Axos Bank Personal Loans: 2022 Review

Axos Bank personal loans are available to borrowers with excellent credit, but they come with an origination fee and no co-sign or joint loan options.
Sep 13, 2022

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Our Take

4.0

NerdWallet rating 

The bottom line:

Axos Bank loans are an option for excellent-credit borrowers looking to refinance an existing personal loan.

Axos Bank Personal Loan
Est. APR
7.99-14.99%
Loan amount
$5,000-$50,000
Min. credit score
700
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Pros & Cons

Pros

  • Option to pre-qualify with a soft credit check.
  • Can fund loans within one week.
  • Option to change your payment date.

Cons

  • Origination fee.
  • No rate discount.
  • No co-sign or joint loan option.

Compare to Other Lenders

Discover
SoFi
NerdWallet rating 
NerdWallet rating 
Est. APR

5.99-24.99%

Est. APR

6.99-22.23%

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

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Full Review of Axos Bank Personal Loan

Axos Bank is an online bank that offers personal loans for borrowers with excellent credit (credit score of 720 or higher). You can apply for a loan on Axos’ website and receive funding in one to three business days after approval.

Axos lets you pre-qualify and use its loan to refinance an existing personal loan, but it charges an origination fee and there are no co-signed or joint loan options.

Table of Contents

Axos personal loans at a glance

Minimum credit score

700.

APR

7.99% - 14.99%.

Fees

  • Origination fee: 1% to 2% of loan amount.

  • Late fee: $15.

  • Insufficient fund fee: $25.

Loan amount

$5,000 to $50,000.

Repayment terms

3 to 6 years.

Time to fund after approval

1 to 3 days.

Loan availability

Loans available in 50 states and Washington, D.C.

Where Axos personal loans stand out

Soft credit check: Axos lets borrowers pre-qualify for a personal loan with a soft credit check. This means you can view your potential loan terms, including what interest rate you may receive, without affecting your credit score. Though many online lenders offer this feature, not all banks do.

Fund loans within three days: According to Axos, approved borrowers should receive their loan funds within one to three days. Though other lenders may go a step further and guarantee same- or next-day funding, Axos’ funding timeline is likely still fast enough to meet most borrowers’ needs.

Refinance options: Borrowers can use an Axos loan to refinance an existing personal loan from Axos or another lender. If you qualify for a lower rate, refinancing can help you save money and pay off the debt faster.

Where Axos personal loans fall 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. These discounts lower the amount of interest borrowers pay on a loan and also incentivize them to choose autopay and avoid late fees.

No co-sign or joint loan option: Axos borrowers cannot 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.

How to qualify for an Axos personal loan

To apply for an Axos personal loan, you must be:

  • 18 years or older.

  • Have a Social Security number.

  • Provide a driver's license or state-issued ID.

  • Provide proof of income.

Here are Axos’ minimum requirements to qualify for a loan:

  • Minimum credit score: 700.

  • Maximum debt-to-income ratio: 50%.

  • Minimum length of credit history: Three years.

  • Minimum number of accounts on credit history: Five accounts.

Here are details about Axos’ average borrower, according to the lender:

  • Average credit score: 779.

  • Average gross annual income: $110,000.

Before you apply

  • Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. Doing so will help you spot and fix any errors before you apply.

  • Calculate your monthly payments. Use a personal loan calculator to determine what APR and repayment term you’d need to get a loan with affordable monthly payments.

  • Make a plan to repay the loan. Review your budget to see how the loan’s monthly payments impact your cash flow. If you have to cut other expenses in order to repay the loan, it’s better to know that before you borrow.

  • Gather your documents. Axos requests proof of income, which can be a W-2 or paystub, as well as photo identification, like a driver’s license or passport. Having these documents handy can speed the application process.

How to apply for an Axos personal loan

  1. Pre-qualify on Axos’ website. You’ll be asked how much you want to borrow, what the funds are for, and the desired repayment term, as well as some personal information like your name, birthdate and address. Then, the lender will ask for information about your income, employment, and whether you own your home before you can preview loan offers. There’s no hard credit pull at this stage.

  2. Preview loan offers and accept the one that fits your budget. Once you accept a loan offer, you’ll submit a formal personal loan application. This could require more documents, like W-2s, pay stubs and bank statements, to confirm the information you gave during pre-qualification. Axos will also do a hard credit check when you apply, so your credit score could temporarily dip.

  3. Make a plan to repay the loan. Axos reports payments to Experian, so on-time payments will help build your credit score, but missed payments will hurt it. Setting up automatic payments and keeping an eye on your budget are two ways to manage your loan payments.

Compare Axos to other lenders

Personal loan lenders offer varying rates, loan amounts and special features, so it pays to weigh your options. The best personal loan is usually the one with the lowest APR.

Marcus and LightStream are two other online banks that also accept borrowers with good to excellent credit (690 credit score or higher).

Axos vs. Marcus

Marcus offers similar loan amounts to Axos and lets borrowers pre-qualify to view their potential loan terms. But it also offers extra perks Axos doesn’t, including zero fees and a rate discount for setting up autopay.

Axos vs. LightStream

LightStream offers no fees and larger loan amounts than Axos. In addition, it boasts a wide range of repayment terms and a rate discount for autopay. LightStream can fund most loans in one business day.

How we rate Axos personal loans

NerdWallet writers rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s what we prioritized this year:

Category

Star rating

Affordability

Transparency

Loan flexibility

Customer experience

Overall

Affordability An affordable loan has low rates and fees compared to other similar loans and may offer rate discounts. Transparency A transparent lender makes information about the loan easy to find on its website, including rates, terms and loan amounts. Transparency also means allowing users to pre-qualify online to preview potential loan offers and reporting payment information with the major credit bureaus. Loan flexibility A flexible loan is one that lets users customize terms and payments. That means offering a wide range of repayment term options, allowing the borrower to change their payment date, offering loans in most states and funding it quickly. Customer experience A good customer experience can include a fully online application process, financial education on the lender’s website and a customer service team that’s available most of the time and can be reached multiple ways.

Ready to apply? Select "Get Rate" below and head to Axos' website to pre-qualify.

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Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. 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 more about our ratings methodologies for personal loans and our editorial guidelines.