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
A competitive personal loan with a 8.49% starting interest rate and no application or ongoing fees.The Alex.Bank Unsecured Personal Loan achieves a high Finder Score of 8.3, placing it in the top 30% of personal loans in our database. Its strengths lie in its competitive 8.49% starting interest rate and lack of application or ongoing fees.
However, its maximum loan amount is low compared to its peers. This loan could be a good option for borrowers with excellent credit seeking a smaller, straightforward loan with minimal fees.
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 Alex.Bank Unsecured Personal Loan compare?
- Competitive starting interest rate. With a minimum rate of 8.49%, this loan sits in the top half of lower rates in our database.
- No application fee. Unlike many other lenders, Alex.Bank does not charge a fee to apply for this loan.
- No ongoing fees. This loan has no ongoing monthly fees, a competitive feature that keeps costs down.
- Below-average maximum loan amount. The maximum loan amount of $50,000 places this loan in the bottom 1% for this metric in our database.
- Interest rates are not top of the market. The overall interest rate score for this loan is in the bottom 38% of our database.
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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