Alex.Bank personal loans

Looking to leap into the world of digital banks with a personal loan? Allow us to introduce you to Alex Bank. Hitting the lending scene in 2020, Alex Bank currently has just one product on offer (the Alex Personal Loan), but that hasn’t stopped them from making waves as one of Australia’s hottest new digital lenders.

Alex rewards borrowers who have a good credit score with better rates - so, if that’s you, not only will you have access to a bunch of fab features (see below), but you could potentially score a super competitive interest rate too! In fact, the Alex Bank personal loan stood out so much that it was awarded Best New Loan Product as part of the 2022 Mozo Experts Choice Awards

Alex.Bank offers the following personal loans

Rates and fees verified as correct at 19 April 2024. Other information correct at the time of writing. Advertiser disclosure.
Product Interest rate from Comparison rate from Upfront fee
Personal Loan (Unsecured, Fixed)

8.99% p.a.to 19.99% p.a.

8.99% p.a.to 19.99% p.a.based on $30,000
over 5 years

$0.00

What personal loan products does Alex Bank have to offer?

Alex Bank keeps things simple with its small but mighty product, the Alex Bank Personal Loan. The unsecured Alex Bank Personal Loan offers competitive fixed rates starting from 5.45% p.a. (5.45% p.a. comparison rate*) on amounts between $2,100 and $30,000 with 6 months to 5-year loan term options.

Alex Bank personal loan features at a glance:

  • Convenience of online: Being a neobank, everything you do with Alex Bank is 100% online - whether that’s applying for a loan in minutes via their website or managing your loan account with ease right from your smartphone.
  • Fixed-rate safety net: Not a big fan of surprises? Then you’ll be pleased to know that the Alex Bank Personal Loan is a fixed-rate loan, making it a great option for borrowers who like to know exactly how much their repayments will be each time.
  • Good credit borrowers rewarded with better rates: What’s great about this loan is that it rewards good-credit borrowers with better rates, which means that if you have a good credit history then you could potentially score a lower interest rate.
  • Repayment flexibility: Opting for a personal loan with Alex Bank means you’ll get to choose between either weekly, fortnightly or monthly loan repayments, depending on which suits your budget, pay schedule and lifestyle.
  • Extra repayments facility: Another great thing about this loan is that you’ll have the ability to make extra loan repayments without penalty, so you’ll have the freedom to pay your loan off as fast as you'd like without being penalised for it.
  • Unsecured Loan: Another thing to note is that this is an unsecured loan, so won’t be required to put up your house, car or any other expensive asset as security against the loan.
  • No ongoing fees: Aside from an upfront fee of $295, taking out a personal loan with Alex Bank means you won’t cop any ongoing account fees.

How much does it cost to apply for a personal loan with Alex Bank?

This will ultimately depend on the amount of money you borrow and the repayment terms you select. However, keep in mind that Alex Bank does charge a $295 establishment fee (waived on applications fully submitted before 30 September 2021). So, other than the $295 establishment fee and your interest repayments, you’ll be happy to know that the Alex Bank loan comes with no ongoing fees or other hidden costs (subject to all loan repayments being made on time).

What do I need to apply for a personal loan with Alex Bank?

To be eligible to apply for a personal loan with Alex Bank you must be the following:

  • A permanent resident of Australia
  • At least 18 years of age

You’ll also need:

  • To show either your Australian Driver’s Licence or Passport
  • To be able to access your bank statement through Alex Bank’s partner Illion

How do you apply for a personal loan with Alex Bank?

1. Submit an application online:

So, keen to give Alex Bank a go? To take out a personal loan with Alex Bank, all you need to do is jump online and fill out a quick online application via their website.

2. Hear back from Alex Bank in 1 business day:

Once you’ve submitted your application, Alex Bank should get back to you with the outcome within one business day. Depending on the time of day you submit your application, you could get lucky and hear back within the same day.

3. Receive the funds in a flash:

Once approved, Alex Bank will transfer the money straight into your account as soon as they receive your signed loan agreement. Depending on who you bank with the funds could land in your account within one to two business days.

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