Need a loan? | Get one with Alat by Wema Bank | Apply now

Get an Alat loan in Nigeria from Wema bank in just 5 minutes if being accepted directly to your bank account. Up to N200,000. No queues, no collateral or paperwork required and repay at your convenience in 2 – 12 months time with an interest rate of 20% per annum, which can be decrease or increase at any term.

So if you are in urgently need of a loan either to finance your small scale business, medical reason, family issues or any other issues you can think of, then, Alat loan in Nigeria is right here for you.

In this article, I will discuss about this following issues:

  • Discuss what Alat loan by Wema bank is all about
  • Benefit of having an Alat loan account
  • How to apply for an Alat loan in Nigeria
  • Alat loan interest rate and repayment schedule
  • Alat loan customer support system.

Alat Loan by Wema Bank, Who Are They!

Alat by Wema bank is Nigeria’s first fully functional digital bank in Nigeria that allows you to apply for an online loan worth up to N200,000 through its app without directly going to the bank, which can be very very stressful at times. All your loan application and transaction are being done through the app at the comfort of your home, office or work for as long as you have an Android or iOS device with access to the internet (internet connectivity).

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Wema bank is the oldest indigenous commercial bank in Nigeria and the brand behind Alat loan. They’ve for over 70 years and still counting, continuously been in the banking sector.

Alat is built from scratch to be entirely digital, making all banking services available to you anywhere you can access the internet. Alat is here and promise to be the change we’ve all been waiting patiently for. Digital banking is the future and we are ready for it now.

Digital banking could be easily confused with terms such as internet banking. For the most part, these two words are synonyms in meaning but, we define internet banking a bit more narrowly: internet banking primarily based on remote deposit, money transfer, Airtime recharge, bill payment etc. Internet banking are also known as online banking, e-banking, virtual bank. So, internet banking focuses on digitizing the core aspects of banking. While as, digital banking encompasses digitizing every program and activity undertaken by financial institutions and their users.

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Speaking on the emergency of Alat loans, head of commercials, Alat, Bimbo Agbejule explained the importance of the feature for daily living. She said, “it’s almost impossible for one to go through life or business without the requirement of a loan, whether long or for short term. This insight has given birth to Alat loans which we have tweaked to fit the average Nigerians, considering his daily needs ranging from payment of house rent or tuition fees to raising capital for a new brick and mortar store and daily emergencies”.

Previously been honoured at the prestigious world finance digital banking awards in 2017 as the best digital bank and the best mobile banking app. Alat by Wema bank is properly positioned as a bank aware of the fast paced world of its customers and is continually devising means to solve everyday problems with technology.

Benefits Of Having An Alat Loan Account In Nigeria

  1. It saves time and stress with a simple account opening process that takes less than 5 minutes
  2. It helps you put money away easily by automating your savings
  3. Payment of bills are made easy and are being paid on time with Alat schedule payment features
  4. Alat by Wema bank delivers a free debit card you can activate, lock and unlock from your phone to you anywhere in Nigeria

How To Apply For An Alat Loan In Nigeria

Applying for an Alat loan in Nigeria isn’t as cumbersome as you may think. Follow this step by step guide:

  • Click here to take you to the Google play store or here to take you to Apple store for iOS users
  • Download and install the Alat loan app
  • Sign up (if you are a new user) or login if you have an existing Alat account.
  • Navigate to the menu items and click on “loan”
  • Feel free to read through the disclaimer page on the Alat loan app
  • Upon successful credit evaluation and checks, A loan offer is presented with duration and applicable interest rate based on its users current risk score
  • Read through and accept it’s terms and conditions which will contain consent to having your account debited for repayment at your loans due date
  • Provide your BVN and debit card details to be debited.
  • Once being accepted, Alat by Wema bank will send the amount you requested within 5 – 10 minutes directly to your bank account.

What Is A Risk Score?

Risk  score is also known as a risk assessment score. It is a numeric expression based on a level analysis of a borrowers information, to represent the credit-worthiness of the borrower.

Then, based on your risk score, there’s an interest rate being attached to your loan request. However, as a borrower on Alat, you have the right to decide whether or not to borrow if the interest rate didn’t suit your taste.

Why should i fill in my BVN number when applying for a loan on Alat

Your BVN number is required to perform a very check on you such as verifying if the individual using the Alat loan is the same as the owner of the provided bank account. It is also a standard CBN process for KYC. Your BVN are safe and can never be used without your authorization,in the event a 3rd party has access to your account details.


Your BVN does not provide access to your account. If in doubt, please feel free to contact your bank for more confirmation before you apply for a loan.

Alat Loan Interest Rate

The interest rate on Alat loan is determined by their lending partners and is stated clearly when you are offered the loan.

According to Alat loan terms and conditions, it says,”The interest rate to be charged for this service shall be 20% per annum. The interest rate may be increased or decreased from time to time. Such change in the interest rate will take effect following a minimum of 10 business days written notice to you by email. The above interest rate shall remain applicable in the event of you liquidating the loan before expiration. The above rate does not preclude Alat by Wema bank from charging default fees and in the event of any dispute arising from these terms and conditions – cost of litigation/solicitors fees”.

Now, to pay back your Alat loan

On your loans due date, Alat by Wema will automatically deducts your money from the bank account you provided when applying for the loan. But before that, a repayment notification will be sent to you as a reminder.


If you ever feel like paying back your loan before the loans due date, you are free to do so. Click on the “Bills payment” option on the menu.

Alat Loan Customer Support System

If you have issues or complaints, worry not because there’s always an Alat assistant eager to help you out.
Send them a mail at or you can contact them by dialing +23470022552528.


Applying for a loan at Alat by Wema bank in Nigeria through its app is quite easy and simple. But if you have any issues you can contact them through their customer support team or if you feel like seeking for my knowledge on Alat, please feel free to let your opinion known through the comment section below.

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