BANKING

How To Get Wema Bank Loan

Published

4 weeks ago

How To Get Wema Bank Loan

In the ever-evolving world of personal and business financing, the need for affordable, accessible and flexible loans has continued to increase. Wema Bank as a trusted financial institution in Nigeria offers a range of loan products designed to help individuals and businesses achieve their financial goals and dreams: “How To Get Wema Bank Loan.”

In this guide, we will guide you through the steps to follow in securing a Wema Bank loan, the types of loans available at Wema Bank, the benefits of Wema Bank loans, and the eligibility requirements for obtaining a Wema Bank loan. Read on to learn how to get a desired loan from Wema Bank today!

About Wema Bank

Wema Bank is a financial institution of repute in Nigeria, the bank is celebrated for its innovative step as the first major commercial bank to move its full banking operations online. The bank offers a broad range of financial services including loans to individuals and business entities. Wema Bank has a long history of operations in Nigeria since its establishment in the year 1945.

Since its establishment, Wema Bank has thrived in serving its customers through the different arrays of financial services and solutions to financial needs. Wema Bank offers loans according to the needs of its prospective loan beneficiaries, the loans are classified broadly into personal and business loans.

How To Get Wema Bank Loan

Does Wema Bank Give Loan

Yes, Wema Bank makes available loans to millions of its customers who are willing to get a loan and are eligible for any of the loans offered by the bank. The Wema Bank loans are given at competitive interest rates in tandem with the market lending rate obtainable in the banking and lending industry in the economy. The Wema Bank loans are provided through the ALAT product of the bank.

Types of Loans Offered By Wema Bank

Wema Bank offers two major categories of loans to its customers. These loans are meant to help these customers to meet their financial goals and dreams. The two major categories of loans offered by Wema Bank on its ALAT website are:

Personal Loans

Personal loans are loans given to individuals who are customers of Wema Bank to help the loan beneficiaries meet their personal financial goals and dreams. There are several types of personal loan products available at Wema Bank they include:

Goal Based Loan: This is a loan designed by Wema Bank and offered through its digital bank platform ALAT by Wema. This loan is targeted at individuals who want to start a new business, want to save money on their loan, have an existing loan facility that they are repaying, want to expand their business, want to acquire an additional certification, want to add extra feature or facility to your business or project, etc.
Salary Based Loan: The salary based loan product is made available by Wema Bank to its customers that are salary earners and have a need for urgent cash before their salary is paid. This loan is designed to help beneficiaries to borrow up to ₦200,000 with a fast approval process. This loan is designed with a flexible repayment timeframe and a low interest rate of 2% per month.
Device Loan: This loan is designed to help the loan beneficiaries acquire mobile devices and several other electronic gadgets. This loan allows beneficiaries to buy devices on credit and pay later, you can select the device of your choice from the ALAT app and have the device delivered to your location or you go and collect the device yourself from the vendor.
Payday Loan: This is a loan designed to help salary earners sort time-bound financial issues before the arrival of their salary. The payday loan is also known as a salary advance or cash advance”, the payday loan is a short-term loan that constitutes part of the loan beneficiary’s salary provided to the beneficiary while they wait for their salary. The payday loan is provided at a 2% per month interest rate.
Instant Loan: This is a loan that is designed to to provide instant access to funds to the loan applicants without the use of collaterals, or paperwork, and the applicant does not have to visit any physical bank branch of Wema Bank. This loan is disbursed to the loan applicants within minutes of approval by the bank. This loan provides borrowers access to up to a maximum of ₦2,000,000 at an interest rate of 2% per month on a reducing balance basis.

Business Loans

The business loan is the type of loan that Wema Bank provides to businesses of different sizes and types. The business loan is made available to businesses according to the financial standing of the business. The business loan has a main sub category which is the SME loan.
SME Loan: This loan is designed and targeted to help small and medium-sized enterprises meet their financial needs. This loan is drafted to be offered at a low-interest rate, unlike business loans that have much higher interest rates and longer repayment time frames. The SME loan is a short-term type of business loan that is suitable for start-up businesses.

