Axos Bank Personal Loan Review
NMLS#1136
Founded in 2000, Axos Bank is a digital financial institute headquartered in San Diego. The bank offers large personal loans — ranging from $7,000 to $50,000 — and caters to borrowers with strong credit.
- Competitive APRs: While other lenders may have lower minimum annual percentage rates (APRs) than Axos Bank, they also tend to have APRs of up to 36%. Axos Bank’s maximum APR is just 20.84%.
- Fast funding: If you’re looking for a quick loan, Axos Bank offers funding within two days after you sign your agreement.
- High minimum credit score: If you don’t have a credit score of at least 730, you won’t qualify for an Axos Bank personal loan.
- High minimum loan amount: If you’re looking for a small personal loan, you’ll have to apply elsewhere. Personal loans at Axos Bank start at $7,000.
- Charges an origination fee: When you take out an Axos Bank loan, you’ll have to pay a one-time fee. Ranging from 1.00% - 2.00%, it comes out of your borrowed amount.
- Best for excellent-credit borrowers: If you have excellent credit, Axos Bank may be a good option, especially if you’re looking to finance a large purchase.
Axos Bank pros and cons
While Axos Bank may be a good fit for consumers with strong credit looking for higher loan amounts, those features can make it unsuitable for others. Here’s how Axos Bank’s pros and cons stack up against one another:
| Pros | Cons |
|---|---|
Funding within two days Low maximum APR Option to prequalify for a loan | No option for cosigners or co-borrowers High minimum loan amount Charges an origination fee |
Axos Bank’s two-day funding timeline offers convenience for consumers looking to quickly cover an expense. On top of that, the lender allows you to prequalify for a loan at no impact to your credit score — which not every lender offers. Finally, while personal loan lenders typically charge up to 36% APR, the maximum APR that Axos Bank currently offers consumers is 20.84%.
Unfortunately, if you want to lower your interest rates, Axos Bank doesn’t offer the option to apply with a co-borrower or cosigner. Axos Bank loans come with one-time origination fees ranging from 1.00% - 2.00%. This is taken out of your loan amount, though it’s much smaller compared to some other lenders.
Axos Bank requirements
Axos Bank doesn’t provide many details around its personal loan requirements such as income or debt-to-income ratio (DTI), but here’s what we do know:
| Minimum credit score | 730 |
| Required documents |
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If Axos Bank’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
Best personal loan options for:
How to get a loan with Axos Bank
1. Check your credit score
Checking your credit score can give you an idea of whether you’ll qualify with a lender. It can also give you insight as to what interest rates you may qualify for. To qualify for an Axos Bank loan, you’ll need a credit score of at least 730.
2. Estimate how much you need to borrow
You can borrow anywhere from $7,000 to $50,000 from Axos Bank. However, before you apply for a loan, it’s a good idea to budget for how much you can afford. You can use a personal loan calculator to estimate your potential monthly payments.
3. Prequalify for a loan
During this part of the process, you’ll need to tell Axos Bank how much you need to borrow, your preferred repayment term and how you plan to use the money. Prequalification won’t impact your credit score and it’s a good idea to check if you prequalify with multiple lenders. This way, you can compare rates and see which lender is willing to offer you the best package.
4. Verify your information
If you do decide to go with Axos Bank, you’ll need to verify your information that you provided during the application process. You’ll need to provide your Social Security number, a copy of your driver’s license or state ID and proof of income. Axos Bank will perform a hard credit check if you choose to move forward with the loan, which can cause your credit score to drop by a handful of points.
5. Close on your loan
In the final stage, you’ll need to officially accept your loan by signing a contract agreeing to repay it. Be sure to look over and understand the terms of the agreement before signing. Once you’ve signed, Axos Bank will provide your funds within two days.
If you’re not approved by Axos Bank, you may need to improve your chances of getting a personal loan. To do this, you can work on your credit score, decrease your DTI ratio and check your credit reports for errors.
How Axos Bank compares to other personal loan companies
Even if you believe Axos Bank aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how Axos Bank stacks up against similar personal loan lenders.
| Axos Bank | Discover | LendingClub | |
|---|---|---|---|
| LendingTree’s rating | 3.6/5 | 4.5/5 | 3.8/5 |
| Minimum credit score | 730 | 720 | 600 |
| APRs | 11.79% - 20.84% | 7.99% - 24.99% | 9.57% - 35.99% |
| Loan amount | $7,000 to $50,000 | $2,500 to $40,000 | $1,000 to $40,000 |
| Repayment term | 36 to 72 months | 36 to 84 months | 24 to 60 months |
| Origination fee | 1.00% - 2.00% | None | 3.00% - 8.00% |
| Funding timeline | Receive funds within two days | Receive funds within one business day | Receive funds within several days |
| Bottom line | Axos Bank offers flexible repayment terms, low origination fees and quick funding. However, it does not offer small loans. | Discover offers the quickest funding and the longest repayment terms for consumers to choose from. It also offers the lowest APRs. | LendingClub comes with the longest funding timeline and highest origination fee. However, those with less-than-perfect credit can qualify. |
How we rated Axos Bank
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but also competitive.
- Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.
Frequently asked questions
Axos Bank may be a good option for personal loans as long as you have an excellent credit score and plan to take out a mid-sized to large loan.
To qualify for an Axos Bank personal loan, you’ll need to have a credit score of 730 or higher. If yours is lower than that, you’ll need to take steps to improve your credit score.
Axos Bank performs a hard credit pull if you plan to follow through with a personal loan — however, the lender does allow you to prequalify first.