MoneyGeek’s Take

Axos Bank Personal Loan Lender Review

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ByChristopher Boston
Edited byJonathan Ramos
ByChristopher Boston
Edited byJonathan Ramos

Updated: December 23, 2023

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Axos Bank offers personal loans that are a great fit for borrowers with good credit scores, typically above 700. It provides loans between $7,000 and $50,000 with 36 to 72-month repayment terms, ideal for significant expenses or debt consolidation. Its fast online process and minimal fees are big pluses. However, this lender is less suitable for those with lower credit scores or borrowers who need smaller loans.

  • Axos

    • 7.15% to 17.99%APR Range
    • 720Minimum Credit Score
    • $5,000 to $50,000Loan Amount Range
    • 36 to 72 monthsRepayment Terms
    • 2 daysTime to Receive Funds

    Axos Bank stands out in the personal loan market by offering flexible, borrower-friendly options. One key advantage is its wide loan amount range, from $7,000 to $50,000, catering to diverse financial needs. Whether you're trying to fund a small project or consolidate significant debts, Axos has you covered.

    The loan terms are another highlight, spanning from 36 to 72 months. This flexibility allows you to choose a repayment schedule that fits your budget, reducing the strain on your monthly finances. Additionally, Axos Bank doesn't charge any prepayment penalties. If you can pay off your loan earlier than expected, you can do so without extra costs, potentially saving you money on interest.

    Axos Bank’s eligibility requirements are straightforward, focusing on creditworthiness and financial stability. This approach helps ensure that loans are accessible to those with a solid financial foundation, promoting responsible borrowing.


    • Personal loans up to $50,000
    • Varied loan repayment terms
    • No prepayment penalties
    • Soft credit check


    • Minimum credit score of 700
    • $7,000 minimum loan amount
    • No co-signers
    • Restrictions on fund usage

Features of Axos Bank Personal Loans

When choosing a personal loan, it's crucial to consider what a lender like Axos Bank offers. With Axos, you can use your loan for various needs, be it debt consolidation or a major purchase. It keeps fees minimal, a big plus for budget-conscious borrowers. Its loan terms range from 36 to 72 months, offering flexibility in repayment plans.

If you face financial hurdles, Axos provides assistance options, easing repayment stress. Plus, its customer service and online features make managing your loan convenient. Understanding these features can help you decide if Axos Bank fits your personal loan needs, ensuring you make a smart financial choice.

What Can You Use Your Funds For?

Knowing how you can use the funds from a personal loan is crucial. Axos Bank offers flexibility in this regard, allowing you to use the money for various important expenses. These include:

  • Home Improvements: Renovate or repair your home to increase its value or comfort. Using an Axos loan for home improvements can turn your living space into the dream home you've always wanted.

  • Debt Consolidation: Combine multiple debts into a single, more manageable loan. With Axos, you can get lower interest rates, making it easier to manage your debt.

  • Emergency Expenses: Cover unexpected costs like medical bills or car repairs. An Axos Bank personal loan can be a financial lifeline in these unplanned situations, providing funds when you need them most.

  • Major Purchases: Finance big-ticket items like a new car or expensive equipment. With Axos, you can make these significant purchases without draining your savings, spreading the cost over time.

It's worth noting, however, that Axos Bank has some restrictions on how you can use your personal loan funds. They can't be used for post-secondary education, short-term real estate bridge financing or investment purchases. Understanding these limitations is crucial in planning your financial strategy and ensuring that an Axos Bank personal loan aligns with your financial goals and needs.

Loan Terms for an Axos Bank Personal Loan

Understanding the terms of a personal loan is crucial for borrowers. It helps you plan your finances better and ensures you choose the right loan. Axos Bank offers a range of terms for its personal loans:

  • Loan Amounts: The loan amounts range from $7,000 to $50,000, providing flexibility to borrow the necessary funds for either a small project or a significant expense.

  • Repayment Terms: The loan term options range from 36 to 72 months. Opting for longer terms can result in lower monthly payments, facilitating budget management, whereas shorter terms can lead to savings on interest over time.

  • APR (Annual Percentage Rate) Ranges: Varies based on creditworthiness. A lower APR can reduce the overall cost of your loan, so it's important to aim for the best rate you can qualify for.

By knowing these terms, you can decide whether an Axos Bank personal loan is the right choice for you, fits into your financial plan and helps you achieve your goals without undue stress.

Fees and Discounts for an Axos Bank Personal Loan

Knowing about loan fees is essential for borrowers. It helps you understand the loan's actual cost beyond just the interest rate. It’s important because some fees can add up significantly over time. Axos Bank stands out by not charging several common fees, such as application fees, prepayment penalties or personal check processing fees.

