Alex Personal Loan

Interest rate from: 6.95% p.a.to 19.99% p.a.

Comparison rate from*: 7.37% p.a.to 20.46% p.a.based on $30,000
over 5 years

Upfront fee: $295

What's hot

Fixed rates from 6.95% (7.38% comparison rate*)
Free extra payments
No ongoing fees

What's not

$295 establishment fee

Mozo snapshot

Want to be rewarded for your good credit history? The Alex Personal Loan does just that. It’s competitive rates start at 6.95% (7.38% comparison rate*) and it also comes with flexible repayment options. Plus, the loan is unsecured so you won’t have to put up assets as collateral.

Key features

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

This unsecured personal loan comes with a competitive fixed rates starting at a low 6.95% (7.38% 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% (20.46% comparison rate*).

When it comes to making repayments on an Alex 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.

Who is it good for

The Alex 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.

Any catches

While there are no ongoing or account keeping fees attached to this loan, there are a couple of other costs to be aware of. You’ll need to cough up a $295 application fee upfront, and if you are late on a regular repayment you’ll face a $20 late payment charge.

The Alex 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

Rate types

Fixed
Rates from

6.95% p.a.to 19.99% p.a. fixed
Comparison rate from*

7.37% p.a.to 20.46% p.a.based on $30,000
over 5 years

Fees

Application fee

$295.00
Service fee

$0.00
Late payment fee

$20.00
Exit fee

n/a
Early repayment penalty

n/a

Other financial bits

Minimum loan amount

$2,100.00
Maximum loan amount

$30,000.00
Minimum loan term

1 Year
Maximum loan term

5 Years
Security types

Unsecured

Features

Repayment options

Weekly, Fortnightly, Monthly
Extra repayments allowed

yes
Redraw allowed

no
Other restrictions

none
Other benefits

none

*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. WARNING: 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.

Customer Reviews

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Low Rate Personal Loan

interest rate

8.00% p.a.

comparison rate*

8.21% p.a.based on $30,000
over 5 years