Wema Bank Loan Interest Rate

Wema Bank loans are competitive with their interest rate offering to the prospective loan applicants. Broadly the business and personal loans offered by Wema Bank are offered at interest rates ranging from 2% to 30% or more depending on the type of loan you’re applying for from Wema Bank.

Wema Bank Loan Eligibility

All the categories and subcategories of loans offered by Wema Bank have similar eligibility requirements but with few specific requirements for each type of loan. The eligibility requirements for the different types of loans available at Wema Bank are listed below:

Goal Based Loan

You need to be a Wema Bank account holder
You need to have an individual goal savings account with Wema Bank

Salary Based Loan

You need to have an individual goal savings account with Wema Bank on the ALAT platform
You must operate an active account with Wema Bank
Your salary account must be domiciled with Wema Bank

Device Loan

You must have an active Wema Bank account
You must have at least 20% of the cost of the device you wish to purchase

Payday Loan

You must have an ALAT account
You must have a paying job
Your salary account must be domiciled with ALAT

Instant Loan

You are required to have an active account with ALAT
You must agree to the terms and conditions of the loan before you can proceed with the loan application
Your salary account needs to be domiciled with Wema Bank

SME Loan

The loan applicant must have an ALAT account
Your business must be CAC-registered
You must have a business account with Wema Bank to receive and make payments

Wema Bank Loan Application Process

The application process for the different types of loans available at Wema Bank is similar with many of the loan products having specific process requirements depending on the design of the loan. The steps for applying for the different types of Wema Bank loans are:

Goal Based Loan

To apply for the goal based loan follow these steps:

Download or log in to the ALAT app, or sign up if you do not have an account
Navigate to the loans section of the app
Click on “Take a loan”
Select goal-based loan
The loan amount you’re eligible for will display if you’re eligible
Enter your desired loan amount
Then select the account your approved loan will be credited
Then input your transaction PIN
Accept the loan terms and conditions
Then submit and wait for the approved loan amount to be credited to your account immediately

Salary Based Loan

To apply for the salary based loan follow these steps:

Download or log in to your ALAT app, or sign up if you do not have an account
Click on the loans section of the app
Click on “Take a loan”
Select salary-based loan
The loan amount you’re eligible for will display if you’re eligible
Enter your desired loan amount
Then select the account your approved loan will be disbursed into
Then enter your transaction PIN
Accept the loan terms and conditions
Then submit and wait for the approved loan amount to be disbursed into your account immediately

Device Loan

Download and log in to your ALAT or sign up if you do not have an ALAT account
Click on loans from the icons on the menu of the ALAT platform
Select “Device Loan” from the loan options available
Select your preferred device vendor and provide your debit card details to be debited
Select your preferred device from the options available
State how much money you have from your end for the device purchase (note this amount cannot be less than 20% of the device cost)
Select how many months you wish to use to pay the balance
Select the loan repayment account for repayment debiting of the loan
Your loan request will be approved if you qualify for the loan

Payday Loan

Download and log in to the ALAT app, or sign up if you do not have an account
Navigate to the loans tab
Click on “Take a loan”
Click and select Payday loan
The loan amount you are eligible for will display on the app platform ( your eligible amount is up to 80% of your total individual goal savings)
Input the data loan amount, select an account to credit and enter the transaction PIN
Click and accept the terms and conditions of the loan
Your account will be credited immediately on approval of your loan request

Instant Loan

Download and log in to your ALAT app or sign up if you’ve not registered before
Navigate to the Loans section of the app
Select and Click on “Take a loan”
Carefully review your loan offer (amount, due date, amount to be repaid)
Accept the loan offer and the terms and conditions
Setup a collection account for the loan. In a situation where the loan collection account is in a different bank account, a remita mandate will be set on the account
Your account setup account will be credited with the approved loan amount immediately

SME Loan

Download and log in to your ALAT app or sign up if you have not signed up for an ALAT account
Click on loans from the icons on the menu
Select “SME Loan” from the loan options available on the menu
Fill in the necessary information and details about your SME and submit your application

