A Comprehensive Guide to Sterling Bank’s Specta Platform for Instant Personal Loans
As one of Nigeria’s leading digital banks, Sterling Bank offers innovative financial solutions for individuals and businesses. One such offering is Specta, their digital lending platform that provides personal loans with near-instant approval and disbursement.
This detailed guide explores everything you need to know about getting a quick personal loan through Sterling Bank’s Specta.
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Overview of Specta by Sterling Bank
Specta is Sterling Bank‘s digital lending platform, launched in 2021, that offers collateral-free personal loans.
Key features include:
- Completely online and paperless application process
- Proprietary risk scoring algorithm for instant decisioning
- Loan approval and disbursement within 5 minutes for successful applications
- No early repayment fees or hidden charges
- Loans of ₦50,000 to ₦5,000,000 for salaried individuals
- Up to ₦2,000,000 loans for qualified self-employed persons
With its speed and convenience, Specta aims to provide accessible financing to working professionals in Nigeria.
Who is Eligible for a Personal Loan on Specta?
Specta offers personal loans to:
Salaried Individuals
- Age 20 years and above
- Employed with an organization for at least 6 months
- Minimum ₦100,000 in monthly salary payments into a bank
Self-Employed Individuals
- Age 25 years and above
- Running an established business for at least 2 years
- Have all business licenses and tax registration
Meeting the above criteria ensures you have the income stability and creditworthiness for a Specta personal loan.
What is the Loan Amount Offered on Specta?
Specta offers the following loan amounts based on your employment:
- Salaried individuals – Up to ₦5,000,000
- Self-employed persons – Up to ₦2,000,000
The maximum you can avail will depend on your eligibility, repayment capacity, and Specta’s risk scoring results. Even new users may get up to ₦100,000.
What is the Interest Rate and Repayment Tenure?
- Interest rate is 1.5% per month, i.e. 18% per annum.
- Repayment tenure ranges from 3 months to 24 months.
- You can choose your preferred tenor when applying. Longer tenors have higher overall interest cost.
There are no early repayment or pre-closure penalties. You can prepay your Specta loan anytime without charges.
Step-by-Step Guide to Applying for a Specta Personal Loan
Here is how to apply for and obtain instant financing through Specta:
Visit Specta Website and Create Account
Go to the Specta website or mobile apps. Click on Register and create your user account with basic details.
Provide Your Employment and Personal Information
Complete your full profile – education, employment, contact details, and bank account information.
Select Desired Loan Amount and Tenor
Choose your required loan amount within prescribed limits and preferred repayment period. The platform will indicate your eligibility.
Upload Mandatory KYC Documents
You need to upload documents like ID proof, address proof, salary slips/bank statements, tax documents etc. based on your employment.
Submit Your Application
Carefully review all entered details and submit your completed loan application on Specta.
Loan Approval and Disbursement
If approved, the loan amount will reflect in your linked bank account within 5 minutes. Repayment automatically begins as per your chosen tenor.
Tips for Smooth Personal Loan Application on Specta
Follow these tips to improve your chances of loan approval:
- Maintain a high credit score above 700
- Avoid multiple recent loan applications as it raises risk
- Keep income and debt levels moderate
- Provide accurate documentation with no discrepancies
- Start with a smaller loan amount for your first application
Meeting eligibility norms and having a strong credit profile will enable quick loan approval on Specta.
Benefits of Using Specta for Personal Loans
Quick and Convenient Application
The 100% digital process enables applying quickly whenever needed.
Near-Instant Approval and Disbursement
Funds reflect in your bank account within minutes if your application is approved.
Competitive Interest Rates
The starting 18% annual rate is lower than most banks and fintech lenders in Nigeria.
No Early Repayment Charges
You have the flexibility to prepay your Specta loan anytime without penalties.
Higher Loan Amount
Specta offers loans of up to ₦5 million based on eligibility, exceeding many digital lender limits.
Conclusion
Specta provides salaried employees and self-employed professionals quick access to collateral-free personal loans fully online. Its instant approval and disbursement makes it advantageous when you need urgent financing. Just ensure you evaluate your repayment capacity first and borrow only what you need. With prudent use, Specta can be a helpful solution for your immediate personal or business needs.
FAQs on Specta Personal Loans
Does Specta run any credit checks before approving loans?
Yes, Specta checks your credit profile with credit bureaus as part of its risk assessment before loan approval decisions.
What documents do I need for a Specta personal loan?
You need ID, address proof, 3-6 months’ salary slips/bank statements, tax documents, employment proof and other KYC documents.
How does Specta verify the documents and information submitted?
Specta has automated tools to verify your identity, employment, income, tax records etc. using external databases and AI-based checks.
Can self-employed persons get ₦5 million loan amount?
No, the maximum loan available for self-employed individuals and business owners is ₦2 million presently.
Is there any online customer service support on Specta?
Yes, you can access 24×7 support via Live Chat on the Specta website for any queries before or after taking a loan.