Axos Personal Loan Review: Compare Top Lenders of 2023
A personal loan from Axos Bank has flexible terms and low-interest rates. You may get cash fast for nearly any purpose since there are no collateral restrictions. Now is the time to apply and continue with your application. Personal Loan Advantages Loans ranging from $5,000 to $50,000 are available.
Axos Bank is a full-service online bank that offers one of the highest-yielding savings accounts on the market. Bank of Internet USA, a well-known online bank, was established in 2000. It was renamed its current name in 2018. Its offerings include a variety of financing choices, investment portfolios, and business. Besides this, commercial banking solutions and addition to banking products.
This evaluation focuses on the personal banking products and services offered by Axos Bank. Here’s a closer look at Axos Bank and how it stacks up against other online banking services. Because Axos Bank personal loans are unsecured, interest rates may be higher than secured personal loans.
On the other hand, a personal loan is typically less expensive than racking up credit card debt. You can use it to cover life’s expenditures, and you may receive one from Axos Bank for one to five years.
Overview: Axos Personal Loan Review
|Card||Best For||Fee & Credit||More Details|
Best For Earning Rewards and Full Service Bank
|APR: 4.45% - 18% • Loan Amount: $8,500 - $90,000 • Loan Term: 12 - 84 months|
What is Axos Bank Personal Loan?
Because Axos is a digital bank, complete all applications online. It solely provides unsecured loans, which means you don’t have to put up any collateral to get a loan. Your credit score is unaffected by preliminary offers.
Axos Bank examines credit score, income, job history, and other financial considerations to evaluate eligibility. Here’s what you’ll need to qualify, according to the lender:
- A minimum credit score is 720; the average credit score for borrowers is 785.
- There is no minimum yearly income requirement; the average annual income of borrowers is $100,000.
- Demonstrate two years of continuous employment.
- The maximum debt-to-income ratio is 50%.
- You must be a citizen of the United States, a lawful permanent resident, or a non-permanent resident with a valid work visa.
- Have a valid Social Security number, driver’s license, or other state-issued ID.
What other Loans Offered by Axos Bank?
Axos Bank is one of the most established online-only banks in the world. It was established in 2000 and continues to expand, providing full-service banking to people and companies. This in-depth examination of one of the online banking industry’s leaders. It will provide you with information on Axos Bank’s accounts and services, as well as if it is the ideal bank for you.
Axos Bank offers a variety of services in addition to standard personal banking:
- Automobile Loans
- Individual Loans
- Mortgages for Purchase
- Mortgage Refinancing
- Home equity loans and credit lines
- FHA (Federal Housing Administration) Loans
- Loans from the United States Department of Veterans
- Affairs (VA)
- Investing Options That Are Automated
- Commercial and Business Banking and Lending Solutions
How do Axos Bank Personal Loans work?
Axos Bank claims that You may complete your online personal loan application in a matter of minutes. To begin, make sure you’re eligible for a personal loan:
- It requires a credit score of 720 or more.
- A source of income that you can verify.
- Credit history of at least two years is required.
Then, from $5,000 to $35,000, you’ll choose a loan amount. You won’t have to worry about prequalification harming your FICO score. Axos Bank will make you an offer without doing a rigorous credit check. A valid ID and Social Security number are required.
If you continue with the application, Axos Bank will check your credit history, score, and income. It will also seek information like your address and date of birth.
Call Axos Bank at 866-923-3625 or contact [email protected] for assistance. Moreover, mention the online loan application procedure.
Remember that You cannot use an Axos Bank personal loan to pay off student loan debt. Axos offers small business and commercial banking with lending instruments if you need a loan.
Borrowers may not utilize loans for the following purposes:
- Contribute to illicit actions.
- Obtaining narcotics or other illegal paraphernalia.
- Purchase firearms or weapons.
What are the Features of Axos Personal Loan?
Axos loan requires borrowers to have a credit score of at least 720 to qualify for a personal loan. Thus it isn’t a viable alternative for persons with bad credit or no credit history. Axos also considers the following criteria:
- Your credit history
- The amount of the loan
- The goal of the loan (debt payoff, home improvements, or major purchase).
- Timeframe for repayment (one to five years).
Axos Bank offers personal loans ranging from $5,000 to $35,000. All loans have a one to the five-year payback period. Furthermore, application procedure is fully online, and borrowers may expect to receive cash within one to two business days.