Benefits of Wema Bank Loan

Wema Bank loans provide several benefits to the loan beneficiaries in several different ways depending on the type of loan. Some of the benefits of the different Wema Bank loans are:

Goal Based Loan

This loan helps you to achieve your goals while leveraging your goal savings account with Wema Bank
If you have substantial individual goals savings then you can get a very high loan amount with the goal based loan

Salary Based Loan

This loan helps salary earners to have access to funds when they run out of funds before their next salary is paid
This loan provides a financing lifeline to the loan beneficiaries

Device Loan

The device loan provides you with the opportunity to pay for your device purchase in installment and spread across several months
With this loan, you can also purchase several other electronic devices a d gadgets and not just mobile phones

Payday Loan

This loan does not require any sort of paperwork to be approved
You can get this loan without any collateral
This loan has a seemingly low monthly interest rate

Instant Loan

You do not need to do any paperwork to apply for this loan
This loan application, processing and disbursement to the applicant’s account takes less than 10 minutes
You do not need collateral for this loan and you can get up to a maximum of ₦2,000,000 with this loan

SME Loan

This loan will help SMEs to grow and expand with the availability of funds
This loan guarantees the availability of funds to a wide range of businesses regardless of their size

Cons of Wema Bank Loan

Wema Bank loans offer several benefits and rewards to the loan beneficiaries, but there are also downsides to Wema Bank loans, some of which include:

The goal based loan amount you can get is tied to your goal savings amount meaning that if you have a low goals savings account balance then you cannot get a high loan amount
The salary based loan maximum loan amount is low at ₦200,000 and can be increased by the bank to

Conclusion

Wema Bank’s variety of loan portfolio shows the commitment of the bank to providing financial solutions that meet the needs of the bank’s individual customers and business entities. The bank meets these financial demands of individuals and businesses by providing loans that are designed to solve the financial needs of the business entities banking with the bank and the individual account holders of the bank.

The bank’s loans are offered at competitive interest rates and flexible repayment tenures. Why not head to any Wema Bank branch nearest to you to request a loan that suits your financial needs, and be assured that your loan request will be approved provided you meet the eligibility requirements for the loan type you request? See

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How the Logistics Sector Can Improve On Payment Collection In Nigeria

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How the Logistics Sector Can Improve On Payment Collection In Nigeria

The logistics sector in Nigeria continues to gather momentum, especially in the urban centers that are densely populated with people of varying demands. This business is a critical part of the supply chain as it collects, transports, and delivers products to customers. Hence making it a lucrative venture in Nigeria.

However, the advent of technology has amplified the logistics sector as it now tends to leverage digital tools to attract customers seeking to employ the service for product delivery to different parts of the country. This has increased online presence through websites and social media platforms like Instagram, Facebook, and X (Twitter).

How the Logistics Sector Can Improve On Payment Collection In Nigeria

Notably, the logistics sector already has a synergy with other sectors like the e-commerce industry, which is primarily populated by small and medium-scale enterprises (SMEs).

Therefore, its relevance becomes germane to fostering the customer experience of any business. This is because a timely delivery of products is the hallmark of any logistic business.

However, payment structure plays a significant role in the effectiveness and efficiency of the business as this propels it to pick up products and get them delivered to people. So, product delivery will always be delayed when a firm payment agreement between an SME and the logistic business is not met. While this can affect the reputation of the SME, it can also reduce the patronage of such logistics.

In light of bolstering the operation of the logistics sector in Nigeria, it is imperative to employ payment methods that are easy and simple to use such that it does not lead to delays that hamper related businesses. Therefore, Fincra has put in place sustainable payment innovation to boost the growth of the logistics business in the country.

Notable as one of the leading fintech companies in Nigeria, Fincra is a payment gateway committed to improving the payment strategy of different sectors in Nigeria, including the logistics business.

Ways Logistics Sector Can Collect Payments On Fincra

1. Virtual Account

Logistics businesses can create a naira (NGN) virtual account on Fincra, which enables them to collect payments from clients across Nigeria. This virtual account can be temporary in the instance of a one-off transaction or a permanent one, which can be used to collect payments like the local bank account.

