MoneyGeek’s Take: Axos Bank Personal Loan Review

Axos Bank is a full-service online bank offering various financial products and services. These include personal loans, which are ideal for borrowers with excellent credit looking to take out a lump sum of money. The minimum credit score needed for a personal loan from Axos Bank is 720.

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Last Updated: 10/26/2022
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With Axos Bank, you can get an unsecured personal loan with a fixed interest rate, flexible terms and fixed monthly payments. You can use your Axos loan for consolidating debt, making home improvements or financing large expenses. It typically takes just one to two business days for loan approval.

At a Glance: Axos Bank Personal Loans


  • Axos Bank Personal Loan

    • 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

MoneyGeek Breakdown - Axos Bank Personal Loan Details and Requirements

  • APR

    The annual percentage rate (APR) for personal loans from Axos Bank ranges between 7.15% and 17.99%.

  • Credit Score Requirements

    Axos Bank requires a credit score of at least 720.

  • Income Requirements

    You will need verifiable income to be eligible for an Axos loan.

  • Loan Amounts

    Axos Bank offers personal loans from $5,000 to $50,000.

  • Loan Terms

    Personal loans from Axos Bank have terms of 36–72 months.

  • Permitted Uses

    You can use your Axos loan for debt consolidation, home improvements, large expenses, special occasions and more.

  • Prohibited Uses

    Axos Bank does not specify any restrictions on the usage of its funds.

  • Time to Receive Funds

    You may get your funds from Axos Bank within one to two business days.

  • Origination Fees

    Axos Bank charges an origination fee of up to 2% of your total loan amount.

  • Late Fees

    If you miss a payment beyond the grace period, Axos Bank will charge a $15 late fee. There is also a $25 insufficient funds fee.

  • Prepayment Penalty Fees

    Personal loans from Axos Bank don’t come with any prepayment penalty.

  • Co-Signers and Co-Applicants

    Axos Bank currently doesn’t accept co-signers.

  • Perks

    You can change your payment due date up to 10 days out from the original date.

  • Mobile Application

    Axos Bank has a mobile app you can use to manage your personal loan.

Is Axos Bank Right for You?

Personal loan lenders have different criteria when reviewing your application and giving you a loan offer. As such, there are various factors to consider when choosing a lender. MoneyGeek’s Axos Bank personal loan review can help you decide if this company is the best option for your needs.

Who Axos Bank Is Perfect For

Axos Bank is best for borrowers who have good to excellent credit since its personal loans require a minimum credit score of 720. Those who only require a loan of up to $50,000 may find this bank a great option.

Furthermore, Axos Bank is perfect for you if you don’t mind paying a relatively low origination fee, or if you are confident you can avoid late payments. That said, it has flexible payment due dates that you can take advantage of if you struggle to pay on time.

Considering that Axos Bank is an online-only bank, its services are ideal for individuals who prefer digital banking and don’t need a brick-and-mortar branch for in-person assistance.

Who Should Not Choose Axos Bank

When deciding whether Axos Bank is the right lender for you, it’s important to take into account its disadvantages too. For instance, if you need a larger loan, this bank may not be an ideal provider since it only allows you to borrow a maximum of $50,000.

Axos Bank is also not an option if you want to avoid paying additional fees, like origination and late fees. Those with poor to fair credit scores are better off finding a different lender as well.

How to Apply for an Axos Bank Personal Loan

Once you’ve determined that Axos Bank is the best lender for your needs, you can pursue your loan application. MoneyGeek outlined these steps you can follow when applying for an Axos Bank personal loan.

1

Prequalify

To prequalify, you will need to enter how much money you need, your preferred loan terms and the purpose of the loan. You’ll receive a pre-approval offer immediately after completing this step.

2

Fill Out Application Form

The application process includes submitting your personal information as well as your income, employment history, assets, credit history and credit score.

3

Wait for Approval

After uploading your documents and completing the verification steps, your loan will be reviewed by Axos Bank’s underwriting team. Typically, you’ll receive a loan decision within 48 hours.

4

Review Loan Agreement

Review the loan offer after receiving it. Sometimes, the loan you’re approved for is different from the amount you requested.

5

Sign Loan Agreement

Once you understand all the necessary information in your loan package, you can sign the loan agreement.

6

Receive or Direct Funds

Axos Bank will directly deposit the funds into your bank account. This will usually take one to two business days.

7

Make Payments

With Axos Bank, you’ll make a single payment every month. You can change your payment due date within a 10-day period from the original date for any reason.

What to Do if You Are Rejected From Axos Bank

Sometimes, personal loan applications get rejected. This may be due to a low credit score, insufficient income, not enough credit history, an incomplete application and more. If this happens to you, it’s best to figure out the factors that affected your chosen lender’s decision.

Typically, Axos Bank issues disclosures with information about why the loan application was declined. Make sure to read it thoroughly to determine which areas need improvement. You can also get in touch with them to better understand their reason. This way, you can prevent another rejection from happening.

Keep in mind that you can still apply in the future even if your application got rejected. That said, you should ensure that you have an excellent credit score, verifiable income and four years of well-established credit history.

It may be tempting to apply for a personal loan at a different lender when you get denied, but in doing so, you risk affecting your credit score. MoneyGeek strongly recommends improving on your weak areas first before pursuing another application.

Frequently Asked Questions About Personal Loans From Axos

The best personal loan lender for you will be determined by your particular needs as well as your credit score and income. MoneyGeek answered some frequently asked questions about Axos Bank’s personal loans to help you determine if this bank is the best option for you.

Read More on Personal Loans

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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.