Alat loan app: how to apply, is it legit, interest rate and others

Alat is one of the full fledged digital bank we have in Nigeria, in fact it is the first and like traditional bank you can also take loan on this digital bank without collateral or guarantor. With just a click on your phone you will get the loan

What is Alat or Alat loan

As stated above, Alat loan is a full fledged digital bank own and develop by Wema bank it carried out all the function of traditional bank such as payment, deposit, saving and the most important loan disbursement.

On Alat you are eligible for personal loan and you know what their loan is fast, easy and without hassle, with just a click on the app the loan will be disburse to your account. To repay the loan is also easy, you can pay back win your ATM card or transfer.

In this article you will not only read about how to apply for Alat loan, you will also read their interest rate, their repayment period, in fact everything you can think of about Alat, so stay tune.

Alat loan requirements

Before you can apply for Alat loan there are some requirements you need to meet, such as

You must be a Nigerian and reside in Nigeria
Have good credit score

You must not have defaulted on loan before

You should have a source of income

Have android phone

You will provide your name and e-mail

You must have Alat account

How to apply for Alat loan

Alat is a bank, therefore, before you can get a loan from them, you must register for a bank account

To do that, head over to Google playstore or app store and download Alat app

Register with your name and create a password

You will be required to take a selfie with the app

You will also need to upload your signature

To do that sign on a paper and snap it with camera

Once you are through with the registration and have account, you can now proceed to take loan

To do that login to your dashboard, while on it

Locate and click on loan

On the loan page you will see amount of loan you are eligible to borrow

The loan will be disburse in less than 20 minutes after applying.

How much you can borrow from Alat loan

It depends on your credit score but usually the maximum you can loan from the app is #1,000,000 while the minimum is #5,000.

Alat loan interest rate

Alat loan interest rate is betwen 0.9 to 2% per month and 20% per year. The pay back period can be as high as a year and low as 1 month also depend on your credit score.

Alat loan repayment

One of the interesting thing about Alat loan is that you don’t need to run hectare scatter before you pay back your loan.

While registering for the loan, you will give a consent to their term and conditions and in this conditions it sated that they will deduct the loan automatically once it reach the due date. So relax and chil the loan will be automatically deducted.

Alat loan ussd code

As stated above Alat loan is own by Wema bank , you an use Wema bank USSD code to apply for loan and carry out transaction as long as you have Alat bank account. The Wema bank and Alat loan code is *945#.

Is Alat loan legit

Alat loan is own by Wema bank which means, it is also regulated by CBN and insured by NDIC. As at the time of writing this article Alat app has been downloaded more than 1 million times on playstore which further signify it legitimacy.

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