Zable Personal Loans: 2024 Review

Last updated on August 29, 2024
Written by 
Annie Millerbernd
Assistant Assigning Editor
Kim Lowe
Edited by 
Kim Lowe
Lead Assigning Editor
Fact Checked
Annie Millerbernd
Written by 
Assistant Assigning Editor
Kim Lowe
Edited by 
Kim Lowe
Lead Assigning Editor
Fact Checked

Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

  • 35+ personal loans reviewed and rated by our team of experts.
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  • Governed by NerdWallet's strict guidelines for editorial integrity.
NerdWallet's personal loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in The Associated Press, USA Today, The New York Times, MarketWatch and many other national, regional and local publications. They have been cited in publications including The Harvard Kennedy School, and appeared on NerdWallet's "Smart Money" podcast as well as local TV and radio.

Our Take

3.5

NerdWallet rating
The Nerdy headline:

Zable personal loans have somewhat high starting rates and few consumer benefits. Good- and fair-credit borrowers may have better options

Jump to:Full Review
Zable Personal Loan
Zable Personal Loan

Est. APR
9.22-35.99%
Loan amount
$1,000 - $35,000
Min. credit score
600
on NerdWallet

Pros

  • Option to pre-qualify with a soft credit check.
  • Borrowers can change their repayment date.
  • Fast funding.

Cons

  • Origination fee.
  • No joint, co-signed or secured loans.
  • Available in a limited number of states.
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Full 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 personal loans at a glance

Minimum credit score

600.

APR

9.22% - 35.99%.

Fees

  • Origination fee: 2% to 9%.

  • Late fee: $15.

Loan amount

$1,000 to $35,000.

Repayment terms

1 to 5 years.

Time to fund after approval

1 day.

Loan availability

Loans not available in CO, CT, IA, IN, KS, LA, ME, NE, NV, NH, NJ, ND, OK, OR, PA, RI, SC, SD, VT, WV, WI and WY.

  • 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

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.

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.

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.

How to use Zable personal loans

You can use a Zable personal loan for:

  • Home improvement projects.

  • Debt consolidation.

  • Emergencies.

  • Medical bills.

  • Vacations.

  • Weddings.

  • Funerals.

  • Business expenses.

Zable prohibits the use of its personal loans for:

  • College expenses.

  • Home purchases or refinancing.

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.

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.

    • 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.

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. Most lenders require proof of income, which can be a W-2 or paystub, as well as proof of address and a Social Security number. Having these documents 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. 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.

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

Minimum credit score

580.

APR

9.99% - 35.99%.

Fees

  • Origination: 1.85% to 9.99%.

  • Late fee: $10.

  • Failed payment fee: $10.

Loan amount

$1,000 to $50,000.

Repayment terms

2 to 7 years.

Time to fund after approval

1 business day.

Loan availability

Loans available in all 50 states and Washington, D.C.

Best Egg

Minimum credit score

600.

APR

7.99% - 35.99%.

Fees

Origination: 0.99% to 9.99%.

Loan amount

$2,000 to $50,000.

Repayment terms

3 to 5 years.

Time to fund after approval

1 business day.

Loan availability

Loans not available in IA, VT, WV and Washington D.C.

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

Star rating

Affordability

Customer experience

Underwriting and eligibility

Loan flexibility

Application process

Overall

  • 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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Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 50 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.

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