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Axos Personal Loan Review: Competitive APRs With Low Fees

Review Updated
Brittney Myers
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The Axos Personal Loan offers moderate APRs to qualified borrowers. But the credit requirements are quite strict and you'll need to pay an origination fee. Our in-depth Axos Personal Loan review will cover all of the pros and cons to help you determine if this is the loan for you.

Ratings Methodology

Axos Personal Loan

Great for: Borrowers with well-established credit who don't mind paying a small fee for a competitive APR.

Apply Now for Axos Personal Loan
Logo for Axos Personal Loan
Rating image, 4.0 out of 5 stars.
4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
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= Poor
Apply Now for Axos Personal Loan
Minimum Credit Score
700
Loan Amounts
$7,000 to $50,000
APR Range
11.79%-20.84%
Term Length
36 to 72 months

The Axos personal loan is a solid option for those who can qualify. Rates are fairly competitive, and the fee is lower than many alternatives. Credit requirements are stricter than most lenders, however, so it may be hard to qualify for folks with less established credit.

  • Flexible loan options
  • Next-day funding
  • No prepayment penalty
  • Strict credit requirements
  • Origination fee
  • No cosigners

Compare the best personal loans

Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.

Lender APR Range Loan Amount Min. Credit Score Next Steps
Fixed: 8.99%-29.99% APR (with all discounts)
$5,000 - $100,000
680
7.99% - 24.99%
$2,500 - $40,000
660
7.80% - 35.99%
$1,000 - $50,000
300

Full Axos Personal Loan review

This personal loan is a good fit for: Borrowers with well-established credit who don't mind paying a small fee for a moderate APR.

Top perks

Flexible loan options: Axos offers a lot of funding options, with loans ranging from $7,000 to $50,000 for well-qualified borrowers. Loan terms can extend from 36 to 72 months, giving you a variety of repayment options.

Next-day funding: You can apply for an Axos personal loan quickly online. While it can take up to 48 hours to get final approval, funding is quick once you're approved. Axos says most funds can be distributed by the next business day. If you want your funds to go to a credit union, however, it can take two to three days.

No prepayment penalty: As with many credit products, the longer you take to repay your Axos loan, the more you'll end up paying in interest. But you don't have to stick to your original repayment schedule if you can pay it off early. There's no prepayment penalty, so you can pay off your loan at any time without extra fees.

What could be improved

Strict credit requirements: Compared to other lenders, Axos has very strict credit requirements. Specifically, you'll need at least a 700 credit score, which is higher than many other lenders.

1% to 2% origination fee: While some of our favorite personal loans come without any fees, Axos isn't one of them. You'll pay a 1% to 2% origination fee when you get your loan. The exact fee you're charged will depend on your loan and credit qualifications.

No cosigners: Given Axos's strict credit requirements, it may be hard for some applicants to qualify. Unfortunately, you can't bring along a cosigner to help you meet the requirements. Axos doesn't allow cosigners on its loans, so you're on your own.

How to qualify for an Axos Personal Loan

The basic qualifications for an Axos Personal Loan are similar to those for other loans, but the credit requirements are more restrictive than most other lenders:

  • Be at least 18 years or older
  • Have a verifiable source of income
  • Have a credit score of 700 or higher

You'll also need an active bank account in order to receive your loan funds.

Application process

Applying for an Axos Personal Loan can be done entirely online. Here are the steps to apply:

  1. Fill out the prequalification application. This includes providing basic personal information, employment and income information, and the amount you wish to borrow.
  2. Once prequalified, you'll see the details of your potential loan.
  3. If you accept the loan terms you're offered, you'll need to provide any requested documents -- could include a bank statement, paystub, and a W2 or tax return -- and go through identity verification.
  4. Once submitted, your entire application will be reviewed by an underwriter. Most decisions should be made within 48 hours.
  5. If your loan is approved, you'll typically receive funding the next business day (though it can take up to three days in some cases).

This Axos Personal Loan is right for you if:

If you can meet the strict credit requirements, an Axos Personal Loan could offer a moderate APR with a relatively low fee. However, many of our top lenders have better rates without any fees, especially for folks with good enough credit to qualify for an Axos Personal Loan. It's worth exploring Axos as an option, but most qualified applicants would likely benefit from looking at other options as well.

FAQs

  • Yes, Axos Bank is a real bank that offers several financial products, including providing personal loans to qualified applicants.

  • Your interest rate will be determined based on your loan terms and credit qualifications. The best rates will go to those with the best qualifications.