In this Comparison
For those individuals who are seeking a personal loan, there is a great collection of online lenders that can cater to your needs. The focus for this article is going to be on what Discover and Axos has to offer you in this regard.
Axos | Discover | |
|---|---|---|
APR | 11.79% – 20.84%
| 8.49% – 24.49%
|
Terms | 36-72 months
| 36 to 84 months
|
Range | $5,000 – $50,000
| $2,500 – $40,000
|
Minimum Score | 700
|
660
|
When to Consider Axos Personal Loan?
Axos offers flexibility with the ability to adjust your payment due date, refinancing options, and soft credit checks. Typically, you can access your funds within three business days.
However, Axos charges an origination fee, and they don’t offer secured loans, joint loans, or co-signed loans. Additionally, there’s no autopay discount available.
When to Consider Discover Personal Loan?
Discover provides fast funding, usually within one business day, and doesn’t charge origination fees. They offer flexible loan amounts and repayment terms, making it a solid choice for those looking for speed and no upfront costs.
However, Discover doesn’t offer secured, joint, or co-signer loans, and they charge late fees with no autopay discount. It’s a great option for borrowers with good credit who prioritize quick access to funds and flexible loan options.
When compared to Axos, Discover outshines in terms of speed and flexibility, especially for credit-conscious borrowers.
Requirements
Discover can grant you a personal loan of between $2,500 and $35,000. Axos will give you a loan of $5,000 to $50,000. Discover requires you to have a credit score of 660 or more to get a loan. Axos needs you to have a 700 or greater credit score.
Marcus has not publicized the debt-to-income (DTI) ratio it requires borrowers to have in order to get a loan. Discover requires you to have an annual income of at least $40,000 in order to get a loan. The max DTI for an Axos loan is 40% and you need to show proof of continuous employment for at least two years.
All of these lenders are going to need borrowers to be 18 years old at least and to either be a resident, citizen, or visa holder in the US.
Repayment Options
A late fee will be levied on you for missing a Discover personal loan payment. There is also no way for you to change the repayment due date. Finally, there is no autopay discount available for Discover borrowers.
Axos give you the chance to change the due date for your payments. It will also charge you a late fee and you are unable to directly send payments to creditors.
Customer Service
Axos | Discover | |
|---|---|---|
iOS App Score | 4.7 | 4.9 |
Android App Score | 4.6 | 4.6 |
BBB Rating | A+ | A+ |
Contact Options | phone/chat | phone |
Availability | 24/7 | 24/7 |
Discover has a high-quality website that provides you with all of the information you could ever need. The support team works seven days a week and you can use the app to carry out key account management functions. Finally, the Better Business Bureau has given Discover an A+ rating.
Axos has plenty of handy resources if you a relooking to educate yourself a bit more when it comes to personal loans. The support is reachable five days a week and there are numerous ways to contact this support team. Finally, the Axos app provides you with the ability to manage your loan, while the Better Business Bureau has given Axos an A+ rank.
Which Personal Loan Lender Wins?
Discover and Axos generally provide you with quick access to your borrowed funds. Discover is more suited to people with better credit scores. Axos provides you with some flexible repayment options, while also having refinancing options.
 |  | |
|---|---|---|
APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 11.79% – 20.84%
| 7.99% – 24.99%
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 36-72 months | 36 to 84 months
|
Loan Amount | $5,000 – $50,000
| $2,500 – $40,000
|
on Credible website |
on Credible website |
FAQs
Is Axos good for debt consolidation?
Axos offers personal loans for up to $50,000, which should be sufficient to consolidate most debts.
However, this lender does not have many features associated with debt consolidation. For example, you cannot directly pay creditors with the proceeds of your loan. You will need to wait until you receive your loan funds and then make separate payments to each of your creditors.
Can I get an Axos loan with a 600 credit score?
Axos generally looks for applicants with good or excellent credit, so this lender is best suited to those with a credit score of 700+.
It may be possible to obtain a loan with a 600 credit score, but you cannot expect the best rates. With this level of score, you may be better suited to another lender.
Is prequalification available for Discover personal loans?
When you apply for a personal loan, you can use Discover's online prequalification to see what interest rate you qualify for. This is a quick process that will only take a few minutes, and Discover will only use a soft credit check that will have no effect on your credit score.
A full credit check will be required only if you decide to proceed with your loan application.
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Chime's product line has been simplified. All Chime products are designed to assist customers in rebuilding or establishing credit. There are only two savings accounts, one checking account, and one credit card available.
Read Full Comparison: Ally vs Chime: Which Banking Account Wins?
Discover vs Citi vs Wells Fargo
Discover is an online lender with a good reputation that does not charge origination fees. It also provides same-day funding and a variety of excellent repayment options. Citibank is one of the largest financial service providers in the United States today. For many years, the New York-based company has provided personal loans.
It is an excellent choice for those looking for no-fee personal loans as well as access to autopay discounts. Finally, Wells Fargo, like Citi, is a well-established financial services powerhouse in the United States. It is an excellent choice for those seeking large loans with a high degree of flexibility.
Read Full Comparison: Citi Vs Discover Vs Wells Fargo: Which Personal Loan Is Better?
Discover vs SoFi
SoFi has a reputation for being one of the best in the business, with no fees, a wide range of loan options, and a flexible set of repayment terms.
Discover is another high-quality lender that does not charge origination fees, has a wide range of repayment options, and can provide funding the same day. This article will compare and contrast the similarities and differences between SoFi and Discover.
Read Full Comparison: SoFi Vs Discover: Which Personal Loan Suits You Best?
Discover vs Upgrade vs Payoff
Over the years, Discover has earned a good reputation for not charging origination fees, offering flexible repayment options, and providing quick funding. Upgrade has been in the personal loan business for many years, serving over 500,000 customers and originating $7 billion in loans. It gives you quick access to funds as well as flexible repayment terms.
Finally, Happy Money is a financial wellness company that wants its customers to have a positive relationship with money.
Read Full Comparison: Upgrade Vs. Happy Money Vs. Discover: Which Personal Loan Suits You Best?
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