Axos Bank features

Here's a breakdown of some of the benefits and drawbacks of Axos Bank personal loans.

Pros

  • Fast funding
  • Range of term options
  • No prepayment penalties

Cons

  • High standards for credit
  • Origination fee
  • No brick-and-mortar bank branches

Axos Bank is the banking subsidiary of Axos Financial Inc. and is based in San Diego. It’s a digital bank with no physical branches.

Axos personal loans are a good choice for borrowers with solid credit scores and established credit history. The bank offers unsecured loans of $5,000 to $50,000 for borrowers with credit scores of 720 or higher.

Axos Bank snapshot

Loan amount $5,000 to $50,000
APR 7.15% to 17.99%
Minimum credit score 720
Time to receive funds Within two days of final loan offer acceptance

Pros and cons of Axos Bank personal loans

Here’s a breakdown of some of the benefits and drawbacks of Axos Bank personal loans.

Pros

  • Fast funding: Funds are available within two business days of you accepting your final loan offer.
  • Range of term options: Borrowers can choose loan terms from one to six years.
  • No prepayment penalties: Unlike some lenders, Axos doesn’t charge a fee for paying off your loan early.

Cons

  • High standards for credit: Borrowers with credit scores below 720 or fewer than two years of established credit history likely won’t qualify.
  • Origination fee: Axos Bank may charge an origination fee of up to 2 percent of the loan amount. For example, if you borrow $35,000, a 2 percent origination fee would deduct $700 from that amount.
  • No brick-and-mortar bank branches: People who are not comfortable applying for a loan online and want a face-to-face banking experience will not be a good fit for an Axos Bank personal loan.

Lending terms

An Axos Bank personal loan borrower must have a good credit score of at least 720, so the lender isn’t a good option for people with low credit scores or no credit history. Other criteria Axos considers include:

  • Credit history.
  • Loan amount.
  • Loan purpose (debt payoff, home improvements or major purchase).
  • Repayment term (one to six years).

A personal loan from Axos Bank ranges from $5,000 to $50,000. All loans come with payoff terms of one to six years. The application process is entirely online, and once a loan is approved, a borrower can expect to receive the funds within two business days.

Fees and penalties

Axos Bank may charge a borrower up to 2 percent of the loan amount as an origination fee, which is a fee that covers the cost of processing the loan and verifying a new borrower. Negotiating a lower origination fee may lead to a higher rate.

If the loan is for $10,000 and the bank charges a 1 percent origination fee, it will collect $100 from the loan amount at closing and disburse $9,900 to the borrower. The borrower still has to repay the $10,000, plus interest.

How to apply for a personal loan with Axos Bank

Axos is a digital bank, so all applications are filled out online. It only offers unsecured loans, so you don’t have to put up collateral to secure the loan. Preliminary offers do not affect your credit score. To apply for a personal loan with Axos Bank, you’ll need to provide:

  • Basic personal details such as address, phone number and Social Security number.
  • Income information.
  • Debt information (credit cards, auto loan and housing payments).
  • How much you want to borrow.
  • Whether you rent or own your home.

How Bankrate rates Axos Bank

Overall score 4.3
Availability 4.1 Axos offers a quick funding timeline but high credit score requirements.
Affordability 4.5 While not the lowest in the business, Axos’ minimum APR is still fairly competitive.
Customer experience 4.4 As an online lender, Axos’ online resources and mobile app earn it points. However, it has a slightly limited range of customer support hours.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.