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2023 Axos Bank Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

Personal loan rating: 4.1/5
  • Accessibility: 4.8/5
  • Rates and terms: 3.4/5
  • Repayment experience: 4/5

Read our full rating methodology here

Personal loan details
  • APR range: 7.15% to 17.99%
  • Loan terms: 36 to 72 months
  • Loan amount: $5,000 to $50,000
  • Minimum credit score: 700
  Our verdict: An Axos Bank personal loan may be best for those with a good credit score who are looking to consolidate debt, fund a home improvement project, cover a major expense or pay for a special occasion.

Founded in 2000, Axos Bank is a financial institution that provides bank accounts, mortgages, auto loans and personal loans. Consumers can borrow personal loans ranging from $5,000 to $50,000. Here’s what you need to know:

  • Competitive interest rates: Axos Bank’s low interest rates make it a competitive lender on the market. In particular, its maximum annual percentage rate (APR) only goes as high as 17.99%, whereas other lenders can go as high as nearly 36%.
  • Quick funding: After you’ve been approved for a loan and sign the agreement, you may receive your funds within two business days.
  • High minimum loan amount: In order to get a personal loan through Axos Bank, you’ll need to borrow at least $5,000. If you’re looking for a small personal loan, you can find lower amounts elsewhere.
  • Charges origination fee: While some lenders charge an origination fee as high as 10%, Axos Bank users only have to pay an initial fee ranging from 1% to 2%.
  • No prepayment penalties: Like most personal loan lenders, you can pay your loan off early without worrying about having to pay a prepayment penalty.
  • Best for borrowers with good credit: To qualify for a personal loan with Axos Bank, you’ll need a credit score of at least 700, so this lender may be a good fit for consumers with robust credit profiles.


Axos Bank pros and cons

Like any lender, Axos Bank comes with a variety of benefits and downsides that may or may not work for you as a potential borrower.


 Allows consumers to prequalify

 No prepayment penalties

 Receive loans within two days of approval

 Low maximum interest rates

 High minimum loan amount 

 Charges 1% to 2% origination fee

 Those with low credit scores may not qualify

 No option for joint application

While some lenders have interest rates that can get as high as nearly 36%, Axos Bank interest rates only go as high as 17.99%. This may make it an overall cheaper option compared to other lenders, depending on your credit score and profile. Axos Bank customers may also receive their loan funds within two days after they’ve signed their loan agreement.

On the other hand, if you have a credit score under 700, you may not qualify for a Axos Bank personal loan, particularly since this lender doesn’t offer the option for joint applications. Axos Bank also charges a 1.00% - 2.00% origination fee, though that amount is much lower than what some other lenders charge.

Axos Bank requirements

While Axos Bank doesn’t share its minimum income requirements or whether it requires applicants to maintain a specific debt-to-income ratio, this lender does specify its credit score requirements as well as documentation you may need to provide.

Minimum credit score 700
Required documents
  • Social Security number
  • Proof of income (pay stubs, W-2s)
  • Driver’s license or state identification

If Axos Bank’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.

How to get a loan with Axos Bank

Applying for a loan with Axos Bank is a straightforward process, and it may only take a few minutes to prequalify. Here’s what you need to know about the general process:

Prequalify for a loan

When you apply for an Axos Bank personal loan, you can prequalify without impacting your credit score, as opposed to submitting to a hard credit pull. In your application, you’ll need to provide Axos Bank with the following information:

    • How much you want to borrow
    • Your preferred repayment terms
    • Your reason for the loan
    • Your basic information (name, address, contact information, etc.)

Verify your information

Next, you’ll need to officially apply for the loan and verify your information. You’ll verify your identity, income and place of residency by providing documents such as a government-issued identification, pay stubs and utility bills. After you do this, you’ll have to submit to a hard credit pull, which may temporarily cause your credit score to go down by a few points.

Accept your loan

If you’re approved for a loan, you’ll sign a loan agreement to accept the terms, rates and monthly payments. When the loan contract is finalized, you may receive your loan funds within two business days.

If you’re worried about whether you’ll be eligible for a personal loan with Axos Bank, you can increase your chances of qualifying by improving your credit score, checking your credit report for errors and practicing healthy financial habits.

How Axos Bank compares to other personal loan companies

Even if you believe Axos Bank aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how Axos Bank stacks up against similar personal loan lenders.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

LenderAxos BankDiscoverAchieve
Minimum credit score700Not specifiedVaries
APRs7.15% to 17.99%6.99% to 24.99%7.99% to 29.99%
Loan Amount$5,000 to $50,000$2,500 to $35,000$5,000 to $50,000
Repayment term36 to 72 months36 to 84 months24 to 60 months
Origination fee1.00% - 2.00%None1.99% - 6.99%
Funding timelineReceive funds as soon as two business daysReceive funds as soon as one business dayReceive funds in as little as 48 hours
Bottom LineAxos Bank offers a flexible range of both loan amounts and repayment terms. However, this lender does charge a small origination fee.Discover offers a lower maximum loan amount than Axos Bank. However, this lender doesn’t charge an origination fee and offers longer repayment terms.Achieve and Axos Bank have a lot of similar features: both charge origination fees, have similar funding timelines and offer the same loan amounts. However, Axos Bank offers a more competitive APR range.

How we rated Axos Bank

To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:

  • Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
  • Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but competitive.
  • Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.

The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.

The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.

LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.

Frequently asked questions

Axos Bank allows you to prequalify for a personal loan without impacting your credit score. However, if you choose to proceed with an Axos personal loan, you will have to submit to a hard credit pull before you can be officially approved, which can cause your credit score to drop by a couple of points.

While it only takes a few minutes to get prequalified for an Axos Bank personal loan, it may take longer to find out whether you’re officially approved for a loan. Once you’re approved and finalize your paperwork, it can two business days to receive your loan funds.

Yes — Axos Bank is a legitimate financial institution that is backed by the Federal Deposit Insurance Corporation (FDIC). This means that, should you choose to bank with Axos Bank, your money will be protected by the federal government even if the bank goes under.


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