Alex Bank Personal Loans
What personal loans does Alex Bank offer?
Alex Bank 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 Bank 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?
What can you use Alex Bank personal loans for?
A personal loan with Alex Bank can be used for a range of life events and expenses, such as:
- Buying a car
- Debt consolidation
- Home renovations
Check the product disclosure statement (PDS) or relevant documentation from Alex Bank personal loans to see what you can and can’t take out a personal loan for.
What are the loan terms on Alex Bank personal loans?
The minimum loan term for paying off your Alex Bank personal loan is six months, while the maximum is five years.
What are the fees on Alex Bank personal loans?
Alex Bank has a standard establishment fee of $295 for taking out a personal loan.
At the time of writing, the Alex Bank 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 Bank personal loan, visit the Alex Bank website.
How to apply for an Alex Bank personal loan?
If you would like to take out a personal loan, you can compare some of the major providers with Canstar:
If you choose to take out a personal loan with Alex Bank, you can calculate your repayments and apply for a loan through the Alex Bank 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:
- You will get an estimate on your loan repayments with the Alex Bank online calculator
- You can then apply online with a five-minute application
- Your application will be assessed by Alex Bank
- If you application is approved, Alex Bank will email you a contract to sign and return
- You may then receive your funds as soon as within one business day
About Alex Bank
Founded in 2018, Alex Bank is an online-only lender headquartered in Brisbane. It was granted a licence to operate as a restricted authorised deposit-taking institution by the Australian Prudential Regulation Authority (APRA) in July 2021. Alex Bank says it chose a person’s name (neither specifically male nor female) based on its goal to humanise banking.