Axos Bank Personal Loans Review for 2024

Pros Explained

• Easy online application: You can complete the Axos personal loan application process entirely online in just a few minutes. 
• Widely available nationwide: Axos Bank offers personal loans to people in every U.S. state and Washington, D.C. 
• Can refinance with same lender: If you’re able to qualify for lower rates or want to extend your loan term, you may be able to refinance your existing Axos Bank personal loan as soon as six months after you take it out.

Cons Explained

• Expensive way to borrow: Axos Bank charges higher rates than its competitors. It waives the loan origination fee in some cases but may charge up to 5.5% in others—also much higher than other personal loan lenders.  
• High minimum loan amount: Axos Bank can’t help you if you need a smaller loan. You’ll need to be willing to borrow at least $7,000 for this loan, which can put you in extra unnecessary debt if you don’t actually need that much. 
• Tough approval requirements: You will need a good credit score of at least 730 to apply. Unlike other lenders, you can’t apply with a co-signer or a co-borrower or use collateral to help you get approved. 
• Poor customer satisfaction ratings: Most consumer ratings and reviews—as well as independent analyses—give Axos Bank poor marks in general when it comes to making sure customers are happy. 

Types of Personal Loans Offered by Axos Bank

You can use an Axos Bank personal loan for just about any personal expense, including:

• Vacations
• Home repairs
• Debt consolidation
• Home improvements
• Emergency expenses
• Medical or veterinary bills

Axos Bank doesn’t allow personal loan funds to be used for any type of investment purchase, including cryptocurrency, business use, stocks, etc. You also can’t use these funds for a real estate bridge loan or to pay for any post-secondary education expenses.  

According to Investopedia’s 2023 Personal Loan Borrower survey, debt consolidation is the most common reason cited for getting a personal loan. Paying for home improvements and large purchases were the next two most common reasons.

Time to Receive Personal Loan Funds

Axos Bank may take up to two days to review your application after you submit it online. If you’re approved, it’ll deposit the funds into your bank account within a business day. Depending on your bank’s funds availability policy, it could take up to three business days total before you see the funds in your account after Axos Bank disburses your loan. 

Borrower Requirements

The biggest barrier for many people in getting approved will be Axos Bank’s strict credit requirements: Applicants need not apply unless they have a credit score of 730 or higher. Axos Bank will check that you have a “well-established” credit history going back at least four years and that your income is high enough for its satisfaction, although it doesn’t offer any specific details here.  

These are all hard limits; Axos Bank doesn’t allow you to apply with anyone else—either a co-signer or a joint applicant—and you can’t offer up collateral for a secured loan if you don’t meet Axos Bank’s underwriting guidelines.

Axos Bank Personal Loan Features

• Autopay: Axos Bank requires that you sign up for autopay to repay your loan, which is generally a good idea anyway. 
• Checking account rate bump: If you use Axos Bank’s interest-bearing Rewards Checking account to make your monthly loan payment, you’ll earn an additional 0.60% APY in interest in that account. 
• Due date changes: Axos Bank offers a limited ability to change your payment due date up to 10 days away from your original due date. 
• Mobile app: Axos Bank’s mobile app can be used to manage all of your accounts with the bank, including your personal loan. 

Co-Signers and Co-Applicants

Axos Bank does not allow you to apply with a co-signer or co-applicant for a personal loan. Applying with a co-signer who guarantees your loan can often help you get approved if you don’t meet your lender’s requirements, but you’ll need to qualify entirely on your own with Axos Bank. It also doesn’t offer joint applications, which allow two people to borrow money together, such as partners or spouses. 

Can You Refinance a Personal Loan With Axos Bank?

Yes, Axos Bank allows you to refinance existing Axos Bank personal loan. This relatively rare feature among personal loan lenders allows you to replace your existing loan with another one, typically for a lower interest rate, a larger loan amount, and/or a different term length. This can help you pay it off quicker, access additional funds, or lower your monthly payment. 

