Specta Loan Review – Features, Pros & Cons

Specta is revolutionizing the lending industry in Nigeria by offering a more accessible and efficient way for individuals and businesses to secure loans. As a loan app from Sterling Bank, Specta leverages advanced data processing and analytics to streamline the loan application process and provide instant credit facilities to profiled business owners and salary earners. 

Its user-friendly interface, Specta, makes it possible for borrowers to access loans up to N5,000,000 without the hassle of paperwork or collateral. Whether you are looking to pay for an emergency expense, finance a big purchase, or cover unexpected bills, Specta loan provides a convenient and secure solution for obtaining the funds you need.

Specta Loan Overview

The loan application process with Specta is fast, straightforward, and simple. You must provide accurate information about yourself and your business, and Specta will take care of the rest. The platform eliminates the need for paperwork and collateral, making it an ideal choice for those who need funds quickly.

Additionally, Specta offers a range of loan options to its customers. The maximum loan limit is N5,000,000, which is substantial and can meet most financial needs. Specta loan also comes with a highly competitive interest rate, which makes it a cost-effective option for those who need quick funds.

Specta loan offers a convenient and reliable way to access loans in Nigeria. Whether you are a salary earner or a business owner, Specta has a loan product to suit your needs. With its fast approval process, no collateral requirements, and attractive interest rates, Specta is a top choice for those who need quick loans in Nigeria.

Specta Loan Requirements

To apply for a Specta loan, you need to provide key information and documentation. Firstly, you must have a bank account number, with some loan packages only accepting a Sterling Bank account. Secondly, you must have a Bank Verification Number (BVN), a unique identifier linked to your bank account, used to verify your identity.

In addition, you must provide a valid means of identification, such as a passport, national ID card, or driver’s license, to confirm your identity. Furthermore, you need a valid email address so that the Specta loan team can communicate with you and send you important information about your loan application and loan agreement. These details will help you apply for a Specta loan quickly and efficiently, so you can get the financial assistance you need as soon as possible.

How To Apply For Specta Loan

  • Download the Specta loan app or visit the Specta website
  • Create an account by providing your personal and contact information
  • Complete your profile by updating your bank details and other relevant information
  • Apply for a loan by providing the required details and specifying the amount you need.
  • Wait for the loan approval and receive the funds directly into your account within 5 minutes.

The platform aims to simplify the loan application process and make it more accessible to a wider audience. With Specta loan, you can apply without having to provide collateral or go through any paperwork. The loan approval process is quick and straightforward, and you can receive the funds within 5 minutes of approval.


Specta Loan Interest Rate, Repayment plan, and Fees

When you opt for a loan on the Specta platform, the type of loan package you select will determine the interest rate you will be charged. Typically, interest rates on the Specta platform range from 20-30% per annum.

The repayment duration for your loan will also be based on the loan package you choose, with a standard tenor of 1-4 years. Specta makes it easy for you to repay your loan by providing the option of setting up a monthly repayment plan. This allows you to pay back your loan at your own pace, provided that you make timely payments.

It’s important to note that borrowing money from Specta comes with certain fees. These fees are charged for accessing a loan through the Specta platform and are important to consider when taking out a loan.

  • Management fee (maximum (1%)
  • Commitment fee (Maximum (1%)
  • Insurance fee (1% flat on salary advance and personal loans)
  • Household/ Asset acquisition (7% flat)

Specta Packages

Specta is a loan app provided by Sterling Bank in Nigeria that offers various loan packages to meet the diverse needs of its customers. The loan packages include Specta Xtreme, Specta Basic, Specta Prime, Specta Allawee, Specta Quick Cash, and Specta4Business.

Specta Xtreme

Specta Xtreme is a loan package designed for salary earners and business owners, offering loans of up to N2 million with a maximum repayment period of one year. 

Specta Basic

Specta Basic is for business owners who own a Sterling bank account or salaried employees of any bank, offering loans of up to N5 million with a maximum tenor of 4 years.

