Terms and Conditions

Our Latest Terms and Conditions

Please find below the latest Specta Terms and Conditions (“Terms”).

Please read these Terms carefully. Access to, and use of Specta, Specta services (“Services”), and the Specta website https://myspecta.com/ (“Website”), including any of its content, is conditional on your agreement to these Terms. You must read, agree with, and accept all of the terms and conditions contained in these Terms. By registering, or by using Specta, you are bound to these Terms and you indicate your continued acceptance of these Terms.
If you take a loan with Specta, you thereby authorize Sterling Bank Plc to debit your account for all fees associated to the loan immediately the facility is disbursed. Iirrevocably undertake and covenant that you shall at all times make funds available in your account for the purpose of meeting you obligations as and when due. The foregoing shall be construed as a continuing instruction and shall not be revoked by you until you have fully paid down the credit facility availed to you.


STERLING BANK PLC may collect, use and disclose your transaction information from/to the appointed Credit Bureaus and other agencies whom may use the information for any approved business purposes as may from time to time be prescribed by the Central Bank of Nigeria (CBN) and / or any relevant statute.


• All expenses incurred in the arrangement, documentation and enforcement of payments under this facility would be borne by the Borrower. • Utilization of the facility or any part thereof shall be at the sole discretion of Sterling and is subject to satisfactory documentation and regulation of CBN as may be laid down from time to time. • The facility shall terminate and all sums due to Sterling there under shall become immediately due and payable if the borrower commits any breach or defaults under the terms of the facility granted him by Sterling or any other Bank. • The Borrower shall keep Sterling fully informed of all facilities granted to him/her by other Banks and financial institutions. • Account must revert to credit on or before expiration; • Any outstanding unpaid rental at expiration or any excess above the limit is not to be considered as approval for the unpaid obligation or unauthorized excess and will attract interest at 1% flat monthly;


Without prejudice to Sterling's right to demand repayment of outstanding amounts under the facility at any time, the occurrence of any of the following events shall cause all outstanding amounts under this facility to become immediately repayable.
• If the borrower fails to settle any due obligation arising from the facility; or • If the borrower defaults in the performance or the observance of any other term, after notice might have been given to the borrower; or • If an order is made or an effective resolution is passed or a petition is presented for the borrower’s undertaking and assets; or • If a distress or execution is levied upon or issued against the borrower’s property and is not discharged within 5 days;
Upon default, Sterling shall activate the direct debit of borrower's account via tokenization service.


The borrower covenants that in addition to any general lien or similar right to which Sterling as a bank may be entitled by law, Sterling may at any time and without notice to the borrower combine or consolidate all or any of the [his/her] accounts with any liabilities to Sterling and set off or transfer any sum or sums standing to the credit of one or more of such accounts in or towards satisfaction of any of the borrower’s liabilities to Sterling or any other account in any other respect whether such liabilities be actual or contingent, primary, or collective and several or joint.


Sterling reserves the right at its sole discretion to change, vary or cancel at any time, with adequate notice to the Borrower, the nature and amount of the facilities as well as the underlying terms, conditions and security arrangements. Therefore, notwithstanding anything in this offer to the contrary, this facility is regarded as payable at any time at the option of the Bank.


Any excess drawing over the approved facility limit and/or failure to meet agreed repayment terms will attract a penalty fee of 1% flat of the amount per month whether or not such excess over approved limit and/or failure to meet repayment terms is for a period less than one month.


By signing this offer letter/facility agreement and by drawing the facility, you covenant to repay the facility as and when due.
In the event that you fail to repay the facility as agreed, and the facility becomes delinquent, the bank shall have the right to report the delinquent facility to the CBN through the Credit Risk Management System (CRMS) or by any other means, and request the CBN to exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set-off your indebtedness from any money standing to your credit in any bank account and from any other financial assets they may be holding for your benefit.
You covenant and warrant that the bank shall have power to set-off your indebtedness under this facility agreement from all such monies and funds standing to your credit/benefit in any and all such accounts or from any other financial assets belonging to you and in the custody of any such bank.
You hereby waive any right of confidentiality whether arising under common law or statute or in any other manner whatsoever and irrevocably agree that you shall not argue to the contrary before any court of law, tribunal, administrative authority or any other body acting in any judicial or quasi-judicial capacity.


This offer shall be withdrawn or the facility terminated if a situation, change of default occurs or threatens to occur, which in the sole opinion of the bank would adversely affect the ability of the Bank or the Borrower to perform his/her obligation as outlined in this letter. In the event of any such termination, any fees paid by the Borrower to the Bank will not be refunded.
We are pleased to have been given the opportunity to be of service to you and look forward to a more mutually beneficial relationship in the future.



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Specta Fees

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% .

Representative Examples

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.