EDITOR’S RATING
PROS
- Relatively low APRs: 6.79% - 21.99%
- Up to 72 months to pay loans off
- Quick funding
- Available nationwide
CONS
- Origination fee of up to 2%
- Requires good or excellent credit
Axos Bank Personal Loan Review Summary
Axos Bank personal loans are an option for people with good or excellent credit, as the minimum credit score required is 700. The loans have a very reasonable APR range, at 6.79% - 21.99%, and the bank offers up to $50,000 in funding. Axos Bank personal loans do have the possibility of an origination fee, which is quite uncommon for loans that require good credit, but the fee only ranges from 0% to 2% of the loan amount.
In addition, Axos Bank personal loans are available nationwide, and they provide funding as soon as one business day after you apply. The payoff period on these loans can be 36 to 72 months.
Below, you can see how WalletHub rates Axos Bank personal loans in three major categories: Terms, Requirements & Application, and Reviews & Transparency. We also compare Axos Bank personal loans to some alternatives from major competitors.
Axos Bank Personal Loan Terms
| |
| APRs | 6.79% - 21.99% |
| Loan Amount | $5,000 - $50,000 |
| Loan Terms | 36-72 months |
| Origination Fee | up to 2% |
| Prepayment Fee | $0 |
| Late Fee | $15 |
| Minimum Credit Score | Good* |
| Minimum Income | Not disclosed |
| Loan Purpose | Debt Consolidation, Home Improvement, Big Purchase |
| Time to Receive Loan Money | Within 2 business days |
| Other Requirements | N/A |
According to multiple third-party sources | |
Axos Bank Personal Loan Rates, Fees & Other Terms
Category Rating: 4.17/5
The Axos Bank personal loan APR range is 6.79% - 21.99%. Both the minimum and maximum APRs are relatively low, though not the absolute lowest on the market.
Axos Bank personal loans may charge an origination fee, depending on your creditworthiness. The fee can range from 0% to 2% of the loan amount. For example, if you borrow $10,000 and have a 2% fee, the fee will be $200. The higher your credit score and income are, the lower your origination fee is likely to be.
In addition, Axos Bank offers decent loan sizes and payoff periods. Its loans range from $5,000 to $50,000 for 36 to 72 months.
Due to its low rates and reasonable funding amounts, Axos Bank scores well in this category.
Axos Bank Personal Loan Requirements & Application Info
Category Rating: 3.5 /5
Axos Bank personal loans are available nationwide to people with a credit score of 700 or higher. That means people need to have good credit to qualify. Other requirements to get an Axos Bank personal loan include being at least 18 years old and a U.S. citizen or permanent resident with a Social Security number.
The only way to apply for an Axos Bank personal loan is online, and you must pre-qualify first. Pre-qualification lets people see their approval odds and potential rates before they submit an application. Pre-qualification has no impact on a person’s credit score, but actually submitting an application will trigger a hard credit pull, which will cause a small credit score drop.
Because Axos Bank personal loans have somewhat restrictive requirements and application choices, the bank loses a few points in this category.
Axos Bank Personal Loan Reviews & Transparency
Category Rating: 4.75 /5
- Better Business Bureau: Axos Bank is accredited by the BBB and has an “A+” rating.
- Consumer Financial Protection Bureau: The CFPB complaints database only has catalogued one complaint about Axos Bank personal loans as of May 2021. The complaint does not give details but is about having trouble making payments.
- WalletHub: Axos Bank has an average user rating of 3.4 across more than 1,100 reviews.
- Transparency: Axos Bank is very open about both its loan terms and requirements.
Axos Bank has a good reputation and is very transparent, so it scores well in this category.
Axos Bank Personal Loans vs. Competing Lenders
| Info | Axos Bank | LightStream | SoFi |
|---|---|---|---|
| Reviews | |||
| APRs | 6.79% - 21.99% | 2.49% - 19.99% | 4.99% - 19.63% |
| Loan Amounts | $5,000 - $50,000 | $5,000 - $100,000 | $5,000 - $100,000 |
| Loan Terms | 36-72 months | 24 - 144 months | 24 - 84 months |
| Minimum Credit Score | Good* | Good* | Fair* |
Methodology
In order to provide the most accurate review of Axos Bank personal loans, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back.For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Axos Bank rates and fees do not differ significantly by state, though.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
