Axos Bank personal loans: 2024 review

Axos is best for excellent credit and a mid-sized loan

Axos Bank requires a minimum credit score of 730 to qualify for a personal loan — the highest minimum required out of all of the personal loan lenders we feature. The bank doesn't allow co-signers, so borrowers must have an excellent score to qualify. 

It also has the largest minimum loan amount among our personal loan lenders but only offers up to $50,000, making its loans best for a mid-sized expense. 

An Axos loan could also be useful for borrowers consolidating high-interest credit card debt. 

Axos personal loan purposes 

Axos loans can be used for a wide range of purposes, but there are also usage restrictions to be aware of before applying. Many personal loan lenders have similar restrictions.

Where Axos personal loans stand out 

• Quick refinancing offered: The bank allows borrowers to refinance existing Axos bank personal loans six months after disbursement. This could be a real perk if your credit score improves while repaying your loan.
• Available in every state: Axos lends its personal loans to residents of every state. Many banks only serve specific regions. 
• No prepayment penalties: Some lenders charge fees for paying off your loan early. These fees eat into your potential savings on interest. But Axos doesn’t charge this penalty, making early payoff a smart move.

Where Axos personal loans fall short 

• High qualification standards: Borrowers must have a minimum credit score of at least 730, at least four years of credit history and a verifiable income to qualify. Many other lenders accept scores in the mid-600s.  
• Fees: Axos Bank charges an origination fee between 1 percent and 2 percent of the loan amount. However, some lenders charge up to 12 percent. Axos also charges a $15 late fee and a $25 non-sufficient funds fee.
• High minimum interest rate: Axos’ lowest annual percentage rate (APR) is 11.79 percent. That is near the industry’s average personal loan interest rate for excellent-credit borrowers. However, other lenders offer single-digit rates for excellent-credit borrowers like Axos targets.

Axos customer experience 

Customer support 

Customers can contact the customer service department by phone at 866-923-3625. From Monday through Friday from 8 a.m. to 4:30 p.m. PST. Email support is also available at personalloans@axosbank.com. Users can submit an online inquiry through the online form on its website. 

Digital experience 

Axos offers a free mobile application, Axos All-In-One Mobile Banking, for both Apple and Android products. It allows users to track their credit score, spending habits and manage their loan accounts. The app’s ratings average 3.6 of 5 in the Google Play store and 4.7 of 5 in the App Store. Recent reviews are mostly critical, noting glitches and a cluttered user interface.

The bank also features free money management and financial planning resources for its customers, including a personal finance manager and credit score monitoring tools. Its website also houses general personal finance information and an investing-focused resource hub and podcast.

What people are saying about Axos 

Axos Bank’s services have less-than-stellar ratings on Trustpilot. The bank averages 1.9 stars out of 5 stars as of June 2024, though few reviews specifically mention its personal loans. Many reviews comment on poor customer service, and one user notes frustration with the loan application process.

"My husband has over an 800 credit score and a 7 percent debt ratio. They declined his personal loan because he forgot the email address he used to apply, saying they couldn't verify his identity. That's petty! They had us jumping through hoops during the application process, providing far more documents than SoFi needed, who offered the same rate and much more easily and quickly approved him."

— Trustpilot User

Axos has a strong track record of responding to reviewers, often in less than two days. 

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.

How this lender compares

Axos vs. LendingClub

LendingClub markets its products to those with fair credit and up, with a minimum credit score of just 600. But those with excellent credit might find a lower APR with LendingClub than with Axos. LendingClub’s rates start at 8.98 percent for the most creditworthy borrowers. 

However, LendingClub has a much higher maximum APR of 35.99 percent. It still could be a better fit if you want to borrow a smaller loan, have excellent credit and don't want to open an account with another bank.

Axos vs. Happy Money

Both Axos and Happy Money have loans suited for debt consolidation. However, Happy Money's loans are specifically made for high-interest credit card consolidation. Positive customer reviews praise Happy Money’s fast funding and rates.

Both have similar personal loan rates. Happy Money's are slightly more competitive, with a maximum of 17.99 percent. 

Do you qualify for an Axos personal loan? 

Applicants must have a minimum credit score of 730 and at least four years of well-established credit history. The lender also looks at these criteria to determine eligibility: 

• Income.
• Employment history. 
• Assets.
• Credit history.
• Credit score.

You may be denied for reasons like these, according to Axos:

• The offer has expired.
• Identity or related information was unable to be verified.
• Excessive debt.
• Too many negative marks on credit report.
• Unacceptable credit history. 

How Bankrate rates Axos