Alex Bank Review
Alex Bank, though relatively new, has carved a niche for itself in Australia's banking sector. Their digital prowess and competitive offerings in personal loans and savings accounts make them an emerging player to watch.
Best for
Digital Platform: The bank’s mainstay is its digital platform, offering services that resonate with the tech-savvy Australian audience.
Competitive Interest Rates: Alex Bank's personal loan interest rates range from 11.99% p.a. for borrowers with an outstanding credit rating and financial position, to a maximum Annual Percentage Rate (APR) 19.74% p.a.
Easy to Use: The bank emphasises user experience, making their platform simple yet comprehensive.
Digital Bank Statements: Echoing its digital-first approach, customers can easily access and manage their bank statements online.
Draw backs
Conservative Credit Policy: Their stringent approach primarily targets prime customers, potentially limiting their wider clientele appeal.
Mandatory Bank Statements: Applying necessitates bank statements, leaving no room for alternative documentation.
Automatic Declines: Adverse bank records such as dishonours or debt collections can result in immediate application rejections.
Prime Customer Preference: Their primary appetite is limited to customers with prime credit histories.
Alex Bank Overview
Established in Brisbane in 2018, Alex Bank has made significant strides in Australia's ever-evolving digital banking landscape. Gaining traction and recognition within a few years, Alex Bank has cemented its reputation for its digital platform, providing a streamlined and user-friendly experience tailored for modern banking consumers.
Given the bank's digital nature, customers can easily obtain digital bank statements, enhancing convenience and reducing environmental impact. Additionally, they've positioned themselves competitively with their interest rates, particularly with their personal loan and savings account offerings, which are attractive for both savers and borrowers.
How to apply for an Alex Bank loan
To get access to the low rates available with an Alex Bank loan, you’ll need to be over 18 and have a minimum Equifax credit score of at least 600 - which is the highest of any of the lenders on our panel. You can either apply for an unsecured Alex Bank personal loan through Driva or directly through the Alex Bank website, however, secured personal loans with Alex Bank are only available via their reputable broker partners such as Driva.
You’ll also need a fairly clean credit history, with a minimum Equifax score of 500 and no tolerance for bankruptcies or unpaid defaults.
See if you qualify for an Alex Bank loan in minutes
7.49% (9.18% comparison rate*)
$2,100 - $50,000
3 - 5 years
Secured and unsecured personal loans
600
N/A
No
No early termination fee
Big no-no's (automatic declines)
High levels of gambling expenditure on their bank statements
Multiple dishonours or unstable income and employment
Driva tip: Maintaining pristine bank statements leading up to loan applications is essential, ensuring the best chance of acceptance.
Other hot tips
Alex Bank provides flexible repayment terms, ranging from 6 months to an extensive 5 years. This flexibility allows borrowers to tailor their repayments according to their financial situation.