consumer practices or has been accused by a reputable source of suspicious business practices.

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