Alex gets me
an award-winning
personal loan from
4.99%
Excellent Credit
Fixed & Comparison Rate*
Build your personal loan
Get an estimate of your loan repayments by adjusting the amount and term below.
It only takes 5 minutes
$0 establishment fee^
Personalised rates from 4.99%
(comparison rate 4.99%*)
Borrow $2,100 – $30,000
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
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 ongoing fees
We’re paperless
No early payout fee
No worries
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.
Comparison rate* (p.a.)
From
4.99%
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.
Streamline your debts into a single repayment with a debt consolidation loan from Alex Bank.
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.