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
Enjoy a competitive personal loan rate without application or monthly fees.With a Finder Score of 8.3 the Alex.Bank Personal Loan is a strong contender. Its minimum interest rate of 8.49% is in the top half of the most competitive loans in our database. A major drawcard is the lack of any application or ongoing monthly fees helping keep costs down.
You can also make extra repayments without penalty allowing you to pay off your loan sooner and save on interest.
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 rates. With a minimum interest rate of 8.49% this loan is on the more competitive side compared to other personal loans on the market.
- No major fees. Alex.Bank charges no application or ongoing monthly fees helping you save money over the life of the loan.
- Fee-free extra repayments. You can make extra repayments at any time without incurring a penalty which could help you pay off your loan faster.
- High Finder Score. This loan receives a high Finder Score of 8.3 out of 10 based on our analysis of its rates fees and features.
- The lowest rate is not for everyone. You'll need an excellent credit history to be eligible for the advertised minimum interest rate of 8.49%.
- Not the lowest rate on the market. While its minimum interest rate is competitive some other lenders may offer lower starting rates.
- Doesn't have the highest Finder Score. While this loan has a high Finder Score of 8.3 there are other personal loans that we've rated higher.
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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