Zable Personal Loans: 2024 Review

Zable is an online lender providing midsize personal loans to fair- and good-credit borrowers (630 and above credit scores), 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 preapproval process and fast funding, but the cons outweigh the pros. The lender charges high starting rates compared to other lenders that target similar customers. Zable also doesn’t offer alternative loan types such as joint or secured loans, and its customer service availability is limited.

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

Do you qualify for a Zable personal loan?

How to apply for a Zable personal loan

How Zable personal loans compare

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.

Where Zable personal loans stand out

Preapproval with soft credit pull: Zable allows borrowers to get preapproved online with a soft credit check. Like pre-qualification, a preapproved offer shows your potential rate, loan amount and repayment term without impacting your credit score. A preapproved offer, however, can be firmer than a pre-qualified offer. Zable says borrowers should expect the preapproved rate to remain the same after submitting a formal application and passing certain verification requirements.

Fast funding: Zable says the preapproval process takes seconds, and some applications can be approved in less than an hour, in which case a borrower may receive funds the same day. The lender says most loans are funded the day they’re approved.

Option to change payment due date: The lender says borrowers can change their payment due date as frequently as they want during repayment — a more flexible policy than most other lenders have. However, the change takes effect after your upcoming payment, so you can’t change a due date that’s only a week or two out.

» MORE: Best online personal loans

Where Zable personal loans fall short

Origination fee: Zable charges an origination fee that ranges from 5% to 8.5% of the loan amount, though the lender says most borrowers pay 5%. Like many online lenders, Zable deducts this fee from the loan proceeds, reducing the amount borrowed by a few hundred 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.

Limited customer service availability: Customers can only reach Zable during Eastern time business hours. Many lenders offer hours that either fall outside business hours on weekdays or include a weekend day. Zable also doesn’t have a mobile app, so you’ll have to manage your loan via desktop computer or phone.

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.

Here’s what you need to get a Zable personal loan.

• Minimum credit score: 600.

• Minimum income: Not disclosed.

• A full-time job.

• A valid email address, Social Security number and bank account.

• Must be a U.S. resident and at least 18 years old in most states.

Before you apply

• Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. Doing so will help you spot and fix any errors before you apply.

• Calculate your monthly payments. Use a personal loan calculator to determine what APR and repayment term you’d need to get a loan with affordable monthly payments.

• Make a plan to repay the loan. Review your budget to see how the loan’s monthly payments impact your cash flow. If you have to cut other expenses in order to repay the loan, it’s better to know that before you borrow.

• Gather your documents. Zable may require proof of income, which can be a pay stub or tax document, or you can connect your bank account via Plaid. Having this information handy can speed the application process.

How to apply for a Zable personal loan

Here are the steps to apply for a Zable loan.

1. Get preapproved 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 preapproval. 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.

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.

Zable vs. Upgrade

Upgrade has a lower minimum credit score requirement than Zable, and there are multiple ways to get a discounted rate on an Upgrade loan. Unlike Zable, Upgrade offers joint and secured personal loans, and directly pays creditors if more than 50% of your loan proceeds go toward debt consolidation.

» MORE: Read our review of Upgrade

Zable vs. Best Egg

Best Egg is a fair- to good-credit lender with a higher maximum loan amount than Zable and an origination fee that skews lower. Best Egg borrowers can secure their personal loan with a car or a fixture on their home, like a chandelier. Best Egg’s customer service hours include evenings and Saturdays.

» MORE: Read our review of Best Egg

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 (30%) An affordable loan has low rates and fees compared to other similar loans and may offer rate discounts.

  Underwriting and eligibility (25%) The lender reviews borrowers credit reports and credit history, and tries to understand their ability to repay a loan, before making a final application decision.

  Loan flexibility (20%) A flexible loan is one that lets users customize terms and payments. That means offering a wide range of repayment term options, allowing the borrower to change their payment date, offering loans in most states and funding it quickly.

  Customer experience (15%) A good customer experience can include a fully online application process, financial education on the lender’s website and a customer service team that’s available most of the time and can be reached multiple ways.

  Transparency (10%) A transparent lender makes information about the loan easy to find on its website, including rates, terms and loan amounts. Transparency also means allowing users to pre-qualify online to preview potential loan offers and reporting payment information with the major credit bureaus.