Axos Bank and LendingClub offer unsecured personal loans to consumers in all 50 states and Washington, D.C.

Based in San Diego, Axos Bank is an online financial institution offering innovative digital banking solutions. LendingClub also operates online and offers lending, banking and investing solutions.

Both are ideal for borrowers with at least fair credit, but LendingClub affords you more flexibility when applying.

Axos Bank vs. LendingClub at a glance

Axos Bank and LendingClub feature unsecured personal loans with generous loan limits. Still, each comes with variances to remember when deciding which works best for your financial situation.

Axos Bank LendingClub
Bankrate Score 4.5 4.3
Better for Fast funding Applicants with a co-borrower
Loan amounts $7,000-$50,000 $1,000-$40,000
APRs 11.79%-20.84% 9.57%-35.99%
Loan term lengths 36-72 months 24-60 months
Fees
  • Origination fee: 1-2%
  • NSF fee: $25
  • Late fee: $15 (following the grace period)
  • Origination fee: 1-8%
  • Late fee: the greater of 5% of the payment amount or $15
Minimum credit score 700 Not specified
Time to funding As soon as the same day Within two days

Axos Bank personal loans

Axos Bank personal loans

Rating: 4.5 stars out of 5
4.5
Learn morein our Bankrate review
  • Green circle with a checkmark inside

    Pros

    • Online prequalification with soft inquiry.
    • Refinancing available.
    • Same-day funding.
    Red circle with an X inside

    Cons

    • Origination fee.
    • Good or excellent credit required.
    • High minimum rate compared to other lenders.

LendingClub personal loans

LendingClub personal loans

Rating: 4.3 stars out of 5
4.3
Learn morein our Bankrate review
  • Green circle with a checkmark inside

    Pros

    • Co-borrowers permitted.
    • Rapid approvals.
    • Allows due date adjustment.
    Red circle with an X inside

    Cons

    • Origination fee.
    • Minimum credit score not specified.
    • Steep maximum APR.

How to choose between Axos Bank and LendingClub

Both lenders prohibit loan proceeds from being used to fund investments or cover higher education expenses or costs associated with illegal activity.

Axos Bank has larger loans

LendingClub limits loans to $40,000, but it could work if you seek a small loan. However, borrowers needing more funding may find Axos Bank is the better choice.

Loan amounts of up to $50,000 are available, and you could receive the proceeds the same day. You could also enjoy lower borrowing costs since the maximum APR is significantly lower than LendingClub. Plus, the repayment periods are lengthier, which helps lower the monthly payments. Be mindful that extending the loan term means you’ll pay more in interest over the life of the loan.

LendingClub allows joint borrowers

Co-signers for personal loans aren’t permitted with either lender. However, you can get a joint personal loan with LendingClub. It allows you to apply with a co-borrower, and the lender evaluates income and credit information for both applicants to make a decision.

However, adding a joint borrower with Axos Bank isn’t an option. You’ll need to qualify on your own with a credit score of 700 and higher and a source of verifiable income.

Compare lenders before applying

Axos Bank and LendingClub are worth considering if you need an unsecured personal loan. You can access more funding with Axos Bank, but LendingClub is the better option if you want to apply with a co-borrower. Axos Bank also features longer loan terms than LendingClub, with lower origination fees.

However, you may want to lean more towards LendingClub if you have a lower credit score. Or, if your score is on the higher end, you could still snag a more competitive interest rate with this lender since its minimum APR is slightly lower.

Get prequalified with both to make the best decision for your finances. And before you fully apply, check your rates with other lenders.