Description

ALAT

ALAT is a digital bank that can be run by an internet connected device. The bank provides loans, savings and cash transactions and is a product by WEMA bank.

Pros

• You can apply for quick loans up to ₦200,000.
• Fast loan approval process.
• No bank branch, no collateral and no paperwork.

Cons

• A physical bank account is required before operating their account.
• You need a standard savings ALAT account.

Requirements for loan

• You can only request for a loan when you have a standard savings ALAT account.
• Your account needs to be upgraded before you can be eligible to make a request.
• You need to make both frequent credit and debit transactions with the account before the loan can be guaranteed.

Requirement for account opening:

• Mobile Phone (iOS / Android devices) or Laptop.
• Your bank verification number (BVN)
• A picture of your face and signature (signed on a white piece of paper)
• Functional email address and reachable line.
• Government approved ID card (standard account) e.g. international passport, driver’s license, national ID card or voter’s card.