How to Apply and Get a Loan from ALAT by Wema

Forget those loan sharks with false interest rates, flashy ads promising long repayment tenure, and ‘instant’ loan disbursement. Many of them do give really quick instant loans but the majority of the time, this experience is ‘dining with the devil’. A reputable lender like ALAT by Wema is where you want to get a loan. Your lending experience here will be a mix of traditional borrowing, with quick disbursement, and zero chance of harassment if you default. That doesn’t mean you fail to pay back.

ALAT is a digital bank owned by Wema Bank Plc. This is a legit lender for your quick loans fully licensed by the CBN (Central Bank of Nigeria) and deposits are insured by the NDIC (Nigeria Deposit Insurance Corporation). ALAT is not listed in the FCCPC (Federal Competition and Consumer Protection Commission) list as it’s not solely a digital lending app. The address is Wema Towers 54, Marina Lagos Island, Lagos. The website is

Is ALAT by Wema Legit for Borrowing?

Yes, ALAT is legit, and licensed by the CBN. It is a very good app for borrowing but also has its own flaws, which we will talk about. The biggest advantage is that ALAT is not a loan shark.

ALAT charges a monthly interest rate of 2%, and it is one of the best instant loan apps because it’s primarily offered by a commercial bank. ALAT’s interest rate and repayment tenure is far better than that of many loan sharks such as Lifeline, Plenty Cash, and Steady Kash. Now, this loan app isn’t as predatory as others but not also perfect.

Unlike Union Bank Quick Loan that slashes your interest rate by 20% and extends your next loan tenure by 3 months after you pay back your first loan, ALAT doesn’t currently offer this feature.

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.

If you have the money to pay back, but it’s not yet time to repay, you can contact ALAT to help you repay the money. A lot of us find ourselves in this situation, so instead of spending the money, it’s better you pay it back early.

ALAT considers your credit history before disbursing a quick loan. If you have not repaid your old loans with other digital lenders and banks, you’ll either not be given a loan or will qualify for a very low amount that attracts a higher interest rate. We’ll talk about the loan amount ALAT gives later.

The major problem with ALAT quick loans is that you need to have a history with Wema bank to qualify for a tangible amount of money. This means that after you open an account as a new customer, you have to carry out transactions by depositing money directly, using an ATM, USSD, ALAT app, etc. Otherwise, ALAT is a very good app for quick loans.

How Does ALAT Quick Loan Work?

ALAT gives personal loans from 5,000 to 4 million naira. If you are unemployed, you will usually qualify for a 2 million naira quick loan. However, salaried loan applicants obtain up to 4 million naira.

If you newly install the ALAT app with the hopes of collecting an instant loan of up to 4 million naira with a long loan term, that might not happen. Your credit history needs to be very good to obtain a higher amount. You must also have a long-standing relationship with this bank. New users won’t have this advantage, you’ll just qualify for far less than this maximum.

ALAT promises up to 24 months of loan tenure. The good thing is that currently, a short or long tenure does not affect the monthly interest rate you have to pay per month. It remains fixed at 2% per month. So, if you take out a loan of 1 million naira for 6 months, you will pay back 103,333 naira per month. Your total will be 1,240,000 naira at the end of the tenure.

If you take out 1 million naira for 24 months, your repayment will be 61,667 naira, which is still 2% a month. However, your total will be 1,480,000 at the end of the 2 years.

The amount of money you can borrow is determined by the system but you can also visit any ALAT branch and ask for a score to know how much money you can borrow.

How to Get Loan from ALAT

If you already have the ALAT app, then you’ll skip the sign up steps below and log into your account. For new people, continue with the sign up process below.

  1. Go to Google Play Store or Apple App Store and install the ALAT app. You need this app to apply for a loan. However, the ALAT app sometimes makes it difficult to open a new account. So, the solution is to create ALAT with their web app via
  2. 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)
  3. So, when you’re on, agree to the terms and conditions, and click Proceed
  4. Enter your country of residence, phone number, and email address
  5. Enter your BVN
  6. Take a selfie photo of your face
  7. Click Verify Identity

And welcome to ALAT. That’s more like it. 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 enter any Wema nearest to you. But everything can be done online with ease, and then you’re ready to apply for a loan.

When you have created your account, you are ready to apply for a quick ALAT loan. Do the following:

  1. Sign into your account via ALAT app
  2. While on your account dashboard, look down your screen and click the Loans tab
  3. The first tab you’ll arrive at is the Manage Loan. Now, click the tab that says Take Loan
  4. Click Quick Loans. It’s the best one for anyone, especially if you’re unemployed

If you have followed this tutorial correctly, you should see something similar to this:

How to get loan from ALAT

Here’s a trick. During the signup process, avoid any option that says you earn any salary. Else, you’ll not qualify for the non-salary earners quick loan.

If your loan application is approved, the money will be credited to your bank account. As for the eligibility, you have to be 18 years old and a Nigerian.

Pros and Cons

The ALAT quick loan application process comes with its own unique advantages and disadvantages.


  • No hidden charges like loan sharks.
  • ALAT gives a quick loan for both employed and unemployed
  • Available on Google Play Store and Apple App Store
  • Fully licensed by the CBN
  • 2% monthly interest rate
  • Repayment tenure up to 24 months


  • You have to open an ALAT account, and complete your KYC, which means the process won’t be instant
  • It’s not primarily an instant loan app
  • Requires good credit history
  • You have to make deposits with either your ALAT app, USSD, ATM, etc., which means new users are less likely to obtain a loan immediately

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, 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.

It’s up to you to make this decision. ALAT app may not be a perfect quick loan app in Nigeria but one thing they do is actually give quick loans with low monthly interest rates.

ALAT is a legit lender because of its current CBN license. If you can’t afford to repay a loan, don’t bother borrowing money from ALAT because Wema Bank will reduce your credit rating when you default.

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