Axos Bank offers personal loans up to $50,000 with competitive rates and flexible terms for various borrowing needs.
APR
11.79% - 20.84%
Loan Amount
$5,000 - $50,000
Term
36-72 months
Min score
700
Axos Bank offers personal loans up to $50,000 with competitive rates and flexible terms for various borrowing needs.
APR
11.79% - 20.84%
Loan Amount
$5,000 - $50,000
Term
36-72 months
Min score
700
Overview
Axos Bank offers personal loans that can help you cover a range of expenses, from home repairs to consolidating debt. With loan amounts starting at $7,000 and going up to $50,000, Axos provides options for those needing larger sums of money. The repayment terms vary from three to six years, giving you flexibility in managing your payments.
Getting a loan from Axos is straightforward and convenient, with an easy online application process that you can complete from home. You'll need to provide some basic personal information and documents, like proof of income and ID. Once approved, you can typically receive your funds within one to three business days, making it a great option for urgent financial needs.
Axos offers some great features, like fast funding and the ability to pay off your loan early without penalties. However, it's important to note that they have a minimum credit score requirement of 700, so you'll need good to excellent credit to qualify. Additionally, Axos charges an origination fee of 1% to 2% on all loans, so be sure to factor this cost into your decision-making process.
What Do You Need To Apply?
When applying for a personal loan from Axos Bank, it's essential to understand the requirements and gather the necessary documents beforehand. Here are the key requirements you need to meet to apply for an Axos personal loan:
- Credit Score Requirements: You must have a minimum credit score of 700 to qualify for a personal loan from Axos Bank. This indicates good to excellent creditworthiness.
- Income Requirements: While Axos Bank does not specify a minimum income requirement, you'll need to demonstrate verifiable income to show your ability to repay the loan.
- Co-signers and Co-applicants: Axos Bank does not allow co-signers or co-applicants for personal loans. You must qualify for the loan based on your own credit and income.
- Identification: You'll need to provide a valid government-issued ID, such as a driver's license or passport, to verify your identity.
- Proof of Income: Depending on your employment status, you may need to provide recent pay stubs, W-2 forms, or tax returns to verify your income.
- Bank Statements: Axos Bank may request recent bank statements to verify your financial stability and ability to repay the loan.
- Personal Information: Be prepared to provide personal details such as your name, address, Social Security number, and contact information.
- Loan Details: You'll need to specify the loan amount you're requesting and the purpose of the loan, such as debt consolidation or home improvements.
Understanding Axos Bank Repayment Options
When taking out a personal loan from Axos Bank, it's crucial to understand the repayment options available and what to do if you encounter difficulties. Here's what you need to know about loan repayment with Axos:
- Payment Options: Axos Bank offers various payment methods, including autopay, manual payments through your online account, or payments by phone.
- Missed Payments: If you miss a payment, Axos may charge a late fee of $15. It's essential to communicate with the bank promptly to discuss options and avoid further penalties.
- Rescheduling Payments: Axos may allow you to reschedule payments or change your payment dates, providing some flexibility if you encounter financial challenges.
- Payment Difficulties: If you experience difficulties making payments, contact Axos Bank immediately to discuss potential solutions, such as modifying your repayment plan or seeking temporary relief options.
By understanding your repayment options and staying proactive in communication with Axos Bank, you can effectively manage your loan payments and address any challenges that may arise.
Axos Bank Personal Loan Pros & Cons
Pros | Cons |
|---|---|
Quick Application Process | High Credit Score Requirement |
Fast Funding | Origination Fees |
All 50 States Coverage | High Minimum |
Competitive Interest Rates | Lack of Cosigner Option |
Prequalification Option | Narrow Credit Reporting |
- Quick Application Process
Axos Bank offers a fast and convenient online application process, allowing you to get prequalified within minutes.
- Fast Funding
Upon approval, you can typically receive your funds within one to three business days via direct deposit.
- All 50 States Coverage
Axos Bank offers personal loans in all 50 states, ensuring accessibility for a wide range of borrowers.
- Competitive Interest Rates
Despite starting rates being higher, Axos offers competitive interest rates, making it a viable option for those with good credit.
- Prequalification Option
The prequalification process allows you to check your loan estimate quickly without impacting your credit score.
- High Credit Score Requirement
Axos Bank requires a minimum credit score of 700, excluding borrowers with fair or poor credit.
- Origination Fees
Axos charges origination fees ranging from 1% to 2% of the loan amount, which can increase the overall cost of borrowing.
- High Minimum
The minimum borrowing amount of $5,000 may be too high for individuals seeking smaller loans.
- Lack of Cosigner Option
Axos does not permit cosigners or joint applicants, limiting options for those who may need additional support to qualify.
- Narrow Credit Reporting
Axos only reports payment information to one credit bureau, potentially limiting the impact on your credit score.
Customer Experience
Customer reviews for Axos Bank's personal loans are mixed. While some customers praise the quick application process, fast funding, and competitive interest rates, others express dissatisfaction with customer service and the overall experience.
Some borrowers also mention concerns about high credit score requirements and origination fees. Additionally, there are comments about limited payment flexibility and the potential for late fees.
Axos bank | |
|---|---|
iOS App Score | 4.7 |
Android App Score | 3.9 |
BBB Rating | A+ |
Contact Options | Phone/social channels/website |
Availability | 24/7
|
To reach customer service at Axos Bank, you can contact them by phone, email, or through their online messaging system. The customer service phone number is 866-923-7112 or 866-923-3625, available Monday through Friday from 8 a.m. to 4:30 p.m. Pacific Time (PT).
Additionally, you can reach out to them through their social media channels, such as Twitter (@AxosHelp) and Facebook (Axos Bank). For more complex inquiries or account-related issues, you may need to log in to your online banking portal and send a secure message.
What Else You Should Know?
Before applying for a personal loan with Axos, it's important to understand additional factors that could impact your borrowing experience:
-
Can I get a Axos Bank loan with a 600 credit score?
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Can I negotiate with Axos?
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What is the funding time?
The funding time for Axos Bank personal loans is relatively quick. Once your loan application is approved and you accept the loan offer, you can typically expect to receive the funds within one to three business days via direct deposit.
In some cases, funds may be available as soon as the same day, particularly if you have an account with Axos Bank.
What Can a Axos Bank Personal Loan Be Used For?
A personal loan from Axos Bank can be used for various purposes, including consolidating debt, covering emergency expenses, financing home improvements, funding vacations, or paying for medical bills.
However, there are certain purposes for which Axos Bank does not allow the use of personal loan funds. These include investing in securities or stocks, purchasing cryptocurrency, financing post-secondary education expenses, or using the loan for short-term real estate bridge financing
Who Should Consider Applying?
For individuals considering applying for an Axos Bank personal loan, several factors make it a suitable option:
Existing Axos Bank Customers: Current Axos Bank customers may find it convenient to consolidate their banking and loan services under one roof, streamlining their financial management.
Borrowers with Good to Excellent Credit: Those with credit scores of 700 or higher are more likely to qualify for Axos Bank's competitive interest rates and favorable loan terms, making it an attractive option for financially responsible borrowers.
Individuals in Need of Moderate Loan Amounts: With loan amounts ranging from $5,000 to $50,000, Axos Bank personal loans cater to borrowers seeking a significant but not excessive amount of funds for various purposes.
Axos Bank Personal Loan FAQs
Yes, Axos Bank allows borrowers to refinance existing Axos personal loans after six months.
Typically, applicants need to provide identification, recent pay stubs, W-2 forms or tax returns, and bank statements.
No, Axos Bank does not charge prepayment penalties, so you can pay off your loan early without any extra fees.
