AltBank review

Updated September 28, 2026 · BorrowCue Editorial Team · Facts checked September 26, 2026

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Our verdict

AltBank lends directly against property, and not for everyday spending, which is the trade-off to weigh. It suits employees of employers the bank has approved and owners of a registered business, with amounts of NGN 100,000,000 to NGN 150,000,000 and terms of 60 to 120 to repay.

Key facts

Best for
A property purchase or build for a staff member of an approved employer, or a registered business owner.
Loan amount
NGN 100,000,000 to NGN 150,000,000 (Source, checked September 26, 2026)
Term
60 to 120 months (Source, checked September 26, 2026)
Credit check
Hard (Source, checked September 26, 2026)
Lender type
Direct lender (Source, checked September 26, 2026)
Eligibility
Confirmed employees of an organisation approved by the bank with at least four years remaining in service, or owners of a duly registered business; applicant at least 21 years old, subject to 60 years of age; 20% minimum contribution of property value (Source, checked September 26, 2026)
Loan types
Secured (Source, checked September 26, 2026)
Legal entity
The Alternative Bank Limited (Source, checked September 26, 2026)
Headquarters
Nigeria (Source, checked September 26, 2026)
Founded
2014 (Source, checked September 26, 2026)
Support channels
Phone, Email, Help-centre (Source, checked September 26, 2026)
Official website
altbank.ng

Apps and profiles

Get the app
App StoreGoogle Play
Elsewhere
WikidataX

Pros and cons

Pros

  • Lends as a direct lender, so secured lending comes straight from the bank
  • Amounts of NGN 100,000,000 to NGN 150,000,000 suit large property deals rather than small borrowing needs
  • Terms of 60 to 120 spread the cost over years, easing monthly repayments
  • Support runs on phone, email and help centre, covering phone, email and a help centre

Cons

  • A hard credit check on hard puts a full search on your file
  • Access is narrow: employers must be approved by the bank, and a minimum contribution toward the property value is needed
  • The ticket size is large, since amounts run NGN 100,000,000 to NGN 150,000,000
AltBank

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Scored 9.1 / 10 by BorrowCue.

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Who it suits

  • Staff of an employer the bank has signed off, with service still ahead of them in the role
  • Proprietors of a business registered in line with the law, based in Nigeria
  • Adults inside the bank's age limits who can add a minimum contribution toward the property value

Who should look elsewhere

  • Borrowers after a small personal loan, since amounts run NGN 100,000,000 to NGN 150,000,000 while Creduma ES lends at from €12,000
  • Anyone outside Nigeria: Sofkredit works with amounts of €12,000 to €300,000 and Solcredito MX with up to MXN 100,000
  • Applicants whose employer has not been approved by the bank, or who run no registered business

How AltBank compares

Where AltBank is available

Available
Nigeria
Licence in Nigeria
Central Bank of Nigeria, checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What does AltBank lend for?+

AltBank is a direct lender offering secured loans tied to property. Amounts run NGN 100,000,000 to NGN 150,000,000 and terms run 60 to 120, so the money fits a purchase or a build rather than general spending. A minimum contribution toward the property value is also needed.

How much can I borrow from AltBank?+

Amounts run NGN 100,000,000 to NGN 150,000,000. That floor sits well above everyday personal borrowing, so AltBank suits larger property needs. The borrowing also requires a minimum contribution toward the property value, which narrows the pool of applicants who can qualify.

How long do AltBank loans run for?+

Terms run 60 to 120. Spreading the cost over a long period keeps monthly repayments manageable, but the longer the term runs, the more interest adds to the total repaid. A clear view of the cost early helps when comparing against shorter terms elsewhere.

Does AltBank run a credit check?+

Yes. AltBank applies a hard credit check, listed on hard. A hard search is recorded on your file, so it pays to check your position before applying rather than testing the water with several applications.

Who can apply to AltBank?+

The lending goes to people on the payroll of an organisation the bank has signed off, provided service remains in the role, and to proprietors of a business registered in line with the law. Applicants must be adults inside the bank's age limits, add a minimum contribution toward the property value, and clear a hard credit check on hard.

Is AltBank regulated?+

AltBank trades as The Alternative Bank Limited and is based in Nigeria, where the Central Bank of Nigeria is the regulator. The bank was founded in 2014, and direct lender records it lending as a direct lender rather than through a broker.

How do I get help at AltBank?+

Support runs on phone, email and help centre. That gives a phone line, an email route and a help centre, so a question about eligibility, the deposit or the status of an application can be raised without visiting a branch in person.

How does AltBank compare with other secured lenders?+

Across secured lenders on the site, the median amount is €2,000 and the median term is 60. AltBank sits above both of those, so it answers a different need: larger property finance rather than general secured borrowing.

Sources

  • altbank.ng checked September 26, 2026

    Backs: Support channels

    “Call: 02017000555 ... Monitor Your Requests”

  • altbank.ng/home-finance checked September 26, 2026

    Backs: Loan amount, Credit check, Eligibility, Loan types, Term

    “Salary earner - Maximum financing Up to N100m; Business owner - Maximum financing Up to N150m”

  • altbank.ng/t-and-cs checked September 26, 2026

    Backs: Headquarters, Legal entity

    “an institution incorporated in Nigeria with registered office at 239, Ikorodu Road, Lagos”

  • altbank.ng/who-we-are checked September 26, 2026

    Backs: Founded, Lender type, Licences

    “Our adventure started with a grand idea in January 2014, when we were provisionally allowed to offer a non-interest banking window under Sterling Bank”

Compiled from 4 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: APR, Arrangement fee, Funding time, Representative example.

Related by the facts

AltBank

AltBank

A property purchase or build for a staff member of an approved employer, or a registered business owner.

9.1/10See alternatives

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