How to Apply for Sterling Bank Specta Loan without Collateral

Sterling Bank Specta Loan – In Nigeria, Sterling Bank has an app called Specta for loans. It offers lending facilities to Nigerian wage earners and company owners that fit specific profiles.

By employing standardized data processing methods and analytics to analyze loan applications, it aims to offer a more practical approach to obtaining a quick loan and credits while removing the challenges associated with the conventional lending system.

You can use Sterling Bank Specta Loan to get loans up to N5,000,000 without submitting any document or providing any security, and you’ll have the money in five minutes. Its top lending product in Nigeria is a result of this characteristic.

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The platform is accessible throughout the country and offers loans to all wage earners without taking their line of work into consideration. It provides wage advances, personal loans, and asset purchases. It’s important to keep in mind that you must be a member of an organization in order to qualify for a Specta loan.

Available Loan Packages on Specta

1.) Specta Xtreme: Both wage earners and business owners are eligible for this package, which does not require any profiling. It gives close to N2 million with a one-year maximum term.

2.) Specta Basic: Only business owners with Sterling bank accounts and salaried employees are eligible for this package (regardless of their bank). It provides loans of up to N5 million with adjustable interest rates and a maximum tenure of 4 years.

3.) Specta Prime: With this package, you can profit from your investments while lending money for immediate needs.

4.) Specta Allawee: Members of the youth corps are not left out because this package gives corpers access to money to further their entrepreneurial ambitions.

5.) Specta Quick Cash: Anyone can participate in this financing program, regardless of bank. Depending on their social media reputation and transaction history, it allows consumers access to quick cash up to N20,000.

The business lending program from Specta, known as Specta4Business, is available to small, medium-sized, and large businesses.

Requirements for Specta Loan

The requirements depends on the Specta loan package you select, but generally speaking, you will need the following notwithstanding the package you choose:

• An account number (sometimes specta accepts only sterling accounts)
• A legitimate form of identity, such as a National Identity Card, Drivers License, etc
• A Bank Verification Number (BVN)
• An active email address

How to Apply for Sterling Bank Specta Loan

• The first step is to request to get registered by visiting www.myspecta.com either as an individual or a business entity
• You can also register by sending an email to Specta asking to be profiled.
• Decide on the loan package that best suits your needs.
• Choose the loan offer that you want to apply for
• Complete and submit the application form.
• If your application is approved and you are eligible, they will credit your account right away.

Specta Loan Interest Rate and Repayment Plan

• Maximum 1% as Management fee
• Maximum 1% as a Commitment fee
• 1% flat rate on salary advance and personal loans as Insurance fee
• 7% flat rate on Household/ Asset acquisition

Conclusion

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