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 excellent-credit borrowers who want an online bank loan.
- Pick something else if you need more than $35,000.
Max. Loan Amount
6.49% to 29.99%
Min. Credit Score
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 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 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.
Monthly repayments calculator
Calculate how much you could expect to pay each month
|Loan terms (in years)|
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.
- One of the first online banks
- No origination fee on some loans
- Available in all states
- 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.
Axos Bank reviews and complaints
|BBB customer reviews||1 out of 5 stars, based on 38 customer 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:
- Click the Go to site button on this page.
- Review the requirements and click Continue.
- 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.
- 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.
- Follow the directions to fill in the required fields with information about yourself, your income and other assets — like your bank account balances.
- 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 email@example.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.