In this post, we’ll provide an all-encompassing rundown of payday loans in Nigeria, how to get one from ALAT and a detailed explanation of why payday loans are the ultimate lifesavers!
- What’s a Payday loan?
- Why payday loans?
- What is ALAT Payday Loan?
- What are the requirements of ALAT Payday loan?
- What’s ALAT Payday loan duration, Interest rate and Repayment/recovery?
- How to apply for ALAT Payday loan step by step
- About ALAT
Table of Contents
What’s a Payday loan?
Simply put, a payday loan is a short term loan that constitutes a part of your salary given to you by your bank while you wait for your actual payday, and then pay back when your salary arrives. A payday loan is also sometimes referred to as a “cash advance”, and the interest rates vary from country to country.
Although the term is meant to be reserved for salary earners, it is often available to both salary and non-salary earners. However, you must be employed, have a stable income and have no history of defaults. The interest rate of payday loans are usually high and are meant to be short-term, so it should be paid off as soon as possible.
Why payday loans?
There are so many legitimate reasons you could consider getting a payday loan or quick online loan in Nigeria. It could range from an unexpected medical emergency, car breaking down or even school fees payments. Whatever the case may be, you can receive quick and instant loans from ALAT by Wema without collateral. Instead of applying for a long-term personal loan with numerous requirements, a fast online loan through ALAT is a more convenient solution.
What is ALAT Payday Loan?
Before now, getting a payday loan required lots of paperwork. But with the advent of technology and the rise of digital bank like ALAT, getting a payday loan has never been easier.
Generally, payday loans are characterised by high-interest rates. But with ALAT by Wema, you can get access to salary-based loans at some of the lowest rates.
With everything else on ALAT, you can now apply for an Instant loan without paperwork, no visitation to any physical location, and response time between acceptance of offer and loan disbursement is in minutes. You can now borrow as much as N2,000,000 (Two million naira) without collateral.
What are the requirements of ALAT Payday loan
Payday loan is open to both new and existing customers but to be a beneficiary of ALAT payday loan, there are some requirement;
- You must have an ALAT account
- You must have a paying job
- You must be using your ALAT account to receive salary.
What’s ALAT Payday loan duration, Interest rate and Repayment/recovery
Salary earners will be able to receive a maximum upto their monthly salary and the duration for repayment is one month (i.e before the next salary payment day). The interest rate of payday loan is 2%.
How to apply for ALAT Payday loan step by step
So, how do you get a payday loan from ALAT?
- Download the ALAT app on play store or iOS store
- Undergo the quick credit check that will be conducted when you make a loan request to see if you qualify
- Get your loan in minutes!
It’s that simple! To ensure that customers have a hitch-free registration process, ALAT app has been updated to include a video run-through of the process of registration at the sign-up page. Customers can also get a simple explainer of each step of the registration process by clicking on the ‘i’ icon on each page on the app.
Also, for customers to have financial confidence and freedom, ALAT has introduced a zero balance. This means that customers can withdraw their money to the last kobo and there will be no charges should any customer maintain a zero balance on their account.
While payday loans are great quick fixes for emergencies, it is not advisable to make it a habit. They should not be a go-to solution for ongoing debts or recurring bills. If you have a financial need, be sure to get all the facts before you consider borrowing against your next paycheck! Also remember to read the terms and conditions of every loan carefully before committing to a loan.
About ALAT
ALAT is Nigeria’s first fully digital bank. The Best Digital Bank in Nigeria as awarded by world finance magazine and also Nigeria’s first fully functional digital bank, ALAT can help you do all your banking transactions without being physically present at a bank. With ALAT, you can open an account online and manage your money without ever going to a branch. This award-winning app also gives you access to exclusive group and personal savings, a free debit card, lifestyle benefits, and up to 4% annual interest.
