Axos Personal Loans Review

What is Axos Best for?

Best for business

Unlike most personal loan lenders, Axos lets you use personal loan funds for business purposes. Rates are competitive with low maximum rates and flexible repayment terms. Axos allows up to six years for repayment, which is one year longer than many competitors, and can help reduce monthly payments. 

Plus, Axos has a mobile app you can use to manage your loan and make extra payments. Like most lenders, Axos doesn’t charge any prepayment penalties. But you’ll need a good or very good credit score to qualify.

Great for Axos Bank checking account holders

Axos Bank personal loans come with solid benefits for existing Rewards Checking customers. You’ll get a 0.6% APY boost on your checking account balance if you make your monthly personal loan payments in full from your account. When combined with other qualifying banking and investing activities, you can earn up to 3.3% APY. Plus, if you’re already registered for online banking, it’s easy to set up autopay and manage your loan from the Axos app, which also offers features like virtual financial assistance and credit score monitoring. 

Methodology

Credible evaluated 32 lenders across 1,216 data points based on customer experience, minimum fixed interest rates, maximum loan amounts, funding times, loan terms, fees, discounts, third-party reviews, and more. Credible's team of experts gathered information from each lender's website and from our partners directly. We also considered each of our partner lenders' statistics over a 12-month period — including average funding times, average credit scores for approved applicants, and average rates.

Learn more about how Credible rates lenders by exploring our personal loans lender rating methodology.

Pros and cons of Axos personal loans

Details on the pros

• Strong Trustpilot rating: Axos has a 4.1 out of 5-star rating on Trustpilot, with many customers praising the friendly and professional customer support staff. This is an especially strong benefit when you consider that banks tend to have poor Trustpilot ratings — even some of the best banks for personal loans have poor customer ratings.
• APY boost for rewards checking customers: A 0.60% APY boost is nothing to sneeze at — making your loan payments from your checking account could result in hundreds of dollars in extra earnings annually, depending on your balance. 
• Easy prequalification process: You can prequalify with Axos Bank to get an estimate of your personal loan rate and term without impacting your credit score. The process takes only about three minutes to complete. 
• Flexible repayment terms: Axos Bank offers repayment terms ranging from three to six years, and you can make an extra payment toward the principal at any time without penalty. 
• Fast funding: Once you sign your personal loan agreement, you’ll get your cash within two days. Axos may send the money to your bank account as soon as the same day you accept your loan offer. 
• Business use of funds permitted: Axos Bank allows you to use your personal loan funds for business purposes. 

Details on the cons

• Strict credit requirements: You must have a minimum credit score of 730 to qualify for an Axos Bank personal loan. 
• Possible origination fee: Depending on your credit score, you may be charged an origination fee of up to 2%, which Axos will deduct from your loan funds. While many lenders charge origination fees on personal loans, borrowers with good or excellent credit can often qualify for a personal loan with no origination fee. 
• High minimum loan amount: The minimum loan amount for Axos Bank personal loans is $7,000, so the bank isn’t ideal for smaller expenses. Some lenders offer loan amounts as little as $500 or $1,000. 
• No cosigners or co-borrowers: Axos Bank only allows individual applications, so you can’t apply with a cosigner or co-borrower who has good credit to help you qualify. 

How to qualify for an Axos Bank personal loan

Credit score and financial history

Axos Bank requires a minimum credit score of 730. In addition to checking your credit score, the bank will review your credit report for red flags like missed payments. If you have fair credit or bad credit, you’ll need to apply elsewhere. 

Income and employment

Axos Bank doesn’t specify a minimum income, but you’ll need verifiable income to qualify. Most lenders also evaluate your debt-to-income ratio (DTI), which is the portion of your monthly income that you spend making minimum payments on your debts. If you have a low income and a lot of outstanding debt, you may not be eligible. 

What can I use an Axos Bank personal loan for?

You can use an Axos Bank personal loan for the following types of expenses:

• Debt consolidation
• Credit card consolidation
• Home improvement
• Major purchases
• New vehicle purchase
• Business expenses
• Vacation

You’ll need to specify your loan purpose when applying for an Axos Bank personal loan. 

Axos Bank personal loan fees and penalties

Loan origination fees

Axos Bank may charge an origination fee of up to 2%, depending on your credit rating. This one-time fee is taken from the loan proceeds, so you’ll receive less money than you applied for. Excellent credit borrowers may qualify for an Axos Bank personal loan with no origination fee. 

Early repayment penalties

Axos Bank doesn’t charge a prepayment penalty. That means you can make extra payments or repay your loan early without paying a fee. In fact, you could save money on interest charges if you put any extra income you receive toward your personal loan balance. 

Other fees

Axos Bank charges a late payment fee, but you can avoid it by setting up automatic payments. The bank may charge other incidental fees as well, so be sure to check your loan agreement. 

How Axos Bank compares to other lenders

How to contact Axos Bank

If you have questions about applying or need help with your personal loan, you can call customer support at 866-923-3625. The customer service team is available on weekdays from 8 a.m. to 4:30 p.m. PT. You can also register for online banking to manage your loan online. 

Axos Bank also offers online chat with a virtual assistant. Click the X icon at the bottom right of the contact page to start a virtual chat.

Axos Bank company details and history

Axos Bank is a digital bank that launched in 2000. It’s an FDIC-insured bank that now has over $20.3 billion in assets. Axos Bank is headquartered in San Diego, California, and the bank doesn’t operate any physical branches. The bank offers a variety of checking and savings accounts, mortgages, personal loans, auto loans, and marine loans. Axos also offers self-directed trading, managed investment accounts, and individual retirement accounts.