Axos Bank Personal Loans: 2021 Review

Axos Bank personal loans allow you to change your payment date, but they come with origination and late fees.
Chanell AlexanderSep 22, 2021

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Our Take

3.5

NerdWallet rating 

The bottom line: Axos Bank loans are an option for excellent-credit borrowers looking to refinance a loan.

Axos Bank Personal Loan

Axos Bank Personal Loan

Min. Credit Score

700

Est. APR

7.79-17.99%

Loan Amount

$5,000-$50,000

Pros & Cons

Pros

  • Soft credit check with pre-qualification.
  • Option to change your payment date.
  • Offers mobile app to manage loan.

Cons

  • 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.

Compare to Other Lenders

Discover
SoFi
NerdWallet rating 
NerdWallet rating 
Est. APR

5.99-24.99%

Est. APR

4.99-19.63%

Loan Term

3 to 7 years

Loan Term

2 to 7 years

Loan Amount

$2,500-$35,000

Loan Amount

$5,000-$100,000

Min. Credit Score

720

Min. Credit Score

680

Compare estimated rates from multiple lenders

Compare Rates

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Full Review

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

Affordability

  • APRs are consistent among lenders targeting similar borrowers.

  • Charges origination fee.

  • Charges late and insufficient funds fees.

Transparency

  • Clearly displays rates and terms on website.

  • Soft credit check to pre-qualify.

  • Reports payments to one credit bureau.

Loan flexibility

  • Offers only unsecured loans.

  • Funds loans in one to three business days.

  • Allows changes to payment due date for any reason.

  • Offers refinancing options.

  • Does not offer direct payment to creditors.

Customer experience

  • Provides multiple customer contact channels and five-day support.

  • Offers mobile app to manage loan.

Key terms to know about personal loans

Annual percentage rate is the interest rate on your loan plus all fees, calculated on an annual basis and expressed as a percentage. Use the APR to compare loan costs from multiple lenders.

An origination fee is a one-time, upfront fee that some lenders charge for processing a loan. The fee can range from 1% to 10% of the loan amount, and lenders typically deduct it from your loan proceeds.

The debt-to-income ratio divides your total monthly debt payments by your gross monthly income, giving you a percentage. Lenders use DTI — along with credit history and other factors — to evaluate a borrower's financial ability to repay a loan.

Lenders that offer pre-qualification typically do so using a soft credit check, which allows you to see rates and terms you qualify for without affecting your credit score. If you accept the loan offer, the lender will perform a hard check to confirm your information. Hard checks knock a few points off your credit score.

» COMPARE: Best bank loans

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.

Pre-qualify on NerdWallet

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to pre-qualify on NerdWallet. You may receive personalized rates from multiple lenders that partner with us.

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