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– Specta Loan – How to Get a Loan From Specta, Application Process, Borrow Interest Rates, Repayment Terms & More –

Numerous online platforms offer instant credit facilities to both business owners and salary earners with less paperwork or documentation and no collateral.

Yes, banking systems have been digitalized. And one such platform is Specta. In this article, we will broaden your knowledge about Specta. From what it is, how to apply for loans, and everything you need to know about it. Stay glued as we unravel everything for you.

What Is Specta?

At the beginning of this article, we made it clear that there are many lending platforms online reducing the bottlenecks of traditional banking systems, following the advent of technology. Specta is one of those platforms.

Spectra is owned and operated by Sterling Bank. The platform aims to help salary earners and business owners with credit facilities. This facility in the form of a loan helps individuals meet up expenses and personal needs.

Businesses, on the other hand, use theirs to run business operations, expand their businesses and be able to go toe to toe in terms of competition with their competitors.

Special offers quick loans with less documentation and no collateral. Yes, their terms and conditions, and repayment plans are comfortable and less of a hassle.

Again, you do not need to visit Sterling Bank or have an account with it before you can obtain a loan from Specta.

In addition, specta do not waste time in the disbursement of funds. Once your application is processed and approved, you will receive your funds in a short while.

Specta Loan Website

The Specta loan website is a site that interested users; individuals and businesses who wish to obtain loans to fund themselves can apply.

The website is accessible to both Android and iPhone phones. You can browse through the website for applications either with your mobile phone or your laptop/ computer.

Specta Loan App

The Specta loan app is equivalent to the Specta loan website. The only difference is that one is an app while the other is a website that can be browsed.

The Specta loan app can be downloaded by opening your Play Store. However, the app has about 2.6 ratings out of 5.0.

This is an indication that people do not like the app probably because of some of its features.

From the above, we can deduce that people prefer the Specta loan websites to the Specta loan apps.

Specta Loan Packages

There are different loan packages available in Specta. Below are the packages you can choose from.

  1. Specta Basic or Specta4individuals.
  2. Specta Prime
  3. Specta4Business
  4. Specta Allowed
  5. Specta Quick Cash.

Specta Basic Or Specta4individuals

The Specta basic is a loan package availed specifically for business owners and salary earners. You can borrow up to five million Naira (5,000,000) instantly after your application is approved. The repayment plan and duration are convenient and the interest rate is low.

You do not need much documentation. The most important requirement here is to have a bank account with Sterling bank. If you do not have one with Sterling bank, be sure to have one with any of the known commercial banks.

Specta Prime

The Specta prime is another Specta loan package on our list. This package is unique as it allows you to make investments on the platform, and lend and also borrow money from the platform. You can borrow from the platform in different currencies, like; Naira, Dollars, Euros, and even Pounds.

Read Also: Best Loan Apps in Nigeria


Specta4Business is another loan package. It is quite different from Specta basic and strictly for business owners.

In this package, the aim of obtaining a loan from the platform is secondary. This is because there are benefits attached to it to help your business in no small way.

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The Specta4Business loan package allows business owners to register their businesses just like CAC.

One of the benefits of this loan package is to help businesses skyrocket their sales. As more people who use Specta gets to patronize them.

Secondly, a buyer can decide to pay for an item in parts however, Specta will pay you in full and only gets its money back when the seller completes the payment.

You can also borrow two million Naira (2,000,000) from the platform provided you are qualified and verified.

Specta Allowed

This loan package is designed to help youths who are Corp members. They use this credit facility to enhance their businesses or vocations

Specta Quick Cash

Just like the name suggests, this particular loan package is in for everyone no matter the kind of bank they are transacting with.

You can borrow the sum of twenty thousand Naira (20,000). However, this is dependent on your transacting history and available credit balance.

Read Also: Loan Apps Without BVN in Nigeria

What Are The Requirements For Securing Loan From Specta?

There are no distinct requirements to secure a Specta loan. The type of package or loaning scheme you choose determines to a great extent the requirements.

However, there are general requirements. Check them below;

  • You must have a bank account either with Sterling bank or any of the commercial banks. In most cases, only accounts with Sterling bank are needed.
  • You should have a valid identification method and active phone number.
  • Your email address is also needed together with your Bank Verification Number (BVN).

How To Apply For Specta Loan

To apply for any of Specta’s loan packages, follow the steps below;

  • Open your browser and go to the Specta loan page.
  • Download the Salary Domiciliation Agreement and fill in the necessary details.
  • After that, proceed to send an email with the document to Specta using specta@sterling.ng.
  • If you are operating with a savings account, you need to register your account with the Corporate Customer Salary Account.
  • Your details will proceed and if found eligible, get approved with the disbursement of funds in a few minutes.

Mind you, can also through the Specta loan app by creating an account and following instructions on the application.

Read Also: Zenith Bank Loan, How to Apply

What Are Specta By Sterling Bank Interest Rates?

Generally, the interest rate on Specta loans is between 22.5% to 29.9%. The exact interest rate is dependent on the loan package you are seeking.

That notwithstanding, the following are other interest rates that apply to all loans.

1% management fee, 1% commitment fee, 2.5 insurance fee, and 1% penalty fee in case you failed to repay your loan as when due.

What Is Specta Loan Repayment Plan?

The repayment duration is usually 1 – 4 years. However, you are expected to choose your repayment plan according to your capability.

This is to enable you to repay comfortably and at your convenience. It could be per month or year. Again, do not forget that failure to stick to your repayment plan attracts a penalty of 1%.

Do I Need Collateral To Borrow Money From Specta?

No, you don’t need collateral to borrow money from Specta. However, you need to meet the requirements of the loan package you are going for.

Do not panic about the terms and conditions of obtaining a loan from Specta, this is because they are stress-free and conversation.

How Much Can I Collect From Specta?

It all depends on the loan package you are going for. However, you can borrow as low as twenty thousand (20,000) Naira to as high as five million (5,000,000) Naira.

How Long Does It Take Specta To Disburse Loans?

Specta is a quick loan app. Within fifteen (15) minutes of your application being approved, your fund gets disbursed into your bank account.

Where Is Specta Head Office Located?

Specta is affiliated with Sterling bank. That is, it is owned and managed by the bank.

The head office is at Sterling Towers, 20 Marina, Lagos Island, Lagos State, Nigeria.

How Do I Stay In Touch With Specta?

For more information, you can get in touch with Specta through their customer care line or email address

Customer Care Number: 107004271

Email address: specta@sterling.ng

Concluding Thoughts

Specta is one of the quick lending online platforms powered by Sterling bank.

There are different loan packages available for both businesses and individuals and you can choose a comfortable repayment plan.

Fund your business or personal project today by visiting the Specta loan page and taking the necessary steps. Remember, no collateral, stress-free, and not much documentation.