Specta Loan

Nigerian Sterling Bank offers a loan application called Specta. It offers Nigerian wage earners and company entrepreneurs certain profiles of financial facilities.

By reviewing loan applications using standardized data processing methods and analytics and removing the challenges associated with the conventional lending system, it aims to give a more easy way to obtain an instant loan and credits.

You can apply for loans up to N5,000,000 through Specta Loan without providing any documentation or security, and you’ll have the money in five minutes. It is a popular loan product in Nigeria because of its attribute.

The platform is available statewide and provides loans to all wage earners without taking their vocation into account. It offers personal loans, asset purchases, and salary advances (rent, education, wedding, medical, etc.). You must be a member of an organization in order to apply for a Specta loan, which is a crucial point to remember.

Interest Rate And Repayment For Specta Loans

The loan package you choose will have a significant impact on the Specta Loan’s interest rates. However, they fluctuate between 20% and 30% annually.

Repayment is also based on the package you choose, and the repayment period ranges from one to four years.

To make it possible for you to repay at your convenience, you can set up a monthly repayment schedule. Additionally, all loans are subject to the following costs.

• Management charge of no more than 1%

• Commitment fee, capped at 1%

• Insurance cost (1% flat for personal loans and salary advances)

• Acquiring a household or assets (7% flat)

How To Download The Specta App

Only Android mobile devices can download the software from the Google Play Store, which has a star rating of merely 2.6/5.0. This may indicate that people are not totally satisfied with the app’s features, and you would be better off applying for loans on the website.

Loan Bundles They Provide

1. Specta Xtreme: Both wage employees and business owners are eligible for this package, which does not require any profiling. It provides up to $2 million with a one-year maximum term.

2. Specta Basic: Only business owners with Sterling bank accounts and salaried workers are eligible for this package (regardless of their bank). It provides loans of up to $5 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 necessities. The following currencies are available for borrowing: dollars, naira, euros, and pounds.

4. Specta Allawee: Members of the youth corps are not excluded by this package, which gives corpers access to money to pursue their business aspirations.

5. Specta Quick Cash: This lending program is available to anyone, regardless of their bank. It gives people access to rapid cash up to N20,000 depending on their social media reputation and transaction history.

Small, medium-sized, and big firms can take use of Specta’s business lending program, called Specta4Business.

Specta Loan Conditions

The condition depends on the Specta loan package you select, but generally speaking, you will need

1. An account number for a bank (sometimes they accept only sterling accounts)

2. Number for Bank Verification

3. An acceptable form of identification

4. a working e-mail address

Application For A Specta Loan

Follow these procedures to submit an application for a Specta loan.

Send an email to Specta to request to be profiled as a person or a company.

1. Decide on the loan plan that best suits your needs.

2. Click the loan offer to launch the application.

3. Complete and submit the application form.

4. If your application is approved and you are eligible, they will immediately credit your account.