- Borrowers who want to borrow $50,000 or less
- Applicants with a credit score of 700 or greater
- Those who can repay their loan within six years
Axos Bank, formerly known as Bank of Internet, U.S.A., was founded as a digital bank in 2000. It offers a variety of financial products, including checking and savings accounts, personal loans, and more.
If you’re thinking about taking out a personal loan to consolidate debt or finance a home improvement project, Axos Bank is a reputable lender and might be a good choice. Here’s what you should know about getting an Axos Bank personal loan.
In this Axos Bank personal loan review:
- Axos Bank interest rates and loan details
- Axos Bank personal loans review
- How Axos Bank compares to other lenders
- How to take out a personal loan with Axos Bank
- How Axos Bank can improve
Axos Bank interest rates and loan details
Axos Bank offers fixed-rate unsecured personal loans to borrowers with good to excellent credit scores. You can use a personal loan from Axos Bank for home renovations, credit card consolidation, and more.
Here are the most important features and terms of Axos Bank personal loans:
|Fixed rates||7.79% - 14.99% APR|
|Loan amounts||$10,000 to $50,000|
|Loan terms||3 to 6 years|
|Min. credit score||700|
|Time to fund||Next business day|
|Loan use||Personal, family, or household uses|
|Best for||Debt consolidation, home improvement, or major purchases|
Axos Bank personal loans review
With Axos Bank, you could get an unsecured personal loan with a fixed rate, fixed term, and fixed monthly payment. Home improvement loans, debt consolidation loans, and loans for other large expenses (like medical bills or a wedding) are available to applicants in all 50 states.
How to qualify
To get a personal loan from Axos Bank, you must:
- Be a U.S. citizen or permanent resident with a valid Social Security number
- Have at least two years of well-established credit history
- Have verifiable income
Beyond your credit, you must also meet other personal loan requirements, including Axos Bank’s criteria for employment history and assets.
Axos Bank personal loans have terms ranging from three to six years. Personal loans from Axos Bank come with fixed interest rates and fixed monthly payments, so you’ll know exactly how much you’ll owe each month and when your final monthly payment will be.
Make sure you don’t miss any of your payment due dates. If you’re late, there’s a $15 late fee. Also keep in mind that if an automatic payment doesn’t go through because of insufficient funds in your linked bank account, you’ll be charged a $25 insufficient funds fee.
How Axos Bank compares to other lenders
While bad credit loans are available with other lenders, you’ll generally get lower interest rates with a better credit score. Here’s how Axos Bank personal loans compare to good credit personal loans from some of our other partner lenders:
|Fixed rates||7.79% - 14.99% APR||6.99% - 22.23% APR10||3.99% - 19.99% APR|
|Loan terms||3 to 6 years||2 to 7 years||2 to 7 years
(up to 12 years for home improvement loans)
|Loan amount||$10,000 to $50,000||$5,000 to $100,000||$5,000 to $100,000|
|Time to get funds||Next business day|
3 business days
|As soon as the same business day|
|Min. credit score||700||Does not disclose||660|
|Origination fee||0% to 2%||None||None|
How to take out a personal loan with Axos Bank
Before applying for a loan from Axos Bank — or any lender — review your credit report and correct any issues or inaccuracies to make sure it’s in the best shape possible. Keep in mind that if your credit is less than stellar, personal loans for fair credit are also available.
It’s a good idea to shop around and compare offers from multiple lenders to find the right loan for you since rates and terms can vary widely from lender to lender. With Credible, you can easily compare rates from several lenders at once in as little as two minutes.
How Axos Bank can improve
While Axos Bank offers quick loan disbursements, there are a couple of drawbacks to keep in mind:
- Limits on loan amounts: With Axos Bank, you can only borrow between $10,000 and $50,000. If you need a smaller loan, such as $1,000 to cover an emergency car repair or pay off a credit card, you’ll have to work with another lender.
- Origination fees: In some cases, Axos Bank might charge an origination fee that will add to your loan’s cost, which could be a disadvantage particularly for debt consolidation loans. Axos Bank’s origination fee can be as much as 2%. For example, on a $30,000 loan, a 2% origination fee would be $600. Some other lenders don’t charge origination fees, so be sure to compare lenders before submitting a loan application.
Learn More: How Long It Takes to Get a Personal Loan
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 3.99%-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 8%. 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.