Axos Bank Personal Loans: 2023 Review

Name: Axos Bank
Item: Axos Bank
Rating: 4.7
Author: Rebecca Betterton

Written by

Rebecca Betterton

Edited by

Hannah Smith

Updated on Jan. 1, 2023

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

4.7

Bankrate Score

Availability

4.8

Affordability

4.3

Customer Experience

4.9

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.

Loan amount $5,000 - $50,000

APR from starting at 9.29%

Term lengths 36 to 72 months

Min Credit Score 700

This lender is best for borrowing costs.

Best for low borrowing costs

Axos Bank features one of the lowest maximum APRs on personal loans in the industry, and you’ll get a fixed rate payment that doesn’t change over the life of the loan.

Axos pros and cons

PROS

Fast funding
Range of term options
No prepayment penalties

CONS

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

Do you qualify?

Credit score requirements: You’ll need a credit score of at least 700.
Income requirements: Axos Banks does not have minimum income requirements, but you should have a monthly disposable income of $1,000 or higher.
Co-signers and co-borrowers: Co-signers are not allowed.

An Axos Bank personal loan borrower must have a good credit score of at least 700, 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 (three to six years)

What Axos doesn't allow loan funds to be used for

You’re free to use the loan proceeds however you see fit.

Axos Bank versus LendingClub

Borrowers with good credit scores are attracted to the minimum low interest rates offered by Axos Bank and LendingClub. For the latter, it’s 9.57 percent, compared to 9.29 percent. However, LendingClub has a much higher maximum APR of 36.00 percent. Still, you could find this lender ideal if you want to borrow a little less than $5,000 since its minimum loan limit is $1,000. Another feature that makes it stand out is the option to add in a co-borrower. And you have the option to change the due date of your loan one-time online.

Axos Bank versus Happy Money

Axos Bank and Happy Money take pride in their personal loans that come with competitive terms and help borrowers improve their overall financial health. The minimum loan amounts are the same, but personal loans with Happy Money are limited to $40,000. Both lenders also let you check your rates without impacting your credit score, but Happy Money has a higher starting APR of 11.25 percent and maximum APR of 29.99 percent. You’ll also pay an origination fee of up to 5 percent with Happy Money, compared to a limit of 2 percent with Axos Bank. But Happy Money offers an assortment of innovative financial tools designed to help improve your financial wellness that you won’t find with Axos Bank.

Axos Bank: in the details

Loan Amount

$5,000 - $50,000

APR from

starting at 9.29%

Min. credit score

700

Term lengths

36 to 72 months

Funds available in

Within two business days after final loan offer acceptance

What we like and what we don’t like

What we like:

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 three to six years.
No prepayment penalties: Unlike some lenders, Axos doesn’t charge a fee for paying off your loan early.

What we don't like:

High standards for credit: Borrowers with credit scores below 700 or fewer than two years of established credit history likely won’t qualify.
Origination fee: Axos Bank may charge an origination fee between 1 and 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.

How to contact Axos

You can contact customer service by phone at 866-923-3625. Representatives are available Monday through Friday from 6am to 5pm PST. Email support is also available at personalloans@axosbank.com.

How to apply for a personal loan with Axos Bank

When you’re ready to apply for a personal loan with Axox Bank, here’s what to do:

You’ll need to input your name, date of birth, citizenship status, email address, phone number, desired loan amount, loan term and loan purpose. Axos Banks also requires you to provide information about your housing status, employer and income.
Employees must submit their most recent paystub and W-2. Self-employed applicants are required to provide the most recent copy of their tax return. And if you’re retired, Axos Bank will need a copy of your most recent bank statement. (Note: there are instances where Axos Bank requests bank statements from employees and self-employed individuals).
They will be provided to you once the underwriter reviews your loan application, documents and signs off indicating final approval.
You can set up direct deposit to access funds in just one to three business days.
If your application is verified and approved before 2:30 p.m. ET on a business day, you may be able to get your funds on the same day you apply. Otherwise, it may take one or more business days to fund your loan.

Features and additional perks

Axos Bank allows you to change your due date so it works better for your budget. You have the option to move it up to 10 days from the original due date. To illustrate, if your monthly loan payment is due on the 16th, you can request a due date as far out as the 26th to give you more time to pay.

Fees and penalties

Axos Bank does not charge pre-payment penalties should you decide to pay your loan off early. However, a late fee of $15 applies if you pay after the grace period. You’ll also incur a $25 if the payment is returned by your bank or credit union due to insufficient funds.

Axos Bank frequently asked questions

Yes, you’ll be required to undergo a hard credit check when you apply for a personal loan with Axos Bank.
If you’d prefer to explore your options with Axos Bank before formally applying, you can get preapproved. The process is simple and takes just two minutes of your time. In most instances, you’ll receive a pre-approval decision right away.
If you decide to formally apply for a personal loan with Axos Bank, you can expect to receive a decision within 8 hours of uploading the requested identifying and financial documents. Once the loan application is approved, funding typically takes up to one business day, but you may not see the funds for up to three business days. It depends on your financial institution.

How Bankrate rates Axos

Overall Score	4.7	Explanation
Availability	4.8	While not the lowest in the business, Axos’ minimum APR is still fairly competitive.
Affordability	4.3	Axos offers a quick funding timeline but high credit score requirements.
Customer Experience	4.9	Axos has customer service options available whenever it is needed.

Methodology

To select the top personal loan lenders, Bankrate considers 15 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed 41 lenders and gave each a Bankrate rating, which consists of three categories:

Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.

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.