ALAT, a fully digital bank provided by Wema Bank says it is supporting salary earners with instant loans.
The bank said it used solutions in fintech in providing financial services that support the lifestyle of its customers.
ALAT salary-based loan is a low-interest loan available to the bank’s existing as well as new salary earning customers who may or may not have their salary account domiciled with Wema Bank, it stated.
While riding on its reputation of offering seamless financial services, ALAT customers would be able to access the salary-based loan without any form of paperwork, from the comfort of their ALAT app or the ALAT web page without any collateral, the bank said.
It stated that salary earners would be able to receive a minimum of N50,000 and up to N4,000,000 within hours and would have between three to 24 months to pay back with only two per cent interest rate per month on a reducing balance basis.
The bank’s Brand and Marketing Communications Manager, Mrs Funmilayo Falola, said the salary-based loan was an initiative of the bank to avail salary earners emergency funds to meet needs that otherwise could not wait for the next payday or that required additional funding.