Axos Bank Personal Loans

What credit score do you need to get a loan from Axos Bank?

In order to receive a loan from Axos Bank, borrowers are required to have a minimum of a 700 credit score. Although, they would prefer scores 720 and above. This is a fairly high threshold and is not exactly competitive with other lenders. However, those who do get approved for a loan through Axos Bank can benefit from low rates, low or no origination fees, and excellent service. Thankfully, there are many things you can do to attempt to bring up your credit score before applying for a personal loan through lenders like Axos Bank. Pay down your credit card balances as much as possible, request credit limit increases to improve your debt ratios, dispute any inaccurate information, pay your cards on time each month, and refrain from collecting too many hard inquires on your credit. You should monitor your credit score on a regular basis.

Is it hard to get approved by Axos Bank?

In comparison to other online lenders, yes, it is fairly difficult to get approved for a loan by Axos Bank. This is due to several of their stringent loan requirements including a minimum credit score of 700, a minimum income of $48,000 a year, and not allowing for borrowers to apply using a cosigner. In addition, the lender wants to see at least 4 years of well-established credit history. Despite these challenges, borrowers who do qualify for an Axos Bank personal loan for their home improvement projects will enjoy interest rates as low as 7.99%, origination fees ranging from just 0-2%, loan amounts ranging from $5,000 to $50,000, and access to their funds within as little as 1 business day after final loan approval.

Does Axos Bank fund the same day?

Funds from Axos Bank may be received in as little as 1 business day after loan approval, depending on the processing times from your own bank. In most cases, personal loans take 2-3 business days to fund. However, it is important to keep in mind that the time needed to verify your information and approve your loan can add several business days to this timeline. For example, if you apply for a loan on Monday, you may not receive approval until Thursday, and can see the funds hit your account on Friday. This is because lenders need time to review your personal and financial information and verify your documentation before submitting a decision on your application.

How long does loan approval take with Axos Bank?

Approval times can vary with Axos Bank. If you have stellar credit and an error free application, you can expect much faster approval times. Your identity, employment information, credit score, credit history, and other information submitted alongs with your application should be verified and utilized in order for the lender to make a decision. For example, Axos Bank will likely need to see your pay stubs, W-2 forms, bank statements, or tax returns as part of the income verification process. This makes loan approval take a bit longer. In most cases, you should receive an approval within 48-business-hours.

What documents does Axos Bank require?

The application process with Axos bank is quick and easy. When you complete and submit your online application for a personal loan with Axos Bank, there are a number of documents that you may need to submit. As with any lender, you may need to provide proof of your identity, employment, and income. So what exact documents are needed? For starters, the Axos Bank will want to see a valid ID and your Social Security number in order to verify your personal identity. In addition, the FAQ on the Axos Bank website lists out the documentation that is needed to verify your employment and income. Those who are traditionally employed will want to have the following documents ready: most recent paystub, W-2, and bank statement. For self-employed applicants, you will need to submit your most recent tax return. If you are retired, you can qualify for a loan with just the submission of your bank statements. When you submit this documentation, Axos Bank will analyze your creditworthiness and use your information to make a decision on whether or not to extend a personal loan to you. In the meantime, you may receive an initial pre-qualification or pre-approval while you are waiting for a final decision. In the event you are approved for a personal loan from Axos Bank, your loan should be funded in a matter of just a few business days.

Are Axos Bank loans secured or unsecured?

Axos Bank personal loans are not secured, meaning they do not require any collateral in order to receive financing. This makes a personal loan a better choice for your home improvement projects than home equity loans or lines of credit that are tied to the equity in your home. Any time a financial product is tied to your personal property, it means taking on a risk. This is because if you default on your loan, you risk losing the collateral you placed down on the loan ? such as your home. Whenever possible, try to seek out a lender that offers unsecured loans.

Does a loan Axos Bank affect credit?

When you access the lending services of any financial institution, the details of your transactions with them will typically be reported to the 3 credit bureaus each month. This means that any type of loan or financing product you take out can impact your credit score one way or another. Luckily, there is a lot you can do to ensure the positive influence of the loan on your credit score. In order to ensure that this effect is a positive one, borrowers should ensure that all of their monthly payments are made on time and that their account is held in good standing. If you begin to miss or make late payments, or even default on your loan, this will negatively affect your credit rating for many years to come.

What can you use a home improvement loan for?

A home improvement loan can be used for any home upgrade or renovation that your property needs. This could include anything from finishing your basement to remodeling your kitchen. Both necessary and cosmetic projects can be covered by a home improvement loan. Once the funds are received, they are typically yours to spend however you?d like ? within reason. The funds from a home improvement loan can be used for both labor and materials and ensures you have the flexibility to get the job done. However, some home improvement loans do have restrictions on what types of repairs can be made. For example, the FHA 203(K) loan places restrictions on the type of property that can be renovated as well what kind of work can be done. Many people do not like having to jump through all those hoops in order to simply gain access to the necessary funds. At Axos Bank, home improvement loans are structured as personal loans which means that all funds can be used however the borrower sees fit. Flexible lending criteria and no pre-payment penalties make loans with Axos Bank a great choice ? if you can qualify.

Closing Thoughts on Axos Bank Personal Loans

Axos Bank is one of the many reliable financial partners of Acorn Finance. Whether you are a homeowner or contractor, Acorn Finance can help you. Homeowners can use the Acorn Finance platform to secure the best personal loan offer for home improvement. Contractors can use Acorn Finance to help generate more revenue and business while offering customers an affordable solution for financing home improvement. Even though borrowers will incur interest fees and other charges, using a personal loan can still make a lot of sense. In most cases homeowners can increase home value and recoup most, if not all or more, of their investment. Personal loans can be used for just about any home improvements such as landscaping, finishing a garage or basement, fencing, building a swimming pool, and so much more. Create your dream home today? apply for a personal loan for home improvement below!