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Axos Bank personal loans review

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Unsecured personal loans from $5,000 to $35,000 deposited into your checking or savings account.

Axos Bank, formerly Bank of Internet USA, is a flexible lender that lets you use your funds almost any way you want, and can work with borrowers who only have a savings account. But with a high origination fee and a lack of transparency with its terms, you may want to compare your other options before applying.


Max. Loan Amount

6.5% to 25%



Min. Credit Score


Product NameAxos Bank personal loan
Min. Loan Amount$5,000
Max. Loan Amount$35,000
APR6.5% to 25%
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term5 years

What makes Axos Bank personal loans unique?

Axos Bank is one of the few online banks out there that doesn’t require a checking account: You can use a savings account instead, as long as it accepts transfers through Fedwire. This opens up this option to borrowers who avoid checking accounts for the fees they charge. It also has no restrictions on how you use your funds, meaning that you can use your loan to cover costs that lenders often restrict — like paying for college.

What is a Axos Bank personal loan?

Axos Bank is a division of BofI Federal Bank that offers unsecured personal loans. As its name suggests, you can apply online and prequalify in just a few minutes. Borrowers can receive the funds in their bank account within two days. These are longer term loans ranging from $5,000 to $35,000 with 1 year to 5 years to pay them back. APRs from 6.5% to 25% , which includes a origination fee that’s deducted from your loan amount.

You can use your funds for most legitimate purposes — meaning you can use it as a student loan alternative. There’s no prepayment penalty, so you can pay off your loan early to save on interest with no extra cost.

What are the benefits of a Axos Bank personal loan?

  • You don’t need a checking account. While you need a bank account to receive your funds, it doesn’t necessarily have to be a checking account — it just needs to accept wire transfers from Fedwire. In many instances, a savings account will work just fine.
  • Can use it for education. Many personal loan providers don’t allow borrowers to use their loans to pay for college or graduate school, but Axos Bank does.
  • Risk-free quotes. Applying to prequalify for a Axos Bank personal loan only involves a soft credit pull, which doesn’t impact your credit score.
  • No prepayment penalty. In other words, you can save on your loan by paying it back early.

What to watch out for

  • Limited range of loan amounts. Axos Bank only offers funds from $5,000 to $35,000, which might not be helpful if you only need a few grand — or have a large expense.
  • Site lacks information. Its site doesn’t give specifics about eligibility requirements, fees or APR.
  • Origination fee. Axos Bank’s loans come with a origination fee that’s deducted from your loan amount before you receive your funds.

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What do borrowers say about Axos Bank?

Axos Bank doesn’t have a great online reputation. While it is accredited by the Better Business Bureau (BBB) and earns an A- rating, that score is based on factors like advertising practices — not customer reviews. As of March 2019, it has 14 customer reviews that rate it 1-star and 12 customer complaints. It doesn’t have a Trustpilot page, but reviewers on Yelp left similarly negative comments.

Most complaints revolved around its bank accounts, not its personal loans, though customer service was often a key player. Generally, customers were upset about how long it took to correct mistakes and sometimes had trouble getting through to the right person. At least one other borrower had trouble using its site, saying there were a lot of glitches.

Am I eligible?

To qualify for a Axos Bank personal loan, you must:

  • Have a credit score of at least 680
  • Have a debt-to-income ratio below 45%
  • Have a checking or savings account that accepts Fedwire transfers

Axos Bank considers factors like your credit and employment history as well as your personal assets when reviewing your application.

How do I apply?

To get started on your application, follow these directions:

  1. Go to the Axos Bank site.
  2. Scroll down until you see Personal Loans. Click the Learn More button.
  3. Hit Get Started.
  4. Complete the sentence with your desired loan amount, purpose, term and your personal credit score before hitting Continue.
  5. Follow the directions to create an account and complete the pre-application. Once you submit it, Axos Bank will do a soft credit pull that has no affect on your personal credit.
  6. Review your offers for different loan amounts, terms and rates before selecting the loan that best meets your needs.
  7. Follow the instructions to complete the rest of your application, uploading any documents if necessary.
  8. Review and sign your loan documents.

The whole process can take as little as 10 minutes. Axos Bank will reach out to make sure funds go to the right bank account before your loan is disbursed.

How to apply step-by-step with screenshots

  • I got the Axos Bank personal loan. Now what?

    Your first repayment is due one month after you received your funds. Axos Bank personal loan repayments are set to autopay by default, though you can change this by calling 866-923-7112 and selecting option 3. You might want to keep it this way, however — it’s one less thing you have to worry about.

    Keep an eye on your account and your loan balance. If you notice anything off, reach out to customer service by calling the number above. If you’re late on your payment, Axos Bank charges a $15 fee. And if you don’t have enough money in your account when your repayment is due, you’ll have to pay a $25 fee.

    Bottom line

    Axos Bank’s personal loans could be a good option for good-credit borrowers who want a restriction-free and low-hassle personal loan. You also don’t necessarily need a checking account to qualify. You’ll want to look elsewhere if you’re trying to find a no-fee personal loan, however.

    You can compare other lenders and learn more about how personal loans work by visiting our guide.

    Frequently asked questions

    Image source: bankofinternet.com

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