Axos Bank personal loan review: Fast funding options for borrowers with good credit

Axos Bank offers personal loans to borrowers with good credit, but its starting annual percentage rate (APR) is somewhat high compared to other options for people with strong credit. The lender also reports balance and account information to only one of the three credit bureaus. 

If you’re considering a personal loan from Axos Bank, here’s what you should know.

Axos Bank

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Fixed APR

11.79% to 20.84%

Loan amounts

$5,000 to $50,000

More details

• Interest rates: 11.79% to 20.84%.
• Loan amounts: $5,000 to $50,000.
• Repayment terms: 3 to 6 years.
• Min. credit score: 700.
• Discounts: None.
• Fees: Origination fee (1% to 2% of total loan amount).
• Funding time: As soon as the same day.

Axos Bank overview

Axos Bank, formerly Bank of Internet USA, was one of the first online-only banks when it was founded in 2000. The digital bank offers a variety of products and services in all 50 states, including bank accounts, auto loans, mortgages and investment accounts. Its unsecured personal loans range from $7,000 to $50,000 and come with repayment terms from three to six years. 

You can generally use an Axos Bank personal loan for just about anything you want, but there are some restrictions. In particular, the lender doesn’t allow you to use a personal loan to purchase investments in the form of securities, stock purchases, stock options, repayment against stock options or cryptocurrency. It also prohibits using the funds for post-secondary education and short-term real estate bridge financing.

How to qualify for an Axos Bank personal loan

Axos Bank doesn’t provide specifics for all of its eligibility criteria, but it does give some basic information to help you determine whether you might qualify. Here’s what you’ll need:

• A credit score of 700 or higher.
• At least four years of well-established credit history.
• Verifiable income.
• A Social Security number and a valid driver’s license or state ID.

If you’re not sure about your eligibility, the lender has a pre-qualification tool you can use to gauge your approval odds and get a rate quote. Note that the lender doesn’t allow co-signers or joint applicants, so you’ll need to qualify on your own.

Borrowers who aren’t eligible for an Axos Bank personal loan can choose to have the lender share their information with the Monevo lender marketplace, where they might have a better chance of getting a loan.

How to apply for an Axos Bank personal loan

You can apply for an Axos Bank personal loan online. Here are the steps you’ll take:

1. Fill out your loan details. Share how much you want to borrow, your desired loan term and the purpose of the loan.
2. Provide your personal information. Enter your name, date of birth, citizenship status, contact information, home address and residence type as well as employment and income information. 
3. Create login credentials. You’ll then create a username and password, which you can use to access your application later. You’ll also need to choose security questions and answers for added protection.
4. Review offers and apply. If you’re pre-qualified, you’ll be able to compare different offers and select the one that works best for you. To proceed, you’ll need to submit an official application. This might require you to provide income documents, such as pay stubs, a W-2 form or bank statements. The lender will also run a hard credit check at this point to finalize the offer.
5. Accept the loan offer. If your application is approved, Axos Bank will provide a final offer — note that this could be different than the initial quote. If you wish to proceed, you’ll have to review and accept the loan agreement to complete the process. You’ll receive the loan funds in your bank account within one business day of acceptance in most cases, but sometimes it can take up to three business days.

Tip: Be sure to compare your loan options not only with Axos Bank but with as many personal loan lenders as possible. This will help you more easily find a loan that best suits your needs. Like Axos Bank, many lenders let you pre-qualify with only a soft credit check that won’t hurt your credit score, which can give you an idea of what you could get approved for if you opt to apply.

You can use our personal loan calculator to see what your overall borrowing costs could look like with the different rates and terms you’re given when you pre-qualify.

Pros of an Axos Bank personal loan

• Fast funding.
• Allows refinances of existing Axos Bank personal loans.
• Option to change your due date.

Cons of an Axos Bank personal loan

• High starting APR.
• Only reports payments to one credit bureau.
• Charges an origination fee and a fee for late payments.

Axos Bank perks and special features

Axos Bank offers some solid standard features as well as one that other lenders might not provide.

Fast funding

Axos Bank will typically deposit your funds in your bank account within one business day, with funds being sent as soon as the same day after you’ve accepted the loan. If you have a credit union account, however, it can take an extra day or two.

Refinancing available

You can generally use a personal loan to consolidate debt from other lenders. But with Axos Bank, you can even refinance an existing personal loan you already have from this lender. 

Due date flexibility

If you want your due date to line up with your payday or another date, you can move it up to 10 days out from the original due date the lender provides for you.

Easier to qualify for but require collateral: Here’s how secured loans work

How Axos Bank could improve

While there are some benefits to getting a loan with Axos Bank, there are some significant drawbacks to keep in mind.

Reduce its starting APR

Compared to other top online lenders, the starting APR from Axos is high. In other words, you’ll likely be able to save more money with a different lender if you have excellent credit. 

Report to all of the credit bureaus

Axos Bank only reports account information, including your balance and monthly payments, to Experian. So if you pay back the loan responsibly, the positive information will only be reflected in a credit score that’s based on your Experian credit file. 

In general, most other major personal loan companies report to all three credit bureaus, ensuring you get full credit for positive payment activity. 

Don’t charge fees

While Axos Bank’s origination fee is low — ranging from 1% to 2% — it also charges a $15 fee for late payments. If you have a credit score in the 700s or higher, you can find other lenders that don’t charge fees at all, such as LightStream.

Axos Bank customer service and reviews

The Axos Bank personal loan application process is straightforward, though many other lenders don’t require as much of your information upfront just to get pre-qualified. The Axos Bank mobile app also has high ratings on Google Play and the Apple App Store.

If you have a question about your personal loan, you can call 866-923-3625 anytime Monday through Friday between 8 a.m. and 4:30 p.m. Pacific Time (PT). 

While Axos Bank has an A+ rating from the Better Business Bureau (BBB), customer reviews are poor. Its BBB customer rating is 1.1 out of 5.0 stars as of Jan. 8, 2024. The bank also has a poor rating on Trustpilot, with a rating of 1.9 out of 5.0 stars as of Jan. 8, 2024. Note that these ratings are a reflection of Axos Bank as a whole and don’t solely focus on its personal loans. 

Axos Bank alternatives: Axos Bank vs. Happy Money vs. SoFi

It’s a good idea to shop around and compare your options with as many personal loan lenders as possible before completing an application. Two lenders to consider in addition to Axos Bank are Happy Money and SoFi.

Happy Money offers loans ranging from $5,000 to $40,000 with repayment terms from two to five years. It also has a lower credit score requirement of 640, making it easier to get approved if you have fair credit. However, you can only use a loan from this lender to pay off credit card debt. Happy Money also charges an origination fee of from 1.5% to 6.25%.

SoFi personal loans are available from $5,000 to $100,000 with terms ranging from two to seven years, providing more repayment flexibility. It also provides a lower minimum rate for borrowers with good to excellent credit, charges no fees and offers funding as fast as the same day after approval. Additionally, SoFi members have access to a variety of perks and benefits, such as unemployment protection, career coaching and financial planning.

	AXOS BANK	HAPPY MONEY	SOFI
Fixed APR	11.79% to 20.84%	11.72% to 17.99%	8.99% to 29.49%
Loan amounts	$7,000 to $50,000	$5,000 to $40,000	$5,000 to $100,000
Repayment terms (years)	3 to 6	2 to 5	2 to 7
Min. credit score	700	640	680
Best for	Fast funding	Credit card consolidation	Large loan amounts

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^{All rates include discounts where noted by the lender and are current as of Feb. 15, 2024.}

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