Alex gets me
an award-winning
personal loan from

4.99%

Excellent Credit
Fixed & Comparison Rate*
Apply now

Our personal loan is awarded by Australia’s leading comparison sites

Build your personal loan

Get an estimate of your loan repayments by adjusting the amount and term below.
Fast icon
It only takes 5 minutes
$0 establishment fee^
Personalised icon
Personalised rates from 4.99%
(comparison rate 4.99%*)
Borrow icon
Borrow $2,100 – $30,000
Repayment icon
Flexible repayment terms
6 months – 5 years

What you need to apply

Over the age of 18 years old
Be receiving regular income
Haven’t been bankrupt
Be an Australian Citizen /
Permanent Resident

Personal Loan Repayment Calculator

Alex Personal Loan Calculator 2.0.0

Why borrow with Alex?

Our award-winning personal loan is awarded by Australia’s leading money experts and comparison sites and offers you a competitive rate, customised to your situation. With Alex Bank, you can enjoy no ongoing or early repayment fees and the entire application process can be done online. There’s no hidden fees, no paperwork and no worries.

 

You can get what you want sooner rather than later, with fixed interest (and therefore fixed repayments) over a loan term that suits your situation.
No fees icon

No ongoing fees

Our personal loan has no reoccurring or hidden fees, unless you miss a payment.
Paperless icon

We’re paperless

Our whole personal loan application process is paperless, including live credit and ID checks.
No payouts icon

No early payout fee

Make as many extra repayments on your personal loan as you like with no fees to pay out your balance early.
No worries icon

No worries

Our systems are secured with bank-grade encryption to ensure your personal information is safe.

How we compare

Alex gets me a better rate

Our aim is to always provide a better rate than other banks.
Based on a $30,000 loan over 5-year term, take a look at how our personal loan compares.
Apply now

Comparison rate* (p.a.)

From
4.99%
NAB
From
7.91%
ANZ
9.88%
CBA
From
9.90%
Westpac
10.17%
Source date
~Source: Relevant competitor or comparison websites as at 4 November 2021.

Why a personal loan?

Everyone’s wants and needs are different. Whether you want to consolidate debt, renovate or a new set of wheels, an unsecured loan is a useful credit option to get what you want sooner rather than later.
Unsecured personal loans offer flexibility by not being tied to the asset, meaning you can fund large purchases without needing an asset for security (like a car or house). From homeowners installing solar to parents funding private school fees, everyone’s need for a personal loan will depend on their goals and situation. Alex is here to get you more of what you want sooner.

“…I have to say, I am thoroughly impressed by how smooth and prompt everything was. A lot of transparency, no hidden fees and got the exact rate I was after.”

Denise, ProductReview

“Everything worked really quickly and as expected. The funds were in my account within 2 hours.”

Alhana, QLD

“It was really good that my personal loan rate was personalised to my history and was fair to me.”

Brooke, VIC

“The personal loan application process was simple, quick and easy.”

Pat, NT

“It was great that I didn’t have to jump through hoops for my personal loan application.”

Timothy, QLD

“I honestly thought the personal loan process was really great and happened really quickly.”

Grace, NSW

93% of our customers would recommend an Alex Personal Loan

Alex Customer Survey - 2021

It was quick, hassle free and straightforward. The Customer Service team responds right away and are very helpful and easy to deal with.

Silva

I have nothing but praise for Alex and the way my application was dealt with and processed. Great to deal with.

Simon

Fantastic service, easy to use website, support was available when I needed it... Every step of the process was simple & fast. I received the loan within a few days of submission.

Michelle

Alex Bank FAQs

What are the fees?

We’ve made our personal loan as fair as possible with no ongoing or early repayment fees. 

  • Monthly account fee: $0
  • Early repayment fee: $0
  • Establishment fee: $0^
  • Missed payment fee: $20

How long does it take to be approved?

One your application and all required documentation has been received, we aim to approve applications within one business day and provide a digital contract.  

From there, once your contract is signed, we aim to deposit funds to your designated account within one business day. As with all deposits between different financial institutions, funds may take 1-2 business days to appear in your account.

What do I need to Apply?

Criteria to apply for a loan with Alex Bank:

  • Be a permanent resident of Australia
  • Be over 18 years of age
  • Have an Australian Driver’s Licence or passport for identification purposes
  • Provide access to bank statements through our partner Illion

How much can I borrow?

You can borrow anywhere between $2,100 and $30,000 over a loan term between 6 months and 5 years.  

Find out what your repayments could look like here.

Personal loan FAQs

What’s the difference between a secured and unsecured loan?

The main difference between unsecured loans and secured loans is whether or not the loan is tied to an asset for security.

Secured loans, usually for a house or car, ties the asset to the loan so if you don’t fulfil repayments the risk to the lender is reduced by their ability to recover funds using the asset as collateral. Given the reduced risk, secured loans generally come with a lower interest rate.

Unsecured loans don’t require an asset, which allows you to use an unsecured loan for a much greater variety of purposes.

What’s the difference between a fixed and variable interest rate?

Loans can either come with a fixed or variable interest rate. A fixed interest rate will fix the rate at the start of the loan term, meaning all repayments will be the same from your first through to your last payment. This is a great option for anyone wanting consistency in their payments and makes budget forecasting easier by having predictable outgoings.

Variable interest rates are less predictable. These will fluctuate in response to the market at any given time, which will mean your repayment amounts may vary from month to month.

Both come with pros and cons, and one may be more ideal depending on your situation and personal preferences.

What is an interest rate?

An interest rate is a percentage charged on top of the loan amount, usually calculated annually and included in ongoing repayments. Put simply, it’s a fee charged by institutions for borrowing funds.

What is a personalised interest rate?

A personalised interest rate is an interest rate that is determined based on a customer’s credit rating and circumstances, unlike set interest rates that are a one-size-fits-all approach.  Customers with a high credit score enjoy a lower rate as they pose a lower risk for lenders. Likewise, those with a low credit score will have a higher interest rate to account for the added risk in lending funds.

What is a comparison rate?

Comparison rates are important, it’s included to give you an accurate understanding of the interest rate along with other fees and charges relating to the loan. This should be considered when comparing products, as the loan with the lowest interest rate may not be the cheapest option once other fees and charges are considered.

This information is provided in order to be fully transparent on the actual cost of the product.

We’re here to help

We’re a digital bank with real humans ready to help.
Chat with our team, email us at hello@alex.bank
or phone us on 1300 738 453

Important information

Personal Loan Disclaimer
Terms, conditions, fees and charges apply and will be included in our loan offer. Applications for finance are subject to credit approval.
Alex personal loans are available for a minimum of 6 months to a maximum of 5 years. Interest rates range from 4.99% for borrowers with an excellent credit history, to a maximum Annual Percentage Rate (APR) 14.99% p.a. (comparison rate* 4.99% to 14.99% p.a.). Representative example: based on an unsecured personal loan with an interest rate of 4.99% p.a. (comparison rate* 4.99% p.a.), the total repayments of a loan for $30,000 over a 5 year term would be $33,959.97 (including an establishment fee of $0).
^Alex’s standard establishment fee of $295 will be waived for all applications fully submitted between 26 February 2021 and 8 December 2021. This offer is not transferable and subject to our assessment and suitability.
*Comparison rate based on $30,000 unsecured loan amount and 5-year loan term. 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 costs savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. 
The target market determination for our personal loan can be found here.