Specta is a digital lending platform created to enable consumers achieve their lifestyle aspirations through digital loans. Specta leverages the use of technology to give instant credit decisions to customers. The digital journey from application to disbursement is within 5 minutes.
Specta was launched in 2018 as a digital lending platform.
Specta has 3 product variants namely:
You can access Specta loans by downloading the Specta App from Google Play Store or iOS App Store. You can also visit our website www.myspecta.com to apply.
Specta Basic is a digital lending product of Sterling Bank designed for salary earners whose salaries are domiciled with Sterling Bank. It is a hybrid product that requires onboarding communities/organizations and profiling members of that community on the platform before they can access loans.
You can apply for a loan by:
The tenor for onboarded communities ranges from 12 to 48 months, depending on what has been pre-approved before the community was onboarded. However, the maximum approved tenor on Specta Basic is 48 months.
Factors considered include:
The maximum loan amount for Specta Basic is up to NGN 5,000,000 depending on the customer's credit profile and approved limit.
The interest rate is not fixed and depends on what has been approved for the community before onboarding. The interest rate charged ranges from 30% to 40% per annum. Other applicable fees include a 1% insurance fee, a 1% management fee, and a 0.125% stamp duty fee for loans with a tenor above 12 months.
Loan repayment is made monthly, depending on your payday.
Yes, late repayment attracts a penalty fee of 1% flat of the amount per month.
Successful loan applications are credited within five (5) minutes.
To get started, you need to provide:
To onboard your organization as a community on Specta Basic, you need to provide:
The qualifying criteria to get onboarded as a community are:
Yes, employers can now onboard themselves as a community and profile their employees. However, final onboarding is subject to meeting all eligibility criteria and provision of acceptable documents.
To get profiled as an employee on Specta Basic, you need to provide:
Credit decisions and disbursements are instant. You can see the status of your loan application immediately.
For support or assistance, you can use the online real-time support from our customer support agents on the Specta App. Alternatively, you can email us at specta@sterling.ng or call 02017004271 for support.
Specta Xtreme is a digital lending product of Sterling Bank that targets all categories of individuals with or without an existing relationship with the bank.
To get started, you need to provide:
You can access up to N2m subject to eligibility.
The maximum tenor on a Specta Xtreme loan is 12 months.
The factors considered include:
There is no need to physically visit a branch to apply for Specta Xtreme. You can apply for your loan from the comfort of your home.
The interest rate charged varies from 37% to 40% p.a (floating subject to money market forces) depending on your risk rating.
The applicable charges are:
Monthly repayments are charged through automated card debits and executed Remita/standing order.
You are free to choose a repayment date that suits you between the 1st and 31st of the month.
Yes, late repayment attracts a penalty fee of 1% flat of the amount per month.
Successful loan applications are credited within five (5) minutes.
Credit decision and disbursement is instant. You will be able to see the status immediately.
We have online real-time support from our customer support agents on the Specta App. You can also send us an email at specta@sterling.ng or call 02017004271 for support.
Specta Easybuy is a co-lending partnership on Device Financing to part-finance retail customers for the purchase of smart phones through the easy-buy platform.
Specta Easybuy targets all categories of retail customers with or without an existing relationship with the bank.
The maximum loan amount is N300,000 subject to eligibility.
The maximum loan tenure is 12 months.
To get started, you need to provide:
You can purchase the following brands – Techno, Infinix, and Itel as long as the cost of the phone does not exceed the maximum loan amount.
Monthly repayments are charged through automated card debits.
Yes, customer is expected to contribute a minimum of 30% of the cost of the phone as Equity.
Ultra Credit card is a revolving Naira denominated Card designed to address customer’s needs for convenience and short-term loans. The bank assigns appropriate credit limit to cardholder after credit scoring.
Sterling salary account holders, Sterling bank HNIs customers, business owners and non-Sterling bank account holders
Ultra Classic, Ultra Gold, Ultra Platinum and Ultra Black cost ₦1000
Upon receipt of your completed application, if found eligible for a credit card, your new credit card will be delivered to your branch within 72 hours from the date all the necessary information is received.
To activate your Ultra Credit Card and generate a PIN of your choice, you must:
To generate your ATM PIN:
| ATM withdrawal Fee | 3% |
|---|---|
| POS/WEB Fee (Local & International) | NIL |
| Card Types | Quarterly Fee | Annual Fee |
|---|---|---|
| Ultra Classic | N 50 | Free |
| Ultra Gold | N 50 | Free |
| Ultra Platinum | N 50 | Free |
| Ultra Black | Free | Free |
2.5%
Upon approval of customer’s request, a credit limit is assigned to customer based on his/her income, current indebtedness and capacity to repay. The total amount utilized does not need to be repaid entirely each month, a monthly minimum payment as stated in your statement is required to keep the card functional and interest will be charged on the unpaid balance after the 45days interest free grace period.
