Specta Loan Application Guide: Get Fast Approval in 5 Minutes

The constant need for easy and accessible credit facilities by individuals and businesses has led to several online loan platforms. Without breaking a sweat, visiting a commercial bank, or depositing any collateral, you can access loans today.

Specta Loan App is one such platform. It is a subsidiary of Sterling Bank and its major aim is to assist salary earners and business owners with loans. Are you curious about how it works? Let’s dive!

Quick Guide: How to Apply for Specta Loan

• Download the Specta app on your Google Play Store.
• Sign up or register using the app to proceed.
• Follow the step-by-step instructions to get a loan.

How to Apply for Specta Loan Step-By-Step Guide

You can easily apply for a Specta loan in 2 ways. First, you can either go to your browser and go to the Specta loan website, download the salary domiciliation agreement, fill and email it to specta@sterling.ng. If approved, your money will be disbursed in a few minutes.

However, note that if your account is a savings account, you have to register your account with the Corporate Customer Salary Account.

Alternatively, you can also proceed to your Google Play Store, download the Specta app, fill in the details required and proceed to apply for a loan. Once you are eligible and your loan is approved, disbursement will be made in a few minutes.

Specta Loan Packages

Specta Loan has several packages available to their customers. They include;

• Specta4individuals: This package allows salary earners and business owners to loan up to N5,000,000 Naira. All that is required is to have either a Sterling Bank account or one with any other local bank.
• Specta4Business: This package is strictly for business owners. It allows customers to register their business on the app through which their businesses can be advertised to the many people who use Specta. 

Aside from this benefit, it allows a business customer to pay in installments while Specta pays the business owner in full pending when the customer completes payment. Interestingly, as a secondary advantage, business owners are allowed to loan up to N2,000,000 Naira if eligible.

• Specta Prime: Customers of this package can carry out three ventures, that is, make investments, loans and lend money on the platform. As an added advantage, you can loan money in different currencies through this package.
• Specta Allowed: This package is specifically tailored to Corp members to enhance their business ventures. 
• Specta Quick Cash: This package is one for all. Customers are allowed to borrow up to N20,000 Naira once approved. It is available to customers irrespective of the bank they use. 

Requirements for Specta Loan

The requirements for getting a loan on Specta include;

• You must have a valid Identification or ID (Such as your National Identification Number (NIN) or Voter Card).
• You must have a valid phone number and Email.
• You must have a valid Bank Verification Number.
• You must have an account with a local bank or Sterling Bank. Preferably, Sterling Bank.

Note: The package you choose may also determine other requirements.

Read also: Moniepoint Loan App

Specta Loan Interest Rate and Repayment

Specta loan interest rate ranges between 22.5% and 29.9%. Other interests that apply include 1% for management fee, 1% for commitment fee, 1% in case of default to repay, and 2.5% for insurance.

The interest rate may differ from package to package. Amazingly, Specta’s repayment duration ranges from 1-4 years. However, it allows customers to pick their repayment duration based on their capacity. 

Specta Loan Terms and Conditions

Specta loan terms and conditions are duly provided on their website and customers are mandated to read and accept these before proceeding in their transactions.

Specta loan terms state that it can collect, use, and disclose customer’s transaction details to authorized or appointed credit Bureaus and agencies as approved by the Central Bank of Nigeria and any relevant law. This means that customers’ information will be as and when required used or disclosed to only authorized bodies.

A couple of conditions have been laid down by Specta in the use of its facility. They include;

• Customers are expected to bear all expenses connected to the process of arranging, documenting, and enforcing payments under their facility.
• Subject to the regulations of CBN, Sterling Bank reserves the discretion to determine how this facility is utilized.
• Where a customer or borrower breaches or defaults in terms of the facility granted to him, the facility shall terminate, and all sums due to Sterling Bank shall become payable immediately.
• Customers are also expected to keep Sterling Bank fully informed of all facilities granted to them by either Sterling or other banks.
• Customers are expected to repay loans as and when due and in the event that they default upon the due date, an interest of 1% for default will accrue monthly.

Specta Loan App

The Specta loan app is a platform that allows users to easily transact and access loans. You can get the Specta loan app through your Play store on your phone or computer.

However, the Specta loan app seems to have a low rating or users because customers prefer the Specta website which is an alternative.

Specta Loan Website

The Specta loan website is the same as the Specta loan app, the only difference being that one is an app and the other a website.

The website is easily accessible on all mobile devices and computers. Needless to say, customers prefer using the site compared to the app.

Get a Specta Loan Today

Specta, like other platforms in the business, provides accessible and quick loans without the need for collateral and cumbersome processes like the traditional loan application processes.

It is easy and flexible to use and offers customers a wide range of packages suited to their needs. In addition, customers are allowed to choose their repayment durations according to their capacities. 

FAQs About Specta Loan Application

Is Specta Loan Legit?

Yes, it is legit. It is powered by Sterling Bank, which is registered with the Central Bank of Nigeria.

Is Specta Loan Still Available?

Yes, it is. You can access it via their website or go to your Play Store and download their app for use.

How to Check Specta Loan Balance?

You can check your Specta loan balance using the Specta loan app.

What’s Sterling Bank Specta Loan USSD Code?

Dial *822# and locate the “loans” option by easily following the on-screen prompts.

How Long Does Specta Loan Take?

A few minutes! Once your application is approved, wait a few minutes to receive your loan.

How Much Loan Can I Get from Specta?

Specta loan offers customers from as low as N20,000 Naira to as high as N5,000,000 Naira depending on the package you choose.

What Is the Penalty If I Fail to Meet Up with Specta Loan Payments?

There is a stipulation of 1% for default to repay the loan as at the time due.

How Does Specta Loan Work?

It is quick and easy. Download the app on your Play Store or go to the website and register. After that, select your package and follow the instructions stated. Once your application is approved, you will be credited with your loan.