However, it’s essential to be aware of the fees that Axos Bank does charge:

  • Origination Fee: Axos Bank deducts a one-time fee of 1% to 2% of your loan amount based on your credit rating.

  • Late Payment Fee: A $15 is charged to your account if your payment is late. This encourages timely payments and helps you avoid extra costs.

  • Insufficient Funds Fee: A $25 fee is applied if your account doesn't have enough money for a payment. To avoid this fee, it's important to ensure your account is funded.

Understanding these fees helps you manage your loan more effectively and avoid unexpected charges, keeping your finances on track.

Axos Bank Personal Loan Repayment Assistance

Choosing a personal loan lender involves more than just comparing rates and terms; it's also about ensuring you have support during challenging times. Axos Bank recognizes that financial situations can change unexpectedly. That's why it offers payment assistance for those moments when you might face financial difficulties.

For qualified borrowers, Axos Bank's payment assistance can include options like modifying your payment plan, which can make your monthly payments more manageable. It's designed to help you navigate difficult financial periods while maintaining your credit health. Knowing this support is available can give you peace of mind when selecting Axos Bank for your personal loan needs, ensuring you have a plan even in challenging circumstances.

Axos Bank Customer Service

When picking a personal loan lender, it's crucial to think about how to communicate with them, especially if you have issues or have questions. Quality customer service is essential for a smooth experience with your loan. Axos Bank makes staying in touch easy, offering various ways to reach out for any support you might need.

  • Phone: Call (866) 923-3625, available from Monday to Friday, 8 a.m. to 4:30 p.m. PT.

  • Online Chat: For quick questions, start a conversation with Evo, Axos Bank's virtual financial assistant.

You can always receive the assistance you need, making managing your Axos Bank personal loan a smoother experience.

Axos Bank Personal Loan Online Resources

Good lenders offer tools and information to make your financial journey easier. Axos Bank does this by providing educational resources, online calculators and a user-friendly mobile app. These tools can help you plan your finances, calculate payments and keep track of your loan, all at your fingertips.

Considering these resources is important because they empower you to make informed decisions, manage your loan effectively and feel more confident about your financial choices with Axos Bank.

Qualifying for an Axos Bank Personal Loan

Understanding the eligibility criteria for a personal loan before applying is crucial. It helps you gauge if you meet the lender's requirements and avoid any surprises during the application process. Knowing what Axos Bank looks for in a borrower can significantly streamline your application.

  • Minimum Credit Score: A good credit score, typically above 700, is preferred. This shows Axos Bank that you have a history of managing credit responsibly.

  • Income Requirements: Your income level must support your ability to repay the loan. This ensures that the loan is affordable based on your financial situation.

  • U.S. Citizenship or Residency: Applicants must be U.S. citizens or permanent residents. This requirement is standard for most U.S.-based lenders.

  • Age Requirement: You must be at least 18 years old, which is the legal age for entering into contracts in the U.S.

It's important to note that Axos Bank does not allow a co-signer on personal loans. Your eligibility is based solely on your own credentials. If you don't meet these criteria independently, securing a loan from Axos might be more challenging. Understanding these requirements is key to successfully navigating your loan application process with Axos Bank.

Is an Axos Bank Personal Loan Right for You?

Selecting the right lender for a personal loan is a significant decision. Evaluate whether Axos Bank meets your needs, ensuring you're comfortable with its terms, fees and services. This assessment increases the likelihood of a smooth and stress-free borrowing experience.

Considering loan amounts, repayment terms and customer support can make a huge difference in the long run. Evaluating if Axos Bank aligns with your financial goals and situation is a smart step toward making a well-informed financial decision.

Who Can Benefit From a Personal Loan From Axos Bank?

Not every lender fits every borrower's needs, and Axos Bank is no exception. However, its unique features and requirements may make it an excellent choice for some. By examining how your financial situation and preferences align with what Axos Bank offers, you can determine if it's the right lender for your needs.

  • Homeowners With Substantial Equity: Axos Bank's higher loan amounts of up to $50,000 are great for homeowners looking to fund significant home improvements. This makes it a suitable option for those who have built up substantial home equity and need a sizable loan.

  • Those Seeking Quick Funds: Axos Bank's streamlined online application process and quick decision-making can be highly beneficial if you need the money fast. This feature is perfect for individuals who require prompt financial assistance.

  • Individuals With Good Credit: Since Axos Bank prefers borrowers with good credit scores (typically above 700), it is well-suited for those who have maintained a strong credit history. This can also lead to more favorable interest rates and terms.

