Axos Bank Personal Loan Review

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Updated on Thursday, June 27, 2019

Axos Bank
APR

6.49%
To
29.99%

Credit Req.

680

Terms

12 to 60

months

Origination Fee

0.00% - 2.00%

APPLY NOW Secured

on Axos Bank’s secure website

Axos Bank personal loan details
 

Fees and penalties

  • Terms: 12 to 60 months
  • APR range: 6.49% and up
  • Loan amounts: $5,000 to $35,000
  • Time to Funding: 2 days
  • Hard pull/soft pull: Prequalify with a soft pull and formally apply with a hard pull
  • Origination fee: 0.00% - 2.00%
  • Prepayment fee: $0
  • Late payment fee: $15
  • Other fees: Insufficient funds fee: $25

Eligibility requirements

  • Minimum credit score: 680
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

Information on specific eligibility requirements for an Axos Bank personal loan is not readily available on the lender website.

Applying for a personal loan from Axos Bank

Applying for a personal loan from Axos Bank is simple, and the process can be completed fairly quickly. You can get the ball rolling by answering a few questions to see if you prequalify for a loan; you’ll need to provide your income, credit history and score, employment history, basic contact information and Social Security number.

After answering these questions and a soft pull, which won’t affect your credit score, a loan offer will be provided if you prequalify. This offer can help you decide if you want to complete the application. Should you decide to apply, the information you provided will be verified.

If Axos Bank offers you a loan following verification, you have the opportunity to review it before accepting. The final loan offer may differ from what you were initially offered because of what was found during the verification process. Once you accept the offer, funds are deposited into your bank account within two days.

Pros and cons of a Axos Bank personal loan

Pros:

Cons:

  • No collateral: A personal loan with Axos Bank is unsecured, so it does not require collateral.
  • No prepayment fees: You won’t be charged an additional fee if you pay off your Axos Bank loan early.
  • Quick application: The application process for an Axos Bank personal loan is quick. You can expect to spend no more than 15 minutes on prequalification and the application.
  • Pre-qualification: You can avoid a drop in your credit score by seeing if you prequalify for a loan before applying. This is a soft pull, and it allows the bank to determine if you are likely to be approved for a loan.
  • Funding time: It can take up to two days for funds be received. This could be a problem if you have expenses that need immediate attention and require instant or same-day funding.
  • Loan terms: Although Axos Bank offers flexible loan terms, some options may not be available depending on your loan request.
  • Origination fee: 0.00% - 2.00%.

Who’s the best fit for an Axos Bank personal loan

A personal loan with Axos Bank is unsecured, so while no collateral is required, there are specific criteria you must meet if you wish to secure a loan. Axos will use multiple factors to determine if you are a good fit for a loan, including your credit profile, though those with bad credit may still be approved, since the bank looks at a picture that includes more than a credit score.

Still, a personal loan with Axos Bank may not be the right fit for all. For example, the 2-day funding time may be another factor that could affect whether this loan is fit for a borrower. If you need to receive funds the same day you apply, this is not possible and you won’t benefit from applying for a loan with this lender. However, if you don’t have an immediate need for funds, you may find an Axos Bank personal loan to be a great option.

Axos Bank consumer reviews

Axos Bank has a B+ rating with the Better Business Bureau, but its reviewers on LendingTree (Disclaimer: MagnifyMoney is owned by LendingTree) scored it even higher — a remarkable 99% of those reviewers recommend the company. Axos Bank also has a rating of 4.9 out of 5 stars across based on 174 reviews, as of June 2019; many reviewers use words like “easy,” “quick,” “simple,” “straightforward” and “pleasant.”

“The entire process was easy and fast,” wrote Daniel from Houston, Texas. “I got exactly what I needed without difficulties. There was no surprise, everything was clear and straightforward. The employee answered all my questions, I’m very satisfied.”

Axos Bank FAQ

Along with personal loans, Axos offers mortgages, auto refinancing, and loans for commercial real estate.

Axos offers unsecured personal loans from $5,000 to $35,000.

If you are not approved for a loan, you will be given information about why your application was declined.

There are many reasons why your application may not meet the bank’s bar for lending. For example, you’re like to get a thumbs-down if you left your application is incomplete or if the bank can’t verify your identity. You may receive a negative answer if you’ve had trouble with credit in the past and are carrying excessive debt. If your credit history provides cause for concern, Axos may decide not to extend a loan offer. This information can help you improve in the areas where you fell short, and know what you would need to apply again in the future.

No. We require you to submit a full application after you get a rate quote and it is the info in that application that allows the bank to determine whether or not an applicant is qualified.

Your funds should arrive in your bank account within two business days.

Payments are due each month on the same day of the month that you were approved for and accepted the terms of your loan; Axos Bank automatically withdrawals the money from your account on that day.

If your payment doesn’t go through, you are charged a $25 insufficient funds fee, and if you blow past the grace period for payment, you’ll see a late fee of $15.

Alternative personal loan options

LendingClub

APR

10.68%
To
35.89%

Credit Req.

Not specified

Terms

36 or 60

months

Origination Fee

2.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates.... Read More

Securing a personal loan between $1,000 and $40,000 with LendingClub can be done in a matter of minutes. To ensure you’re a good fit for a loan through this lending marketplace, you can check rates prior to filling out an application. If a loan through LendingClub seems like an option, you can review the available offers and then move forward with the application by verifying the information you provided. If you’re approved after the review of the application, funds will be deposited into your account within about seven days. When comparing this lender with Axos Bank, the prequalification and application processes are similar, but you may be able to take out a personal loan with a lower APR and a lower origination fee with LendingClub.

Marcus by Goldman Sachs®

Marcus by Goldman Sachs®
APR

6.99%
To
19.99%

Credit Req.

Not specified

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More


Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

If you have at least fair credit, you have the option to apply for a personal loan with Marcus by Goldman Sachs®. When choosing this specific lender, you have access to between $3,500 and $40,000, more than what’s offered by Axos Bank. In addition to access to higher funds, Marcus by Goldman Sachs offers loan terms from 36 to 72 months, giving you plenty of time to pay back your loan. Should you choose to pay the loan off early, there are no prepayment fees that will be tacked onto your final payment, making this loan ideal if you want to avoid paying extra fees.

Upgrade

Upgrade
APR

7.99%
To
35.97%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

2.90% - 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Upgrade is an online lender that offers fairly priced personal loans for a term of either 36 or 60 months.... Read More


Personal loans made through Upgrade feature APRs of 7.99%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.

Upgrade is an alternative if you have fair credit and need between $1,000 and $35,000. Before applying, you can use the prequalification process to determine your chances of being approved for a loan without taking a hit to your credit score. Following prequalification, the application can be filled out. If approved for a loan, it can take up to four days for funds to be received. There is an origination fee, so take this into consideration before you begin the process of securing a loan with Upgrade.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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