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Mini meca 2021

Alex Bank Personal Loan

Advertiser disclosure
Interest rate from
4.99% p.a.to 19.99% p.a.
Comparison rate from
4.99% p.a.to 19.99% p.a.based on $30,000
over 5 years
Upfront fee
$0
Go to site

Mozo editorial review Alex Bank Personal Loan - last updated: 22 September 2021

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What's hot
  • 2021 Mozo Experts Choice Award winner
  • Fixed rates from 4.99 (4.99% comparison rate*)
  • Free extra payments
What's not
  • $295 establishment fee
Mozo snapshot

Want to be rewarded for your good credit history? The Alex Bank Personal Loan does just that. It’s competitive rates start at 4.99% (4.99% comparison rate*) and it also comes with flexible repayment options. The loan also is unsecured so you won’t have to put up assets as collateral and it was awarded the Mozo Experts Choice Award for Best New Loan Product in 2021!

Plus Alex Bank is currently waiving the $295 establishment fee. So if you submit an application by 3 November 2021, you may be able to avoid that extra cost.

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Key features

If you are looking to ditch your old banking ways and opt for one of Australia’s newest neolenders, the Alex Bank Personal Loan might be the product for you. 

This unsecured personal loan comes with a competitive fixed rates starting at a low 4.99% (4.99% comparison rate*). The catch is, you will only receive this low rate if you have an excellent credit score and solid repayment history. If you’re on the other side of the fence and your credit isn’t great, you could received a rate up to 19.99% (19.99% comparison rate*).

When it comes to making repayments on an Alex Bank Personal Loan, there are plenty of options. You can choose a weekly, fortnightly or monthly regular repayment schedule, and make additional payments without penalty. Plus, if you end up paying down your entire loan early, you won’t be slapped with an early settlement fee either. 

Just bear in mind, if you do make extra repayments on this loan, there is no redraw facility so you cannot access those funds later on if you need to.

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Who is it good for

The Alex Bank Personal Loan could be a good option for a customer that loves all things digital. Not only is the online application only three minutes long, once you take out the loan you can manage it all from your smartphone.

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Any catches

While there are no ongoing or account keeping fees attached to this loan, you'll face a $20 late payment charge if you're late on a regular repayment.

The Alex Bank Personal Loan is for individuals only. In order to qualify, you must be over 18, and be an Australian citizen or permanent resident.

Details

Rates and fees information correct as at 24 October 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Fixed

4.99% p.a.to 19.99% p.a. fixed

4.99% p.a.to 19.99% p.a.based on $30,000
over 5 years

Fees

$0.00

$0.00

$20.00

n/a

n/a

Other financial bits

$2,100.00

$30,000.00

1 Year

5 Years

Unsecured

Features

Weekly, Fortnightly, Monthly

yes

no

none

Establishment fee of $295 waived for applications made by 3 November 2021. Available for Solar loans.

WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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