Loan Terms



Please read these Terms and Conditions carefully before using this service with your mobile device or any other means because by using this service you agree to be bound by the terms and conditions stated herein.

If you do not agree with this Terms and Conditions, please do not apply for this Service. Please note these terms are different from the terms and conditions applicable to the existing ALAT relationship between the Bank and your Goodself.


This Service is available to existing ALAT Customers of the Bank who have a running goal account with the Bank (either fixed or flexible).


In this agreement, the terms “You”, “Your”, “Customer” and “Borrower” shall mean the person who has applied for a credit facility and has agreed to the terms of this Agreement while “We”, “Us” “Our” and “Lender” shall mean Wema Bank/ALAT.

  • Account – means the Borrower’s existing goal account which at the time of applying for this facility has up to 125% of the applied loan amount.
  • Disbursement Date – means the date the Lender actually advanced the loan to the Borrower.
  • Payment Due Date – means loan repayment date subject to the total tenure of active ALAT goals
  • Loan – Minimum goal account balance to qualify for Line of Credit shall be N100,000, and maximum loan shall be 80% of the goal account balance.
  • Default – means any failure to meet your financial obligation due to us as at when due as we have independently determined and communicated to you as a result of this service.
  • Requirements – means that you have an existing ALAT Goal Account with the Bank either fixed or flexible and the applied loan amount must not be more than 80% of your total running goal deposit.
  • Service – means the ALAT Lending Service for existing Goal Account Customers provided by us and comprises of the following services
  • Request a Loan
  • Receive a Loan
  • Pay a Loan
  • Use – means your accessing or using this service whether by your mobile device or by any other means made available by the service.
  • The Interest rate to be charged for this service shall be 20% per annum.
  • The interest rate may be increased or decreased from time to time by us. Such change in the interest rate will take effect following a minimum of ten (10) Business days written notice to you by email.
  • The above interest rate shall remain applicable in the event of you liquidating the loan before expiration.
  • The above rate does not preclude us from charging default fees and in the event of any dispute arising from these Terms and Conditions – cost of Litigation/Solicitors fees.
  • To ensure that you have an existing goal account with the Bank that covers up to 125% of the applied loan amount.
  • To pay the loan sum including interest rate and other fees due to us. You promise to pay these rates/fees as agreed in this Agreement.
  • To use this service for your personal purpose only.
  • We reserve the right to presume that you have authorized any loan application made in your name using your account. You will be deemed responsible for any unauthorized application using your account unless you notify us, in writing of an imminent fraud by another person on your account within twenty-four (24) hours of such fraud.
  • We reserve the right to accept repayment provided you have given us adequate notice and repay fully the loan amount along with the accrued interest rate.
  • To fund account adequately to meet loan repayment obligation as at when due.
  • Authorize us to set off the outstanding loan from your ALAT Goal Account
  • That I will/might lose accrued interest on goal when goal is liquidated /part liquidated to repay the loan depending on the applicable rule on type of goal (Either Flexible or Fixed),
  • To honour all promises that I make in this Agreement.
  • To pay all interest/fees as provided in this terms and conditions.
  • To promptly notify you if i change my name, mailing address, my email address or my telephone number.
  • To make the credit facility available to you subject to you having an existing ALAT Goal Account that covers 125% of the applied loan amount.
  • To place a lien on your Goal account to the tune of 125% of loan amount availed or outstanding loan balance.
  • To demand repayment from you as and when due.
  • To use all reasonable and legitimate means to collect the amount extended to you including all other fees which include but not limited to setting off the outstanding sum from the amount in your Goal Account.

Default in terms of this Agreement will occur if:

  • You fail to make any scheduled repayment in full on or before the payment due date in accordance with the repayment plan given to you by us;
  • Any representation/information, warranty or assurance made or given by you in connection with the application for this loan or any information or documentation supplied by you is later discovered to be materially incorrect; or
  • You do anything which may prejudice our right in terms of this Agreement or causes us to suffer any loss or damage.
  • In the event of any default by you, we reserve the right to set off the outstanding loan obligation and other fees/rates from the amount in your Goal Account with the Bank.
  • In addition to termination by default, we may terminate this agreement at any time and for any reason subject to the requirements of applicable law.
  • Termination may occur when interest accrued on loan and principal is about to exceed 125% of total goal amount. Where this happens, the goal account will be liquidated to set off the loan.
  • Where Termination arises as a result of default, you will not be able to apply for this service again.
  • We are exempted from any form of liability whatsoever for complying with any or all instruction(s) given by means of your credentials and accordingly, we shall not be responsible for any fraudulent, duplicate or erroneous instructions.
  • We are exempted from any liability for loss that may arise as a result of acts of hackers and other unauthorized access to your Account via this Service.
  • You agree to indemnify us for any failure to perform, or delay in performance of, any of our obligations under this Agreement that is caused by any act or event beyond our reasonable control or caused by you not fulfilling your obligations.

You expressly agree that your use of this service is at your sole risk. Neither the Lender nor any of its affiliates, or their respective directors, officers, employees, agents, contractors, affiliates, licensors warrants that this Service will shall be 100% perfect at all times. This service is provided on an “as is,” “as available” basis, without warranties of any kind, either express or implied, including, without limitation, those of merchantability and fitness for purpose.


Under no circumstances shall we, our subsidiary and parent companies, or affiliates, or their respective directors, officers, employees, agents, contractors, or licensors, be liable for any direct or incidental, special or consequential damages under or arising from this agreement, whether for breach of contract, tortuous behaviour, negligence, or under any other cause of action, including without limitation, any liability for damages caused or allegedly caused by any failure of performance, error, omission, interruption, electrical surge/damage/interference, deletion, defect, delay in operation or transmission, computer virus, communications line failure, breakdown of equipment, software error, infringement, unauthorized access to, or theft, destruction, alteration, or use of, records.


This Agreement represents the entire understanding between us and your goodself with respect to the provision of this service.

Any amendment to this Agreement shall be made by us from time to time and communicated to you in writing.

You agree and undertake that for the period of this Agreement, you will continue to maintain your ALAT account.

This Agreement shall be governed and construed in accordance with the laws of the Federal Republic of Nigeria and, in the event of a dispute, same shall be subject to Arbitration in accordance with the provisions of the Arbitration and Conciliation Act, Cap A18 Laws of the Federation of Nigeria 2004. The Arbitration shall be held in English Language. The Arbitration shall be held in Lagos and the arbitral award shall be final.

We reserve the right to transfer or assign our rights and obligations under this Agreement (including its obligation to lend money to the Borrower or the amount owed under this Agreement) to another person. The Lender will only inform the Borrower if such a transfer causes the arrangements for the administration of this Agreement to change.

The Borrower authorizes and consents to all lawful access, use or disclosure of the Borrower’s particulars, data and information in the application by the Lender which may include but shall not be limited to purposes necessary to promote or sustain the business of the Lender; and the Borrower waives any claims the Borrower may have against the Lender arising from any such access, use or disclosure.