Axos Bank Personal Loan Full Review
Maintaining a Healthy Lifestyle: Finding a Balance Between Work and Play.
Unexpected expenses and inconvenient situations can often drain our finances, even for the most careful and prepared individuals. To help alleviate this burden, personal loans with low interest rates, favorable loan terms, and no collateral can be invaluable. One such option is Axos Bank Personal Loans.
About Axos Bank
Originally known as Bank of Internet USA, Axos Bank was founded in 2000. In 2018, it rebranded and is now headquartered in San Diego, California. As a digital-focused bank, it operates entirely online, providing services to customers throughout the United States. Alongside personal loans, Axos Bank offers a range of financial products such as checking and savings accounts, mortgages, and more.
Understanding Axos Bank Personal Loans
Axos Bank understands that every individual has unique financial needs and situations. To cater to this, they’ve designed three personal loan options to cover a broad spectrum of expenses. Whether it’s a vacation, medical emergency, debt consolidation, or school expenses, Axos Bank has you covered, even if you don’t have collateral. Notably, all personal loans offered by Axos Bank are unsecured, meaning you do not need to provide collateral.
Let’s explore the different personal loan options provided by Axos Bank:
Express Personal Loan
The Express Personal Loan is for individuals in need of quick access to funds. It offers a straightforward, entirely online application process. Borrowers can secure loans up to $35,000 and select repayment terms spanning 12, 24, 36, 48, or 60 months. The interest rates for the Express Personal Loan range from a minimum of 6.49% APR to a maximum of 25.49% APR.
Direct Deposit Loan
The Direct Deposit Loan is tailored for customers who receive their paychecks via direct deposit into Axos Bank accounts. It serves as an option for individuals with less-than-stellar credit histories and offers smaller loan amounts. Borrowers can avail loans up to $6,000 and choose repayment terms of 6, 12, 18, or 24 months. The interest rates for the Direct Deposit Loan start at 6.90% APR and can go up to 16.90% APR, depending on creditworthiness.
Auto Refinance Loan
The Auto Refinance Loan is specifically for individuals looking to refinance their existing auto loans. Borrowers can secure loans up to the value of their car and select repayment terms of 36, 48, or 60 months. The interest rates for Auto Refinance Loans start at a minimum of 3.99% APR and a maximum of 17.99% APR.
Key Advantages of Axos Bank Personal Loans
Axos Bank Personal Loans offer several advantages to their customers. In addition to highly competitive interest rates for an unsecured loan, one of the major advantages is the bank’s availability. As a fully digital bank, Axos Bank offers its products and services in all 50 states, providing a fast and simplified application process with quicker loan approvals. Other benefits of Axos Bank Personal Loans include:
- Competitive interest rates
- No collateral required
- No prepayment fees
- Funds available within 2 days
Furthermore, Axos Bank has a preapproval list, meaning both existing customers and non-customers may already have a designated borrowing amount available.
Axos Bank also offers a 0.25% interest rate discount to customers who set up automatic payments from their Axos Bank accounts.
Consideration of Fees
While Axos Bank Personal Loans come with numerous benefits, it is important to take note of associated fees. Most notably, there is an origination fee charged by the bank, ranging from 0% to 2% of the total loan amount. Additionally, late payments can incur a fee of up to $15 per missed payment, and insufficient funds may result in a fee of $25. It is also important to mention that Axos Bank does not offer co-sign or joint loan options, meaning individuals cannot share the responsibility of loan installments with another person. These options are typically useful for individuals with poor credit histories.
How to Apply for an Axos Bank Personal Loan
If you are interested in the lower interest rates and advantages offered by Axos Bank Personal Loans, simply click the green button below to access all the necessary requirements and a step-by-step guide on the application process.
