Axos is an online bank offering a variety of personal loans to borrowers seeking a convenient and secure financial solution. If you wish to keep all your banking in one place, getting a personal loan from Axos is a perfect option to consider.
Axos Personal Loans offers personal loan amounts ranging from $5,000 to $50,000 with a yearly percentage rate ranging from 8% and above. Unfortunately, borrowers who want to borrow small amounts on personal loans may find this lender a bad idea. However, only borrowers with good credit stand a chance of applying and getting approval for this personal loan.
Who Are Axos Personal Loans Best For?
You should be able to determine whether this lender is a good fit for you, just like other lenders. Axos personal loans are best suited for customers who:
- Existing Axos customers.
- Own good credit.
- Require high loan limits.
This group of borrowers can apply to Axos for a personal loan.
Who is Axos Personal Loan Not Good For?
Generally, getting these kind of loans may not be a good idea for borrowers who:
- Would like to save on loans.
- Require a limited credit limit.
- You need to secure loans that don’t exceed $5,000.
Borrowers under these circumstances may have a hard time getting Axos personal loans.
Axos Personal Loans Amount and Term
It offers loans ranging from $5,000 to $50,000 but may not be suitable for borrowers needing lower amounts. However, this lender’s loan terms range from three to six years, giving borrowers faster chances at repaying their loans. You can also repay the loan a lot sooner than your actual loan repayment term without any penalty charge.
Axos Personal Loans Cost
Interest rates on Axos personal loans vary from 7.99% to 15.19%. Interest rates are based on qualifications and creditworthiness. Borrowers who have good credit can easily get approved for this loan, but it is still advisable to find lenders with better interest rates. It also have an origination fee that ranges between 1% and 2% of the loan amount depending on the borrower’s credit.
It removes the origination fees from the actual loan amount taken. However, borrowers who default or fail to make payments on time for their loans will be charged a $15 late fee. Borrowers who are unable to repay their loans on time are also charged $25 insufficient funds fees.
Axos Personal Loans Advantages and Disadvantages
Borrowers are always interested in the benefits and downsides of applying for a loan from any lender. The following are the advantages of Axos Personal Loans.
- Fast funding.
- Available to borrowers in 50 states
While these are the benefits of applying for a personal loan from Axos, below are some of the disadvantages.
- High minimum lending amount.
- The loan amount requires a minimum credit score of 700.
These are the drawbacks of obtaining a personal loan from Axos.
How to Qualify
Based on some factors, personal loans are either approved or declined by lenders. When deciding whether or not to grant a personal loan, each lender takes several variables into account. Borrowers who meet the requirements below can apply and get approved for an Axos personal loan.
Credit Score
Axos personal loan applicants must have a credit score of at least 700 to be considered. This means that borrowers with bad or poor credit or a credit score not up to 700 cannot apply for these loans.
Income
Borrowers who are not earning enough cannot apply for Axos personal loans. This is to make sure borrowers can repay the loan after getting it. Lenders consider your income before approving a loan. However, the specific monthly income borrowers should have to be eligible for a personal loan is not stated by Axos.
Unfortunately, it does not accept cosigners to apply for a loan. To be granted a loan, you will have to meet the requirements on your own.
How to Apply for Axos Personal Loans
Applying for this loan can only be done online at a bank. Using the below steps, you can easily apply for a personal loan from Axos.
- Review your rates.
- Compare other personal loans.
- Complete your loan application.
- Get a decision on your loan.
If you have any questions concerning the loan, you need to contact Axos Bank to get more information.
