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Axos Bank Personal Loans: 2024 Review

Updated on Jun. 20, 2023
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At a glance

4.5
Rating: 4.5 stars out of 5
Bankrate Score
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Availability
Rating: 4.4 stars out of 5
4.4
Affordability
Rating: 4.5 stars out of 5
4.5
Customer Experience
Rating: 4.4 stars out of 5
4.4
Transparency
Rating: 5 stars out of 5
5.0

About Bankrate Score

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.

Moneybag
Loan amount $7,000 - $50,000
Rates
APR from starting at 9.29%
Clock Wait
Term lengths 36 to 72 months
Credit Good
Min Credit Score 700
This lender is best for borrowing costs.

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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

  • Checkmark

    Prequalification offered.

  • Checkmark

    Range of term options.

  • Checkmark

    No prepayment penalties.

CONS

  • Close X

    High credit minimum score.

  • Close X

    Origination fee.

  • Close X

    No brick-and-mortar bank branches.

Do you qualify?

While Axos Bank doesn't list all of its requirements, it does say that you'll need the following to qualify for one of its personal loans.

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 includes:

  • Length of credit history.
  • Loan amount.
  • Loan purpose.
  • Repayment term.

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

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

How this lender compares

logo
Rating: 4.5 stars out of 5
4.5
Bankrate Score
APR from
starting at 9.29%
Loan Amount
$7,000 - $50,000
Term Length
36 to 72 months
Min Credit Score
700
logo
Rating: 4.3 stars out of 5
4.3
Bankrate Score
APR from
9.57%-35.99%
Loan Amount
$1,000 – $40,000
Term Length
24 to 60 months
Min Credit Score
Not disclosed
logo
Rating: 4.5 stars out of 5
4.5
Bankrate Score
APR from
11.72%-17.99%
Loan Amount
$5,000-$40,000
Term Length
24 to 60 months
Min Credit Score
640

Axos Bank vs. LendingClub 

Borrowers with good credit scores may be able to score the low minimum interest rates offered by Axos Bank and LendingClub. For the latter, it’s 9.57 percent, compared to Axos' 9.29 percent. 

However, LendingClub has a much higher maximum APR of 35.99 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. LendingClub also offers the ability to change your due date once.

Axos Bank vs. 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. 

Axos Bank: in the details

What we like and what we don’t like

Axos Bank has a number of benefits and drawbacks to consider before applying.

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 percent 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 Bank

You can contact customer service by phone at 866-923-3625. Representatives are available Monday through Friday from 6 a.m. to 5 p.m. PT. Email support is also available. 

How to apply for a personal loan with Axos Bank

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

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 prepayment 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

How Bankrate rates Axos

Overall Score 4.6 Explanation
Availability 4.4 While not the lowest in the business, Axos’ minimum APR is still fairly competitive.
Affordability 4.5 Axos offers a quick funding timeline but high credit score requirements.
Customer Experience 4.4 Axos has customer service options available whenever it is needed.
Transparency 5.0 Clearly stated credit requirements, fees and the ability to prequalify earn Axos a high score.

Methodology

To select the best personal loans, Bankrate’s team of experts evaluated over 30 lenders. Each lender was ranked using a meticulous 20-point system, focusing on four main 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. We also give bonus points to lenders offering rate discounts, grace periods and that allow borrowers to change their due date. 
  • Availability: Minimum loan amounts, number of repayment terms, eligibility requirements, ability to apply using a co-borrower or co-signer and loan turnaround time are considered in this category.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: For this factor, we consider how well information is presented to the borrower on the lender’s website. This includes listing credit requirements, rates and fees, in addition to offering prequalification.

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.