Zable Personal Loans Review: What You Need to Know

Quick Take: This relatively new entrant to the personal loan space in the U.S. offers funding as soon as the same day, but it’s not available everywhere, and the max you can borrow is $35,000.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

Pros & Cons 

Pros 

• Offers loan prequalification

• Receive funds on same day or next business day

• No prepayment fee

Cons 

• Loans only available up to $35,000

• Charges an origination fee

• Not available in all 50 states

Company Overview 

Zable was founded in 2014 in the United Kingdom, but its presence in the U.S. is relatively new. It functions as a direct lender for personal loans, but the funding comes from Cross River Bank and New Horizon Bank. In addition to offering personal loans, Zable issues credit cards.

Key Features 

Interest Rates 

Zable’s personal loan rates range from 9.22% to 35.99%. This range starts higher than what you’ll find with some other lenders, especially credit unions. The upside is that you may have a better chance of getting approved with a lower credit score than with other lenders.

The exact rate you’ll qualify for depends on your credit score, debt-to-income ratio, and other factors. As always, the higher your score, the lower the APR you’ll typically qualify for.

Loan Amounts 

Zable offers personal loans between $1,000 and $35,000. Some lenders offer up to $100,000, so Zable is best for borrowers who need a smaller amount of cash.

There are a few state-specific loan minimums to keep in mind, too:

• Alabama: $1,501 minimum

• Georgia: $3,0001 minimum

• Massachusetts: $6,001 minimum

• New Mexico: $10,001 minimum

• Ohio: $5,001 minimum

Repayment Terms 

The repayment period for Zable personal loans ranges from 12-60 months, or 1-5 years. This is on par with other lenders. 

Funding Speed 

Zable touts a fast funding process once you’re approved for a loan. If you apply and are approved on a business day before 3:30pm ET, you’ll receive your funds that same day. If not, you’ll receive your funds the next business day. 

While it’s becoming more common for lenders to offer fast funding, it’s not available across the board, so this is a nice touch.

Loan Prequalification 

Zable offers prequalification for personal loans, which means that the lender performed a soft credit check and determined that you’re qualified based on that information. However, that doesn’t mean you’re guaranteed to be approved; you’ll still need to submit to a hard credit check and confirm income and identity details when you apply.  

Costs & Fees

You’ll need to pay an origination fee if you take out a personal loan with Zable. The fee ranges from 3% to 10% depending on your application details and the specific loan term you choose. 

The origination fee will be deducted from your loan amount before the funds are sent to you.

Eligibility Criteria

Zable doesn’t publish a minimum credit score requirement for its personal loans, but applicants should aim to have a credit score of 600 or higher to maximize their chances of approval. 

Beyond that, there are some location restrictions to be aware of. Zable loans aren’t available in the following states:

• Colorado

• Connecticut

• Iowa

• Maryland

• Nebraska

• Nevada

• North Dakota

• Rhode Island

• South Carolina

• Vermont

• West Virginia

• Wisconsin

• Wyoming

Zable does offer loans in the District of Columbia, however. 

How To Apply for a Zable Loan

To apply for a personal loan from Zable, complete the following steps

1. Start by navigating to the personal loans section of Zable’s website and click “Check my rate.” This won’t affect your credit score.

2. Specify the amount of money you’re looking to borrow and select the reason for your loan.

3. From there, you’ll be asked to share information including your name, address, and Social Security number.

4. Zable will return a prequalified rate based on your information, after which you can decide to apply in earnest. At that point, the lender will conduct a hard pull to check your credit. 

5. Submit your loan application and wait for Zable’s decision.

 Comparable Options 

We always recommend shopping around with multiple lenders before deciding on the best personal loan for you. Here are two alternatives to weigh as you consider if Zable aligns with your borrowing needs.*

Upstart

Upstart is another online lender, offering loans ranging from $1,000 to $75,000. It says you can receive funding as soon as one business day.

The APR range starts slightly lower for Upstart loans, at 6.5%, but like Zable the maximum tops out at 35.99%. Upstart only offers two repayment terms: 3 years of 5 years. If you have an excellent credit score (meaning you’re likely to qualify for an APR at the bottom end of the range) and you need to borrow more than $35,000, Upstart is worth considering.

Avant

Avant has been around longer than Zable and offers very similar personal loans. The APR range is 9.95% to 35.99%, and you can borrow up to $35,000. You can choose from a variety of repayment terms, ranging up to 5 years. Like Upstart, Avant offers funding as quickly as the next business day.

Avant loans are available in more states than Zable loans are. This could affect which lender you decide to go with, and some borrowers may prefer going with a brand that’s been around longer.  

When Upstart might be better: You need to borrow more than $35,000, your credit score is high enough to qualify for a low APR.

When Avant might be better: You live in a state where Zable loans aren’t available, you want a borrower that’s been around for longer.

Who It’s Best For 

Zable personal loans are best for borrowers who want funding as quickly as possible and only need to borrow up to $35,000. That said, it charges an origination fee, and its interest rates aren’t the lowest around. If you have a fair credit score, it can be an especially compelling choice, but those with higher credit scores may be able to qualify for lower APRs elsewhere.

Also, keep in mind that Zable loans aren’t available in a handful of states. Depending on where you live, it might not even be an option to begin with — though the lender’s offerings could evolve over time, as it’s still relatively new to the U.S.

Final Take 

A Zable personal loan could be right for you if you have fair credit and want to get funds as quickly as possible after you’re approved. The biggest downsides are an origination fee, no presence in a handful of U.S. states, and a relatively low maximum loan amount of $35,000. If those factors don’t deter you, it could be worth picking Zable, or at least checking your rates with the lender.

FAQs 

Is it easy to get a Zable loan?

Yes, it can be relatively easy to get a Zable loan. The lender offers a fast application process and pre-approval and it accepts fair credit scores (aim for a minimum of 600).

Can I pay off a Zable loan early?

Yes, you can pay off a Zable personal loan early, and the lender won’t charge a prepayment penalty.

Who is the lender for Zable?

For Zable loans in the U.S., the funding comes from two partner banks: Cross River Bank and New Horizon Bank.

Sources

• Zable.com - Zable Personal Loans Official Website

• Intercom.help - Why choose Zable?

• Intercom.help - How did Zable decide on my rate?

• Intercom.help - My loan is pre-approved, what does that mean?

• Zable.com - New Mexico Loan Disclosure

• Intercom.help - Why is there a loan fee?

• Zable.com - Official Liscenses

• Avant.com - Avant Personal Loans Official Website

• Upstart.com - Upstart Personal Loans Official Website

• CNBC.com - Upstart Personal Loans Review