Specta Loan Review

Specta Loan Review
Specta Loan Review

Specta Loan Review

A major challenge to loan acquisition solutions is the procedures and requirements needed before one can obtain the loan. Truly, It’s hard for anyone to have to undergo overwhelming conditions to redeem oneself from an otherwise emergent financial predicament. 

Typically, for you to consider obtaining a loan for your business or personal use from any bank or other financial institutions simply means that you are ready for the rigours. You will need records of your assets, collaterals and standoffs, and a variety of other extensive paperwork. Moreover, not every financial institution is open to giving loans to SMEs and individuals without substantial dividends and guarantees. On the other hand, Specta Loan provides an easier, convenient channel to obtaining loans for your personal or business obligations. 

Also Read: Firstmobile Review

Specta Loan is an online loan application developed by Sterling Bank to offer an easier route for capital lendings and disbursement with a comfortable repayment option.

This digital loan acquisition system was initiated to provide a quick and convenient financial aid strategy for relief against whatever business or personal capital struggles and obligations. So whether you need an urgent loan to start, expand or renovate your business, or you have an emergent need to pay your house rent, pay the kids school fees, and perhaps meet other unexpected needs that arise, you can enforce faster and reliable access to loans with this new model. The platform guarantees flexible reimbursement opportunities, all at no instant or privy costs, as long as there are planned structures for eventual loan repayments.

Specta Loan Review
  •  Digital capital lending App

Specta Loan functions as an online loan application from the Sterling Bank service catalog. It’s an accessible app tool that, upon activation, directs you to the short and easy steps to procuring available credit loan facilities, based on your preference and qualification. You can install the app on your mobile device from the Google play store to enhance speedy loan applications. Note that you can equally access the Specta Loan opportunity on their website if for whatever reason you are dissatisfied with the app.

  • No need for collateral or guarantors

Unlike the traditional loan requirements and regiments,Specta Loan provides instant loan opportunity without the need for collateral or other surety properties to qualify you for loan access. You equally don’t require guarantor paperwork and procedures before you can access the loan. The only term for qualification is both simple and convenient as stipulated in the next outline.

  • Easy conditions for loan procurement

To qualify for loan procurement under the Specta Loan Scheme, the simple condition required is your profile as a structured salary earner under a credible business organization or a profitable business owner. The platform offers a simple, systemic technique, devoid of hassles or stress, to review loan applications from clients and loan applicants. You don’t even have to own a bank account with the source Bank, Sterling bank, to be eligible for the loan, as long as you have a credible bank account and a  solid transaction profile.

  •  Varied loan acquisition plans

Specta loan platform offers about five diverse loan procurement plans to its customers. Based on your preference, status, needs, and eligibility, you are open to any of SpectaXtreme, SpectaBasic, SpectaPrime, SpectaAlawee,  Specta Quick Cash, and Specta4Business to apply for a loan.

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  • SpectaXtreme: This loan package is suitable for everyone irrespective of business or occupation type. Hence, whether you are a salary earner or a business man or woman, either or not you have a bank account with Sterling Bank, you are eligible to obtain an instant loan for as high as two million naira over a one-year maximum repayment tenor for capital loaned. The  SpectaXtreme plan offers a financial loan with a 26- 30% interest rate to be paid every month within a year. 
  • SpectaBasic: The SpectaBasic Loan plan offers up to five million naira maximum loan to the category of salaried workers irrespective of their patronized banks, and also business owners using Sterling Bank. SpectaBasic offers flexible interests on a repayment timeline of up to four years.
  • SpectaPrime: this is a fast cash loan premium for both individuals and corporate enterprises. Here, you can lend cash in naira, pounds, dollars, and euro to cater to emergent needs while you yield a profit on investments.
  •  SpectaAlowee: SpectaAllowee offers realistic fund lending aid with convenient interest to Nigerian corpers for accomplishing their entrepreneurial goals and target. As a corper, you can access quick cash funds to build increased assets for your business
  • Specta4Business: with this instant loan package, corporate and business enterprises both small, medium, and large scale can apply for a loan for the development of their business
  • Specta Quick cash: offers credit facilities to individuals based on their social media reputation, including Facebook, Twitter, and LinkedIn platform connections.
  • Up to five years repayment schedule option

Specta Loan offers a convenient instant loan service with skimpy conditions and requirements. The interest rate generally ranges from 20- 30%  per annum. A  very attractive part is that it offers a variable and flexible monthly refund timeline of up to five years depending on the loan package chosen and applied for. Packages like SpectaXtreme however have a loan refund duration of one year to be payable on a stipulated monthly refund structure across the twelve months. A default in the stipulated monthly payment will attract a penal fee of 1% monthly.

