Axos Bank Personal Loans – Personal loans can be a helpful way to manage large or unexpected expenses without dipping into your savings.
Axos Bank offers personal loans for a wide range of needs, including vacations, home repairs, medical bills, and more.
However, there are also limits on what you can use the funds for, like business investments or education costs.
It’s important to know that Axos Bank has higher credit score requirements compared to many other lenders, making it a better fit for borrowers with strong financial backgrounds.
Hence, in this post, we’ll explain the types of expenses Axos Bank personal loans can cover, who qualifies, and what you should expect during the application process.
Types of Axos Bank Personal Loans
Axos Bank personal loans can be used for many different needs. You can use the money to take a holiday, fix up your home, combine your debts, upgrade your house, or cover emergency costs like medical or vet bills.
However, Axos Bank does not allow you to use the loan for buying stocks, paying for business expenses, investing in cryptocurrency, or any type of investment. Also, you can’t use the loan for college costs or real estate bridge loans.
Axos Bank Loan Requirements
Getting a personal loan from Axos Bank isn’t easy for everyone. You need to have a high credit score of at least 730, to qualify. They also expect you to have at least four years of good credit history and enough income to cover the loan payments.
Axos Bank has strict rules, and if you don’t meet them, you can’t add a co-signer or a co-borrower to help you qualify.
Pros and Cons of Axos Bank Personal Loans
Axos Bank can be a good choice for some people, but not for everyone. Here’s a simple breakdown:
Pros:
- Quick funding; money is sent within two days.
- Lower maximum interest rate than many other lenders.
- You can check your rates without hurting your credit score.
Cons:
- You can’t apply with a co-borrower or co-signer.
- High minimum loan amount ($7,000).
- You have to pay an origination fee when getting the loan.
While Axos Bank offers fast funding and competitive rates, the lack of flexibility for co-signers and the higher starting loan amount might not work for everyone.
Who Can Apply for an Axos Bank Personal Loan?
To apply, you must meet a few basic rules:
- A credit score of at least 700
- At least four years of credit history
- Proof of steady income
You start by filling out a short online form to check if you prequalify. You’ll need to provide your contact information, the loan amount you want, and what you plan to use it for.
If you move forward, you’ll need to show a valid ID, your Social Security number, and proof of your income, like pay stubs, tax returns, or bank statements.
If approved, you’ll get your loan offer quickly, and you can sign the agreement online. Axos usually deposits the money into your bank account within two days.
How to Get an Axos Bank Personal Loan
Here’s a simple step-by-step guide to getting a loan from Axos Bank:
- Check your credit score:
Make sure your score meets their requirements. A higher score gives you better chances. - Decide how much you need:
Axos loans start at $7,000 and go up to $50,000. Use a loan calculator to estimate your monthly payments. - Prequalify:
Fill out the online form to check your rates without hurting your credit. - Complete your application:
Confirm your details and upload the required documents. Be ready for a hard credit check. - Accept the loan:
Review the terms carefully. If you agree, sign the loan documents. Your money should arrive within two business days.
If you’re not approved, don’t worry, you can work on improving your credit score, paying down other debts, and checking your credit report for mistakes to boost your chances next time.
Conclusion
Axos Bank personal loans can be a good option if you have strong credit and need money for personal expenses like home repairs, vacations, or medical bills.
They offer fast funding and low rates, but their strict requirements and high minimum loan amounts may not fit everyone.
Before applying, make sure you meet the credit and income standards, and always review the loan terms carefully to make the best choice for your needs.