Personal loans from Axos Bank are available for one to five years. Axos Bank personal loans have set interest rates and monthly payments. Moreover, you’ll know precisely how much you’ll owe each month and when you’ll make your last payment.
Wide Range of Borrowing Amounts and Terms
When applying for a personal loan, you must determine how much money you require. There’s no use in asking for a loan that’s too big or too tiny. Therefore, so look for lenders who will let you borrow those sums.
Axos Bank provides loans in the range of $5,000 to $35,000. Axos Bank is a decent choice for most purposes, no doubt. However, persons with really minor or extremely significant financial demands may need to look for a different lender.
After you’ve determined how much money you’ll need to borrow, you’ll need to determine how long you’ll need to repay it. Axos Bank offers loans with maturities of 12, 24, 36, 48, or 60 months, allowing you to tailor the loan to requirements.
Axos Personal Loans Requirement?
According to credit reporting agency Experian, Axos Bank demands a minimum credit score of 720 for personal loans, which is deemed “excellent.” This is a far stricter criterion than some other lenders, who may accept credit scores low as 585 for bad-credit consumers seeking personal loans.
Axos examines at least two years of credit history, including payment history and available credit against debt.
How to Apply for Axos Personal Loans?
Because Axos is a digital bank, Complete all applications online. It solely provides unsecured loans, which means you don’t have to put up any collateral to get a loan. Your credit score is unaffected by preliminary offers. To apply for a personal loan with Axos Bank, you’ll need to submit the following information:
- Contact information, such as name, address, phone
- number, and Social Security number.
- Information on earnings.
- Information on debt (credit cards, auto loan, and
- housing payments).
- The amount you wish to borrow.
- Whether you live in a rented or owned house
How much does Axos Personal Loan Cost?
Axos Bank may charge a borrower an origination fee of up to 2% of the loan amount. It will help you cover the costs of processing the loan and authenticating a new borrower. If you negotiate a reduced origination charge, you may have a higher rate.
Furthermore, Axos Bank origination costs range from 0% to 2%, and annual percentage rates range from 6.49 percent to 29.99 percent. The interest rates on all personal loans are set in stone.
If the bank imposes a 1% origination fee on a $10,000 loan, it will deduct $100 from the loan amount. In addition to this, it occurs at closing and distributes $9,900 to the borrower. The borrower must still repay the $10,000 plus interest.
Who is Axos Personal Loan Best For?
Axos Bank should be appealing to customers who are finding a full-service mobile bank. It is a good option for customers who are willing to earn rewards and interest using an account. It enables you to open a savings or checking account without any maintenance fees.
This enables the customers to earn savings with competitive rates. It allows users to complete most of the banking work online. Axos bank gives access to parents to open a checking account for their child. You can easily get unlimited recompense for ATM fees.
Consumers seeking a full-service online bank should be interested in Axos Bank. It might be a suitable fit for consumers who wish to do the following:
- With a checking account, you can earn interest or prizes.
- Open a bank or savings account that doesn’t charge a monthly maintenance fee.
- Save money at a competitive rate.
- They do the majority of their banking on the internet.
- Create a child’s online banking account.
Axos Personal Loan Pros and Cons
► Soft credit check
Before committing to a loan, Axos bank allows you to pre-qualify – discover what rates you could be eligible for. This soft credit check has no bearing on your credit score. If you go ahead and apply for the loan, Axos will do a hard pull on your credit report. Therefore, it may cause your credit score to temporarily drop a few points.
Before signing the loan, you will not choose your payment date. You can modify the payment date once they approve the loan for any reason within ten days of the previous date. There is no limit to how many times you can shift the date. Because of this flexibility, you may pick a payment date that corresponds to your payday, even if it changes.
Borrowers can utilize an Axos loan to refinance a personal loan they already have with the company or with another lender. Refinancing might save you money and help you pay off your debt quicker if you qualify for a lower rate.
► Lacks Autopay discount
Axos Bank does not provide a rate discount for setting up automated payments, unlike some other lenders. This reduction, which can vary from 0.25 to 0.50 percentage points, reduces the amount of interest you pay on a loan. It also reduces the period you have to pay it back.
► No option for a secured loan
However, it also encourages borrowers to use autopay to avoid late fines. No choice for a co-signer, joint, or secured loan. Borrowers are not permitted to apply for a secured loan or to include a co-signer or co-borrower on their application. Borrowers may qualify for a cheaper rate or a larger loan amount by using these alternatives.
