Axos Bank, established in the year 2000 in San Diego, is a full-service online financial company. Apart from personal loans, Axos Bank provides various personal and business financial services like checking accounts, mortgages, investment accounts, car loans, small business banking, and commercial lending.
As a customer of Axos, you can get access to ATMs nationwide, many without surcharges. Axos Bank Personal loans can be applied for exclusively online, but you can contact the bank by phone or email for assistance.
Who is Axos Bank Personal Loans Best For?
Axos Bank personal loan is ideal if you are already an Axos Bank customer. If you’re an existing customer and prefer to keep all your banking in one place, Axos is a solid choice. With a required minimum credit score of 700, it is very suitable.
If your score is lower, you may need to look elsewhere. Additionally, this lender offers loans starting at $5,000, making it suitable for those who need more substantial amounts rather than small personal loans.
Understanding Axos Bank Personal Loans
Let’s take a look at key points of this financial lending institution in order to understand the loan products better.
- High Credit Score Needed: To be qualified for a loan with this bank, you need to have a credit score of at least 700. This is quite higher than what some other lenders require.
- Moderate APR Range: The APR for Axos Bank personal loans is between 7.15% and 17.99%. While the maximum APR is lower than some lenders, you look around for lower starting rates elsewhere.
- Loan Amounts: Loans range from $5,000 to $50,000. This is quite a higher minimum and a lower maximum compared to some other lenders.
- Flexible Terms: You can choose a loan term between three and six years.
- Refinancing Option: After six months, you might be able to refinance your loan for a lower interest rate or longer term. However, this will involve a new credit check and origination fee.
- No Co-signers: Axos Bank does not allow personal loans with co-signers.
- Nationwide Availability: Personal loans are available in all 50 states.
Qualifying for an Axos Bank Personal Loans
Axos Bank evaluates personal loan applications based on various factors, including your credit profile and income, to assess your ability to repay the loan. Meeting the criteria and requirements will let you know if a personal loan from this particular financial institution is suitable for you. However, you need to know that this doesn’t guarantee approval.
• Credit score requirements
To qualify for a personal loan, you will need to have at least a credit score of 700. Just as I have mentioned above, those with fair or bad credit won’t be eligible and may have to check other personal loan lenders.
• Income requirements
You must have a sufficient income to repay the loan, which Axos will verify. While Axos doesn’t specify the exact income needed, you should apply to find out if your income meets their criteria.
• Co-signers and co-applicants
Axos Bank does not permit co-signers. You must qualify for the loan based solely on your own financial history and details.
How to Apply for an Axos Bank Personal Loans
Since Axos is an online bank, you are only allowed to apply online. If you need help, you can contact the lending institution by phone, email, or online messaging. However, the application process must be completed online. Here’s how to apply:
- Check Your Rate: Fill out the online form with basic information like your name, Social Security number, loan amount, and purpose. Axos will do a soft credit check, and this won’t impact your credit score at all.
- Compare Offers: It is advisable to shop around and get rate quotes from other lenders to compare with Axos.
- Complete Your Application: If you decide to go for Axos, finish the application and submit it with your required documents, such as ID, bank statements, W-2 and pay stub (for employees), or tax return (for self-employed). The lending institution will then perform a hard credit check, which temporarily affects your credit score.
- Get a Decision: A representative may contact you for more information about your financial history. If approved, you’ll receive your funds in your bank account via direct deposit within one to three business days.
Your payment due date will be the same day each month as when you accept the loan. You can adjust the date by up to 10 days if needed. Axos automatically enrolls you in autopay, but you can opt to make manual payments by contacting the bank.
