Handling multiple credit card bills each month can be stressful. The stress of keeping up with payments, eye-watering interest rates, and never feeling like you’re making progress on balances, believe me when I say, it takes a toll.
However consolidating your debts into one loan can provide welcome relief. Axos Bank offers some of the most affordable debt consolidation loans that could reduce your monthly payment and help you pay off balances faster.
In this post, we’ll learn more about Axos Bank’s loan options for combining debt, the key benefits borrowers see, what past customers say, and how Axos compares to companies like LendingClub and Marcus.
If you need to consolidate credit cards or other high-interest debt, an Axos Bank loan may offer your desired solution.
Axos Bank Personal Loans – An Overview
Axos Bank is an online bank that provides fixed-rate personal installment loans from $5,000 to $35,000 for debt consolidation. The funds are sent directly to your creditors to pay off your balances.
Here is a quick rundown of their consolidation loan program:
- Apply from your phone or computer in minutes. A prequalification check shows rates without a hard credit inquiry.
- If approved, funds can be sent to your creditors within days to pay off debt.
- You make one predictable monthly installment payment to Axos Bank until the loan is paid off.
- Select a repayment term length that suits your budget. Longer = lower payment.
- Your interest rate stays the same for the life of the loan and is not impacted by market fluctuations.
While approval is contingent on certain eligibility criteria, Axos Bank aims to make getting a consolidation loan quick and convenient.
5 Compelling Reasons to Consolidate Debt with Axos Bank
Combining multiple scattered debts into one Axos Bank personal loan offers several big advantages:
- Lower interest rate
Enjoy significant savings with rates as low as 7.99% APR, much less than costly credit card interest that can exceed 25% APR
- Lower monthly payment
Extending your repayment timeline to 5 years means a smaller, more affordable monthly bill.
- Simplified finances
Manage just one predictable loan payment versus keeping tabs on multiple credit card due dates.
- Pay balances down faster
When you pay less interest each month, more money goes toward reducing your principal debt amount.
- Build credit
Responsible use of installment loans can help establish positive payment history and improve your credit score over time.
For many folks weighed down by credit card debt, an Axos bank consolidation loan leads to substantial savings in money and time thanks to reduced interest costs and accelerated repayment.
Axos Bank Consolidation Loan Requirements
To be eligible for an Axos consolidation loan, you must meet these criteria:
- Minimum FICO credit score of 660.
- Minimum $10,000 in total debt to consolidate.
- Debt-to-income ratio under 50%.
- U.S. citizen or permanent resident.
- Regular income/employment.
- No recent bankruptcy or foreclosure.
Meeting these requirements demonstrates your ability to manage debt responsibly and make monthly payments on time.
Ready to get started? The application process is quick and easy.
How to Apply for an Axos Consolidation Loan
The application can be completed online in just a few minutes:
- Go to AxosBank.com/Consolidate.
- Click “Apply Now” and fill in your personal information.
- Enter details on all debts to be consolidated, including balances and account numbers.
- Link to your bank accounts for income verification.
- Review loan terms and e-sign if approved.
The entire online application takes 15 minutes or less. Axos offers instant decisions for many applicants, so you may find out if you’re approved immediately.
After you apply, here’s what you can expect:
The Axos Bank Consolidation Process
The consolidation moves quickly once approved:
- Loan closing documents are generated with your new loan terms, interest rate, monthly payment, etc.
- You sign the agreement digitally.
- The new loan proceeds are transferred to pay off your old accounts directly.
- Your creditors send confirmation the debts are paid and closed.
- You begin making one new monthly payment to Axos Bank.
Within 30 days, your credit reports will be updated with the paid accounts marked closed and new Axos consolidation loan opened.
Then, you can focus on repayment. Here are some tips:
- Make at least the minimum payment every month.
- Pay extra, when possible, to pay down the principal faster.
- Set up autopay from your bank account.
- Monitor your credit reports.
- Avoid taking on additional debts.
Consolidating with an Axos Bank personal loan can simplify your finances, save money on interest, and help you pay off debt faster. Their online application makes getting started easy.
What Axos Bank Customers Have to Say in Their Debt Consolidation Reviews
It’s always helpful to hear experiences from past customers. Here are a few excerpts from recent Axos Bank personal loan reviews:
“The application process was super easy and I got approved for a rate under 10%. The monthly payment is much more manageable. Wished I had consolidated with Axos Bank sooner.” – Mark H.
“Working with my loan officer was great. She explained everything clearly and helped me submit all the right documents to get approved and get funds fast. I’d recommend Axos Bank to anyone looking to consolidate debt.” – Tabitha R.
“Consolidating 4 cards into one Axos loan is already helping me pay the debt down faster with the lower monthly payment. Really glad I made the move.” – Lucas G.
The most common positive themes are the easy and quick application, competitive rates, excellent customer service, and overall debt consolidation satisfaction. However, negative reviews seem very limited.
How Axos Bank Compares to Other Top Debt Consolidation Lenders
While Axos Bank offers many benefits, it’s not the only lender out there. Here’s how it stacks up versus a few alternatives:
- LendingClub – Known for peer-to-peer lending but interest rates are often higher vs. Axos Bank. Also uses a soft credit pull that can briefly hurt your score.
- Marcus by Goldman Sachs – Competitive fixed rates but max loan amount is $40,000. Application decision takes longer than Axos’ quick turnaround.
- Lightstream – Loans up to $100k available but Lightstream customers report worse customer service experience compared to Axos.
- SoFi – Offers unique unemployment protection feature but borrowers cite inconsistent and frustrating service.
Overall, Axos Bank stands apart for quick loan decisions, stellar customer support, competitive fixed rates, and loans up to $35,000 – making them a top pick for debt consolidation.
Conclusion
If you’re tired of keeping up with multiple credit card bills at high interest rates every month. However, consolidating and simplifying into one Axos Bank loan could provide real relief.
Their online application is quick and convenient, decisions are fast, and funds can be sent to your creditors rapidly.
Ready to explore your debt consolidation options? You can easily prequalify online in minutes at AxosBank.com to check potential rates tailored to your situation.
Check Out:
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- Monevo Personal Loan Reviews: What Borrowers Need to Know
- Meridian Debt Consolidation Reviews: Is Meridian Right for You?
