Best for short-term loans and same-day funding
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, offers personal loans for fair credit, and charges fewer fees than some competitors. Plus it offers loan amounts as little as $1,000, which is lower than most of its competitors.
Zable offers a streamlined way to borrow with an entirely online process, but only offers loan amounts up to $35,000.
Best for short-term loans and same day funding
Zable
3.2
Credible Rating
Est. APR
-
Loan Amount
$1000 to $35000
Min. Credit Score
600
Pros and cons
More details
Keep in mind
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.
How you can use a Zable personal loan
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.
Where are Zable loans available?
Zable personal loans are available to residents over age 18 in Washington, D.C., and in the following states:
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Kentucky
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- New Mexico
- New York
- North Carolina
- Ohio
- Tennessee
- Texas
- Utah
- Virginia
- Washington
Repaying a Zable loan
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.
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Zable’s maximum loan amount is capped at $35,000, 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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