Interest rate from
6.95% p.a.to 19.99% p.a.
Comparison rate from
6.95% p.a.to 19.99% p.a.based on $30,000
over 5 years
Upfront fee
$0
Go to site

Mozo editorial review Alex Personal Loan

Last updated: 12 November 2020.

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What's hot
  • 2021 Mozo Experts Choice Award winner
  • Fixed rates from 6.95% (6.95% comparison rate*)
  • Free extra payments
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% (6.95% 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!

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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 Personal Loan might be the product for you. 

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

There are no ongoing fees, plus for a limited time, you won't have to pay any application fees either, as Alex is waiving this upfront cost until 31 November 2020.

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.

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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.

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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 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 30 November 2020. 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

  • 6.95% p.a.to 19.99% p.a. fixed

  • 6.95% 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 and first repayment up to $500 on Alex for applications made by 30 November 2020.

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.

Customer Reviews

This product is not currently reviewed.

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