Learn How to Apply for Axos Bank Personal Loans

What do I need to know before applying for a loan with Axos Bank Personal Loans?

Axos Bank provides a dedicated section tailored for personal loans, presenting options spanning from $7,000 to $50,000, with a repayment period extending up to six years and no associated prepayment penalties.

To begin with, Axos Bank’s Personal Loans cater to a wide range of borrower needs, including debt consolidation, home improvements, and special events.

The platform hosts a personal loan calculator, enabling customers to assess loan amounts and terms beforehand.

Subscribing to a credit check does not result in any issues or decrease in credit score, ensuring a swift and hassle-free service. Axos Bank offers fixed annual percentage rates (APR) ranging from 11.79% to 20.84%.

Additionally, origination fees ranging from 1% to 2% are applicable, depending on individual customer credit profiles.

It’s important to highlight that Axos Bank offers unsecured personal loans, eliminating the necessity for collateral such as property or vehicles.

Hence, if you believe that an Axos Bank loan suits your needs, continue reading for further details.

Who can Apply?

Axos Bank has a set of criteria for approving personal loan applications, which is in line with other companies operating in the same sector.

To start, there’s no requirement to be a client of other banking services like personal finance, investments, or business resource management.

The eligibility criteria include being at least 18 years old, a fundamental prerequisite for accessing unsecured personal loan services.

Another crucial aspect is being a duly registered US citizen, as loan approvals are more secure for individuals who hold American citizenship.

A credit score plays a pivotal role in the approval process, with a minimum requirement of 700 FICO points, as specified by Axos Bank.

Additionally, a verifiable fixed monthly income is necessary. Besides these conditions, there aren’t any other significant requirements.

How do I Apply for the Axos Bank Personal Loans?

For those who are already clients, logging in to the platform with their username and password can streamline the process by pre-filling certain information, saving time.

For individuals who aren’t current bank clients, they can simply click on the “Start Application” button to access the application form.

To kick-start the process, applicants need to indicate the desired loan amount and select a repayment term ranging from 36, 48, 60, or 72 months.

They’ll also be prompted to specify the purpose of the loan, whether it’s for debt consolidation, a car purchase, wedding expenses, vacation, business ventures, medical bills, or other financial needs.

Subsequently, applicants are required to provide personal details, including their full name, date of birth, citizenship status, email address, and phone number.

Further information, such as social security number and complete address, will also be requested.

Applicants will then need to furnish details regarding their income, expenses, and banking information, all of which play significant roles in the loan approval process.

Throughout the application procedure, the bank may request supporting documentation, such as proof of address and income, as well as a valid form of identification.

For any inquiries or assistance, applicants can reach out to 866-923-3625 before or during the application process. It’s important to note that applicants can pause the application process and resume it later if needed.

More Details

In general, the decision-making process is swift, and upon approval, funds can be deposited into the account within 2 business days.

It’s noteworthy that Axos Bank offers user-friendly mobile apps for both Android and iPhone users.

Finally, Axos Bank does not impose prepayment penalties or undisclosed additional fees.

Want to learn about another option?

Santander is a highly respected banking institution that offers loan plans of up to $50,000 with rates starting at 7.88% APR.

The plans are quite flexible in terms of rates and repayment terms, and you can see the text on how to apply.

Written by

Gabriel Gonçalves