Frequently Asked Questions

Who is Alex?

Alex isn’t a person, but a small team of banking, design and technology activators, inspired to make things better by embracing simplicity.

We are building a bank&. One that aims to remove the complexity in banking, one that aims to proactively work for you so you can focus on the things that matter.

The driving force behind us is a desire to put the good back into the industry.

Is Alex a bank?

Not just yet. At the moment, Alex is a lender offering Personal Loans.

But we’re working on becoming a bank and plan to launch a high-interest savings product soon.

What's the difference between a neobank, a digital bank, and a traditional bank?

A neobank is a new type of bank, where the infrastructure is entirely cloud-based. Neobanks offer their services via web or app and don’t rely on existing banking infrastructure such as physical branches or old legacy systems. They normally have a faster and easier to use interface and products and lower costs.

Not having legacy infrastructures or branches means that we can keep our costs low and shift the balance back to you. Balance means fewer fees and more money in your pocket.

Digital Banks, in most cases, are online-only banks which provide services through online banking platforms and smartphone apps. They typically don’t offer in-branch services and leverage the existing infrastructure of traditional banks.

A digital bank is (in most cases) the online arm of a large traditional bank, while a neobank is a completely separate, digital-only entity that isn’t associated with any traditional financial institution.

A traditional bank is just that. Think of the Big 4.

Who owns Alex?

Alex is not owned by a single person or another bank. Instead, we are owned by a group of investors that want to change the state of banking and challenge the status quo. If you’d like to find out more about investing in Alex send us an email at

What is a Restricted Authorised Deposit-taking Institution? (ADI)?

First, we should explain what an Authorised Deposit-Taking Institution (ADI) is. Financial Institutions in Australia are only authorised to accept deposits from the public if they are an ADI.

A Restricted Authorised Deposit-taking Institution (Restricted ADI or RADI) is an institution which operates under a specific licence granted by the Australian Prudential Regulatory Authority (APRA) – the body that governs the banking industry in Australia.  The RADI license, among other things, limits the amount of money a RADI institution can hold in deposit at any given time.

This new licencing framework allows companies that wish to become a bank to seek a Restricted ADI licence before becoming a fully-fledged bank which would operate under an unrestricted ADI license.

The Australian Government implemented this licensing framework in an effort to increase and drive competition in the Australian banking sector.

It allows Alex to develop our capabilities and build our products with the goal of becoming an unrestricted Authorised Deposit-taking Institution (ADI) within a maximum period of 2 years.

The same rules apply as for all banks in Australia. All our customers’ deposits are protected under the Financial Claims Scheme (FCS) up to the value of $250,000.

Alex has applied for a RADI license and intends to conduct banking business once we receive our license.

What does 'prudential' mean?

Prudential is an adjective, meaning “The quality or state of being prudent; wisdom in the way of caution and provision”.

In our instance, Prudential Regulation is concerned with maintaining the safety and soundness of financial institutions in order to provide the community with the confidence that we will meet our financial obligations under all reasonable circumstances.

Personal Loans

I'm not an Australian resident. Can I still apply for Personal Loan

Unfortunately not. Alex is only available to Australian residents.

I don't have suitable ID. Can I still apply?

Sorry – you can’t join up with Alex without a valid Australian Driver’s License or Australian Passport.

How much does an Alex personal loan cost?

It’s different for everyone depending on how much you borrow and the repayment terms you’ve selected. But the only fee we charge is a $295 establishment fee.

No ongoing monthly fees or hidden costs, just your interest repayments.

I'm having trouble passing the ID check. What now?

If at first you don’t succeed, try, try again.

  1. Enter your name, address, and birthday exactly as it appears on your ID.
  2. If you’ve recently moved, make sure you’ve updated your address with the Australian Electoral Commission.

If these tips don’t work, contact us and we’ll try to help.

What do I need to get an Alex personal loan?

You need:

  1. To be a permanent resident of Australia
  2. Be at least 18 years old
  3. To have your Australian Driver’s License or Passport handy
  4. To be able to access your bank statement through our partner Illion.

How do I apply?

You can apply through our website. Click here to apply.

How long will it take to get an approval?

Once we’ve received your completed application and documents, we’ll get back to you within a day. It could be the same day you apply, or the next business day, depending on what time of day we receive your application.

How long will it take to receive the money?

If approved, we will transfer the money as soon as we have received your signed loan agreement. When the funds hit your account depends on your bank. It might be a few hours, the same business day, or it could be up to two business days.

How often can I pay it off?

We’re flexible. You can make weekly, fortnightly or monthly repayments. You can also pay out your entire loan at any point. We won’t penalise you for getting ahead.

Can I apply for a personal loan if I'm currently receiving the Australian Government JobKeeper benefit?

One of the main things we look at when you apply for a personal loan is your ability to repay the amount you borrow. If you’re currently on JobKeeper and not actively employed, it might be difficult for us to lend to you. If you’re not sure, get in touch with us. We’ll have a chat about your situation and see how we can help.

Complaints, Disputes, and Hardship

I'm experiencing financial abuse

Financial abuse is a form of domestic and family violence where one person manipulates another to control their finances without consent. This could be your partner, your child, or a family member or friend.

This is a terrible experience and it’s never your fault. It can happen to anyone, no matter your age or how much money you have.

It’s not easy asking for help, and you may not know where to start or who to turn to.

If you feel you’re experiencing this kind of abuse, please don’t hesitate to contact us. Alex is a judgement-free zone and we’ll help however we can.

If you feel that contacting us will put you or someone else in danger, please reach out to:

1800 RESPECT or call 1800 737 732

Lifeline or call 13 11 14

National Debt Helpline or call 1800 007 007

If you are in immediate danger, contact 000.

I'm having trouble making my repayments

Things change. That’s life.

But we’re here to help. If you’re experiencing financial hardship there are a couple of ways we can help you. Get in touch and we’ll see what we can do.

I have a complaint

We hope that we provide you with such amazing service that you won’t have any complaints. But if you do, we need to hear about it.

We’ll help you out as quickly as we can. But if you’re not happy with the outcome or you feel we haven’t resolved your complaint, you can contact the Australian Financial Complaints Authority.