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 put down any collateral — like 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 set at a fixed interest rate that doesn’t change over the life of the loan.

The term lengths on Axos personal loans are between three and six years. Axos allows you to use a personal loan for many reasons, including home improvement, major purchases, and medical bills. 

Pros and cons of Axos Bank personal loans

Who is Axos Bank best for?

Axos Bank is best for borrowers with great credit scores who need to take out a sizeable amount of money and want their money quickly. However, if you want to enlist a cosigner or avoid fees, you’re better off choosing a different lender.  

How Axos Bank personal loans compare

Axos is the only one of the three lenders to charge origination fees or late payment penalties. Marcus and SoFi don’t have any fees that accompany their loans. 

All three companies have relatively high minimum loan amounts. The least you can take out with Axos and SoFi is $5,000, while Marcus’ minimum is $3,500. Marcus has a maximum of $40,000, Axos’ top amount is $50,000, and SoFi leads the pack with a $100,000 loan limit. You’ll need pretty good credit to qualify for a loan at all three companies.

Both Marcus and SoFi have distinguishing features that you won’t find with other lenders, including Axos. SoFi offers forbearance in three-month increments, up to one year, in case you lose your job during your loan repayment. Marcus offers an on-time payment reward. If you pay your loan on time and in full every month for one year, you can forgo a month of payments, and interest will not accrue during that period. Marcus will then extend your loan by one 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, transparency around business practices, and truthfulness in advertising. 

The company has also not been involved in any recent controversies or scandals. You might feel comfortable borrowing from Axos due to its high BBB score and clean history. 

Frequently asked questions

Does Axos Bank check credit scores?

Yes, Axos Bank does conduct a soft credit inquiry when you apply for a loan to display your personalized rates. This won’t have any affect on your credit score. However, if you move forward with the loan process, the lender will perform a hard inquiry, which gives it a comprehensive view of your credit history but may ding your score in the process.

Is Axos a legitimate bank?

Yes. Axos Bank is backed by the Federal Deposit Insurance Corporation (FDIC), meaning your money is secured by the federal government. This is more applicable to checking and savings accounts, but rest assured that if you borrow from Axos, you’re using a legitimate bank. 

Is it easy to get approved with Axos Bank?

Compared to other lenders, it’s actually a little harder to get approved with Axos. The bank has a high minimum credit score of 720 for its personal loans, which may make it inaccessible for some borrowers. Other lenders have much lower credit requirements, and some have none whatsoever.