- Bad credit
- Last-minute needs
- Debt consolidation
Zable is relatively new to the U.S., but the company has been offering personal loans to customers in the United Kingdom for nearly a decade. It provides same-day funding in some cases, and charges fewer fees than some competitors.
Zable offers a streamlined way to borrow with an entirely online process. Although the lender eliminates many of the hassles associated with personal loans from other companies, such as long wait times for funding, they only offer loan amounts up to $10,000.
In this post:
- Zable interest rates and loan details
- Zable personal loans review
- How Zable compares to other lenders
- How to take out a personal loan with Zable
- What to consider before applying for a Zable personal loan
Zable interest rates and loan details
Zable offers personal loans of $1,000 to $10,000, which you can repay over one to five years. The upper limit of the interest rates they charge was about six percentage points lower than that of other lenders in March 2023, though borrowing at credit card-like APRs is especially risky. You may only want to consider a personal loan if you have the credit or cosigner to qualify for a much lower rate.
|Fixed rates||8.0% - 30.0% APR APR|
$1,000 to $10,000
1, 2, 3, 4, or 5
|Min. credit score||600|
|Income||Min. of $1,000 gross monthly|
|Residency||AL, AK, AR, CA, DE, DC, FL, GA, HI, IL, IA, KY, MD, MA, MI, MN, MO, MT, NM, NY, NC, OH, TN, UT, VA, WA, AZ, ID, MS, TX|
|Loan servicer||Cross River Bank|
Zable personal loans review
Zable’s two key advantages are its low fixed interest rates and funding time.
The entire loan process takes place online, and you can get your funds deposited the same day you’re approved.
Keep in mind that while Zable does not charge prepayment fees, it does assess a loan processing fee, which could increase your borrowing costs. Zable customizes the loan process fee to your individual application, so you’ll see that amount when you receive your loan offer.
You can use a Zable loan for a variety of needs, including financing a car, refinancing credit cards, or consolidating debt. You can also use a Zable personal loan for home repairs or renovations and major purchases.
If you have poor or fair credit, a loan from Zable could help you build credit — as long as you make your payments on time.
How to qualify
To qualify for a personal loan from Zable, you’ll need to have a full-time job. The lender also requires the following to be considered for approval:
Credit score: 600 or higher
Minimum income: At least $1,000 per month
Credit history: At least three years
Debt-to-income (DTI) ratio: Your DTI ratio must be 40% or lower
If you’ve had a bankruptcy in the last three years, you won’t be able to borrow with Zable.
Zable personal loans are available to residents over age 18 in Washington, D.C., and in the following states:
- New Mexico
- New York
- North Carolina
Zable provides flexibility in repayment, allowing you to choose loan terms of one, two, three, four, or five years according to your preference.
You can make extra payments and even pay off your loan early — there are no prepayment penalties. However, if you want to apply extra to your principal, you’ll need to email Zable’s customer service to set it up. Also note that you won’t be able to change your payment date once it’s been set.
How Zable compares to other lenders
Here’s how Zable compares to other personal loan lenders.
|Fixed rates||8.0% - 30.0% APR APR||8.99% - 35.99% APR||9.95% - 35.99% APR|
$1,000 to $10,000
|$2,000 to $50,000||$2,000 to $35,000*|
|Min. credit score||600||600||550|
|Time to get funds||As soon as the next business day if approved by 3:30 PM EST||As soon as 1 to 3 business days after successful verification||As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)|
Zable’s maximum loan amount is capped at $10,000, so it might not be the right fit if you need a larger loan amount. On the other hand, Zable’s customer service department is available by phone and email on weekdays, providing a more personal touch than other lenders. If you prefer to get help from a real person and not a robot, you might appreciate this.
Note that Zable does charge a loan fee for processing your loan. You’ll see the fee amount in your loan offer, and it’ll be deducted from your loan proceeds if you accept. The loan fee is nonrefundable.
How to take out a personal loan with Zable
When you take out a personal loan with Zable, the entire process happens online. You’ll even sign your loan documents electronically.
To start, fill out an application, which only takes a few minutes. Then you’ll customize your loan offer, choosing the rate and monthly payment that works best for you.
Zable’s tech platform enables the company to move quickly, including approvals and disbursements. If you’re approved before 3:30 p.m. ET (Monday through Friday), you could receive your loan funds as a bank deposit the same day. And if you don’t, you’ll still see the funds the very next business day.
What to consider before applying for a Zable personal loan
Zable could be a good option if you need fast funding, but remember to keep the following in mind:
- Fees: You’ll have to pay a nonrefundable loan fee, which will be deducted from your loan amount.
- Credit requirements: You won’t qualify for a Zable loan if you have less than three years of credit history and a score below 600.
- Employment: You’ll need to have a full-time job to be approved for a loan with Zable.
Before you borrow, compare your loan options. Credible lets you check multiple offers, including Zable’s, so you can secure the right loan for your situation.
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Read More: How to Qualify for Personal Loans if You’re Unemployed
The company above is one of Credible’s approved partner lending platforms. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lending platforms. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 5.40%-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 10%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.