Most people who need financial help either to sort out some issues regarding towards paying school fees, handling some bills, rent, upkeep and others maybe while expecting the regular salary.
It is very crucial that you go to financial institutions to get loan instead of going to regular individuals to receive insult and they might end up not helping you.
That situation that people call ‘see finish’ it can be very annoying so the best option might be to go to bank which could be Wema bank. This is because Wema bank owns a registered loan facility known as ALAT Loans.
you might want to put this into consideration next time you’re looking for a loan agency as Wema bank is trustworthy and verified.
Loans are very necessary they could be very helpful especially when you don’t have cash you might be stuck but the loan would help in payment of the things you need at that particular time.
Though getting a loan may get complicated later due to the agency you got it from or due to the terms and conditions.
So before you apply for a bank loan you have to understand the processes, requirements for those credit levels.
If you lack the required information before your application your request my get denied so there are things to put in mind before making an application for a loan.
Factors for application of personal loan
Here are some factors you need to put into consideration before you can qualify for a personal loan:
You should make sure you calculate your credit score because this is a very important factor that will enable you qualify for a loan.
- You should also get a copy of your credit report.
- Your bills should be duly paid.
- You must have no outstanding debt.
- You must have proof of stable income.
- Your application must be confirmed with a creditworthy cosigner.
- And finally choose the right loan service.
This is the part where we recommend using ALAT Loans.
There are several agencies and platforms that offer loan services why some are trusted some are not and if you mistakenly fall into the hands of fraudsters or loan sharks who would sap every of your resources that would be very bad.
Here are what you know before taking a loan:
You need to have a credit before you take a bank loan this means that you must have taken loans or have history of borrowing and proper repayment of loans before you could get one.
The question now is how do you get loan without having credit?
this means you have to start from the scratch by borrowing letter money but it will come with higher interest rate.
You have to make a decision on the loan amount. You have to take on loans that you can easily repay and this is to avoid the drop on your credit score.
Before you decide on a particular amount of loan you should go for make sure you calculate your expected income for some period of time.
Determine the bank loan to use
There are different types of loans depending on what you want to use the money to do. so the most common type of loans are:
Auto loans for purchase of vehicles.
Mortgage loans – this is for purchasing homes.
Personal loans – this is the kind of loans that could be easily used for any purpose.
this is a very crucial loan type that is needed in improving the nature of your business or for expansion.
It is a loan that is needed for educational purposes.
This is a loan that provides quick cash in case of emergency.
Wema Bank is the financial institution in Nigeria that is notable for its mind-blowing solutions in financial technology and also serving financial services that improve the lives of its customers. Wema bank is in charge of Alat instant loans.
ALAT Instant Loans
With Alat you could easily apply for loans without any visitation to your physical location, submission of paper works and there is high acceptance operate which is being processed in just few minutes. You could get as much as 200,000 naira without having any collateral.
How to get Alat Loans
- Go to alat.ng that’s if you’ve not.
- Click the login button
- From the menu select loans.
- After successful credit score evaluation from the company you’ll get to see your interest rate on your loan.
- Read through the terms and conditions which has the loan due date and an option to provide debit card to be debited.
- Your account would get credited in few minutes.
Repayment of Alat loan
When the payback date comes and you have not made the payment which means it is outstanding, you would immediately get to a repayment notification.
Due to the terms and conditions you agreed to in the process of getting the loan your account will be automatically debited.
After the automatic debit you would get a repayment notification which clarifies that you have repaid your loan.
You can also choose to repay the loan before the day payback date is due.
This is how to go about it click on the menu options you would see bills payment select it and repay your loan using the credit options there.
If you have more questions about Alat loan, drop it in the comment section or kindly direct it to Wema bank customer care service.
Loan denial problems
In a case where you can’t get a loan this is what might have happened. Not every loan applied for is been accepted there are some factors that might get a loan application to be denied.
Loan lenders might deny some applications due to some reasons. Why some lenders may decide to tell you the reason why your loan application was denied some might not but here are some reasons that might have caused it:
- Having poor credit report from your bank.
- Having low income
- High debt rate
- Employment history or residency problems
However, when your loan gets denied all hope is not lost you could always fix your problems and reapply.
Good luck as you successfully apply and acquire your target loans.