Zable Personal Loans 2024 Review

Zable is an online lending platform that offers personal loans between $1,000 and $35,000. The company has been around for eight years in the UK and recently started offering personal loans in the U.S. in 28 states, including Washington D.C. 

Read more to determine if this personal loan is right for your needs. 

Zable’s personal loan products seem to mirror many digital lenders, which ultimately farm out their loan underwriting, processing and servicing to other financial institutions.

As a result, the details about the loan terms and the loan agreement are pretty much unknown unless you get pre-qualified and receive a loan offer. Since you can start the process with a soft credit check, it may not be a bad idea to submit an application to at least get an idea of your rate and loan term options.

Compare Your Personal Loan Options

Find a personal loan that better fits your borrowing needs:

Compared to Other Personal Loans

SoFi

SoFi has personal loans of up to $100,000 for those who qualify. Zable only lends up to $35,000, so someone needing a larger loan may consider SoFi on this criteria alone. You should also know that SoFi discounts interest rates for those who enroll in autopay. 

SoFi has some added benefits, such as unemployment protection for loan borrowers and the flexibility to co-sign a loan with another individual like a partner, a friend, or a family member. Some might say SoFi has a more holistic approach to underwriting, considering factors beyond income and credit scores.

While SoFi has some attractive features, the lender could potentially have a longer decision and funding process—but this will also depend on the circumstances, such as the borrower and the loan amounts. Zable’s personal loan product is slightly less flexible and has lower loan amounts but a quicker decision and funding turnaround.

Read our full review of SoFi personal loans.

Lending Club

Lending Club offers loans of up to $40,000, with repayment terms ranging from three to five years. Origination fees, varying from one to six percent, are incorporated into the loan's cost. 

Although Lending Club’s loans have more fees and potentially higher interest rates than traditional lenders, it can be an acceptable alternative for borrowers with a less-than-stellar credit history who might otherwise have limited options.

You’d likely choose Lending Club over Zable if you don’t have a lot of options due to your credit score.

Read our full review of Lending Club personal loans. 

Upgrade

Like Zable, Upgrade allows you to check loan rates with a soft credit check, which doesn't affect your credit score. Like the other lenders mentioned, Upgrade offers much more than Zable's $35,000 loan limit, topping out at $50,000 with loan terms between 24 and 84 months.

Once your loan with Upgrade is approved, you can get funds as soon as the next business day. Another benefit that Upgrade offers is discounted interest rates for those who will enroll in auto pay or use their car for collateral. Plus, you can now apply with a co-borrower, which may qualify you for a larger loan. Upgrade is known for working with borrowers with a lower credit score or limited credit history, which may not be the case for Zable.

Read our full editorial review of Upgrade personal loans.

Best Egg

Best Egg offers secured and unsecured personal loans with a limit of up to $50,000, which can be repaid over three to five years. While this might not be ideal for borrowers needing more flexibility or loans larger than $50,000, applicants earning more than $100K annually with credit scores of 700 or higher may qualify for the highest loan amounts and the most favorable interest rates. 

Furthermore, origination fees can vary between 0.99% to 8.99%, but a preliminary soft credit is all you need to check out potential loan terms. Although Best Egg personal loans have some appealing aspects, those with exceptional credit will ultimately get the best loan terms. 

Read our full editorial review of personal loans from Best Egg.

Interest Rates

Zable’s public-facing website doesn’t mention specific interest rates, but we know that rates will depend on your credit history and other qualifying factors. Also, because it’s an installment loan, the interest rate and monthly payment amount will be fixed, unlike a personal line of credit or credit card. 

Fees

Zable’s loan charges borrowers an origination fee of 5% to 8.5%. According to Zable’s site, your rate is based on your individual circumstances. Late fees are $15. 

Repayment Terms

Zable offers loan terms between one and five years. This is slightly better than the typical duration of three to five years.

Borrowing Amounts

Zable loan amounts are between $1,000 and $35,000. The low borrowing minimum can be handy for those who only need a little bit of help to deal with a more emergency. But, the maximum might not be enough for borrowers looking to consolidate a large amount of high-interest debt.

Application Process 

You can check your loan terms and rate with a soft credit inquiry. For the application, you’ll need to provide your personal details such as: 

• Name
• Address
• Date of birth
• Social Security number
• Employment status
• Annual gross income
• Homeowner status

Once approved, you’ll get information on your loan terms and rates, which may be subject to a hard credit inquiry along with employment and income verification. 

Approval Speed

Decisions can be immediate, and you can receive funds the same day if your application is approved before 3:30 pm ET. Again, for those seeking immediate financial relief, the quick funding time is great.