Axos Personal Loan Compare to other Lenders
|Lender||Est. APR||Loan Amount||Loan Term||Min. Credit Score|
|Axos Bank||4.45% - 18%||$8,500 - $90,000||12 - 84 months||720|
|Upgrade||5.94 - 35.47%||$1,000 - $50,000||2 to 7 years||560|
|SoFi||12.99% - 24.99% variable||$5,000 – $100,000||2 to 7 years||680|
|PayOff||5.99% – 24.99%||$5,00 - $40,000||2 to 5 years||680|
Axos Loan vs. Upgrade
Axos loan is a full-service online bank that offers one of the highest-yielding savings accounts on the market. Upgrade personal loans are designed to provide people with loans who want to start up their business and do something good.
Axos loan offers three major credit bureaus. Therefore, anyone looking for a financial institution with debt consolidation finds this platform beneficial. With an upgrade, you can easily apply for loans. You can avail of two categories of loans through this platform: personal loans and business loans.
Axos loan offers credit increases as this digital bank includes debt consolidation loans and fixed monthly payments that won’t affect your credit score. Upgrade offers can also be availed to verify that you are not going to skip the process of giving back the payment.
Axos Loan vs. SoFi
Axos loan requires borrowers to have a credit score of at least 720 to qualify for a personal loan. Sofi’s best personal loans for excellent credit are competitive with other borrowers with outstanding credit.
Axos Bank allows users to pre-qualify with multiple rates to qualify and commit for a loan early and monthly payments. Sofi is one of the highest choices for a personal loan for potential borrowers, having excellent or good credit.
Axos Bank examines credit score, income, job history, and other financial considerations to evaluate eligibility. SoFi can be very helpful if the employer possesses a special payment schedule and if your preference is cluster bill payment about particular dates.
Axos Loan vs. PayOff
Axos loan is a full-service online bank that offers one of the highest-yielding accounts on the market. Payoff offers personal loans on fixed rates to the borrowers exclusively to pay credit card debt.
Axos loan offers three major credit bureaus. Therefore, anyone looking for a financial institution with debt consolidation finds this platform beneficial. PayOff helps the borrowers to focus on building credit by a loan through report payments to three major credit bureaus as well as providing free FICO score updates each month.
Axos loan was founded in 2000, and the owners are Axos Financial, located in San Diego. The bank does not have any physical locations, although it does have offices throughout the country. Axos Bank also offers CDs, checking, savings, money market, and retirement accounts, in addition to personal loans.
Axos loan allows you to do the majority of your banking online. With options for checking, savings, CDs, investing, and more, this online bank has a lot to offer. Customers can choose from various checking account choices to earn interest or cashback.
The APY on Axos Bank’s Rewards Checking account isn’t the highest among online banks. Still, it’s high enough to make it beneficial to create an account as part of an overall online banking strategy, and there are nearly no fees. This personal loans review will help you a lot when choosing the right option.
Axos Loan FAQs
What is the highest credit limit for Axos Loan?
The Personal Loan Axos Bank is an excellent choice for borrowers with established credit history and interest rates. These personal loan lenders offer unsecured personal loan options with $5,000 to $35,000 for different borrowers with credit scores of 720 or more.
Axos Bank offers three major credit bureaus. Therefore, anyone looking for a financial institution with debt consolidation will find this platform beneficial. A loan from Axos Bank is completely secured and regulated by the consumer financial protection bureau. Within the bank personal loan, Axos has an excellent debt to income ratio with effective origination fees.
Does Axos Loan give credit increases?
Axos Bank allows users to pre-qualify with multiple rates to qualify and commit for a loan early and monthly payments. The soft credit feature will not affect the credit score. When you apply for loan approval, the personal loan rates offer prepayment penalties with student loan refinancing for unsecured loans.
It offers credit increases as this digital bank includes debt consolidation loans and fixed monthly payments that won’t affect your credit score. The loan terms are also considerable. It offers excellent options for borrowers with minimum interest rates and decent credit reports.
Is Quicksilver One good for building credit?
The Quicksilver is an excellent choice for customers with minimum credit scores and origination fee. Therefore, if you want to rebuild the credit history, Quicksilver One is an efficient option.
Although it has an annual fee you can earn multiple rewards to increase the credit. There are no foreign transaction fees with 3% on international purchases. It is an online bank with fixed-rate personal loans and consolidated debt.