Nigerian Sterling Bank offers a loan application called Specta. It offers Nigerian wage earners and company entrepreneurs with certain profiles financial facilities.
By reviewing loan applications using standardized data processing methods and analytics and removing the challenges associated with the conventional lending system, it aims to give a more easy way to obtain an instant loan and credits.
You can apply for loans up to N5,000,000 through Specta Loan without providing any documentation or security, and you’ll have the money in five minutes. It is a popular loan product in Nigeria because of its attribute.
The platform is available statewide and provides loans to all wage earners without taking their vocation into account. It offers personal loans, asset purchases, and salary advances (rent, education, wedding, medical, etc.). You must be a member of an organization in order to apply for a Specta loan, which is a crucial point to remember.
Specta Loan Interest Rate and Repayment
The loan package you choose will have a significant impact on the Specta Loan’s interest rates. However, they fluctuate between 20% and 30% annually.
Repayment is also based on the package you choose, and the repayment period ranges from one to four years.
To make it possible for you to repay at your convenience, you can set up a monthly repayment schedule. Additionally, all loans are subject to the following costs:
- Management fee (maximum 1%)
- Commitment fee (Maximum 1%)
- Insurance fee (1% flat on salary advance and personal loans)
- Household/ Asset acquisition (7% flat)
Specta Loan App
Only Android mobile devices can download the software from the Google Play Store, which has a star rating of merely 2.6/5.0. This may indicate that people are not totally satisfied with the app’s features, and you would be better off applying for loans on the website.
Spacta Loan Packages
There are five distinct Specta Loan Packages provided by Sterling bank. This is to enable people decide on the type of package that best suit their financial needs. See the five packages below:
1. Specta Xtreme
This package is available to both income earners and business owners and requires no profiling. It provides up to $2 million with a one-year maximum term.
2. Specta Basic
Only business owners with a Sterling bank account and salaried workers are eligible for this program (regardless of their bank). It provides loans of up to $5 million with adjustable interest rates and a maximum tenure of 4 years.
3. Specta Prime
With this package, you can increase the return on your investments while lending money for immediate needs. The following currencies are available for borrowing: dollars, naira, euros, and pounds.
4. Specta Allawee
Since this package makes it possible for corpers to access funding to advance and realize their entrepreneurial aspirations, youth corp members are not left out.
5. Spectra Fast Cash
Everyone is eligible for this loan package, regardless of their bank. It gives people access to rapid cash up to N20,000 depending on their social media reputation and transaction history.
Small, medium-sized, and big firms can take use of Specta’s business lending program, called Specta4Business.
Requirements For Specta Loan
The condition depends on the Specta loan package you select, but generally speaking, you will need:
- A bank account number(sometimes they accept only sterling accounts)
- Bank Verification Number
- A valid means of identification
- valid email address
How to Apply for a Specta Loan
To apply for a Specta loan, follow these steps below.
Send an email to Specta to request to be profiled as a person or a company.
- Select the loan package that you find suitable
- Begin the application by clicking on the loan offer
- Fill out the application form and submit
- If you are eligible and the application is successful, they would credit your account immediately.
Final Thought
One of the many websites in Nigeria that offer speedy online loans is Specta Sterling Bank Loan. We consider the interest rate, which ranges from 20 to 30%, to be extremely exorbitant. You might also want to look into Fairmoney, C24 loan, Palmcredit, Renmoney Nigeria, Quickteller, Carbon Paylater, Fint loan, and Specta loan as more lending providers. However, with the abundance of loan apps available, using this platform will allow you to compare loans quickly and make a better informed choice.
A Google Play Store rating of 2.6 is very low for an app that is meant to meet all of your borrowing needs.
Because of this, you might wish to visit their website if you must test Specta Loan.
You can contact their customer support at this number, 017004271, to learn more details.
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