ALAT by Wema Bank Loan: Maximum Amounts, Repayment Terms, and Fees

In the rapidly evolving landscape of Nigerian fintech, ALAT by Wema stands out as a pioneer. As Nigeria’s first fully digital bank, it has revolutionized how Nigerians save, spend, and—crucially—borrow money. For individuals facing unexpected expenses or looking to bridge a financial gap before their next paycheck, the ALAT loan offering provides a seamless, paperless, and efficient solution.

If you are considering applying for a loan through ALAT, it is essential to understand the specific terms, limits, and potential costs involved. This guide details everything you need to know about the ALAT loan, from maximum and minimum amounts to repayment terms and included fees.

What is the ALAT Loan?

The ALAT loan is a digital credit facility offered by Wema Bank through its ALAT application. Designed for speed and convenience, it allows users to access funds without the need for physical documentation, collateral, or visits to a bank branch. The entire process—from application to disbursement—happens within the app, often in a matter of minutes.

Maximum and Minimum Loan Amounts

One of the most attractive features of the ALAT loan is its flexibility regarding loan amounts, catering to a wide range of financial needs.

• Minimum Loan Amount: The entry point for an ALAT loan is generally low, often starting at ₦5,000. This makes it accessible for minor emergencies or small, urgent bills.
• Maximum Loan Amount: For eligible users, ALAT offers substantial liquidity. You can access up to ₦2,000,000 (Two Million Naira). However, it is important to note that your specific limit depends on your credit profile, transaction history with the bank, and whether you are a salary earner who receives income through a Wema Bank account.

ALAT also offers a “Link” feature and other device financing options which may have different limits, but for the standard personal loan, the N2 million cap is the standard benchmark for high-tier users.

Repayment Terms

Repayment flexibility is a key differentiator for ALAT. The bank understands that borrowers need time to settle their obligations without undue financial stress.

• Duration: Repayment tenures typically range from 30 days to 12 months.
• Structure: You can choose a repayment plan that aligns with your cash flow. For salary earners, repayments are often deducted automatically when salaries are credited, ensuring you never miss a due date.

This flexibility allows you to take a short-term loan for a quick fix or a longer-term facility for a more significant project, spreading the repayment burden over up to a year.

Fees and Interest Rates

Transparency is critical when taking out a loan. ALAT by Wema prides itself on offering competitive rates compared to many other digital lenders in Nigeria.

• Interest Rate: The interest rate is generally around 2% per month. This is significantly lower than the 4% to 30% monthly rates charged by some predatory loan apps. On an annual basis, this translates to a very competitive percentage relative to the instant loan market.
• Management Fees: A standard management fee of approximately 1% constitutes part of the upfront cost.
• Insurance Fee: There is also a credit life insurance fee, usually covered within the cost structure, which protects the borrower and the bank in case of unforeseen events like death or permanent disability.

Always review the “Loan Offer” screen in the app before accepting, as it will explicitly state the exact interest amount and total repayment figure for your specific loan.

Why is it Worth Taking Out an ALAT Loan?

With so many loan apps available in Nigeria, why should you choose ALAT? The table below summarizes the key benefits that make ALAT a superior choice for many borrowers.

Feature	Benefit for the Borrower
No Collateral	You do not need to pledge assets like your car or land to access funds.
Competitive Interest	At ~2% monthly, it is one of the cheapest instant loans in the Nigerian market.
Speed	Disbursement is instant. Once approved, money lands in your account immediately.
Flexibility	Choose a repayment tenure that works for you, up to 12 months.
No Paperwork	100% digital process. No need to print bank statements or visit a branch.
Trust & Security	Backed by Wema Bank, a fully licensed and regulated commercial bank.

Eligibility Requirements

To qualify for an ALAT loan, you generally need to meet the following criteria:

1. Have an ALAT Account: You must download the ALAT app and sign up.
2. Standard KYC: Complete your profile with your BVN (Bank Verification Number), phone number, and a valid ID.
3. Device Usage: Often, you need to use the ALAT app for a while or have a Wema Bank account history to build a credit score.
4. Income: For higher amounts, proof of regular income (like salary) flowing into your account is necessary.

Conclusion

The ALAT by Wema loan is a powerful financial tool for Nigerians seeking reliable, affordable, and quick access to credit. With a maximum limit of ₦2,000,000, competitive repayment terms spanning up to a year, and interest rates that undercut many competitors, it is a “must-have” option on your phone.

Whether you need to pay for school fees, handle a medical emergency, or fund a small business opportunity, ALAT provides the liquidity you need without the headaches of traditional bank lending. By maintaining a good credit score and using your ALAT account regularly, you can unlock higher limits and enjoy financial peace of mind.

Disclaimer: Loan terms, interest rates, and eligibility criteria are subject to change by Wema Bank. Always read the terms and conditions in the app before proceeding.