  • Technologically Savvy Individuals: Axos Bank operates primarily online, making it a convenient choice for tech-savvy individuals who prefer managing their finances digitally, from application to repayment.

As always, it's important to align your needs and financial profile with what a lender offers. Doing so ensures that you're choosing a lender that meets your current financial requirements and supports your long-term financial health and goals.

Who Shouldn’t Secure a Personal Loan From Axos Bank?

Axos Bank has specific features and requirements that make it an excellent fit for some borrowers but not for others. Recognizing if you fall into the category of borrowers who might not benefit from what Axos Bank offers is key. This awareness can guide you toward a lender that's more aligned with your unique financial circumstances and needs.

  • Borrowers with Poor Credit: Axos Bank typically prefers borrowers with good credit scores, often above 700. Getting approval or favorable terms with Axos might be challenging if you have a lower credit score.

  • Those Seeking Small Loan Amounts: With a minimum loan amount of $7,000, Axos Bank might not be suitable for those who need smaller loans.

Ultimately, thoroughly understanding a lender's terms and requirements is a vital step in choosing a personal loan. Make sure that the lender's offerings align with your financial situation and goals.

How to Apply for an Axos Bank Personal Loan

Understanding the process of securing a personal loan from Axos Bank can make your borrowing experience smoother and less stressful. By knowing the steps involved, you can prepare your documents and manage your time effectively.


Check Your Eligibility

Start by making sure you meet Axos Bank's eligibility criteria. This is important to avoid any disappointment later in the process. You can find this information on its website or by contacting its customer service. Knowing whether you meet these criteria sets a solid foundation for your application.


Gather Necessary Documents

Prepare documents such as proof of identity (like a driver's license), proof of income (like pay stubs) and bank statements. These documents are crucial for Axos Bank to verify your identity and assess your financial situation. Having them ready beforehand speeds up the application process.


Complete the Online Application

Visit Axos Bank's website to fill out the personal loan application. This step involves entering your personal details, financial information and the desired loan amount. Be accurate and honest in your application to ensure a smooth approval process.


Wait for Approval and Review Offer

After submitting your application, Axos Bank will review it and make a decision. If approved, you'll receive a loan offer, which includes the interest rate and repayment terms. Review this offer carefully to ensure it aligns with your needs and financial capabilities.


Accept the Loan and Receive Funds

If you're happy with the offer, accept it. Axos Bank will process the loan and deposit the funds into your account upon approval. This final step is the culmination of the process, where you officially receive the loan. Be certain that you understand the repayment schedule and any other obligations associated with the loan.

Understanding and following these steps makes securing a personal loan from Axos Bank more manageable, leading you to the financial support you need.

What to Do if You’re Denied

It can be disappointing to have your personal loan application denied by Axos Bank, but it's important to remember that this isn't a final setback. It's a chance to pause, understand what happened and plan your next steps. You can take several actions to move forward from a loan denial.

  • Understand the Reasons for Denial: Axos Bank will provide reasons for the denial. It could be due to a low credit score, insufficient income or high debt levels. Knowing why helps you address these issues before reapplying or seeking a loan elsewhere.

  • Boost Your Financial Profile: Work on improving your credit score by paying bills on time and reducing debt. Increasing your income, if possible, can also help. A stronger financial profile makes you more appealing to lenders in the future.

  • Look for Alternative Financing Options: Explore other lenders with less stringent requirements. Credit unions, online lenders or peer-to-peer lending platforms can be good alternatives. Each has different eligibility criteria, so you might find one that suits your situation better.

  • Seek Professional Financial Advice: A financial advisor can help you understand your financial situation and recommend steps to improve it. They can also guide you toward the right type of loan or financial product for your needs.

Facing a loan denial from Axos Bank is not a defeat but rather a stepping stone toward better financial awareness and decision-making. Every step taken post-denial can lead you closer to your financial goals, providing valuable insights and opening up new possibilities.

Frequently Asked Questions About Axos Bank as a Personal Loan Lender

Navigating the specifics of a personal loan can be complex, and it's natural to have questions. We provided answers to some common queries to help you get a clearer picture.

Does Axos Bank have restrictions on how you can use your funds from a personal loan?
What is the minimum credit score requirement for an Axos Bank personal loan?
How long does Axos Bank take to approve a personal loan?
Does Axos Bank have a mobile app?
Is an Axos Bank personal loan secured or unsecured?
How much can I borrow using an Axos Bank personal loan?
What fees will I encounter with an Axos Bank personal loan?
How does applying for an Axos Bank personal loan affect my credit score?
Does Axos Bank offer an autopay discount for personal loans?
Can you have co-signers on an Axos Bank personal loan?

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.