Specta Prime

Specta Prime is a loan package that enables borrowers to access loans in different currencies, including Naira, Dollars, Euros, and Pounds. 

Specta Allawee

Specta Allawee is a loan package specially designed for youth corps members (NYSC) in Nigeria. Specta Quick Cash is a loan package for anyone who lives in Nigeria, allowing borrowers to access up to N20,000 in quick cash.



Specta4Business is a business loan package for small, medium, and large enterprises, offering financial assistance for businesses looking to grow and expand. Each of these loan packages has different interest rates and repayment plans, allowing customers to choose the best loan option that meets their financial needs.


Specta loan is a great platform for Nigerians needing quick, secure, and convenient loans. With its different loan packages, customers can find a loan that suits their specific needs, from personal to educational, medical, and business loans. The process is simple, with applicants able to apply for and receive loans in just 5 minutes. Specta loan operates nationwide and offers loans to all salary earners regardless of their occupation. It uses proprietary data and analytics to review applications and provide approved applicants with loans. With Specta, customers can be sure they are getting the best loan experience in Nigeria, all at their fingertips.

FrequentlyAsked Questions

What Is specta Loan?

Specta loan is a type of personal loan provided by Sterling Bank Plc in Nigeria. It is an online lending platform that offers quick and convenient loan services to salary earners and business owners. Specta provides different loan packages to cater to the specific needs of its customers. With Specta loan, you can access loans from as low as N20,000 to as much as N2 million, depending on your chosen loan package. 

To apply for a Specta loan, you must have a bank account number, Bank Verification Number, a valid means of identification, and a valid email address. Specta offers flexible repayment plans and a fast loan application process, with loans disbursed within 5 minutes after approval. With Specta, you can easily take care of your personal, educational, and medical needs.

How Reliable Is Pay With Specta?

Specta is powered by Sterling Bank plc, a reputable financial institution in Nigeria with years of experience providing financial services to individuals and businesses. With its proprietary data and analytics, Specta can offer a reliable and trustworthy platform for obtaining quick loans. 

Specta operates nationwide and offers loans to all salary earners, regardless of occupation, making it accessible to a large segment of the Nigerian population. Specta also offers its customers a convenient and personalized experience through its loan packages, which are designed to meet their specific needs and preferences.

What Is The Interest Rate On A Specta Loan?

The interest rate on a Specta loan varies depending on your loan package. The interest rate can range from 25.5% to 28.5% per annum on the Specta platform. The loan package you choose will determine the interest rate of your Specta loan. 

It is important to understand the terms and conditions of each loan package and the interest rate and repayment terms to make an informed decision on the best option for your needs. When you apply for a Specta loan, it is advisable to review the loan package options and understand how the interest rate, repayment terms, and fees affect the overall cost of the loan.


What Is The Easiest Loan To Get Right Now?

It is very easy to borrow a loan right now. Many loan apps in Nigeria do not require collateral and instead focus on evaluating the borrower’s creditworthiness through factors such as their BVN, age, driver’s license, and other personal information. This type of loan, commonly called an unsecured loan, is attractive to borrowers as it eliminates the need to provide collateral or assets as security for the loan. 

However, it should be noted that unsecured loans often come with higher interest rates due to the increased risk taken on by the lender. Overall, the easiest loan will depend on the lender’s requirements, the borrower’s credit history, and financial stability.

Where Can I Borrow Fast Money In Nigeria?

Specta loan is one of the fastest loan providers in Nigeria. It offers quick and easy access to funds for individuals and business owners who need financial support. The loan application process can be done through their website or mobile app, which is seamless and straightforward. 

After you create an account and provide the necessary information, you can apply for a loan and receive the funds within 5 minutes. With Specta loan, you no longer have to wait for days or even weeks to get a loan approved. You can now get the funds you need quickly and easily, allowing you to take care of your financial needs immediately. 


  • https://koboline.com.ng/specta-loan-review/
  • https://www.loanspot.ng/specta-loan/
  • https://siit.co/blog/specta-review-everything-you-needs-to-know/2075
  • https://9japaypal.com/specta-loan-review/


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