WEMA Bank has introduced a salary-based loan to its teeming customers.
The quick loan can be easily accessed through its digital banking platform, ALAT or web page.
A statement by the bank’s Brand & Marketing Communications Manager, Mrs Funmilayo Falola, explained that the quick loan can be accessed by salary earners whose salary accounts are domiciled with the bank or in other banks.
“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.
“Riding on its reputation of offering seamless financial services, ALAT customers will 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.
“Salary earners will be able to receive a minimum of N50,000 and up to N4,000,000 within hours and will have between three to 24 months to pay back with only two per cent interest rate per month on a reducing balance basis.” The statement explained.
According to the bank, the salary-based loan is an initiative of the bank to avail salary earners emergency funds to meet needs that otherwise cannot wait for the next payday or that require additional funding.
Mrs Falola stated that the profiled salary-earners that can benefit from the loan range from those in oil and gas, financial industry, fintech, Insurance and FMCG sub-sectors.
The process of getting the salary-based loan is entirely online – on the ALAT app or web page – and begins with downloading the app from android or IOS apps store for new customers and a simple login with a click on the ‘Loan’ icon for ALAT registered customers on the ALAT app or web page, the bank said.
To ensure that customers have a hitch-free registration process, WEMA Bank disclosed that ALAT app has been updated to include a video run-through of the process of registration at the sign-up page. It added that customers can also get a simple explainer of each step of the registration process by clicking on the ‘i’ icon on each page on the app.
Meanwhile, the bank also disclosed that ALAT has introduced a zero balance for customers to have financial confidence and freedom. “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.” The bank said.
WEMA Bank is Known for its trailblazing solutions in fintech and providing financial services that support the lifestyle of its customers. It has a network of over 145 branches and service centres across Nigeria which are backed by a robust Information and Communication Technology (ICT) platform.