Review
Updated
Fact Checked
Nathan Alderman
The Axos Personal Loan offers moderate APRs to qualified borrowers. But the credit requirements are quite strict and you'll need to pay an origination fee. Our in-depth Axos Personal Loan review will cover all of the pros and cons to help you determine if this is the loan for you.
Axos Personal Loan
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
![]()
![]()
![]()
![]()
![]()
= Best
![]()
![]()
![]()
![]()
= Excellent
![]()
![]()
![]()
= Good
![]()
![]()
= Fair
![]()
= Poor
= Best
= Excellent
= Good
= Fair = Poor
Minimum Credit Score
700
Loan Amounts
$7,000 to $50,000
APR Range
11.79%-20.84%
Term Length
36 to 72 months
The Axos personal loan is a solid option for those who can qualify. Rates are fairly competitive, and the fee is lower than many alternatives. Credit requirements are stricter than most lenders, however, so it may be hard to qualify for folks with less established credit.
- Flexible loan options
- Next-day funding
- No prepayment penalty
- Strict credit requirements
- Origination fee
- No cosigners
Compare the best personal loans
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
| Lender | APR Range | Loan Amount | Min. Credit Score | Next Steps |
|---|---|---|---|---|
Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Fixed: 8.99%-29.99% APR (with all discounts)
|
$5,000 - $100,000
|
680
|
|
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.20% - 35.99%
|
$1,000 - $50,000
|
None
|
|
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
10.49% to 19.49%
|
$2,000 - $30,000
|
720
|
Full Axos Personal Loan review
This personal loan is a good fit for: Borrowers with well-established credit who don't mind paying a small fee for a moderate APR.
Top perks
Flexible loan options: Axos offers a lot of funding options, with loans ranging from $7,000 to $50,000 for well-qualified borrowers. Loan terms can extend from 36 to 72 months, giving you a variety of repayment options.
Next-day funding: You can apply for an Axos personal loan quickly online. While it can take up to 48 hours to get final approval, funding is quick once you're approved. Axos says most funds can be distributed by the next business day. If you want your funds to go to a credit union, however, it can take two to three days.
No prepayment penalty: As with many credit products, the longer you take to repay your Axos loan, the more you'll end up paying in interest. But you don't have to stick to your original repayment schedule if you can pay it off early. There's no prepayment penalty, so you can pay off your loan at any time without extra fees.
What could be improved
Strict credit requirements: Compared to other lenders, Axos has very strict credit requirements. Specifically, you'll need at least a 700 credit score, which is higher than many other lenders.
1% to 2% origination fee: While some of our favorite personal loans come without any fees, Axos isn't one of them. You'll pay a 1% to 2% origination fee when you get your loan. The exact fee you're charged will depend on your loan and credit qualifications.
No cosigners: Given Axos's strict credit requirements, it may be hard for some applicants to qualify. Unfortunately, you can't bring along a cosigner to help you meet the requirements. Axos doesn't allow cosigners on its loans, so you're on your own.
How to qualify for an Axos Personal Loan
The basic qualifications for an Axos Personal Loan are similar to those for other loans, but the credit requirements are more restrictive than most other lenders:
- Be at least 18 years or older
- Have a verifiable source of income
- Have a credit score of 700 or higher
You'll also need an active bank account in order to receive your loan funds.
Application process
Applying for an Axos Personal Loan can be done entirely online. Here are the steps to apply:
- Fill out the prequalification application. This includes providing basic personal information, employment and income information, and the amount you wish to borrow.
- Once prequalified, you'll see the details of your potential loan.
- If you accept the loan terms you're offered, you'll need to provide any requested documents -- could include a bank statement, paystub, and a W2 or tax return -- and go through identity verification.
- Once submitted, your entire application will be reviewed by an underwriter. Most decisions should be made within 48 hours.
- If your loan is approved, you'll typically receive funding the next business day (though it can take up to three days in some cases).
This Axos Personal Loan is right for you if:
If you can meet the strict credit requirements, an Axos Personal Loan could offer a moderate APR with a relatively low fee. However, many of our top lenders have better rates without any fees, especially for folks with good enough credit to qualify for an Axos Personal Loan. It's worth exploring Axos as an option, but most qualified applicants would likely benefit from looking at other options as well.
FAQs
-
Yes, Axos Bank is a real bank that offers several financial products, including providing personal loans to qualified applicants.
-
Your interest rate will be determined based on your loan terms and credit qualifications. The best rates will go to those with the best qualifications.
Our Loans Experts
Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
Share This Page
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Citigroup is an advertising partner of The Ascent, a Motley Fool company. Brittney Myers has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Axos Financial, Target, Truist Financial, and Upstart. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Citigroup is an advertising partner of The Ascent, a Motley Fool company. Brittney Myers has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Axos Financial, Target, Truist Financial, and Upstart. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
Citi Personal Loan disclaimer:
**Rates as of 10-06-2023 . Your APR may be as low as 10.49% or as high as 19.49% for the term of your loan. The lowest rate quoted assumes excellent credit, and a loan term of 36 months or shorter. Otherwise, a higher rate will apply. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.
There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the interest rate. If you are in default, your APR may increase by 2.00%. No down payment is required. Rates subject to change without notice.
You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Loan proceeds cannot be used for post-secondary educational or business purposes.
If you apply online, you must agree to receive the loan note and all other account disclosures provided at loan origination in an electronic format and provide your signature electronically.
Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.
*SoFi Personal Loan Disclaimer
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.