Alex Bank Personal Loan
By Bria Horne
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- Interest Rate (p.a.)
- 8.49% to 18.49%
- Comparison rate (p.a.)
- 8.49% to 18.49%
- Min Loan Amount
- $2,100
Summary
Get a competitive rate with no application or ongoing feesThe Alex.Bank Personal Loan stands out with a competitive interest rate from 8.49% placing it in the top half of lenders in our database. It also helps you save money by charging no application or ongoing monthly fees.
Borrowers benefit from the flexibility of making extra repayments without penalty. This allows you to pay off your loan faster and reduce the total interest you pay over the loan term.
Pros
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No early payout penalty fee
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No extra repayment fee
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100% online application
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Application fee of $0
Cons
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This loan isn't available as a joint personal loan
Details
Product details
| Product Name | Alex.Bank Unsecured Personal Loan |
| Interest Rate (p.a.) | 8.49% to 18.49% |
| Comparison rate (p.a.) | 8.49% to 18.49% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $2,100 |
| Max. Loan Amount | $50,000 |
| Loan Security | Unsecured |
How does compare?
- Competitive interest rate. With a minimum interest rate of 8.49% p.a. this loan's rate is more competitive than many other car loans on the market.
- No monthly or application fees. Unlike many other lenders you won't be charged an application fee or any ongoing monthly fees which helps to lower the overall cost of the loan.
- Fee-free extra repayments. You're able to make extra repayments on your loan whenever you like which can help you pay it off faster and save on interest.
- High Finder Score. This loan scores highly in our proprietary rating system which compares its rates fees and features against other car loans.
- Higher starting rates available elsewhere. While its minimum interest rate of 8.49% is competitive you may find car loans with lower starting rates if you shop around.
- The lowest rate isn't guaranteed. The advertised rate of 8.49% is the minimum available and your actual rate will depend on your credit history and financial circumstances.
- Not a top-scoring product. Despite some competitive features our proprietary Finder Score indicates there may be other car loans that offer better overall value.
How does the Alex Bank Personal Loan work?
Alex Bank is a neobank lender offering a 100% digital personal loan. Your interest rate will be personalised based on a number of factors. These include your credit history, financial history and borrowing amounts. With personalised rates, borrowers with a good credit history are likely to get lower rates. If your credit score isn’t perfect, your interest rate will be higher.Eligibility criteria
To be eligible for this loan, you must:- Be over the age of 18
- Be an Australian citizen or permanent resident
- Be receiving regular income
- Not have been bankrupt
How to apply
You can apply for this loan online, by clicking the "Go to Site" button on this page or through the Alex Bank website. You will need to provide an Australian passport or driver's licence and your Internet banking details. Keeping your documents at hand can help speed up the process.Features of this loan
- Personalised rates. Rates for Alex Bank loans are personalised, meaning that the higher your credit score, the lower your rate and vice versa.
- Fixed rate. Your interest charges will remain fixed for the duration of the loan, making it easier to budget for.
- Unsecured loan. You don't need to provide an asset to secure this loan.
- Rate estimate. Receive a rate estimate online based on your loan amount, desired loan term and credit score before you apply.
- Borrow from $2,100. Funding amounts vary from $2,100 to $50,000.
- Terms up to 7 years. Terms range from 6 months to 7 years.
- Quick application. The application takes 5 minutes to complete and is entirely online.
- Flexible repayments. Repay your loan weekly, fortnightly or monthly, depending on your preferences.
- No fees. This loan does not come with any fees.
How much does the Alex Bank Personal Loan cost?
You will be charged interest ranging from 8.49% p.a. to 18.49% p.a.No other fees apply for this loan.
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