ALAT is a fully functional digital bank. With ALAT, you can do all your banking transactions without being physically present at a bank. Being a fully functional digital bank, ALAT offers its customers to apply for a loan without paperwork, no visitation to any physical location and response time between acceptance of offer and loan disbursement is in minutes. You can borrow as much as N200,000 (Two hundred thousand Naira) without any collateral.
As far as I know, I’ve shared with us different platforms to get loans from just to help those who are really in need of getting quick loans really acquire it within a matter of time. There are so many platforms that are ready to offer you collateral-free loans within some minutes with no paperwork needed, ALAT is on that list.
How does ALAT loan work?
- Login to ALAT or sign-up if you have not. Download ALAT from Google Play or the Apple App Store (Use UZMPJF your referral code while signing up to get free N200 credited into your ALAT account instantly)
- From the menu items, click on ‘’Loans’’.
- Read through and understand ALAT disclaimer.
- Upon successful credit evaluation and checks, a loan offer is presented with duration and applicable interest based on users current risk score.
- Read through and accept the Terms & Conditions which will contain consent to having your account debited for repayment at loan due date and provide your debit card details to be debited.
- Your account will be immediately credited.
It’s that easy, however, there is still some vital information(s) that you need to know of before trying to get the instant loan online from ALAT. So I’m going to run you through some frequently asked questions to make things easier for you to understand.
Can I request a loan with an ALAT Lite account?
An ALAT Lite account is an account that lacks some vital information such as your government-issued identity card (international passport, driver’s license, national ID card or voter card) and a photo of a utility bill (not older than three months) with an address matching the contact address on your ALAT profile. So, you need to upload a photo of your government-issued identity card (international passport, driver’s license, national ID card or voter card) and a photo of a utility bill (not older than three months) with an address matching the contact address on your ALAT profile before you can request for an ALAT loan.
How much interest will I pay on a loan?
The interest rate on a loan is determined by ALAT’s lending partners and is stated clearly when you are offered the loan.
Can I use any bank card to pay off my loan?
Yes, you can use any Nigerian bank card for repayment.
Can I pay off my loan before the repayment date?
Absolutely. You can pay off your loan on the ALAT app on or before the repayment date.
What will happen if I do not pay off my loan on time?
If you do not pay off your loan on the due date, you will be charged a late fee and ALAT’s lending partners may initiate a process to recover the loan. If you skip repayment entirely, you may be blacklisted and it could be very hard for you to get a loan in the future.
ALAT is ready to give you credit loan(s) of up to NGN 4,000,000 but you need to meet up with their requirement of saving up to NGN 100,000 in your ALAT account first before trying to apply for a credit loan. Unlike KwikCash, Branch, Palmcredit, Quickteller and a host of others, getting credit loans with ALAT is quite different and I would advise you ensure paying back before collecting credit loan(s) from them to avoid trouble.