Review of Axos Personal Loans | Find the best loan for you
Axos Bank was launched in 2000 and is owned by Axos Financial, based in San Diego. You won’t find any physical branches, but the bank has offices across the country. In addition to personal loans, Axos Bank offers CDs, as well as checking, savings, money market and retirement accounts.
- The loan application process is completely digital as Axos Bank is online only.
- The flexible loan terms are from one to five years.
- You can borrow between $ 5,000 and $ 35,000.
- No guarantee is required.
- You will need a credit score of at least 720.
- APRs can be as high as 29.99%, depending on your credit.
What can Axos Bank personal loans be used for?
Axos Bank unsecured personal loans can be used to consolidate credit card debt, make home improvements without tapping into a home equity loan, or covering major expenses such as medical bills, weddings, or vacations. Personal loans of $ 5,000 to $ 35,000 are available and the bank will deposit the funds into a checking or savings account within two business days of loan approval.
Because Axos Bank personal loans are unsecured, interest rates may be higher than those for secured personal loans that require collateral. But the advantage of a personal loan is that it is usually cheaper than taking out credit card debt for a lifetime’s expense, and you can get a short term loan of one to five years from ‘Axos Bank.
If you like the idea of ââonline banking, Axos also offers checking and savings accounts, and funds from a personal loan can be transferred to your linked account.
How do Axos Bank personal loans work?
Axos Bank claims that you can complete their personal loan application online within minutes. First, you will check that you are eligible for a personal loan:
- Credit score of 720 or higher.
- Verifiable income.
- At least two years of strong credit history.
Then you will select a loan amount between $ 5,000 and $ 35,000. Axos Bank will offer you an offer without making any firm credit check, so you don’t have to worry about prequalification hurting your FICO score. You must have a valid ID and Social Security number.
If you advance in the application process, Axos Bank will check your credit history, score and income and ask for information such as your address and date of birth.
If you need help with the online loan application process, you can call Axos Bank at 866-923-3625 or email [email protected].
Keep in mind that you cannot use an Axos Bank personal loan for student loan debt. If you need a loan for for commercial purposes, Axos offers banking and credit tools to small businesses and businesses.
In addition, borrowers cannot use the loans for:
- Fund illegal activities.
- Buy drugs or other illegal paraphernalia.
- Buy weapons or guns.
What are the terms, fees and conditions of Axos Bank personal loans?
Axos Bank’s origination fee is 0% to 2%, and annual percentage rates range from 6.49% to 29.99%, depending on credit history and credit rating. All personal loan rates are fixed.
The lender offers repayment terms of one to five years. If you decide to repay your loan early, Axos Bank will not impose a penalty.
How can you qualify for an Axos Bank personal loan?
You must have a credit score of at least 720 and verifiable income to be eligible for an unsecured personal loan from Axos Bank. The financial institution wants to see at least two years of credit history.
What credit score do you need for an Axos Bank personal loan?
Axos Bank requires a minimum credit score of 720 for personal loans, which is considered “good,” according to the credit reporting agency Experian. This requirement is much higher than some other lenders who may allow scores as low as 585 for bad credit borrowers who want personal loans.
In addition to the credit score, Axos examines at least two years of credit history, including your payment history and available credit against debt.
Where does Axos Bank operate?
Axos Bank is an online bank and provides financial services to its customers across the country.
Is Axos Bank famous?
The Better Business Bureau gives Axos Bank an A + rating. In 2020, the Consumer Financial Protection Bureau received two personal loan complaints regarding Axos Bank, and the company provided a swift response to each.
Axos Bank is insured by Federal Deposit Insurance Corp.
How is Axos Bank’s customer service?
Axos Bank has a support page with a few options, including how-to videos, FAQs, and a virtual financial assistant named Evo. If you decide to call customer service for personal loans at 866-923-3625, someone will get back to you from 7 a.m. to 6 p.m. PST, Monday through Friday.
What are some of the online features of Axos Bank?
Because Axos Bank is fully online, you will get pre-approval and apply for a personal loan on the Axos website. Every part of the banking experience with Axos takes place digitally, from providing documentation to executing payments.
Axos also offers an app. You can create account alerts, automate invoices, configure biometric authentication, and manage your account from the web dashboard or the app.