Alat by Wema offers loans as low as 2% a month to customers

With the recent FCCPC crackdown and the 2025 DEON Consumer Lending Regulations taking a hard stance against predatory lenders, Nigerians are actively hunting for safer alternatives.

Enter ALAT by Wema, Nigeria’s first fully digital bank. While illegal loan apps are busy threatening your contacts and charging up to 80% interest per month, ALAT is changing the game by offering personal loans with interest rates as low as 2% per month.

But like any real bank loan, there is a catch: you cannot just download the app today and expect an instant alert. Here is the exact breakdown of how ALAT loans work, the rules they don't explicitly tell you, and how to qualify.

The Catch: The ₦100,000 Savings Rule

Unlike "ghost apps" that scrape your phone contacts and hand you high-interest cash immediately, ALAT operates on a traditional banking structure. To weed out chronic defaulters and verify your financial capability, they use a savings threshold.

The Golden Rule: You must actively save up to ₦100,000 within the ALAT ecosystem before the algorithm unlocks the low-interest loan feature for your account.

This isn't a fee you pay to the bank; it is your own money. By using their Goals or Stash savings features to hit this milestone, you prove to Wema Bank’s automated credit scoring system that you have a steady cash flow.

How It Works: Step-by-Step

1.Download & Upgrade to Tier 3:10 mins.Download the ALAT app and complete your profile. Because Wema Bank is CBN-regulated, you must provide your BVN, NIN, and a valid ID to reach Tier 3 status. Unverified accounts cannot access loans.

2.Build Your Savings History:Minimum 30-90 Days.Deposit funds and utilize the "Goals" feature. You need to save up to ₦100,000. The longer that money sits and grows, the higher your internal credit score becomes.

3.Apply via the 'Loans' Tab:Instant Evaluation.Once your account history is mature, navigate to the "Offers" or "Loans" tab on the dashboard. The app will display your personalized loan limit based on your savings and transaction volume.

4.Accept and Receive Funds:Under 5 minutes.Choose your repayment tenure (ranging from 1 to 12 months). The money is disbursed directly into your ALAT bank account instantly.