Axos Review

In a Nutshell

Axos Bank is a trusted name in the world of banking, which makes it a good candidate for handing out personal loans. It’s the kind of bank that goes the extra mile for the little guy, and you can feel that in all aspects of the service. Axos Bank offers low rates, easy loan requirements, and flexible repayment terms, making it simple for almost anyone to get a small money loan for various needs.

Pros

• No collateral needed
• Initial quotes won’t affect credit
• No pre-payment penalty
• Flexible terms
• Minimal lending requirements
• Direct deposit
• Fast funding
• FDIC insured

Cons

• Loans only available up to $35,000
• Slightly longer and more exhaustive initial questionnaire
• Only online solutions (no in-person services)

Axos Bank at a Glance

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Best For?

Axos Bank is a good choice for people looking for small, short-term loans. With personal loans capping out at $35,000, Axos Bank offers a convenient way for borrowers to get their hands on a small amount of cash quickly.

Range of Loans on Offer

As an FDIC-insured and Equal Housing Lender member, Axos Bank offers a huge range of financial products to its consumers. This institution covers the spectrum from auto loans to mortgages and home refinancing, VA loans, FHA loans, Jumbo and Super loans, Portfolio loans, and more. For the purpose of this review, we focused on the personal loans offered by Axos Bank, and what we found definitely gave us plenty to write about.

Axos Bank gives quick, short-term small money loans with flexible repayment terms and an easy online application process (we’ll cover that in a minute). What’s more, Axos Bank has relatively few loan requirements, leaving this product open to the majority of consumers out there.

• No pre-payment penalty
• Low rates
• Range of repayment terms
• Easy loan requirements

The Application Process

Axos Bank makes applying for a personal loan quick and easy. Here are the steps:

1. Go to the website, and click on any of the links to get the loan application started. These can be found every few lines in big bold buttons.
2. Input some basic information like how much you want to borrow, what your ideal loan term is, how you want to use your loan, and what kind of credit score you have. It’s worth noting that while Axos Bank asks you what you’re using your loan for, you are under no obligation to use the money for a specific purpose. That’s because unlike other types of loans, personal loans are free to be used however you see fit. In fact, one of the options is “other,” so you really have no limits.
3. Next, you’ll be asked to create an account with Axos Bank. This entails filling out some basic personal information like your email address, name, phone number, and birthdate. You’ll also be asked to add in information about your living conditions (like whether you own, how long you’ve owned for, and how much your property is valued at).
4. You’ll also be asked several questions about your banking situation and your employment status. This is a little more invasive than initial questionnaires from other loan providers, but nothing you wouldn’t have to answer eventually.
5. Finally, you’ll be given a few quotes based on your answers. You can choose to take or leave these offers. There’s no obligation to accept.

After you've accepted a loan offer and been approved for the loan, you can expect to see the money deposited in your bank account within 2 business days. This is a fast turnaround by all accounts, adding another notch to Axos Bank’s belt.

Another thing worth mentioning is that this initial quote will not affect your credit at all. If you decide to proceed further with a suggested loan proposal, then a hard credit pull will be done. This will temporarily lower your credit score, but it is an industry-recognized practice and does no long-term damage to your credit.

How Much Can You Borrow?

Axos Bank provides borrowers a wide range of loan amounts within the small money loan category. If you are looking for a major business or personal loan, then you’re better off with a bigger loan provider like Credible or Fiona, but if small money is where you’re at, then Axos Bank is a great option. You can borrow as little as $5,000, or as much as $35,000.

Loan Requirements

Axos Bank has refreshingly relaxed loan requirements. Pretty much anyone can apply and be approved for a loan with this reliable lender. What you will need is:

• Valid ID
• Social Security number
• Checking or savings account in your name
• To be a legal US citizen

There is really no credit requirement; even bad credit applicants are considered.

Repayment Terms

One of the biggest benefits of borrowing from Axos Bank is the flexible repayment terms. You can choose to pay back your loan quickly, in just 12 months if you’d like. Alternatively, you can spread out your payments over 5 years, if this works better for your finances. There are also several options in between. Choose from repayment plans for the following monthly options:

• 12
• 24
• 36
• 48
• 60

It’s not clear exactly what APR you’ll be paying since Axos Bank requires all of your information to be processed before it can give you a direct quote. However, loans generally range from 6.49%-26.99%. The low end of this is a little higher than other bottom lines, but since most people don’t qualify for the low-end APR anyway, this really doesn’t affect the majority of consumers. Regardless, the higher figure is lower than where most competitors cap out.

Privacy & Security

Axos Bank uses federal law-required security measures to ensure your privacy and safety. This includes technological safeguards as well as physical security measures to keep your information safe. Some of the mechanisms in place include:

• Antivirus protection
• Firewalls
• SSL 128-bit encryption
• Automatic log out of all accounts when sessions timeout
• Fraud monitoring

Help & Support

Axos Bank has excellent customer service. In fact, there’s round the clock support if you want to call an agent. You can also email someone at the email address below. What’s even more impressive is that Axos Bank offers live chat support as well. This is the easiest and most convenient form of customer service, so it’s always a welcome sight to see brands offering this option.

Email: personalloans@axosbank.com

Telephone: 866-923-3625

How Axos Bank Compares

APR	6.49% - 26.99%	5.49% - 19.49%	from 5.31%
Minimum credit score	Good/Excellent	Good/Excellent	None
Loan amounts	$5,000-$35,000	$1,000-$35,000	$1,000-$50,000
Loan term	12-60 months	24-60 months	3-180 months
Best for	Fast, small money loans	Startups or fresh, free-thinkers looking for quick startup cash	People looking for a loan comparison tool

As you can see, Axos Bank fairs pretty well when compared to the competition. For example, it has more flexible repayment terms, allowing you to pay your loan back in as little as 12 months, or even as long as 60 months. What's more, Axos Bank has more relaxed requirements, making it a more accessible option than some of the competition.

LendingTree is a good option if you want even more flexibility, but this isn’t a direct lender. So, you’re not dealing directly with LendingTree, and you may run into problems depending on the lender you finally end up with.

FAQs

Q: Is there a difference between approval and being pre-qualified?

A: Yes. Axos Bank prequalifies you based on the answers you give in your loan application. The loan isn’t approved though until your information is verified.

Q: What factors does Axos Bank consider when assessing a borrower for a loan?

A: Credit is only one of the aspects taken into consideration during the application process. Additionally, Axos Bank looks at income, employment status, credit history, assets, and more.

Q: How can I get money from Axos Bank once my loan is approved?

A: Axos Bank will make direct deposits into your bank account given in the application form.

Q: How long does it take to get the money?

A: Once approved for a loan, Axos Bank borrowers will generally see their money within 2 business days.

Summary

Axos Bank is a rock-solid financial institution that offers consumers a fast, easy, and uncomplicated way to borrow money without the hassle that working with bigger name banks usually entails. The online application takes a few minutes, quotes come in seconds, and the customer support is helpful. Add to that the fact that Axos Bank has some impressively low rates and flexible repayment terms, and this is an obvious choice for anyone looking to borrow less than $35,000 now.

Physical Address

4350 La Jolla Village Drive

Suite 140

San Diego, CA 92122 USA

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Top10.com Staff

Our editorial staff is comprised of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right personal loan provider for your needs.