The bottom line: Axos Bank loans are an option for excellent-credit borrowers looking to refinance a loan.
Axos Bank Personal Loan
Min. Credit Score
Pros & Cons
- Soft credit check with pre-qualification.
- Option to change your payment date.
- Offers mobile app to manage loan.
- Charges origination fee.
- No co-sign, joint or secured loan options.
- Reports payments to only one of the three major credit bureaus.
- No rate discount for autopay.
- Charges $15 late fee.
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Axos Bank is an online bank that offers personal loans for excellent-credit borrowers (a FICO score of 720 or higher). Borrowers can apply online and receive funding in one to three business days after approval.
Axos doesn’t offer co-signed, joint or secured loans, but qualified borrowers can take advantage of perks like flexible payment dates, refinancing and the option to manage a loan on the bank’s mobile app.
Axos Bank is best for borrowers who:
Have excellent credit.
Want to refinance high-interest debt.
Prefer a fully online loan experience.
Axos Bank at a glance
Key terms to know about personal loans
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Where Axos Bank stands out
Soft credit-check: Axos bank allows you to pre-qualify — see the rates you may qualify for — before committing to a loan. This soft credit pull doesn't affect your credit score. However, if you move forward and apply for the loan, Axos will do a hard pull that can cause your credit score to temporarily drop a few points.
Option to change payment date: You cannot select your payment date before signing the loan. However, after the loan is funded, you can change the payment date within a 10-day period of the existing date for any reason, and there’s no limit to how many times you can move the date. This flexibility allows you to choose a payment date that aligns with your payday, even if it changes.
Refinance options: Borrowers can use an Axos loan to refinance an existing personal loan from itself or another lender. If you qualify for a lower rate, refinancing can help you save money and pay off the debt faster.
Where Axos Bank falls short
Charges origination fee: The lender charges an origination fee of 1% to 2% of the loan amount. Origination fees are rare among banks and are typically subtracted from the loan amount you receive.
No autopay discount: Unlike some other lenders, Axos Bank doesn't offer a rate discount for setting up automatic payments. This discount can range from 0.25 to 0.50 percentage points, which not only lowers the amount of interest you pay on the loan, but also incentivizes borrowers to choose autopay and avoid late fees.
No co-sign, joint or secured loan option: Borrowers cannot apply for a secured loan or add a co-signer or co-borrower to their application. These options can help borrowers qualify and receive a lower rate or higher loan amount.
Reports payments to one credit bureau: Axos Bank reports payments to Experian only rather than all three major credit bureaus. Having on-time payments reported to the three credit bureaus can improve your credit and give you access to more affordable financing in the future.
How to qualify for an Axos Bank personal loan
Axos Bank considers credit score, income, employment history and other financial factors to determine eligibility. According to the lender, here’s what you need to qualify:
Minimum credit score: 720; borrower average is 785.
Minimum annual income: None; borrower average is $100,000.
Show continuous employment for a minimum of two years.
Maximum debt-to-income ratio is 50%.
Must be 18 or older.
Must be a U.S. citizen, a lawful permanent resident or a non-permanent resident with a valid work visa.
Have a valid Social Security number, driver's license or state-issued identification.
Loan example: Axos says its average loan is $21,000 with an APR of 11.2%. This loan with a 5-year term would cost $459 in monthly payments and $6,540 in total interest.
How to get an Axos Bank personal loan
You can fill out an application on Axos Bank’s website. After entering the loan amount, preferred term and loan purpose you can set up an account to see loan options for which you pre-qualify.
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Personal Loans Rating Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 30 lenders. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read our editorial guidelines.
Frequently asked questions
Yes, Axos Bank offers personal loans with APRs ranging from 7.79% to 30.99%, and amounts of $5,000 to $35,000. Excellent-credit borrowers will likely receive the lowest rates.