Frequently Asked Questions

All you need to know about Specta

About Specta

Specta is an online lending platform that offers loans not more than N5,000,000 to individuals. Our goal is to create a simple, convenient, and personalized experience for our customers. We use proprietary data and analytics to review applications and provide approved applicants with loans.

With Specta, customers do not need collaterals or paperwork to get any loans. Once application is complete, scoring is instant and disbursement done in less than 5 Minutes.

Specta is a platform from Sterling Bank Plc.
A community is the organized group you belong to; this is usually the company you work for.
If you are the HR Manager or a member of top level management in your company, please send an email to

If you are a staff in a company you want enrolled on Specta, please send an email to with the details of your company and we will work on it.

Yes, you must work for an organization to be profiled on Specta for now. This could change soon.
We are glad to have you on Specta. Please send us an email requesting to be profiled as an individual and we share all the information needed to be profiled.
Specta offers loans Personal loans, Household/Asset Acquisition loans and Salary Advance.
No, you do not. Specta offers unsecured loans in all states of operation, which means you do not need to provide collateral.
Minimum and maximum loan amounts vary however, our maximum limit per loan request is N5,000,000.
You can reach our customer service team 24 hours a day, 7 days a week via

Phone: 08170852820 / 08170852815

Applications & Funding

It's required that you are a salary earner, have a current salary account with Sterling Bank (except Bankers) and have a Bank Verification Number (BVN).
At Specta, we pride ourselves in being as ‘instant’ as possible, therefore, this platform gives you feedback immediately leaving no room for status tracking.
A loan decision is taking immediately you complete the loan application process giving us accurate information to all the compulsory fields.
Funds are usually disbursed in less than 5 Minutes, however, due to statutory requirement access to the funds might take 24 hours. If this takes longer, please call us or email us.
No, once you’ve completed the loan application process, you cannot increase your loan amount.
Yes, as long as you have not exceeded your Debt Service Coverage Ratio (DSCR) - 33.33%.
You do not have to wait; you can apply for a new loan immediately if you are still within your Debt Service Coverage Ratio (DSCR).
An application may be declined for different reasons. Some of which include failure to meet the Bank’s credit criteria, wrong BVN inputted, Derogatory Credit Report, Debt Service Coverage Ratio (DSCR) above 33.33%. You can contact our Helpdesk through any of our channels for a detailed explanation.

Fees & Rates

Sterling Bank’s lending rate is determined by the prevailing market conditions and is therefore subject to fluctuations. While reserving the right to review this rate without notice; Sterling Bank shall endeavor to advice you of any change in the rate as soon as possible.
Fees charged are Management fee (maximum of 1% negotiable per community), Commitment Fee (Maximum of 1% negotiable per community) and Insurance Fee (1% flat per annum non-negotiable on Personal loans and Salary Advance, and 7% flat on House Hold/Asset Acquisition)
Yes, you can through Sterling bank at a discounted rate subject to a good credit record. Please be informed that salary domiciliation in Sterling Bank is mandatory within 30 days of loan buy back. Please send a mail to to get more information on the process.
No, Specta does not charge an administration fee.
Yes, Specta charges a 1% monthly default on past due amount.
No, Specta does not charge a prepayment fee if you choose to pay off your loan early.


You can set up payments monthly.
Payment can only be deducted from your monthly salary on salary payment due date.
No, you cannot.
Yes, you can pay off your loan at any time prior to the due date without a prepayment fee. If interested in doing so, please send an email to and we will assist promptly.
It is not currently possible to change your monthly payment date. This has been pre-determined by the community and can only be changed by the community body.
This could be for the following reasons:

1. Your company has not been profiled on Specta. You can send us the contact details of your HR Manager via to enable us commence the conversation. If you are a HR Manager or CEO, please visit here
2. You have not been profiled as an individual on Specta, please click here to commence your profiling process
3. Your company did not share your details to enable you get your loan in 5 minutes. Please contact your HR to confirm.
4. You used an email address different from the email address provided by your company’s HR taking you out of your community. Please contact your HR to confirm email address shared with us.
This could be due to your credit report. Specta gets live credit report updates from the credit bureaus and if your report comes back bad, your loan will not be processed. You can contact us via email or telephone to confirm the bank and account number this is linked to and we will assist.
Please note that we do not require a letter of non-indebtedness from you. You are to contact your bank and request that your records be updated with the credit bureaus.
Please be informed that a bad credit report is not unique to only customers who have existing or past loans. It could be charges on an account that were not reconciled.
Please be informed that the OTP times out after 60 seconds and cannot be reused. We recommend you check both your telephone and email for your OTP as telecommunication network or internet connection could delay its successful delivery.

Please also be informed that your OTP is delivered to the phone number linked to your bank account.

Please start your application again and use a different OTP.

Please be informed that your loan has been disbursed, however, based on statutory requirements, you will have access to the funds within 24 hours subject to the receipt of a favorable credit report.

Credit Score

We do not have a minimum income requirement; however, we do require that applicants have sufficient income to repay their loan obligation.