Alex Personal Loans

Compare Alex personal loans at Canstar

Alex is an online provider of personal loans that have a personalised interest rate based on your financial situation.

What personal loans does Alex offer?

Alex currently offers personal loans that have personalised interest rates, plus the following features:

  • Borrow amounts between $2,100 to $30,000
  • No monthly fees
  • No fees for extra repayments or paying the loan off early

The personalised interest rate applied to your loan is decided by Alex based on a range of factors to do with your individual financial situation. According to the website, the following things are examples of what may influence the rate offered by the lender:

  • Your lending history
  • Current loan/credit card information
  • Your credit score
  • Your income versus the estimated loan repayments

→Related article: Secured vs Unsecured Personal Loans – What’s the Difference?

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What can you use Alex personal loans for?

A personal loan with Alex can be used for a range of life events and expenses, such as:

  • Buying a car
  • Debt consolidation
  • Holidays
  • Home renovations
  • Weddings

Check the product disclosure statement (PDS) or relevant documentation from Alex personal loans to see what you can and can’t take out a personal loan for.

What are the loan terms on Alex personal loans?

The minimum loan term for paying off your Alex personal loan is six months, while the maximum is five years.

What are the fees on Alex personal loans?

Alex has a standard establishment fee of $295 for taking out a personal loan.

At the time of writing, the Alex website says that it does not charge monthly fees on its personal loans. It also doesn’t charge fees for making extra loan repayments or paying your loan off early.

If you would like to know more about the fees charged for an Alex personal loan, visit the Alex website.

How to apply for an Alex personal loan?

If you would like to take out a personal loan, you can compare some of the major providers with Canstar:

Compare Personal Loans With Canstar

If you choose to take out a personal loan with Alex, you can calculate your repayments and apply for a loan through the Alex website. According to the website, you will need the following when applying for a personal loan:

  • You must be 18 years or old
  • You must be a permanent resident in Australia
  • You must have your passport or driver’s licence handy
  • Your account details
  • A video of yourself to assist with security

According to the website, the application process will proceed as follows:

  1. You will  get an estimate on your loan repayments with the Alex online calculator
  2. You can then apply online with a five-minute application
  3. Your application will be assessed by Alex
  4. If you application is approved, Alex will email you a contract to sign and return
  5. You may then receive your funds as soon as within one business day

About Alex

Alex is a digital lender that was established to “challenge traditional banking”. At the time of writing, Alex says it is not currently authorised by APRA to conduct banking business in Australia, although it does hold an Australian Credit Licence. Alex says it has applied for authorisation to conduct banking business in Australia, initially for a limited period as a restricted ADI.

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This article was reviewed by our Sub Editor Jacqueline Belesky and Finance Journalist Elise Donaldson before it was published as part of our fact-checking process.

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Written by: Eliza Parry-Okeden | Last updated: January 4, 2021