Axos Bank Personal Loans: 2021 Review

To review Axos Bank, NerdWallet collected more than 40 data points from the lender, interviewed company executives and compared the lender with others that seek the same customer or offer a similar personal loan product. Loan terms and fees may vary by state.

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’s interest rates are higher than its competitors, especially among online lenders that target borrowers with high credit scores, and it doesn’t offer co-signed, joint or secured loans. Qualified borrowers can take advantage of perks like flexible payment dates, a wide range of repayment terms and the option to manage a loan on the bank’s mobile app.

» MORE: Axos Bank checking and savings review

Axos Bank is best for borrowers who:

• Have excellent credit.

• Want to choose from a wide range of repayment terms.

• Prefer a fully online loan experience.

Axos Bank at a glance

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Where Axos Bank stands out

Term availability: Borrowers have five repayment options to choose from: 12, 24, 36, 48 or 60 months. More choices mean more flexibility in either prioritizing a shorter term with less interest or a longer term with smaller monthly payments.

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.

» MORE: Compare the best personal loans for excellent credit

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%, 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 secure 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 8.24%. This loan with a 5-year term would cost $428 in monthly payments and $4,693 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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