If you are looking for a platform where you can get personal loans, Axos personal loans are a good option you can select from. Axos is an online bank that offers a wide range of banking products to borrowers in need of personal loans. If you wish to keep all your banking in one place, getting a personal loan from Axos is a very good option to consider.
This company offers personal loan amounts ranging from $5,000 to $50,000, with a yearly percentage rate ranging from 8% and above. Unfortunately, borrowers who want to borrow small amounts on personal loans may find this lender a bad idea. However, only borrowers with good credit stand a chance of applying for and getting approval for this personal loan.
Who Are Axos Personal Loans Best For?
Just like other lenders, you need to be aware if this lender is good for you or not. In addition, they are best for borrowers who:
- Existing Axos customers.
- Own good credit.
- Require high loan limits.
Borrowers who fall into this category can apply for a personal loan with Axos.
Who is Axos Personal Loan Not Good for?
Getting personal loans may not be a good idea for borrowers who:
- I would like to save on loans.
- Require a limited credit limit.
- You need to borrow less than $5,000 on loans.
- Borrowers under these circumstances may have a hard time getting personal loans.
Axos Personal Loans Amount and Term
This company loan amounts range from $5,000 to $50,000. Borrowers who need to borrow smaller amounts may not be able to get a loan from this lender. However, this lender’s loan terms range from three to six years, giving borrowers faster chances at repaying their loan. You can also repay the loan a lot sooner than your actual loan repayment term without any penalty charge.
Axos Personal Loans Cost
Axos personal loans have interest rates that range between 7.99% and 15.19%. Interest rates are determined by creditworthiness and qualifications. Borrowers who have good credit can easily get approved for this loan, but it is still advisable to find lenders with better interest rates. Axos personal loans also have an origination fee that ranges between 1% and 2% of the loan amount, depending on the borrower’s credit.
It removes the origination fees from the actual loan amount. However, borrowers who default or fail to make payments on time for their loans will be charged a $15 late fee. Borrowers who are unable to repay their loans on time are also charged $25 insufficient funds fees.
Advantages and Disadvantages
Borrowers are always interested in the benefits and downsides of applying for a loan from any lender. The following are the advantages of Axos Personal Loans:
- Fast funding.
- Available to borrowers in 50 states.
- While these are the benefits of applying for a personal loan from Axos Personal Loans, below are some of the disadvantages of Axos Personal Loans.
- High minimum lending amount.
- Lastly, the minimum credit score for a loan amount is 700.
These are the disadvantages of getting an Axos personal loan.
How to Qualify for Axos Personal Loans
Based on some factors, personal loans are either approved or declined by lenders. Every lender has factors they consider when determining whether or not to approve a personal loan. Borrowers who meet the below requirements can apply for and get approved for an Axos personal loan.
Credit Score
This personal loans require borrowers to have a credit score of 700 to be eligible for a loan. Also, this means that borrowers with bad or poor credit or a credit score not up to 700 cannot apply for Axos personal loans.
Income
Borrowers who are not earning enough cannot apply for this personal loans. This is to make sure borrowers can repay the loan after getting it. Your income is an important factor lenders consider before a loan is approved. However, the specific monthly income borrowers should have to be eligible for a personal loan is not stated by Axos. So, to confirm if you are eligible, you will need to check with the lender.
Unfortunately, they do not accept cosigners to apply for a loan. You will need to qualify on your own to be approved for a loan.
How to Apply for Axos Personal Loans
The only way you can apply for this loan is through an online bank. Using the below steps, you can easily apply for a personal loan from Axos.
- Firstly, review your rates.
- Compare other personal loans.
- Also, complete your loan application.
- Lastly, get a decision on your loan.
If you have any questions concerning the loan, you need to contact Axos Bank to get more information.