This Fincra virtual account allows easy reconciliation and effective payment management for businesses and logistics.

2. Payment Link

There is a Fincra payment link that logistics businesses can quickly generate to collect payments from clients. This link can be customized and shared across various messaging tools – social media platforms and text messages. It includes all the necessary information, including the account details of the logistics business for their clients to make payment via bank transfer or cards.

3. E-wallet

This is using the Fincra wallet to collect payment by the logistic business. However, it is only conditioned that the other client has a Fincra account to facilitate this transaction. This is another effective way of collecting payments because it is simple and instant.

Therefore, logistics may need to create a Fincra account and encourage their clients to create the account to enable a seamless completion of payment without delay. This will be a win-win situation for both businesses.

4. Card Payment

This involves the use of credit or debit cards to make payments. As such, there is a Fincra POS terminal that logistics businesses can employ to collect card payments from their clients. This is a mode of agency banking designed by Fincra to increase the coverage for the payment system in Nigeria.

It facilitates an in-person transaction that ensures quick completion of payments between the logistics business and its clients.

Conclusion

Nigeria’s logistics sector is a booming economy, with many entities foraying onto the landscape. But as this sector continues to become competitive to stay afloat, it is important to adopt better payment strategies that would push the business to the fore of attracting more clients.

Fincra provides different options to collect payments for logistics businesses. You can take advantage of that when you create a Fincra account now.

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How E-commerce Businesses Can Build Trust With Fincra Payment Collection Methods In Nigeria

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Christopher

How E-commerce Businesses Can Build Trust With Fincra Payment Collection Methods In Nigeria

E-commerce is a burgeoning sector in Nigeria, with small and medium-scale businesses continuously entering the market to attract teeming online users who are potential customers. This can be owed to the widespread adoption of technology, which businesses are leveraging to grow sales.

Today, there is a proliferation of e-commerce platforms or stores across Nigeria designed to meet the purchasing needs of the larger Nigerian population. This has given rise to a competitive market with businesses adopting strategies that would give them a better position of generating and retaining leads (customers) in the dynamic business landscape.

There are many strategies e-commerce businesses employ in Nigeria and worldwide – from a user-friendly online storefront that is easy to navigate to a payment system at checkout. These are some significant factors customers consider to inform their buying decisions on an e-commerce platform.

We can not overemphasize the role of payment collection in e-commerce, as customers are always keen on ensuring that a system makes their payment at checkout seamless. This reinforces customers’ trust and confidence in completing their purchases on the e-commerce platform.

But, while bank transfers, card payments, and e-wallets are currently the popular methods of collecting payments in Nigeria, e-commerce businesses can harness different payment options on Fincra.

Payment Collection Methods On Fincra For E-commerce Businesses

Fincra is a leading fintech company in Nigeria that has become a trusted and reliable payment gateway for various business niches. As such, e-commerce businesses can use the payment options on Fincra or, better still, integrate with the payment API on the platform to ease the payment process on their respective platforms.

However, you can directly collect payments from customers across Nigeria on your Fincra account. You can achieve this with payment options that include:

Virtual account: this is a virtual naira account on Fincra that enables you to collect payment through bank transfers from your customers.

Payment link: there is a Fincra Payment Link, which is customizable – enabling you to share account details with product descriptions with customers on social or messaging platforms.

Direct API: this is a fully optimized payment system that provides a class array of different options on your e-commerce platform.

Checkout: a Fincra checkout can be tailored to your e-commerce platform, supporting your customers’ devices to provide an improved experience for your customers.

By and large, all these payment collection methods on Fincra are important to the payment strategy of any e-commerce business in Nigeria. They provide your company with a positive outlook to gain trust and confidence.

Benefits Of Payment Collection On Fincra By E-commerce Businesses

1. Low Fee

The fee is relatively low when you collect payments on the Fincra. It provides one of the industry’s best pricing such that you save more for your business while using the platform. This is with the understanding that the sole aim of business is to make profits. Therefore, Fincra is committed to maximizing your gains with its low fee structure on the platform.

