Axos Bank was founded as a digital bank on July 4, 2000. At that point, Axos offered a basic checking account and operated under the name of Bank of Internet USA. It prided itself on giving customers things they couldn’t get from their brick-and-mortar banks at the time, including banking on the weekends, in the evenings, and even on holidays.
The company looked at all the perks technology offered, such as instant access, and applied it to the traditional banking world. Axos has grown rapidly since that time and now offers a full line of financial services, including checking and savings accounts, personal loans, CDs, IRAS, auto loans, and mortgages.
In this review:
- Applying for an Axos Bank Personal Loan
- Axos Loan Rates, Terms, Fees, and Limits
- Benefits of an Axos Personal Loan
- Downsides of an Axos Personal Loan
Applying for an Axos Bank Personal Loan
Personal loans through Axos Bank don’t require any collateral. That’s great news for people who need money fairly quickly but have nothing with which to secure the loan.
During the application process, you will have to disclose what category you believe your credit score to be in (excellent, good, fair, or poor). While you have the best chance with excellent or good credit, you may still qualify for an Axos personal loan with fair credit.
>> Read More: Personal loans for bad credit
If you’re worried you won’t qualify for a loan and don’t want to damage your credit further, rest easy — your preliminary application only does a soft credit inquiry, which won’t impact your score. Axos will, however, do a hard pull if you choose to continue with your application beyond the initial inquiry.
>> Read More: Hard vs. soft credit inquiries
To get started, you’ll request your loan amount, create an account, and give all the details the company needs to make its decision about you. It will take just a few minutes, and you should have a valid ID and your Social Security number handy.
Axos personal loans can be funded in as little as two business days upon acceptance of your final loan offer, although the time between when the bank receives and reviews your application and when it makes you a firm offer varies.
You can speed up how quickly you’ll get your money by getting Axos all the information or forms it requests in a timely fashion. The longer you delay getting those materials to the bank, the longer it will take to receive your personal loan funds.
Axos Loan Rates, Terms, Fees, and Limits
- Rates: Not provided
- Terms: Repayment terms of 12, 24, 36, 48, or 60 months
- Fees: No prepayment penalties, origination fees and late fees may apply
- Limits: Loan amounts from $5,000 to $35,000
Benefits of an Axos Personal Loan
There are some perks to taking out an Axos personal loan.
- The online application is easy to complete, and applicants usually receive a quick preliminary response. It can be a lot faster than applying for a personal loan with a traditional bank.
- Axos offers a mobile banking app that will help you manage your accounts on the go.
- If you like to read about personal finance issues, you’ll find a lot of material on this site, including articles about the merits of homeownership vs. renting. Educating yourself is one of the best things you can do to improve your finances.
- Axos offers a little more flexibility compared to other lenders when it comes to the length of your loan. It offers repayment terms as short as one year, whereas LendingTree personal loans have a minimum loan term of three years.
- Axos Bank reviews cite a professional and courteous customer support staff, with loan officers available to talk you through the application and approval process.
- Axos personal loans can be used for several purposes, including debt consolidation, home improvement, vacation, moving or relocation, and more.
- Axos Bank offers a range of other services, including interest checking, cashback checking, rewards checking, money market accounts, certificate of deposit, home loans, and home equity lines of credit. Many of its checking accounts also offer ATM fee reimbursements.
Downsides of an Axos Personal Loan
Of course, Axos personal loans come with a few disadvantages, too.
The fact the bank doesn’t publicly display its APR ranges means applicants won’t know what they can expect unless they apply.
With LendingTree, you can get offers from several lenders in just minutes. So, if you’re concerned about a high interest rate offer from Axos, you can go this route instead. For the same amount of time, you might find more competitive rates, especially if you have a strong credit score.
If you’d rather skip the middleman and apply for a personal loan at a place that is forthcoming about its APR range, you could opt for SoFi. If you’re accepted for a personal loan with SoFi, you’ll get an APR of 5.99% to 16.49%.
Axos has come a long way from its early days and now offers a full line of financial products for consumers. Although its website could make its personal loan rates more accessible so people know what kind of APR they can expect upfront, the website does have valuable tools and articles to help educate consumers about personal finance.
It may be worth applying to see what kind of rate you’ll be offered. But if you are worried it may be higher than you’ll want, you should compare the best personal loans available to you, to ensure you find the right option.
Author: Shannon Serpette
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