How to Apply for ALAT Loan
How to Apply for ALAT Loan: Complete Guide, Requirements and Steps
In the modern digital economy, access to quick and reliable credit is essential. ALAT by Wema, distinctively positioned as Nigeria’s first fully digital bank, offers one of the most streamlined borrowing experiences in the market. Whether you are a salary earner needing a mid-month boost, an entrepreneur bridging a cash flow gap, or an individual acting on a sudden opportunity, the ALAT loan facility is designed to meet your needs instantly.
This comprehensive guide details exactly how to apply for an ALAT loan, the strict requirements you must meet, and the step-by-step process involved. We also provide direct contact channels for the bank and answer the most frequently asked questions to ensure you have all the information before you borrow.
Requirements for Obtaining an ALAT Loan
Before initiating the application process, it is crucial to ensure you meet the eligibility criteria. ALAT by Wema operates on a digital-first model, meaning your “creditworthiness” is often determined by your digital footprint and account history.
To successfully qualify for a loan, you must generally meet the following requirements:
- Active ALAT Account: You must have a functional account on the ALAT app. While basic accounts exist, you typically need a Standard Savings Account (Tier 3) to access significant loan amounts. This requires a full upgrade using a valid government ID (NIN, Driver’s License, Voter’s Card, or International Passport) and a utility bill.
- Bank Verification Number (BVN): Your BVN is mandatory for identity verification and credit checks across the Nigerian banking system.
- Credit History: You should have a clean credit report. Outstanding bad debts with other loan apps or banks can lead to automatic disqualification.
- Regular Income: For Salary-Based Loans, you must be a salary earner. Ideally, your salary should be domiciled with Wema Bank. If it is not, you may still qualify if your employer is registered with Wema Bank, provided you authorize a direct debit mandate.
- Device Usage: ALAT uses data from your device and app usage to build a credit score. Frequent use of the app for transfers, bill payments, and airtime purchases significantly boosts your chances.
Step-by-Step Guide: How to Apply
Applying for a loan on ALAT is a paperless process that can be completed in under five minutes if your account is already set up. Follow these precise steps:
- Download and Update: Ensure you have the latest version of the ALAT app installed on your Android or iOS device. Login with your secure details.
- Navigate to Loans: On the dashboard, locate the “Loans” menu. This is usually found in the main menu or a prominent “Get a Loan” button on the home screen.
- Read the Disclaimer: The app will present terms regarding credit checks. You must accept these to proceed.
- View Your Limit: ALAT will automatically calculate your lendable limit based on your profile. You will see the maximum amount you are eligible to borrow.
- Select Loan Type: Choose the specific loan product (e.g., Salary Loan, Goal-Based Loan, or Device Loan).
- Configure Your Loan: Enter the amount you wish to borrow (within your limit) and select your preferred repayment tenure (e.g., 30 days, 3 months, up to 12 months).
- Review Terms: The app will clearly display the interest rate, management fee, insurance fee, and the total repayment amount. Review this carefully.
- Accept and Disburse: Input your ALAT PIN to confirm the transaction. Once approved, the funds are credited to your ALAT account instantly.
Customer Care and Contact Channels
If you encounter technical difficulties during your application or have specific inquiries about your loan status, Wema Bank offers several robust support channels. It is advisable to contact them directly rather than third-party agents.
- Email Support:
* General Inquiries: `[email protected]`
* Wema Connect: `[email protected]`
- Phone Lines:
* General Support: `08039003700`
* Purple Connect: `07000PURPLE` (07000787753)
* Card Issues/Emergency: `070022552528`
- Physical Address: You can visit any Wema Bank branch nationwide, although the ALAT service is designed to be fully remote.
Frequently Asked Questions (FAQs)
The process is instant. ALAT loans are automated. Once you accept the offer and enter your PIN, the system processes the request immediately, and your account is credited within seconds or minutes.
2. Can I apply for a loan if my salary is not paid into Wema Bank?
Yes, but with conditions. While having your salary account with Wema Bank guarantees the best rates and easiest approval, you can apply as a non-customer if your employer is profiled with the bank. In this case, you will need to submit a remita mandate or set up a direct debit from your salary account to repay the loan.
3. What happens if I cannot repay on the due date?
Defaulting on an ALAT loan carries serious consequences. You will likely incur a penal charge on the outstanding amount (often around 1% per month on the unpaid sum). Furthermore, Wema Bank is obligated to report delinquent borrowers to the Credit Risk Management System (CRMS) of the Central Bank of Nigeria, which will ruin your credit score and prevent you from accessing loans from any other bank or app in the future.
Conclusion
Applying for an ALAT loan is a straightforward, transparent, and highly efficient way to access liquidity in Nigeria. By leveraging Wema Bank’s solid infrastructure, the app offers competitive rates and a level of security that unregulated loan sharks cannot match.
However, borrowing requires responsibility. Ensure you have a clear repayment plan before you click “Accept.” With the right approach, the ALAT loan can be a vital financial tool to help you navigate emergencies or seize new opportunities without the stress of traditional banking bureaucracy.
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