2. Advanced Security

Fincra employs a state-of-the-art security system to keep your funds safe when collecting payments on the platform. It complies with industry standards to keep your financial information and funds from unauthorized access. Therefore, Fincra protects you from identity theft that could lead to a possible loss of funds.

3. Multiple Payment Methods

As a reputable payment gateway in Nigeria, e-commerce businesses can collect payment via different options that best suit them on Fincra. These are naira (NGN) virtual accounts, payment links, checkout, and direct API. Therefore, these make your business more trusted as you gain more customers.

Conclusion

People continue to use e-commerce platforms to buy their preferred products in Nigeria, even as others also offer a range of services. But the integral part of e-commerce is the payment system that is the best fit for customers. That is why these businesses need to use the various options on Fincra to collect payments in Nigeria.

You can create a Fincra account now to use different payment methods for your e-commerce business.

FINTECH

AAS TOKEN (AAST): The Power of Early Cryptocurrency Investment

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AAS TOKEN (AAST): The Power of Early Cryptocurrency Investment

In the dynamic landscape of finance, one phenomenon has consistently captured the attention of risk-takers and forward thinkers alike — the world of cryptocurrency. Stories of astronomical gains and heartbreaking losses fill the digital realm, but amidst this volatility, a strategy stands out: investing in cryptocurrency at launch. This article delves into the advantages of being an early adopter, exploring the potential for substantial profits and the unique benefits that come with it.

AAS TOKEN AAST The Power of Early Cryptocurrency Investment

The First Mover Advantage: The undeniable perk of diving into a new cryptocurrency at launch is the first-mover advantage. Early investors gain exclusive access to potential gains before the wider market catches on. Securing tokens at lower prices paves the way for significant profits as the project gains traction and demand. This early entry positions investors at the forefront of groundbreaking digital currencies, offering a unique edge in the volatile crypto market.

Discovering Hidden Gems: Investing in cryptocurrency at launch opens the door to discovering hidden gems amidst the sea of digital assets. While established players like Bitcoin and Ethereum dominate headlines, emerging projects can provide unique features and innovative solutions to real-life problems. Being an early investor allows individuals to identify and capitalize on the next big thing before it becomes common knowledge, potentially reaping substantial rewards.

Timing the Market Waves: Timing is crucial in the cryptocurrency market, and investing at launch provides a unique opportunity to ride the initial market waves. As a project gains attention and momentum, early investors can strategically capitalize on price fluctuations, buying and selling to maximize returns. While navigating early market dynamics requires an understanding of volatility, the potential rewards outweigh the risks for savvy investors.

The Token Launch: A Privileged Opportunity: Introducing a token launch that presents a privileged opportunity for early investors. Pre-sale information is shared, including the dates (19th and 20th of November 2023) and the corresponding prices for each phase (15 cents, 20 cents, and 25 cents). The token’s total supply is highlighted as 10 billion, with 50% in circulation and the remaining 25% allocated for liquidity provisions, business development, and special projects.

Economics of the Token: A breakdown of the AAS token’s economic structure is provided, detailing the allocation of the 10 billion tokens. Categories include liquidity provisions, business development, special projects, an arbitrage system team, and marketing and operational costs. The reserve purposes are emphasized as a security measure, instilling confidence in potential investors.

Building a Long-Lasting Investment through AAST: The article emphasizes the advantages of being part of an early investment in the mentioned token through the AAS platform. The early investors are encouraged to sign up and leverage the potential benefits of being among the first to access the token when it hits the open market. The minimum registration amount is disclosed, and the article stresses the opportunity to earn a weekly return on investment.

Conclusion: In conclusion, the article is meant urges readers to seize the opportunity presented by the upcoming AAS token launch. Drawing parallels to the early days of Bitcoin and other successful cryptocurrencies, the author highlights the potential for substantial profits and the chance to be part of a revolutionary investment. The call to action encourages readers to subscribe, like, comment, and sign up for the AAS platform to embark on a journey of financial growth and success.