Alex Bank Personal Loan Rates & Review

Alex Bank Personal Loans as of April 2024

Lender	Advertised rate	Comparison rate*	Monthly repayment	Interest Type	Secured Type	Early Exit Fee	Ongoing Fee	Application Fee	Total Repayment	as ofApril 20, 2024

	11.99^%_p.a.	11.99^%_p.a.	^$664	Fixed	Unsecured	N/A	^$0	^$0	N/A	More details
	Personal Loan
Personal Loan More details

Important Information and Comparison Rate Warning

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The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. 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. Comparison rates are not calculated for revolving credit products.

Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of April 20, 2024. View disclaimer

Alex Bank is one of the newest entrants in the Australian digital banking landscape. It was founded in 2018 by Simon Beitz and Craig Fenwick, both former executives at Suncorp.

The Brisbane-based bank was licensed as a restricted authorised deposit-taking institution (ADI) by the Australian Prudential Regulation Authority (APRA) in July 2021 and achieved its full ADI status by December 2022, which allowed it to expand its banking capability.

It presently only offers personal loans, with its term deposits and savings accounts in limited release and by invitation only. Public release is slated for some time in 2024.

Alex Bank Personal Loan Features

Alex Bank provides unsecured personal loans with terms ranging from 6 months to 7 years. Customers can borrow between $2,100 and $30,000. Interest rates depend on your credit score, financial circumstances, and how much you’re wanting to borrow.

As they are unsecured, the loans can be used for various purposes like vehicle purchases, home renovations, education expenses or debt consolidation.

Alex Bank also has secured personal loans for the purpose of purchasing new or used cars, with flexible terms of up to 7 years. However these are available through its broker network only, not direct-to-consumer.

Green personal loans are also on offer, with terms ranging from 6 months to 5 years. These loans can be used to purchase anything from electric vehicles, solar panels, rainwater tanks, e-bikes and so on.

Application decisions can be made within one business day.

Alex Bank Personal Loan Fees

Alex Bank loans do not carry establishment fees, ongoing fees, payout penalties, or extra-repayment fees, making them fairly low-cost in relation to fees compared to other providers.

For secured personal loans, Alex Bank charges a $295 establishment fee, and certain legal fees may be charged on all loans - at cost - if the borrower is in default.