Specta Loan-What You Need To Know

Specta Loan- Everything you need to know

Specta Loan: Are you familiar with it? Even if you are unfamiliar with this loan, we will tell you everything you need to know about it.

Specta is an online retail solution by Sterling Bank. It specializes in retail lending and offers loans up to ₦5 million.

Specta is one of the fastest lending platforms in Nigeria. It allows you to acquire loans up to ₦5 million in a single transaction and in just five minutes.

Within 5 minutes, with a few taps on your phone, you can get a loan of up to ₦5 million.

Cool right? But how is this even possible? Keep scrolling down as we give you more details.

To get your loan accepted and the money disbursed, you don’t need collateral, guarantors, or to go to any office. When you finish your application, scoring occurs instantly, and the distribution process happens in less than 5 minutes.

Once a customer has been pre-qualified, the platform uses a powerful credit algorithm to enable them to access loans without extensive paperwork or collateral. 

This particular attribute makes it a popular loan product in Nigeria.

More about Specta

The Nigerian Sterling Bank offers a loan app called Specta. It offers lending facilities to wage earners and company owners that fit specific profiles.

Sterling Specta has a goal to give customers a straightforward, practical, and personalized experience by using their data and analytics to evaluate applications.

Also, it aims to give a more easy way to obtain an instant loan and credit by removing the challenges associated with the conventional lending system.

Specta has a lot to offer its customers. Here are the features you stand to enjoy with Specta Loans

  • Personal Loans(For Salary or Non- salary individuals)
  • Business Loans
  • Investment Loans
  • Access to Quick Cash
  • Asset Acquisition and so much more.

Interest Rate and Repayment Plan of Specta Loan

Specta Loan’s interest ranges from 25.5%-28.5%.

Although the loan package you choose will have a significant impact on the Specta Loan’s interest rates.

Repayment Plan

Repayment periods range from 1–12 months.

To make repayment more convenient for you, you can set up a monthly repayment schedule. You also have to know that the repayment is also based on the loan package you choose.

Before we go any further, you should be aware that you will be charged fees for taking out a loan. It’s important for you to be aware of this.  Additionally, all loans are subject to these fees, as shown below:

  • One-off Management fee of 1% 
  • One-off Insurance fee of 2.5%
  • 1% Penalty fee

How to Access Specta Loan

You can access any loan from Specta in two ways: 

1. Specta Website–Click here

2. Specta Loan app on Google Play Store(only available for Android-based smartphones).

Specta Loan Packages

Below are some of the loan packages that Spectra has to offer.

1. The Specta Basic (or Spectra4Individuals) Package

2. Specta4Business Package

3. The Specta Xtreme 

4. The Specta Prime

5. Specta Allawee

6. Specta Quick Cash

Let’s take it further to explain each of these packages.

Specta Basic (or Specta4Individuals)

Salary or non-salary earners are the primary beneficiaries of this loan package.

Whether you are a business owner, self-employed, a salary earner, or a trader. This is a personal loan that an individual can access.

As a salaried individual, you can access this personal loan regardless of your salary bank account. You can have your salary bank account at any other bank other than Sterling Bank.

As a non-salaried individual, you can get access to this personal loan package regardless of your bank account.

Even if you are a business owner, self-employed, trader, or professional, you can apply for this loan with accounts at any other bank. With loan terms and flexible interest rates, it provides loans of up to N5 million.

Specta4Business Package

This package is strictly a business loan package.

It’s restricted to business owners and business organizations only. It is open to small, medium, and large enterprises. You can get a business loan of up to ₦2,000,000 (two million) as a business owner or business organization to start your business.

This loan will help your business grow and will also boost your sales.

Specta Prime Package

This Specta package enables you to obtain loans that you can then secure with investments. You can get a loan with a significantly low-interest rate while investing your Naira at a competitive rate. 

With this bundle, you may boost your investment yield while providing financing for urgent needs. You can also get other currencies besides the naira, like dollars, euros, and pounds.

Specta Allawee

Are you a Nigerian Youth Corps member who has some big business dreams and ideas? This package is for you.

You get to bring those entrepreneurial dreams to reality with Specta Allawee. This package is strictly for the Nigerian Youth Corps.

Specta Quick Cash

This loan package is open to everyone, regardless of bank. It gives customers access to rapid cash up to ₦20,000 depending on their social media reputation and transaction history.

Please note that you can use any bank of your choice.

But it is usually advisable to have a bank account with Sterling Bank, as Specta is a loan platform from Sterling Bank.

Requirements to Get a Specta Loan

Below are the Specta loan requirements you need in order to obtain a loan.

1. A bank account (sometimes they accept only Sterling bank accounts). It’s advisable to have sterling bank account)

2. Your BVN

3. Your Valid Email Address

4. Any valid means of identification(Voter’s card, NIN card)

How to Apply for Specta Loan

You can apply to get any of the Spectra Loans mentioned above by following these steps below:

Before you can apply, you have to request a profile. Send an email to [email protected] to make this request. You can get profiled either as an individual or a business.
Specta Loan-What You Need To Know

Below are the steps

1. Go Specta website or download the app

2. Choose the loan offer that you find most appropriate.

3. By clicking the loan offer, you can start the application.

4. Complete the application and submit it.

If your application is accepted and you are qualified, they will immediately credit your account.

You can reach their customer support by dialing 01700 4271 if you want further details. You can also send them a message via their email address, [email protected], in case of any issues.


Unlike many other loan platforms, Specta is one of the most popular loan platforms to get your personal loans, business loans, quick cash, and so much more.

We hope that this blog article has been able to give you all you need to access the Specta loan and get any loan of your choice.

You can send in your comments, suggestions, and comments via the comment section below

Thank you for reading.

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Written by Stephanie