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Frequently Asked Questions
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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.
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 specta@sterlingbankng.com
If you are a staff in a company you want enrolled on Specta, please send an email to specta@sterlingbankng.com with the details of your company and we will work on it.
If you are a staff in a company you want enrolled on Specta, please send an email to specta@sterlingbankng.com with the details of your company and we will work on it.
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.
Yes, you must work for an organization to be profiled on Specta for now. This could change soon.
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.
Specta operates nationwide.
Minimum and maximum loan amounts vary however, our maximum limit is N5,000,000.
You can reach our customer service team 24 hours a day, 7 days a week via
Email: specta@sterlingbankng.com
Phone: 08170852820 | 08170852815
Facebook: @MySpecta
Twitter: @MySpecta
Instagram: @MySpecta
Email: specta@sterlingbankng.com
Phone: 08170852820 | 08170852815
Facebook: @MySpecta
Twitter: @MySpecta
Instagram: @MySpecta
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 however, this cannot be done via the platform. Please send a mail to specta@sterlingbankng.com for all refinancing enquiries.
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.
It's required that you are a member of an organized community (Staff of a company, member of a society or body) 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.
An application may be declined for many reasons. Some of which include Low Credit Score, wrong BVN inputted, Derogatory Credit Report, Debt Service Coverage Ratio (DSCR) above 33.33%. You can reach our Contact Center for a detailed explanation.
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).
No, once you've completed the loan application process, you cannot increase your loan amount.
This is because your application did not come in as a member of a registered community. This could have been 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 specta@sterlingbankng.com to enable us commence the conversation.
2. Your company did not share your details to enable you get your loan in 5 minutes. Please contact your HR to confirm.
3. You used an email address different from the email address provided by your company’s HR. Please contact your HR to confirm email address shared with us.
1. Your company has not been profiled on Specta. You can send us the contact details of your HR Manager via specta@sterlingbankng.com to enable us commence the conversation.
2. Your company did not share your details to enable you get your loan in 5 minutes. Please contact your HR to confirm.
3. You used an email address different from the email address provided by your company’s HR. Please contact your HR to confirm email address shared with us.
Funds are usually disbursed in less than 5 Minutes.
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.
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.
We do not have a minimum income requirement; however, we do require that applicants have sufficient income to repay their loan obligation.