Specta Loan Review & Requirements: How to Apply for Sterling Bank Specta Loan

specta loan review

last Updated on October 23, 2023

Are you looking to find out more about Sterling Bank’s Specta Loan?

In this Specta loan review, we’ll go into everything you need to know about Specta loan requirements, how to apply and its interest rates.

If you’re looking to fund a personal project, cover an unexpected expense, or even pay off a debt, getting a Specta loan is a good option.

Join us as we explore the features, benefits, and eligibility criteria of this popular loan option. Say goodbye to lengthy approval processes and hello to financial convenience with Sterling Bank’s Specta Loan

Specta loan is a lending product by Sterling Bank. The loans offered by Specta are personal loans, salary advance loans and Business loans.

You can use a Specta loan for any personal situation or even for your business. You can get a loan from Specta within 5 minutes of applying for a loan. You can access up to N5,000,000 loan from Specta.

How to Apply for Sterling Bank Specta Loan

specta loan review nigeria

You can apply for Sterling Bank’s Specta loan through its website or app by following these steps;

  1. Select the loan package you want
  2. Click on the loan offer
  3. Fill out the application form and submit
  4. If your application is successful, your account will be credited immediately.

Sterling Bank Specta Loan Review

sprcta loa

The Specta loan is only available on an Andriod app. To get a Specta loan you’ll need a bank account number, BVN, a valid means of identification and an email address. The interest rates on loans from specta are between  20% – 30% per annum with a loan tenure of 1 to 4 years.

Is Specta Loan Still Available & Legit?

Yes. The Sterling Bank Specta loan is still very much available to Nigerians who are looking for instant online loan options.

Specta Loan Interest Rate, Repayment Plan & Fees

The loan package you choose will determine the interest rate of your Specta loan. However, interest rates are usually from 20%-30% per annum on the Specta platform.

Your loan package from Specta also determines repayment duration. But it is usually a tenor of 1-4 years. You can also set up a monthly repayment plan on the Specta app that allows you to pay at your own convenience and your own pace as long as you pay on time.

Borrowing money on the Specta platform also means you’ll have to pay certain fees.

These are fees you’ll be charged for getting a Specta loan. Management fee (maximum 1%)

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

Also See: How to get a Loan from GTBank

Specta Loan Requirements

specta loan app review

You can apply for a loan app through Specta’s website or Android app. However, the app has a low rating of 2.6/5.0. So you might be better off applying for a Specta loan through its website.

To apply for a loan from Specta, there are certain requirements you need to meet. The requirements for a Specta loan are:

  • A bank account number(sometimes only Sterling is accepted)
  • Bank Verification Number
  • A valid means of identification and a valid email address

Specta Loan App Packages

These are the Loan packages Specta offer:

1. Specta Xtreme

Loans for salary earners and business owners. This Specta Xtreme package offers loans of up to 2 million with a maximum tenor of one year.

2. Specta Basic

For business owners who own a Sterling bank account and for salaried employees (regardless of their bank). This loan package offers loans of up to 5 million with a maximum tenor of 4 years.

3. Specta Prime

This is a loan package that allows you to borrow in different currencies. The currencies you can borrow in with this loan package are Dollars, Naira, Euro and Pounds.

4. Specta Allawee

Specta loan package is dedicated to youth corps (NYSC) in Nigeria.

5. Specta Quick Cash 

A loan package for anyone who lives in Nigeria (Any bank account is allowed).

Access up to N20,000 quick cash loan with Specta quick cash

6. Specta4Business

Specta4Business is a business loan package for small, medium and even large enterprises.

Specta Loan Customer Care

To find out more information about Specta loans, you can call their customer care on this number 017004271.

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