Your Credit Card statement is generated on the 16th of the month and forwarded to your personal email address. If you do not receive your statement within 3 days from stated date, kindly contact customercare@sterling.ng and your statement will be sent to you
The payment due date is the 28th day of every month
The least amount you must pay by the due date is the “minimum repayment”, found on your monthly statement. This amount is usually percentage of the total utilized amount plus all fees and interest. e.g., if you withdraw N20,000 plus N600 charge, you are to repay at least 10% of 20,600 which is N2060.
You can choose to pay 100% amount due and no interest will be charged on the card but if you choose to pay at least minimum amount due, the remaining balance will be carried over to the next statement period with the applicable interest charge on it.
Interest is calculated on the outstanding balance on your credit card (i.e. after making the minimum repayment), interest is calculated on the unpaid balance.
Cardholder is expected to make at least minimum payment of total outstanding balance on or before the due date (30th of the succeeding month), late payment fee of N2000 flat will be charged to your card inclusive of interest. Your Ultra Credit Card account will be force debited for repayment. If after 60days (two cycles), repayment is not made, system automatically deactivates your card.
Yes, you can have supplementary card(s) attached to your credit card. You and your supplementary cardholder(s) shall share a single credit limit.
If you notice any unauthorized transaction on your card, kindly call our Customer Care immediately on
01-4484481 and 07008220000 or send an email to customercare@sterling.ng
If you have any complaint, kindly contact your branch or call 07008220000 and 01-4484481 or send an email to customercare@sterling.ng
You can make payments in several ways:
– Through Alternative Channels(Internet banking, mobile banking) to your Ultra credit card account.
– Complete a deposit slip with the card account number and pay over the counter. Ultra credit card account.
SpectaScore is a Credit Score that is based on Specta's proprietary scoring model and may not be the same score used by third parties in certain instances to determine your creditworthiness. The provision of this score to you is intended for your information. Third Parties may take into consideration other information when evaluating your creditworthiness
The security of your information is important to us. Specta has implemented all necessary security measures to meet industry standards.
Specta Score is derived from Specta Model.
It is important to know and understand your credit score. It helps to take control of one’s financial life. Credit Scores are also used by financial institutions to evaluate risk for lending purpose.
Your Specta score is an overview of your credit health within the Specta Model at a specific point in time, which may change from day to day. However, Specta updates your score approximately every three months.
Generally speaking the higher your credit score, the better. Specta Credit Score ranges from 300 to 850 with bands stated below:
Your credit score is calculated taking into consideration your credit information, history and other parameters.
According to Specta Model, there are several ways to improve your low Specta Score, which includes:
This is a Specta variant, which allows you to get loans that you can back up with your investments. In this module, you can invest your Naira at a competitive rate and get a loan at a very reduced interest rate
This module is for Individual applicants for now
Specta Prime is open to Sterling bank and non-Sterling Bank customers.
For non-Sterling Bank customers, an account would be automatically opened for you to make your investment and disburse your loan.
Please click on forgot password link on the sign in page and insert the email address you used to register. A new generic password will be sent to your email, which can be changed afterwards.
Specta Prime is a strictly cash-backed solution; therefore, an investment is a requirement to access the loan.
The maximum amount that you can apply for on Specta Prime is N25,000,000.00
The platform automatically calculates the equivalent amount required for Investment once you specify loan amount, tenor, repayment mode and Investment currency.
The minimum tenor is 7days, while the maximum tenor is 12 months.
You can invest your existing Naira in fixed deposit for a maximum of 12 months and apply for a loan to match the investment. You can access up to 83% of the investment amount.
Your investment and loan would be booked and disbursed within 5minutes.
Kindly call us on 017004271 to speak to one of our agents. You can also send an email to specta@sterling.ng
Interest rate on Loan: 25.5%-28.5%* . One off payment for Insurance: 2.5% . One off payment of Management fees: 1% . Repayment Period: 1-12months . Penalty fee- 1% .
Let’s look at Emeka. Emeka gets a loan of N2,000,000.00 from Specta for the duration of 12 months, Emeka’s interest rate will be 25.5% and he will have to pay back N188,400.98, monthly for 12 months.
This is exclusive of management fees (1%) and Insurance fees of (2.5%) which are one off fees which he will still have to pay in addition to his monthly payment of N188,400.98. If Emeka defaults in paying back the loan, his default attracts a penal fee of 1% monthly.
* Loan rate may vary based on the risk rating analyzed by the system.
Sterling Towers, 20 Marina, Lagos island, Lagos
01-7004271
specta@sterling.ng