Axos Bank Personal Loans Review 2022
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Axos Bank personal loan amounts and interest rates
Axos Bank offers fixed rate personal loans ranging from $5,000 to $50,000. These personal loans are unsecured, meaning you don’t have to provide collateral, such as a house or car, to get them.
Axos rates range from 7.15% to 17.99%. This is relatively similar to Marcus’ range of 6.99% to 19.99% and SoFi’s range of 5.74% to 20.28% (with AutoPay). Your loans will be fixed at a fixed interest rate that will not change for the term of the loan.
The duration of Axos personal loans is between three and six years. Axos allows you to use a personal loan for many reasons, including home renovations, major purchases, and medical expenses.
Advantages and disadvantages of personal loans from Axos Bank
Who is Axos Bank for?
Axos Bank is best for borrowers with excellent credit scores who need to withdraw a large sum of money and want their money fast. However, if you want to use a co-signer or avoid fees, you’re better off choosing another lender.
Comparison of personal loans from Axos Bank
Axos is the only one of the three lenders to charge origination fees or late penalties. Marcus and SoFi have no fees that come with their loans.
All three companies have relatively high minimum loan amounts. The least you can withdraw with Axos and SoFi is $5,000, while Marcus’ minimum is $3,500. Marcus has a maximum of $40,000, Axos’ maximum is $50,000, and SoFi leads the pack with a loan limit of $100,000. You will need good enough credit to qualify for a loan from all three companies.
Marcus and SoFi both have distinctive features that you won’t find with other lenders, including Axos. SoFi offers forbearance in three-month increments, up to a year, in case you lose your job while your loan is being paid off. Marcus offers an on-time payment reward. If you repay your loan on time and in full each month for one year, you can waive one month of payments and no interest will accrue during this period. Marcus will then extend your loan for a month.
Is Axos Bank trustworthy?
Axos Bank is a Better Business Bureau accredited company with an A+ rating. The BBB, a nonprofit organization focused on consumer protection and trust, determines its ratings by evaluating a company’s responses to customer complaints, the transparency of business practices and the truthfulness of advertising.
The company has also not been involved in any recent controversy or scandal. You might feel comfortable borrowing from Axos due to its high BBB rating and clean track record.
Frequently Asked Questions
Does Axos Bank check credit ratings?
Yes, Axos Bank performs a soft credit check when you apply for a loan to show your personalized rates. This will have no effect on your credit score. However, if you continue with the loan process, the lender will do a thorough investigation, which will give them a full view of your credit history, but may affect your score during the process.
Is Axos a legit bank?
Yes. Axos Bank is backed by the Federal Deposit Insurance Corporation (FDIC), which means your money is federally secured. This applies more to checking accounts and savings accounts, but rest assured that if you are borrowing from Axos, you are using a legitimate bank.
Is it easy to get approved with Axos Bank?
Compared to other lenders, it’s actually a bit harder to get approved with Axos. The bank has a high minimum credit score of 720 for its personal loans, which may make it unaffordable for some borrowers. Other lenders have much lower credit requirements, and some have none.