Axos Bank does not offer personal loans for bad credit since the company requires a minimum credit score of at least 700+ to get approved. Axos Bank unfortunately does not offer credit cards for people with bad credit, either.
If you’re set on getting a personal loan for bad credit, there are some options available from other companies. You can check out WalletHub’s editors’ picks for the best personal loans for bad credit to get started.
Yes, an Axos Bank personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, an Axos Bank personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.… read full answer
How an Axos Bank Personal Loan Affects Your Credit Score
Hard pull: When you apply for an Axos Bank personal loan, Axos Bank will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases.
Increased debt level: Taking out an Axos Bank personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.
Account diversity: One positive way that getting an Axos Bank personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.
Payments: The biggest factor in how an Axos Bank personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.
The bottom line is that while an Axos Bank personal loan does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you'd like to estimate how certain actions might affect your credit score, you can use WalletHub's free credit score simulator.
You can borrow $7,500 with bad credit from FreedomPlus, Avant and Peerform, among other lenders. Most of the best places to borrow $7,500 with bad credit will require credit scores toward the upper end of the bad credit range. You will also need a relatively high income and little existing debt to get approved for this type of loan with bad credit. But people who cannot qualify can consider other options like … read full answerno credit check loans, secured personal loans, and borrowing from friends and family.
If you can't qualify for a loan from any of the above lenders, there are other ways to borrow $7,500 with bad credit.
Secured personal loans: These loans offer much better approval odds than regular personal loans, but they require collateral.
No credit check personal loans: There are a few personal loan providers that don't do a credit check, but they only offer a few hundred to a few thousand dollars and have very expensive APRs.
Friends and family: These people are less likely to care about your credit score and should give you better terms than a traditional lender.
Auto title lenders: You can get a 15 to 30-day loan equal to a portion of your vehicle's value. The interest is very expensive (as much as 25% of what you borrow), and you risk losing your car if you can't pay back this type of loan. Avoid them if possible.
Pawnshops: You could get a loan of any size depending on the value of the items you bring in. But you risk losing your property if you can't reclaim it in the set timeframe.
The easiest loan to get with bad credit is a no-credit-check loan from OppLoans, as this lender will not do a hard inquiry into your credit history during the application process. OppLoans personal loans also offer $500 - $4,000 in funding for up to 18 months, and the APR range is 59% - 160%. In order to qualify for a loan from OppLoans with bad credit, you will need to have an income that's high enough to pay the loan back.… read full answer
A no-credit-check loan is the easiest type of loan to get with bad credit, but it's bound to be a lot more expensive than loans from lenders that do a credit check. Among lenders that do a credit check, LendingPoint is a great choice. It requires a credit score of 580 to qualify and offers $2,000 - $36,500 in funding for 24 to 60 months. The APR range is 7.99% - 35.99%.
Other Easy Loans to Get With Bad Credit
Another easy type of loan to get with bad credit is a secured personal loan. This type of loan requires you to put up collateral that the lender can keep if you default on the loan. Because there's little risk for the lender, it's often easy for people with bad credit to get approved.
Alternatively, you could consider borrowing from a friend or family member. They may not care about your credit score at all.
Finally, one of the easiest types of loans to get with bad credit is a payday loan, which is a small, short-term loan to be paid back with your next paycheck. You should avoid payday loans unless they're your only option, however, because they charge extremely expensive fees.
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