In this post, we’ll provide an all-encompassing rundown of a payday loan in Nigeria, how to get one from ALAT, and a detailed explanation of why payday loans are the ultimate lifesavers!
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 is usually high and is meant to be short-term, so it should be paid off as soon as possible.
There are so many legitimate reasons you could consider getting a payday loan or a quick online loan in Nigeria. It could range from an unexpected medical emergency, car breaking down, or even school fee 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.
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.
Payday loan is open to both new and existing customers but to be a beneficiary of ALAT payday loan, there are some requirement;
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%.
So, how do you get a payday loan from ALAT?
It’s that simple! To ensure that customers have a hitch-free registration process, the 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 of 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 them 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.
ALAT is Nigeria’s first fully digital bank. As 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.