Specta Loan: High-Interest Emergency Loan from Sterling Bank |


Specta Loan: High-Interest Emergency Loan from Sterling Bank | Specta is an online lending platform that promises customers and borrowers an instant loan of up to N5 Million in a single transaction in as little as 5 minutes, provided all requirements are met.

To get this loan, you don’t need collateral, paperwork, or guarantors and you don’t even have to go into an office because Specta is owned by Sterling Bank Plc, a full service national deposit money bank licensed by the Central Bank of Nigeria.


Loans are available to take care of urgent personal or business needs, and the Spectra online platform claims that its goal is to create a simple, convenient, and bespoke experience for customers by using proprietary data and analytics to review applications.

How About a Specta Loan From Sterling Bank? You Can Get Approved in Just 5 Minutes!

Specta claims that its application process takes less than 5 minutes, its scoring is immediate, and that it can disburse funds in under an hour. This loan opportunity is available to anyone, regardless of their profession or financial standing.

The Nigerian packages offered by Specta include the following;



Both salaried and non-salaried users have access to Specta for Individuals. In just 5 minutes, you can use this package to get a personal loan of up to N5,000,000 with no collateral required.

Salaried Individuals

You can access a personal loan if your salary account is domiciled in any other Bank or wit Sterling Bank. It is opened to all account holders in Nigeria.

Non-Salaried Individuals

You can get a personal loan from Sterling Bank if you are self-employed, own a business, are a professional, a trader, etc., and have an account at another bank or with Sterling Bank.

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Signing up to accept payments from customers with Specta spending limits is a great way to increase sales with the help of Specta4Business. You can receive up to N2 million to launch a business or expand an existing one.

What Are Specta Interest Rates And Fees?

The interest rate on a Specta Loan is between 25.5% and 28.5%. * One off payment for Insurance: 2.5 percent . One off payment of Management fees: 1 percent . Repayment Period: 1-12months . Penalty fee- 1 percent .


Case in Point as an Illustration

Let’s look at Emeka. If Emeka borrows N2,000,000.00 from Specta at 25% interest for 12 months, he will have to pay back N188,400.98 each month.

The monthly payment of N188,400.98 does not include one percent in management fees or two and a half percent in insurance fees, both of which he will be required to pay separately. Emeka will be charged a penalty of 1% of the outstanding loan balance every month if he fails to repay the loan by the due date.

The system’s risk rating will determine your interest rate, the platform warns.

Extremely High-Interest Emergency Loan from Sterling Bank

Urgent, Exorbitantly Interest-Rating Specta Loans from Sterling Bank

Astonishingly High Interest Rates and Excessive Lending Fees

Our research shows that the interest rates and fees for Specta loans are relatively high. There are a lot of lending fees associated with their offer, too. One percent of assets under management is one such fee. One percent added as a penalty.

Before committing to a loan from any service, we strongly suggest that consumers exercise extreme caution.

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He told BestGadgetBrand, “I took Sterling Bank’ SPECTA loan of N2.5m. In April of 2019, the approval came in under 5 minutes. When the funds finally arrived, they took about N120,000.00 out as charges and processing fees. My regular payment is now N98,990. There was a 23 percent interest rate for a term of three years. I made all of my scheduled principal and interest payments through July 2021.

He went on to say, “In August I decided to liquidate the loan, thinking the sum balance should come down on interest having cut down the tenure to 2 years from 3,” but he was surprised to find that he still owed N860,000.00. Instead of working backwards, they projected costs and savings through the end of the contract in 2023. So, in just over two years, I have spent over N1 million on interest. I will always feel guilty about it.

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