Wema bank payday loan and salary advance is a digital overdraft facility that is drawn against your expected monthly salary income which enables the borrower bridge short term lending gaps before the next salary day.
This kind of loan package is designed for salary earner who’s account domicile with wema bank.The credit facility is available to the Borrower, which is subject to a maximum not
more than 100% of the customer’s monthly net pay.The Maximum loan amount is 7 multiples of net monthly salary, subject to a maximum of N2 million.
The minimum tenor is 1 month and Maximum loan tenor of 36 months and Loan Top-up is available after 6 months of regular monthly down payments.
The loan facility is currently available to employees who operate a Salary Current or Savings Account with Wema Bank. This product is also available for formally employed staff of companies/employers pre-approved by Wema Bank and groups of salary earners under an association.
The interest rate for this kind of loan package is 24% per annum (2% per month) on a reducing balance basis.The credit facility has 1% flat as Management Fee , Insurance Premium: 0.65% per annum and N1,000 payable one-off at initiation of the loan as Credit Check fees which are payable to the credit bureau companies.
Borrowers don’t need to provide collateral, because their salary account serves as security against your loan facility. Applicant should understands and agrees that the Bank will have a lien on salary through salary domiciliation with Wema Bank as security
to qualify for wema bank payday and salary advance you need to show the following details.
1. Proof of income (3 months’ pay slip or 3 months account statement)
2. Proof of identity (Staff ID is acceptable but National ID, International Passport or Driver’s License may be required where necessary)
3. Duly completed loan application form
4. Letter of Introduction signed by an authorized signatory of employer
5. letter of salary domiciliation (duly executed by employer’s authorized signatory
6.Proof of address (Physical visitation and report by bank representative) supported with a copy of recent utility bill
How to apply for Wema bank quick loan
1. To apply for wema bank quick & Instant Loan you need to download ALAT by wema bank for Android and iOS then Login to ALAT or sign-up if you have not
2. click on ‘’Loans’’ from the menu items and start your loan application
3. Upon successful credit evaluation and checks, a loan offer is presented with duration and applicable interest based on the user’s current risk score
4 . Accept the Terms & Conditions and consent to having your account debited for repayment at loan due date and provide your debit card details to be debited
5. Once done, your account will be immediately credited.
Please note: you can make use of ALAT app to apply for device and pay later,goal-based loan and quick credit loan