Alex arrives with a competitive personal loan
Say hey to Alex. The newest Aussie digital lender in the personal loan game.
Unlike other aspiring neobanks who kicked off with transaction and savings accounts, Alex switched things up and introduced its inaugural product: the Alex Personal Loan.
Currently on the Mozo database, the average unsecured fixed personal loan rate sits at 10.46%. However, the Alex Personal Loan comes with fixed rates starting as low as 6.95% (7.37% comparison rate*).
“We're operating in that prime lending space so we really are here for borrowers who really want to be responsible with money,” founder and chief financial officer of Alex, Craig Fenwick said.
“We offer loans from $2,100 all the way up to $30,000 and potentially larger amounts in time as well, at terms that are based on the customer's requirements. So we try to personalise loans by offering simpler and fairer credit.”
If you want to learn more about this killer personal loan product, take a peek below!
Alex Personal Loan
Alex Personal Loan
- Fixed rates from 6.95% (7.37% comparison rate*)
- Free extra repayments
- No ongoing fees
After a personal loan from an Aussie digital lender? Meet the Alex Personal Loan. This product comes with competitive fixed rates from 6.95% (7.37% comparison rate*), flexible repayment options and no ongoing fees. Borrowers can choose from a weekly, fortnightly or monthly repayment schedule and also make free extra repayments. Plus, if you pay your loan off early, there’s no early settlement fee! Just keep in mind, there is a $295 application fee upfront. And also remember, this is an unsecured loan so you won’t have to put up assets as collateral.
Why choose Alex?
The founders at Alex say that the aspiring neobank is built on delivering three key things: simplicity, fairness and lack of friction.
“Simplicity's a core element of lending. So we built a personal lending process for customers to apply that involves them having the confidence to give us their data and we can use smart technology to get them an answer very quickly, and then get them their funds very quickly,” Fenwick said.
“One of the things we hold really dear is the notion of fairness and making sure that we give a price which people find agreeable to them based on their risk.
“But it’s also making sure that we aren't introducing friction into the process by keeping our upfront fees as low as we can and not having any ongoing fees, other than a relatively small fee for people should they miss a payment.”
According to Alex, the target application time for customers is as little as a swift three minutes. (However, for some applicants the process may end up being longer).
And while the Alex Personal Loan is the only product on offer at the moment, this aspiring neobank doesn’t want to stop there. Fenwick says that once the company’s full banking licence is approved by APRA, they’ll look to expand into more lending and deposit products, such as a savings account.
RELATED ARTICLE: ICYMI: DayTek Capital buddies up with Visa, Alex launches personal loan
Want to see how the Alex Personal Loan stacks up against the rest? Jump over to our personal loan comparison table to check out more lenders!
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.