Payday Loan
Get Quick Payday Loan On ALAT
What is a Payday Loan
Payday loan is also known as salary advance and simply put, it’s a short term loan that constitutes a part of your salary given to you 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”.
In case you ever wondered why monthly salary earners would still need to take out payday loans, it is needed to quickly sort out small and time bound financial issues and bills.
Salary earners will be able to receive a maximum up to 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%.
ALAT low interest loans has made it easier for salary earners to pay up all their bills and access quick loans up to N200,000 with a fast approval process and to be eligible for this loan, a salary earner who is a customer must have their salary account domiciled with wema bank or ALAT By WEMA.
What are the requirements of a Payday loan?
Before now, getting a payday loan or salary advance required lots of paperwork hence one of the reason ALAT – First truly digital bank was launched to access to payday loans easy for Nigerians. Payday loan is open to both new and existing customers but to be a beneficiary of ALAT payday loan, you must fulfil the following requirements or criteria;
- You must have an ALAT account
- You must have a paying job
- You must be using your ALAT account to receive salary.
How to get a Payday loan on ALAT?
- Log in to the app/ sign up
- Go to Loans
- Click “take a loan”
- Select Payday loan
- If eligible, the eligible amount will be displayed (eligible amount is u to 80% of the customer’s total individual goal savings)
- Enter loan amount, select account to credit and enter transaction PIN
- Accept terms and conditions
- Account will be credited immediately