Axos Bank personal loans review
Use your funds for debt consolidation or home improvements — but you'll need good credit to qualify.
finder.com’s rating: 3.7 / 5.0
- Best for borrowers who only have a savings account or want to use the funds for debt consolidation.
- Pick something else if you want to avoid fees or prefer a bank with a history of positive reviews.
Max. Loan Amount
6.49% to 29.99%
Min. Credit Score
Anna Serio is a trusted loans expert who's published more than 950 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
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 need a checking account to qualify. And you can get your funds in just two business days of signing your loan agreement.
You’ll want to look elsewhere if you’re trying to find a no-fee personal loan, however. It charges an origination fee between 0% and 2% depending on your credit profile. And it doesn’t get the best reviews from former customers.
Not sure Axos is right for you? Use our comparison table to check out even more options.
How much will this loan cost me?
Axos personal loan rates run from 6.49% to 29.99% APR. This could include an origination fee of up to 2% of the loan amount, though not always. You can borrow between $5,000 and $35,000 with terms from one to five years.
Use the calculator below to find out how much an Axos Bank personal loan might cost you at different rates, terms and loan amounts.
Monthly repayments calculatorCalculate how much you could expect to pay each month
|Loan terms (in years)|
How it works
You need near-perfect credit and a low debt-to-income ratio (DTI) to qualify for that 6.49% rate and no origination fees. You’ll also need to have excellent credit and a low DTI to qualify for the highest loan amounts. If you just make the credit score cutoff and spend more than half of your income on debt payments, you’ll likely get higher rates.
What do I need to qualify?
To qualify for a Axos Bank personal loan, you must meet the following criteria.
- 700+ credit score
- Verifiable income
- 2 years of credit history
- DTI of 50% or less
- Checking or savings account that accepts Fedwire transfers
What information do I need to apply?
Axos Bank recommends having the following on hand before you apply:
- Copy of your photo ID
- Most recent pay stub
- W-2 from the last tax year
- Fast funding — can get money in as few as two business days
- No hard credit check until you accept the loan
- Checking and savings accounts accepted
- No prepayment penalties
- Only borrow up to $35,000
- Few customer reviews
- Origination fee up to 2%
See other personal loan options
Is Axos Bank legit?
Yes, Axos Bank is an FDIC-insured bank and Equal Housing Lender, meaning that it meets federal banking standards. It’s also an Equal housing.
It restricts how its employees can view and share your personal information, which you can restrict even more by calling in to customer service. And it uses SSL encryption to protect any information you send through its website.
Does Axos Bank get good customer reviews?
|BBB customer reviews||1 out of 5 stars, based on 25 customer reviews|
|Trustpilot score||2.9 out of 5 stars, based on 2 customer reviews|
|Customer reviews verified as of||05 May 2020|
The few customer reviews Axos receives are mostly negative, though none of them are about its personal loan program. This might not necessarily mean you’ll have a bad experience. Borrowers typically only leave reviews in extreme situations. A lack of customer reviews means there have likely been few exceptionally good or bad experiences.
How do I apply?
To get started on your application, follow these directions:
- Click Check my rate above.
- Complete the form with your desired loan amount, purpose, term and your personal credit score before hitting Check my rate.
- Follow the directions to create an account and complete the preapplication. Once you submit it, Axos Bank will do a soft credit pull that has no affect on your personal credit.
- Review your offers for different loan amounts, terms and rates before selecting the loan that best meets your needs.
- Follow the instructions to complete the rest of your application, uploading any documents if necessary.
- Review and sign your loan documents.
The whole process can take as little as 10 minutes.
What happens after I apply?
Axos Bank will review your application and reach out to make sure funds go to the right bank account before your loan is disbursed. If Axos Bank needs any more information, you may be required to submit extra documentation.
Self-employed or retired? You might be asked to provide different documentation, such as your most recent tax return or your pension check.
How do repayments work with Axos Bank?
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. You might want to keep it this way if you can, however — it’s one less thing you have to worry about.
Axos doesn’t charge any prepayment penalties, so you might want to make extra payments when you can to save money on interest. But 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.
You can compare other lenders with our guide to personal loans.
Frequently asked questions
Image source: bankofinternet.com
Personal loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.