How To Apply For Sterling Bank Specta Loan (Get Upto N5m)

How To Apply For Sterling Bank Specta Loan (Get Upto N5m)

Sterling Bank’s Specta loan app is available in Nigeria. It offers credit to profiled Nigerian business owners and salary earners.

It aims to make it easier to get an instant loan and credit by using standardized data processing techniques and analytics to review loan applications and eliminate the difficulties associated with the traditional lending system.

Specta Loan provides loans up to N5,000,000 without the need for paperwork or collateral, and you will receive the funds within five minutes. This feature distinguishes it as a top loan product in Nigeria.

The platform is available nationwide and provides loans to all wage earners regardless of occupation. It offers salary advances, asset purchases, and personal loans (rent, education, wedding, medical, etc.). When applying for a Specta loan, keep in mind that you must be a member of an organization.

You may also want to read Top 10 Websites That Gives Quick Loans In Nigeria Without Collateral

Loan Packages Sterling Bank Specta Loan Offers

1. Specta Xtreme: This package needs no profiling and is open to salary earners and business owners. It offers up to 2 million with a maximum tenor of one year.
2. Specta Basic: This package is open to only business owners who have a Sterling bank account and salaried employees (regardless of their bank). It offers up to 5 million with a maximum tenor of 4 years and flexible interest rates.
3. Specta Prime: This package allows you to earn money on your investments while you lend for urgent needs. You can borrow in the following currencies; Dollars, Naira, Euro, and Pounds.
4. Specta Allawee: Youth corp members are not left out as this package enables corpers to access funds to expand and develop their entrepreneurial dreams.
5. Specta Quick Cash: This loan package is open to everyone irrespective of their banks. It offers up to N20,000 quick cash to individuals based on their transaction history and social media reputation.

Specta also offers loans for businesses under the loan package Specta4Business, and this offer is available to small, medium, and large enterprises.

Specta Loan Interest Rate and Repayment

Interest rates on Specta Loan largely depend on the loan package you opt for. However, they range from 20%-30% per annum.

Repayment also depends on the package you’ve chosen and the refund has a tenor of 1-4 years.

You can set up a monthly repayment plan to enable you to pay back at your comfort. Also, the following fees are charged on all loans.

• Management fee (maximum 1%)
• Commitment fee (Maximum 1%)
• Insurance fee (1% flat on salary advance and personal loans)
• Household/ Asset acquisition (7% flat)

Requirements For Accessing Specta Loan

The Specta loan package you choose determines the condition, but generally, you will need

1. A bank account number(sometimes they accept only sterling accounts)
2. Bank Verification Number
3. A valid means of identification
4. valid email address

You may also want to read GTBank QuickCredit Loan For Small Business (Get Upto N10M) | How To Apply

How to Apply for A Specta Loan

Below are steps to easily apply for a Specta loan:

Request to get profiled either as an individual or a business by sending an email to Specta

1. Visit the Sterling Bank Specta Loan page https://www.myspecta.com/
2. Select the loan package that you find suitable
3. Begin the application by clicking on the loan offer
4. Fill out the application form and submit
5. If you are eligible and the application is successful, they would credit your account immediately.

Conclusion

Specta Sterling Bank Loan is just one of many platforms in Nigeria for obtaining quick online loans. We believe it is excessively high, with interest rates ranging from 20 to 30%. You can check out other platforms to access quick loans in Nigeria by reading Top 8 Loan Apps in Nigeria To Acquire Quick Loan Without Collateral (2022)