As a youth corper, you don’t have to rely on your monthly allowance if you need quick cash for an investment or to fix personal issues. This is where the NYSC (National Youth Service Corps) loan by ALAT comes in. In this user review, you’ll find out if this type of loan is okay for you or not.
ALAT is a digital bank owned by Wema Bank Plc. It is legit, fully licensed by the CBN (Central Bank of Nigeria) and deposits are insured by the NDIC (Nigeria Deposit Insurance Corporation). The address is Wema Towers 54, Marina Lagos Island, Lagos. The website is alat.ng.
Is ALAT NYSC Loan Legit?
ALAT is legit, and licensed by the CBN. It is a very good app for borrowing by youth corpers. There’s something about this loan that isn’t great, and that is the amount you can borrow. Let’s get in.
ALAT charges a monthly interest rate of 2.08% or 19% per annum for this loan. It’s low because it’s an app offered by a commercial bank, Wema.
This loan isn’t predatory but it does not offer a lot of money, which is its biggest disadvantage.
The minimum amount you can borrow is 20,000 naira while the maximum is 100,000 naira. This loan targets “entrepreneurial spirit in youth corpers” but the recent increase in the prices of products in Nigeria makes 100k a bad fit.
ALAT service corp member loan charges 1% management fee. You have a maximum loan tenor of 10 months, unlike other traditional loans from this lender that can stretch up to a year.
If you can’t meet up with paying back your loan, you can contact ALAT to discuss an extension of the deadline to help you clear your debt. It will come on their own terms, and ALAT may modify your interest rate.
ALAT considers your credit history before disbursing this loan. If you have not repaid your old loans with other digital lenders and banks, you’ll likely not qualify for this offer.
One thing to like about this loan is that you don’t need a Wema bank account for it. You just have to sign up on ALAT and provide your NYSC bank account details.
How Does ALAT NYSC Loan Work?
ALAT gives NYSC loan of at least 20,000 naira and up to 100,000 naira. You repay with 2.08% every month.
Let’s say you’re borrowing 100,000 naira for 10 months, your estimated monthly repayment will be 11,179.30 per month. Remember, you have 10 months as the duration of this loan. It’s a lot better than borrowing from a loan shark as a youth corper.
How to Get ALAT NYSC Loan
If you already have the ALAT app, then you’ll skip the sign up steps and log into your account. For new corp members, continue with the sign up process below.
- Go to Google Play Store or Apple App Store and install the ALAT app. If the ALAT app is difficult to open a new account, use the web app online.alat.ng
- ALAT will require your BVN, photo of your face, and photo of Valid ID (NIN slip, international passport, national ID, voters card, or driver’s license)
- Agree to the terms and conditions, and click Proceed
- Enter your country of residence, phone number, and email address
- Enter your BVN
- Take a selfie photo of your face
- Click Verify Identity
Welcome to ALAT. You’ll need other information for your KYC (know your customer), which will include your proof of address like your light bill. If you just want the bank to handle the sign up process, then visit any Wema Bank branch. But everything can be done online, and you’re ready to borrow your working capital.
If you have created an account, you are ready to apply for a ALAT NYSC loan.
- Sign into your account via ALAT app
- While on your account dashboard, look down your screen and click the Loans tab
- The tab it’ll take you to is the Manage Loan. Now, click the tab that says Take Loan
- Click NYSC Loans
- You’ll arrive in the Loan Calculator, where you’ll enter the amount you want to borrow.
- Click Proceed
- Submit your NYSC information, including your account details, phone number, and the ALAT PIN you used while signing up
- Click Proceed again, and complete the remaining information. Your loan application should now be under review
You’ll be required to submit a photo of your NYSC ID card, call-up letter, and posting letter.
Pros and Cons
Pros
- No hidden charges like loan sharks
- Available on Google Play Store and Apple App Store
- Fully licensed by the CBN
- 2.08% monthly interest rate
- Owned by a commercial bank, Wema
Cons
- Repayment tenure is only 10 months
- Only available to NYSC members
- Requires good credit history
- Can only lend a maximum of 100,000 naira
Is Your Personal and Bank Information Safe with ALAT?
ALAT has not had any major customer data abuse reports, and you can trust this digital banking app with your personal and bank information. It is owned by Wema, a CBN-licensed commercial bank. However, the Premium Times reported in 2022 that Wema Bank was being investigated by the NDPB (Nigeria Data Protection Bureau) for opening accounts for customers without their permission.
Personal information collected includes your name, age, email address, phone number, personal description, marital status, state, photograph, NIN, NYSC ID card, call-up letter, posting letter, and home address (such as utility bill). Bank information collected by ALAT includes your BVN (bank verification number).
When you install the ALAT app, information collected from your device, with your permission, includes your installed apps, device ID, device type, IMEI, GPS information, device operating system, IP address, personal contact numbers, call logs, and SMS logs.
ALAT is a legit lender because of its current CBN license. However, this loan offer is not good enough. As such, it gets a 4 out of 5 rating. The loan tenure should be increased and the loan limit should be more than 100k. Otherwise, it’s a good loan for corp members.
Read Also: Apply for ALAT Device Loan
