Last Updated on September 10, 2023
In a dynamic world where traditional banking norms are evolving, Alat by Wema has emerged as a trailblazing digital bank in Nigeria, redefining banking as we know it. At the core of Alat’s mission is the commitment to provide Nigerians with a seamless and innovative banking experience, and one of the standout features in this journey is its offering of loans.
In this comprehensive review, we will delve into the Alat loan and guide you through the entire process – from understanding what Alat by Wema represents to discovering the Alt loan application process, and ultimately, leveraging the benefits of these loans to enhance your financial well-being
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When it comes to getting an ALAT loan, you do not require any collateral, paperwork or documentation, and you don’t need to visit any bank branch as well.
The time between applying for an ALAT loan, and getting your loan offer accepted and the loan disbursed to you should take no more than 5 minutes.
With ALAT you can borrow up to N2,000,000 Naira with an interest rate of 2% per month on a reducing balance basis.
When it comes to instant loans in Nigeria, the ALAT loan is one of the best you can find around. People want to be able to access instant loans because they can be easily repaid as the loans tend to be debited automatically from the borrower’s account. The borrower is also notified of the repayment date as well, so they’re very much aware of what they need to do.
How to Qualify for Alat Loan
To qualify for an ALAT loan in Nigeria, take the following steps:
- Signup for an ALAT account or log in if you already have one via the ALAT app.
- Once you have account is opened, then go to the menu option on the ALAT app and click on ‘’Loans’’
- Then read through and understand the ALAT disclaimer and terms of service.
- To qualify for an ALAT loan, you’d go through a credit evaluation and check, if it is successful, you’ll be able to receive loan offers from ALAT based on your credit score.
- You will need to also accept ALAT’s Terms & Conditions which will give consent to have your bank account (debit card details) debited for repayment when the loan is due, Your account will be immediately credited when you have qualified and accepted a loan offer from ALAT.
Types of ALAT Loans
The type of ALAT loans available to its users include:
- ALAT Salary-Based Loan: This is an unsecured term loan facility designed by ALAT to meet the financial needs of salary-earning individuals. This loan is available to every salary earner working in selected industries in Nigeria.
- ALAT Goal-Based Loan: This is a short-term financing package designed by ALAT to meet the financial needs of ALAT users with existing goals on the ALAT app.
- ALAT Device Loan: This is an unsecured term loan facility designed by ALAT to meet the financial needs of technology-driven individuals who want to purchase devices and it is available to salary earners in Nigeria.
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Alat Loan Requirements
Here are the requirements to get a loan from ALAT:
- You can only request for a loan from ALAT if you have an ALAT standard savings account.
- Your ALAT account has to be upgraded (You need to have a full profile) before you can be eligible to apply for an ALAT loan.
- You need to have used your ALAT account for some credit and debit transactions before you can be eligible for loan offers from ALAT.
Pros of an ALAT Loan
Here are the Pros of getting a loan from ALAT:
- You can apply for instant loans of up to ₦2,000,000 with ALAT.
- ALAT loan approval process is very fast.
- No need to visit a bank branch, or put up collateral and no paperwork is required for accessing a loan from ALAT.
Cons of an ALAT Loan
Here are the cons of getting a loan from ALAT:
- You need a bank account before operating an ALAT account.
- You need a standard savings ALAT account to get an ALAT loan.
- Getting an ALAT loan means you’re indirectly getting a loan from WEMA bank since ALAT is the bank’s fintech product in Nigeria.
How to Open an Alat Account
- You need to have the ALAT Mobile app (iOS / Android devices) or the ALAT web app which can be accessed via a Laptop.
- ALAT account opening requires you to provide your BVN (Bank Verification Number)
- A picture of your face and signature (signed on a white piece of paper) will also be required
- You will also provide an active email address and phone number.
- Lastly, opening an ALAT account will require a valid Government-approved ID card like; an international passport, driver’s license, national ID card or voter’s card.
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Alat Loan Interest Rate
ALAT loans are designed and structured to help people with urgent needs and it has very clear loan terms unlike fake loan apps in Nigeria, which you should stay clear of.
ALat Loan interest rates are 2% per month on a reducing balance basis. So for example; Alat users will be able to receive a minimum of #5,000 and up to #2,000,000 within hours and will have between 3 to 12 months to pay back with only a 2% interest rate per month on a reducing balance basis.
Alat loans do not have any hidden fees and it clearly states their repayment period. You can also repay your ALAT loan before the loan repayment due date.
To repay your loan from ALAT before the loan repayment due date; enter the ALAT app, go to the “Bills Payment” option on the menu and click loan repayment. Otherwise on the payback date, if your loan is outstanding, you’ll receive a repayment notification from ALAT, after which the loan will be automatically debited from your account.