Axos Personal Loans Review

Our take on Axos

If you have very good credit and need to borrow at least $10,000, Axos could offer lower rates than most along with reasonable fees and funding within one to two business days. Plus, you can use loan funds for business purposes, which is not commonly permitted. However, you need a 730 FICO score or higher to be eligible.

What is Axos best for?

• Business loans: If you’re unable to secure an SBA loan or business financing through a bank, an Axos business loan could be a solution. Unlike most personal loan lenders, Axos lets you use personal loan funds for business purposes. Axos’ rate range is competitive with traditional business financing and repayment terms extend to as long as 6 years. 
• Low rates: While Axos doesn’t have the lowest starting rates among all Credible partner lenders, it has one of the lowest maximum rates. Both Axos’ and fellow bank Citi’s rates top out under 20% APR. Since few people qualify for a lender’s rock-bottom rate, it’s important to know how high the rates can go.
• Axos Bank checking account holders: As a Rewards Checking customer, you’ll get a 0.6% APY boost on interest to your checking account if you make monthly personal loan, auto loan, or mortgage payments from that account. When combined with other qualifying activities, you could earn up to 3.3% APY.

Who Axos Bank is not best for

• Borrowers without good credit: You need a minimum FICO credit score of 730 to qualify for an Axos personal loan — which is verging on very good credit (a 740 FICO score or higher). 
• Small loans: The minimum $10K loan amount makes Axos less than ideal for smaller expenses. (It’s not advisable to borrow more than you need.)

Pros and cons 

Details on the pros

• Strong Trustpilot rating: Axos has a 4.0 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 personal loan, auto loan, or mortgage payments from your checking account could result in hundreds of dollars in extra earnings annually, depending on your balance. 
• Extended repayment terms available: 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 $10,000, 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

• 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. 
• Income and employment: Axos Bank doesn’t specify a minimum, but you’ll need verifiable income to qualify. Most lenders also evaluate your debt-to-income ratio (DTI), which represents the portion of your income that goes toward debt. If your DTI is above 40%, it may be harder to qualify. 

Axos personal loan purposes

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. 

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 loan with no origination fee. 
• Other fees: Axos Bank charges a late payment fee, but you can avoid it by setting up automatic payments. Check your loan agreement for other fees. 

Like most lenders, Axos Bank does not charge a fee for paying your loan off early.

How Axos Bank compares to other lenders

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.

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 offers online chat with an AI assistant or a live agent. Click “ask Evo AI” at the bottom right of the contact page. To access human help, you’re required to provide your name and phone number. 

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.