Generally, you’ll need to look to a new lender to refinance a personal loan, but Axos Bank allows you to refinance it with them again as long as it’s been at least six months since you first took out the personal loan. 

Customer Service

Axos Bank tries to steer you more towards its automated customer service options, chiefly its “Virtual Financial Assistant” chatbot named Evo.

The only real way to get ahold of a live person is by calling its personal loan department, which operates during normal business hours. This can be inconvenient if you live on the East Coast or aren’t otherwise able to call during the workday.

If you bank with Axos, you may also be able to send a secure message through your online banking portal. 

Customer Satisfaction

Axos Bank has rather poor ratings on public-facing customer review websites.

It’s accredited with the Better Business Bureau, which has bestowed an A+ rating on the bank despite it receiving an average rating of 1.11 stars (out of 5) based on 130 customer reviews. Records also show 21 official customer complaints in the past year. Nearly 120 Axos Bank customers have also given the bank an average rating of 2.2 stars on Trustpilot. 

Independent reviewers have not assessed Axos Bank’s personal loan division yet; however, they do offer some insight into the company based on how well it serves banking customers. In 2023, J.D. Power rated Axos Bank as dead last on its annual survey of customer satisfaction for checking accounts available from online banks.  

Applying for an Axos Bank Personal Loan

It’s fairly quick to apply for an Axos Bank personal loan in a few simple steps.

1. Pre-qualify. Axos Bank guides you to an online form on its personal loan page. Click on the “Begin Application” button to get started. You’ll need to provide details such as your name, contact information, and Social Security number. The bank will use this information to do a soft credit check and issue a preliminary credit decision for your loan. 
2. Complete the full application. If you’re pre-qualified, you’ll need to submit a few documents to prove your identity and income: a recent pay stub and W-2 (if employed) or a recent tax return (if self-employed). You’ll also need to provide a copy of a recent bank statement.
3. Receive a final loan decision. Axos Bank will do a hard credit check and verify your documents, then issue a final personal loan offer if you’re approved. 
4. Accept the loan and receive your loan. Once you sign the loan agreement, Axos Bank may issue your funds as soon as the same day, although it could take up to a full business day. It can take up to three days total before you see the funds in your bank account.

Other Banking Services and Loans Offered by Axos Bank

Aside from personal loans, Axos Bank offers many different banking services and loans for personal and business use.

• Certificates of deposit (CDs)
• Mortgages
• Auto loans
• Savings account
• Checking account
• Investment accounts

Compare Axos Bank With Other Personal Loan Lenders

The Bottom Line

Axos Bank personal loans are a mediocre option. You’ll need good credit to qualify, but if you have good credit, you can find cheaper loans in a wider range of formats from lenders with better reputations for making their customers happy. 

That said, if you’re already perfectly happy banking with Axos and you want to earn a higher rate on your checking account deposits, pairing up an Axos Bank personal loan with its reward checking account can be a powerful combination. 

What Credit Score Do You Need for a Personal Loan from Axos Bank?

Axos Bank requires a credit score of 700 or higher to get approved for a personal loan. If you don’t have that, you won’t be eligible for an Axos Bank personal loan because it doesn’t allow you to apply with a co-signer or a joint applicant. 

How Long Does It Take to Get Approved for a Personal Loan from Axos Bank?

Axos Bank issues most personal loan decisions within two business days. If you’re approved for a loan, Axos Bank will send your funds out by the next business day. It’ll take up to three business days to receive the deposit in your bank account. 

Is Axos Bank Reputable and Trustworthy?

Customers that have left reviews of the bank online share generally poor experiences and the bank’s checking account was given the lowest ratings of all online banks measured by J.D. Power in 2023. 

How Can Axos Bank Personal Loans Be Used?

Axos Bank personal loans can be used for anything except for real estate financing, investments, or post-secondary education. People commonly use Axos Bank personal loans for debt consolidation, home upgrades, and repairs, among other things. 

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (advertised APR, fees, and six other factors): 29.25%
• Loan terms (loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
• Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.