Alat Loan is an initiative by ALAT, Nigeria’s foremost functional digital bank. ALAT enables you to run all your banking transactions and operations at your own convenience.
ALAT was launched by Wema Bank on May 2, 2017. Nigerians can obtain loans from ALAT without collateral. You can consider ALAT loan if you’re looking for where to get loans in Nigeria.
There are some requirements set by ALAT for anyone willing to obtain a loan. Here are some of them;
- Have a smartphone.
- Get the ALAT app.
- Have a good credit history.
- A Standard savings account.
- A copy of your utility bill (electricity bill, waste bill etc).
It is pertinent to get standard savings account since you cannot get a loan with the ALAT Lite account. Also, if you want to upgrade your ALAT Lite account, you’ve to upload any government-issued means of identification such as a Voter’s card, National ID card, Driver’s license or an international passport).
How to apply
Applying for ALAT loan isn’t as cumbersome as you may think. The following steps should guide you to apply for the loan;
- Go to Google Play Store.
- Search for ‘ALAT‘ and download the ALAT By Wema App.
- Sign-Up (if you are a new user) or Login if you have an existing ALAT account.
- Navigate to the menu and click on ‘Loans‘
- Feel free to read the disclaimer page along with the terms and conditions.
- ALAT will send the amount you requested into your ALAT bank account if you are qualified for the loan.
The ALAT loan interest rate is not fixed but it varies from person to person. Typically, a person with a great credit history will have a favourable interest rate compared to a person with a bad credit history.
ALAT states it clearly in their terms and conditions that the interest is 20% per annum. However, they can increase or decrease the interest fee.
After your loan must have been approved by ALAT, you will be able to view the interest rate and the time duration left to repay the loan.
Other Popular Banks That Gives Loans In Nigeria:
- Alat Loan
- Branch Loan
- Trader Moni Loan
- Lapo Microfinance Bank Loan
- Federal Government Agricultural Loan
- Bank Of Agriculture Nigeria Loan
- Quickteller Loan
You will be notified by ALAT when your time for repayment is due. Your account will be debited automatically if you have an outstanding loan to pay.
You can repay your loan through the ALAT app if you wish to repay before the payback date. You can do this on the mobile app by clicking on the ‘Bills Payment‘ option on the menu.
Pros & Cons
The ALAT mobile app is available for download on Andriod and iOs devices. You can check the Google Play Store and App Store To get the app or use the links below.
Branches & Head Office
Currently, ALAT has no branches or head office in or around Nigeria. However, you can visit any WEMA bank close to you if you wish to lay a complaint or make more inquiries.
Here are some other Banks that offer loans in Nigeria: Trader Moni Loan,Alat Loan,Smedan Loan