No, Axos Bank does not offer credit-builder loans. Alternatives to credit-builder loans from Axos Bank include personal loans and credit cards, though they may be difficult to get if you have good credit.
If you’re set on getting a credit-builder loan, there are some options available from other companies. Most major banks and credit unions do not offer them, however.
Yes, Axos Bank personal loans are legit because Axos Bank is registered to do business in the states it services, which is a legal requirement to be a legitimate lender. Another reason why Axos Bank personal loans are legit is that the lender has a rating of A+ from the Better Business Bureau. The company also is accredited with the Bureau.… read full answer
Why Axos Bank Personal Loans Are Legit
Axos Bank is registered as a business in the states it services.
Axos Bank has a Better Business Bureau rating of A+.
Axos Bank has been around since 1999.
Axos Bank personal loans have a rating of 3.4/5 from WalletHub's editors.
Axos Bank has a secure website, which you can tell by the fact that the URL has "https" in front of it.
While Axos Bank personal loans are legit, they may or not be the best choice for you. It's important to compare the terms and requirements of Axos Bank personal loans against your other options before submitting an application.
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.
To apply for an Axos Bank personal loan, first check for pre-qualification and then enter your personal and financial information on the online application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.
How to Apply for an Axos Bank Personal Loan
… read full answerCheck for pre-qualification. Pre-qualification is a way to check your approval odds and potential rates before applying for an Axos Bank personal loan. It doesn't hurt your credit. You can check for pre-qualification on the Axos Bank website or WalletHub's pre-qualification tool.
Enter your personal information on the application. Axos Bank requires the following personal information on the application: your full name, date of birth, home addres, housing type, email address, phone number and Social Security number.
Enter your financial information on the application. Axos Bank requires the following financial information on the application: your current employer and income source, employment status, income type, time receiving income from this source, job title, gross monthly income and work phone number.
Double check the application for accuracy. To ensure that your Axos Bank personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
Submit your application. Axos Bank will typically provide a decision on your application within 2 business days both for approval and funding time.
If you are approved for an Axos Bank personal loan, you will generally receive the funds within 2 business days after approval. After that, it's your responsibility to make monthly payments until you have fully paid back your loan, including interest.
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