Axos Personal Loans Review 2022 | American News

Axos Bank was launched in 2000 and is owned by San Diego-based Axos Financial. You won’t find 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.

Best Features

  • The loan application process is completely digital as Axos Bank is online only.
  • Flexible loan terms are from one to five years.
  • You can borrow between $5,000 and $35,000.
  • No collateral 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 personal loans from Axos Bank be used for?

Axos Bank’s unsecured personal loans can be used to consolidate credit card debt, make home improvements without tapping into a home equity loan, or cover major expenses such as medical bills, weddings or vacations. Personal loans from $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 which require collateral. But the advantage of a personal loan is that it’s usually cheaper than incurring credit card debt for living expenses, and you can get a short-term loan of one to five years from ‘Axos Bank.

If you like the idea of ​​online banking, Axos also offers checking and savings accounts, and funds from a personal loan could be transferred to your linked account.

How do personal loans from Axos Bank work?

Axos Bank says you can complete its personal loan application online in minutes. First, you will check if you qualify for a personal loan:

  • Credit score of 720 or higher.
  • Verifiable income.
  • At least two years of solid credit history.

Next, you will select a loan amount between $5,000 and $35,000. Axos Bank will make you an offer without making any firm credit check, so you don’t have to worry about pre-qualification hurting your FICO score. You must have a valid ID and social security number.

If you continue with 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 commercial purposeAxos offers banking and lending tools for small businesses and enterprises.

Additionally, borrowers cannot use the loans to:

  • Fund illegal activities.
  • Buy drugs or other illegal paraphernalia.
  • Buy weapons or guns.

What are the terms, fees and conditions for personal loans from Axos Bank?

Axos Bank origination fees are 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 apply a penalty.

How can you benefit from an Axos Bank personal loan?

You must have a credit score of at least 720 and a verifiable income to qualify for an unsecured personal loan from Axos Bank. The financial institution wants to see at least two years of credit history.

What credit rating 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 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 credit score, Axos reviews at least two years of credit history, including your payment history and available credit versus debt.

Where does Axos Bank operate?

Axos Bank is an online bank and provides financial services to customers nationwide.

Is Axos Bank reputable?

The Better Business Bureau gives Axos Bank an A+ rating. In 2020, the Consumer Financial Protection Bureau received two personal loan-related complaints about Axos Bank, and the company provided a prompt 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 Personal Loans Customer Service at 866-923-3625, someone will answer from 7 a.m. to 6 p.m. PST Monday through Friday.

What are some of Axos Bank’s online features?

Because Axos Bank is completely online, you will get pre-approved and apply for a personal loan on the Axos website. Every part of the banking experience with Axos happens digitally, from delivering documents to making payments.

Axos also offers an app. You can create account alerts, automate invoices, set up biometric authentication, and manage your account from the web dashboard or app.

About Judith J. George

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