MoneyGeek’s Take: Axos Bank Personal Loan Review

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.

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.

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.

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.

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.

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.