  • One-off  exclusive Specta Loan fee

Specta loan upon successful loan procurement charges an exclusive 1%  each for Management and Commitment fee payments respectively. These are flat fees charged on a one-time basis. A 1% flat rate per annum is charged on Insurance fees for personal loans and Salary Advance, while it is a 7% non-negotiable flat rate per annum in the case of Household or Asset Acquisition loan. The interest fee is peculiar to the loan package chosen. 

Also Read: Best Personal Loans in Nigeria

Activation models for Specta Loan

Specta Loan Review

To activate the Specta Loan application for access to instant loan procurement, you would need to install the Specta  Loan App Sterling Bank from Google  PlayStore on your Android mobile device. The app takes minimal space of 8MB to download.

From the app, you have access to a loan application where details including your BVN, Email, phone number, account number, and the bank will be enquired. The app offers services like Specta Score where you can forecast your net worth and discover your loan eligibility and strategies to enhance your net worth. On the app, you learn and activate the profiling procedures needed to become a member of a registered community under Specta. You can equally access these procedures on the Specta Loan home page,

Eligibility terms for Specta instant loan application

Specta Loan Review

Fundamentally, the eligibility conditions require that you are a member of a registered business community, with a valid means of identification and a verifiable sufficient income structure to refund loan obligations. Your eligibility status is contingent on:

  • Accurate details of the required information.
  • Credible bank account.
  • Valid Bank Verification Number (BVN).
  • Verified bank statement of account.
  • Specta approved net worth/ increased credit score.
  • Debt Service Coverage Ratio(DSCR) above 33.33%.
  • Valid email.

How to apply for a Specta loan

To apply for a Specta Loan instant cash reimbursement, you should determine which of either personal or business loan you choose to apply, to help you consider your preferred Specta Loan package.

Personal loans include rent finance, medical finance, personal project finance, payday loans; depending on your needs. Specta Basic, SpectaXtreme have preferred loan packages for this kind of loan.

For a Business loan to boost your business, SpectaPrime and Specta4Business are recommended packages to choose from.

 The procedures for the loan application are in this order

  1. Request for either your company to be profiled or an individual (personal) profile with necessary details and identity via an email to specta@sterlingbankng.com
  1. Select your preferred Specta loan package.
  2. Click on the loan offer to commence the loan application. 
  3. Accurately provide the information on the application form, then click submit.
  4. Generate bank statement of account upon request.
  5. If your application is approved upon completion of the application, you would be credited instantly.

Also Read: Specta-Loan in 5 minutes

Pros of Specta Loan

  • Accessible for instant cash lending.
  • The best aid for urgent capital necessities and demands. 
  • A user- friendly digital loaning option with easy guidelines and procedures.
  • No need for collaterals or guarantors for loan eligibility.
  • No need for paper works and documentation procedures for loan applications.
  • Convenient and personalized application model.
  • One- five years monthly repayment tenor.
  • SpectaPrime loan package requires no profiling.
  • Up  to 5,000,000 loan amounts.
  • Relatively flexible repayment option.
  • Maximum 1% Commitment and Maintenance fee negotiable per community.
  •  Instant cash disbursement within 5 minutes of completed and approved application. 

Cons of Specta Loan

  • SpectaLoan mobile app may take time in responding.
  • It has a relatively high interest rate.
  • Customers complain of undue petty charges before loan approval.


Specta Sterling Bank Loan is a recommendable addition to the fintech innovation offering convenient, personalized, and accessible credit loan aids to profiled individuals and business enterprises, without the tedious procedures of the traditional loan system.

Through an online application, you can conveniently access loans based on your needs and preference over a timeline as long as five years.

As a  business owner or a salary earner, and even a corp member, you are qualified for borrowing funds for your personal and business capital obligations from the Specta Loan platform. A fantastic emphasis for this offer is that you are relieved of the burden of collateral assets and warranty to prove your eligibility for a loan. You only need to be a member of a profiled business organization with a structured income, as the Specta Loan Platform reviews loan applications using a systemic data processing technique.  

Oladipo Olutunde

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