Axos Bank Personal Loan Review
- Loan amount: $10,000-$50,000
- APR: 7.29-17.99%
- Min. credit score: 720
- Pre-approval is available: When you apply for your loan, Axos will do a soft credit check, which will allow you to view your customized rates but will not affect your credit score. Prequalification lets you compare prices and conditions from various firms without jeopardizing your credit.
- APR range is desirable: Axos’ minimum rates are similar to some of the top personal loan lenders in the business, and its maximum rates are acceptable.
- The maximum loan amount is high: Axos allows you to borrow up to $50,000, which is helpful if you need a substantial sum of money for anything like house repair.
- Quickly accessible funds: Axos guarantees that you will receive your funds within 2 days of accepting the loan offer. While some lenders may be able to provide your cash the same day you apply, Axos’ pace is still competitive.
- There is no penalty for paying in advance: Paying off your debt early won’t cost you anything more, and you’ll save money on interest.
- The minimum loan amount is quite high: Axos sets a minimum loan of $5,000.Other lenders will allow you to borrow smaller sums if you only need a little cash to get by.
- There are no available co-signed loans: If you have bad credit, you won’t be able to add a cosigner to qualify for a loan or get a better rate.
- Minimum credit requirements are high: An Axos personal loan requires a credit score of at least 720, which may be out of reach for some potential applicants.
- Late and origination fees: You may incur an origination charge of up to 2% of the total loan amount. While this is lower than the origination costs charged by many other lenders, other lenders charge none at all. You will also be charged a $15 late fee.
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Personal loans from Axos Bank allow you to adjust your payment date, however, there are costs for the origination and late payments.
For customers with excellent credit who want to refinance a loan, Axos Bank loans are an opportunity.
Axos Bank is a web-based bank that provides personal loans to people with excellent credit. Borrowers can apply for money online and receive it in 1 to 3 business days following approval.
- What Is Axos Bank?
- Axos Bank Personal Loan Amounts and Interest Rates
- Who Is Axos Bank Best For?
- Axos Bank Personal Loan Qualification
- Repayment Terms
- How To Apply For a Personal Loan on Axos Bank
- How Axos Bank Personal Loans Compare
- Is It Worth It to Get an Axos Bank Loan?
- Calculate Your Interest and Monthly Payment
- Our Methodology
- Frequently Asked Questions
What Is Axos Bank?
Axos Bank is a direct bank based in San Diego, California, and is a federally licensed savings and loan organization. Axos Finance’s most well-known consumer brand.
Until October 2018, Axos Bank was known as BofI Federal Bank.
Axos does not provide co-signed, joint, or secured loans, but eligible borrowers can take advantage of features such as flexible payment dates, refinancing, and the opportunity to manage a loan using the bank’s mobile app.
Axos Bank Personal Loan Amounts and Interest Rates
Axos Bank provides personal loans with fixed rates, ranging from $5,000 to $50,000. These personal loans are unsecured, which means you don’t have to put up any collateral to acquire them, such as a house or car.
The interest rates of Axos range from 7.15% to 17.99%. Your loans will have a fixed interest rate that will not alter during the loan’s term.
Personal loans from Axos have 3 to 6 terms. A personal loan from Axos can be used for a variety of purposes, including home improvements, large purchases, medical expenses, and Refinancing high-interest debts.
Refinancing might save you money and help you pay off debt quicker if you qualify for a lower rate.
Axos Bank does not give a rate reduction for setting up automated payments, unlike some other lenders.
This reduction, which can vary from 0.25 to 0.50 %, not only decreases the amount of interest you pay on your loan but also encourages borrowers to use autopay to prevent late fees.
Who Is Axos Bank Best For?
The best borrowers for Axos Bank are:
- Having excellent credit.
- Looking to consolidate high-interest debt.
- Prefer an all online borrowing process.
Axos Bank also exclusively offers unsecured personal loans, which is wonderful since you don’t have to worry about losing your home if you default.
Axos Bank Personal Loan Qualification
To evaluate eligibility, Axos Bank evaluates credit score, income, job history, and other financial indicators. Here are the requirements, according to the lender:
- The minimum credit score is 720, with a 785 average among borrowers.
- There is no minimum yearly income requirement; the average borrower earns $100,000.
- Demonstrate 2 years of continuous employment.
- A maximum debt-to-income ratio of 50% is allowed.
- You must be at least 18 years old. A minimum
- You must be a United States citizen, a lawful permanent resident, or a temporary visitor with a valid work visa.
- Have a current Social Security card, driver’s license, or state-issued identity.
On the Axos Bank website, you may complete an application. You can create an account after inputting the loan amount, chosen term, and loan purpose to discover loan choices for which you are pre-qualified.
Personal loans from Axos Bank are available for 3 to 6 years.
Axos Bank personal loans have set interest rates and monthly payments, so you’ll know precisely how much you’ll owe each month and when your last payment is due.
Fees and penalties
Axos Bank may charge a borrower an origination fee of up to 2% of the loan amount to cover the costs of processing the loan and authenticating a new borrower.
Keep in mind: Negotiating a cheaper origination fee might result in a higher interest rate.
If the bank imposes a 2% origination fee on a $10,000 loan, it will deduct $200 from the loan amount at closing and pay the borrower $9,800.
The $10,000 loan, plus interest, must still be paid back.
Make certain you don’t forget any of your payment deadlines. There is a $15 late fee if you arrive late.
Also, if an automated payment fails due to insufficient funds in your associated bank account, you will be charged a $25 insufficient funds fee.
How To Apply For a Personal Loan on Axos Bank
You can quickly set up an account after inputting the loan amount, chosen term, and loan purpose to discover loan choices for which you are pre-qualified.
Here are the steps in detail:
- Make sure you’re qualified: Before applying for a personal loan with Axos Bank, you may pre-qualify to see whether you’ll be approved and what your rates might be. It does not affect your credit.
- Fill out the application with your information: Axos Bank requests the following personal information on the application: your full name, date of birth, current address, housing type, email address, phone number, and Social Security number.
- Complete an application with your financial details: Axos Bank requests the following financial details: current employer and income source, employment status, income type, time receiving money from this source, job title, gross monthly income, and work phone number.
- Make sure the application is accurate by double-checking it: Make sure all of your information is exact and full before submitting your Axos Bank personal loan application.
- In most cases, Axos Bank will react to your application within 2 business days, both in terms of approval and financing time.
Following then, you must make monthly payments until your loan, including interest, is completely paid off.
How Axos Bank Personal Loans Compare
Is It Worth It to Get an Axos Bank Loan?
If you have excellent credit and are looking for low-interest loans, Axos bank is your destination.
Axos Bank has received an A+ rating from the Better Business Bureau.
The Better Business Bureau (BBB), a nonprofit organization dedicated to consumer protection and trust, assigns ratings to businesses based on their answers to customer complaints, openness in business procedures, and advertising veracity.
There haven’t been any recent issues or scandals involving the firm.
Due to its strong BBB score and clean credit history, you may feel secure borrowing from Axos.
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Abdulrahman is the founder of Financeive and a financial advisor with +3 experience writing about loans and debts. He took the Nanodegree from Udacity with a degree in Business Administration and had previously finished his bachelor’s degree in Accounting as well.
He is an expert on Personal Finance who knows how to make sure that your finances will not hold anyone back anymore – even if they are struggling with paying off previous debts or just starting their life financially alone as a young adult without much income yet but lots of potential opportunities ahead.
He used to help Individuals and Small Businesses to get loans with low interest and has figured out ways to help most of them to get out of loans Debt.