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Axos Bank personal loans review

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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 excellent-credit borrowers who want an online bank loan.
  • Pick something else if you need more than $35,000.

$35,000

Max. Loan Amount

6.49% to 29.99%

APR

720

Min. Credit Score

Details

Product NameAxos Bank personal loans
Min. Loan Amount$5,000
Max. Loan Amount$35,000
APR6.49% to 29.99%
Interest Rate TypeFixed
Min. Credit Score720
Origination FeeUp to 2%
Late Fee$15
Loan Term1 to 5 years
Turnaround TimeUp to 2 days
Check my rate

Expert review

Anna Serio

Review by


Anna Serio is a trusted lending expert and certified Commercial Loan Officer 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.

Expert review

Axos Bank combines the best of banking and online lending with its personal loan program. It was one of the pioneers of online banking when it opened its virtual doors in 2000. The application process is simpler and faster than most banks — you can receive your funds within two days after approval. And you also get the security of working with an a bank insured by the Federal Deposit Insurance Corporation (FDIC), which generally face more regulations than your typical online lender.

But its personal loans start high and top out low compared to other lenders — most lenders allow you to borrow from $2,000 to $50,000, at least. And its starting rates are a little high compared to other banks and online lenders. If you can meet Axos’s high credit score cutoff of 720, you could find a better deal with another lender.

Is Axos Bank legit?

Yes, Axos Bank is an FDIC-insured financial institution — meaning that it meets federal regulatory standards. Since it mainly operates online, it has a robust online security system that includes firewalls and SSL encryption to protect your personal information.

While it might share your information with other companies for marketing purposes, you can opt out of this by reaching out to customer service at 866-923-3625.

How much will this loan cost me?

Axos Bank personal loans come with APRs that range from 6.49% to 29.99%. This might include an origination fee of up to $15 of your loan amount — though some borrowers might not have an origination fee at all.

You can borrow between $5,000 and $35,000 with terms from 12 months to 5 years. Use the calculator below to see how much an Axos Bank personal loan might cost you.

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How pricing works

This APR range includes interest and origination fee that Axos Bank charges. Typically lenders wrap the cost of your origination fee into your loan by either adding it to or subtracting it from your loan balance. Other fees, like late or nonsufficient funds (NSF) fees, aren't included in the APR.

You likely need to have near-perfect credit to qualify for the lowest rates. Axos bank requires a minimum personal credit score of 720 — which is relatively high. Other factors like a high income, low personal debts and a long credit history can also help you qualify for a lower rate.

What do I need to qualify?

You must meet the following requirements to qualify for a personal loan from Axos Bank:

  • Personal credit score of 720 or higher
  • Verifiable income
  • At least two years of credit history

What information do I need to apply?

Have the following information and documents ready before you get started on your loan application:

  • Stated-issued ID
  • Social Security number
  • Proof of income, such as pay stubs, W-2 or most recent 1099

If you're self-employed, provide last year's tax return and verify your bank account online. If you can't verify your account online, provide a current bank statement or a canceled check.

Pros and cons

Axos Bank combines some of the better aspects of getting a personal loan online and a personal loan from a bank. Here are the main benefits and drawbacks.

Pros

  • One of the first online banks
  • No origination fee on some loans
  • Available in all states

Cons

  • Only offers loans up to $35,000
  • Loans start at a high $5,000
  • Potential origination fee of $15

See other personal loan options

Use the table below to see how other lenders compare to Axos Bank.

Data indicated here is updated regularly

Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible personal loans
4.99% to 35.99%
Fair to excellent credit
$100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
SoFi personal loans
5.99% to 18.28%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
LendingTree personal loans
Starting from 2.49%
Good to excellent credit
$50,000
Receive up to five loan offers in just minutes through LendingTree's simple online form.
NetCredit personal loans
34% to 155%
No minimum
$10,500
Check eligibility in minutes and get a personalized quote without affecting your credit score.
Monevo personal loans
3.49% to 35.99%
None
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
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Axos Bank reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 1 out of 5 stars, based on 38 customer reviews No reviews
Trustpilot Score 2.5 out of 5 stars, based on 5 customer reviews
Customer reviews verified as of 19 October 2020

Axos Bank only has a handful of online reviews through independent sites like the Better Business Bureau and Trustpilot. And almost all are negative. Most complaints come from customers with checking accounts, but many complain of poor customer service and a long turnaround time.

How do I apply?

You can apply for an Axos Bank business loan online. Follow these steps to get started:

  1. Click the Go to site button on this page.
  2. Review the requirements and click Continue.
  3. Enter the amount you'd like to borrow, select a loan term and how you plan on spending the funds. Then hit Check your rate.
  4. If you're already an Axos member, sign in to your online account to get started on the application. Otherwise create an account and hit Continue.
  5. Follow the directions to fill in the required fields with information about yourself, your income and other assets — like your bank account balances.
  6. Review and submit your application.

What happens after I apply?

After you submit your application, Axos will likely reach out to ask for documents verifying the information on your application. If approved, you should receive the funds in your checking or savings account within two days of signing your loan documents.

How do repayments work?

Axos Bank personal loans come with fixed monthly repayments that run anywhere between 12 and 60 months. You can find out how much you owe and when it's due by looking over your loan documents.

Axos Bank charges a $15 fee for late repayments and a $25 nonsufficient funds fee if a repayment bounces — standard for most lenders. But you can avoid this by reaching out to customer service if you think you're going to miss a repayment.

And if you're struggling with repayments for reasons related to the coronavirus outbreak, shoot an email to portfoliomanagement@axosbank.com. Do this well ahead of your payment due date, if possible: It could take around five days to get a response.

Visit our guide to personal loans to compare other online lenders.

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