Best for: Home improvement borrowers with good credit
Axos Bank is an online bank that offers personal loans in amounts up to $50,000, making it an option for borrowers looking to refinance existing loans or credit cards, finance a home improvement project, or cover other large expenses. In operation since 2000, Axos Bank specializes in digital financial services, offering mortgages, auto loans, checking, and savings, in addition to personal loans.
However, Axos requires a credit score of 730 or better for approval, so these loans are best suited for borrowers who have already built a solid credit history.
In this review:
- Pros and cons
- Loan details
- Standout features
- What to consider before applying
- How to qualify for a personal loan from Axos Bank
- How to take out a personal loan with Axos Bank
- How to contact Axos Bank
- How Axos Bank compares
- How Axos Bank can improve
- Axos Bank FAQ
Axos Bank pros and cons
| Pros | Cons |
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Because Axos Bank personal loans are available in amounts up to $50,000, they’re suitable for big-ticket expenses, whether you’re consolidating credit card debt, making hefty home improvements, or planning a once-in-a-lifetime vacation. You can take as long as seven years to repay the loan, too, which could help you bring the monthly payments in line with your budget. Axos Bank offers a reasonably competitive APR as well, with rates ranging from 11.79% - 20.84% APR .
However, because you’ll need good to excellent credit, and Axos Bank doesn’t permit cosigners, it might be tougher to qualify for an Axos loan, especially if you don’t have a strong credit profile.
Axos Bank personal loans might be more expensive than other options, too, since Axos charges an origination fee of up to 3% of the loan amount, and does not advertise autopay or other discounts.
Axos Bank loan details
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| Credible rating | 
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| APR range | 11.79% - 20.84% APR |
| Loan amounts | $10,000 to $50,000 |
| Minimum credit score | 730 |
| Repayment terms | 3 to 6 years |
| Time to fund | Next business day |
| Fees | Origination fee of 0% to 3%; |
| Discounts | None advertised |
| Cosigners accepted? | No |
Axos Bank standout features
Axos Bank sticks to the basics, offering straightforward, fixed-interest personal loans that help you pay off debt, make big purchases, or plan for special events like a wedding or vacation. You can borrow up to $50,000 with an Axos personal loan.
Your loan may be funded as soon as the same day you’re approved. And Axos does not charge a prepayment penalty, in case you want to pay off your loan early.
Axos Bank also lets you change your payment due date, making it easier for you to line up your bill payments in a way that works for your budget.
What to consider before applying for an Axos Bank personal loan
There are a few factors to keep in mind when considering a personal loan from Axos Bank.
- You’ll need good credit: Axos Bank requires good to excellent credit to be approved for a personal loan — if your score is below 730, you won’t qualify.
- You’ll be charged an origination fee: This fee is deducted from your loan proceeds, so keep that in mind when requesting funds. Axos Bank charges up to 3% of the loan amount in origination fees.
How to qualify for a personal loan from Axos Bank
The eligibility requirements for an Axos Bank personal loan are standard for the industry. You’ll need to show proof of identity and demonstrate that your income is sufficient to repay the loan.
Before applying for an Axos Bank personal loan, you must have the following:
- Social Security number
- Valid driver’s license (or state identification card)
- Proof of income (such as recent pay stubs)
- A credit score of 730 or higher
How to take out a personal loan with Axos Bank
When you’re ready to borrow from Axos Bank, follow these steps to apply:
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- Gather your documents: Have your driver’s license or other valid ID by your side, as well as a bank statement. If you’re employed, collect your W-2 and a pay stub (from within the last 30 days); if you’re self-employed, you’ll need your most recent tax return.
- Prequalify to check your rate: Check your rate without a hit to your credit by prequalifying on the Axos Bank website. Fill out the loan amount, reason for the loan, and desired term length; then submit your name, phone number, date of birth, email address, and citizenship status.
- Verify your information: Once you’ve submitted your information, an Axos team member will contact you to confirm the details.
- Sign the loan documents: Once you’re approved, accept and sign the loan documents. Money could be within your bank account as soon as the same day.
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How to contact Axos Bank
If you need to speak with the Axos Bank customer service department, you have several options for getting in touch:
- By phone at 866-923-3625
- By email at [email protected]
- By chat at the Axos Bank website
- By secure message while logged in to your Axos Bank account
Customer service hours are 6 a.m. to 5 p.m. PT, Monday through Friday.
How Axos Bank compares to other lenders
Axos Bank offers large loans and competitive rates. See how it stacks up to similar lenders.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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| APR | 11.79% - 20.84% APR | 7.49% - 25.49% APR with autopay | 8.99% - 35.99% APR |
| Minimum credit score | 730 | 700 | 600 |
| Loan amounts | $10,000 to $50,000 | $5,000 to $100,000 | $2,000 to $50,000 |
| Repayment terms | 3 to 6 years | 2 to 12 years (depending on loan use) | 2 to 5 years |
| Fees | Origination fee of 0% to 3% | No prepayment penalty, origination fee, or late payment fee | Origination fee of 0.99% to 8.99%; no prepayment penalty; $15 returned payment fee |
| Discounts | None | 0.50 percentage point autopay discount | None |
| Time to get funds | Next business day | As soon as the same business day | As soon as 1 to 3 business days after successful verification |
All three lenders offer large loan amounts, with Lightstream offering the most, up to $100,000. And since Lightstream and Axos Bank both require a good to excellent credit score, borrowers with a less-than-great score might have a better chance of approval with Best Egg.
How Axos Bank can improve
Axos Bank has a lot to offer borrowers looking for a personal loan, but there are some areas it could improve.
- Remove origination fees: Axos Bank isn’t the only lender that charges an origination fee, and it is capped at 3%. (Some lenders, like Best Egg, charge origination fees of up to 8.99%.) However, some other lenders don’t charge an origination fee. If you’re trying to save money on the cost of your loan, origination fees are a prominent disadvantage of Axos Bank personal loans.
- Offer smaller loan amounts: The large loan amounts that Axos offers are a definite plus. However, if you want to borrow less than $5,000, you won’t be able to do it with Axos Bank.
Axos Bank FAQ
What types of personal loans does Axos Bank offer?
Axos Bank offers unsecured personal loans, meaning you won’t need to put down collateral to secure the loan, just your signature. Plus, the loans are fixed-rate, meaning you’ll pay the same interest rate for the life of the loan, and each monthly installment will be the same amount.
How does an Axos Bank personal loan affect my credit?
There’s no impact when you check your rates through Axos Bank and view prequalified offers. However, if you move forward with your application, Axos will perform a hard credit pull, which can temporarily hurt your credit score by a few points.
Can I repay a personal loan from Axos Bank early?
Yes, you can repay your Axos personal loan early if you want. There are no prepayment penalties or fees. You can even repay your loan all at once if you need to.
Methodology
Credible evaluated the best personal loan lenders for good credit based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, and fees. Credible’s team of experts gathered information from each lender’s website, customer service department, and via email support. Each data point was verified to make sure it was up to date.
Kat Tretina has contributed to the reporting of this article.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 5.20%-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 12%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
