How To Get A Loan From Specta – All You Need To Know

How To Get A Loan From Specta - All You Need To Know

How To Get A Loan From Specta.

Specta is a digital bank powered by the prominent Sterling bank. Specta allows you access to loans as much as N5 Million in a matter of minutes, creating a convenient experience as opposed to the strenuous process of seeking loans through commercial banks. Spectra came on the scene in 2018 and has ever since been gaining popularity in the digital lending space.

Specta is one of the leading online banks that offer credit opportunities to the public. One thing to note about spectra is that even though it’s a product of sterling bank, spectra services aren’t limited to sterling bank account holders. You can apply for spectra loans even if you don’t have a sterling bank account. In this post, we will be going over everything you need to know about getting a loan from Specta,

Requirements For Specta Loan

The requirements for the loan will depend on the type of loan you are applying for, however, the most basic requirements are:

1. Your bank account details

2. BVN (Bank Verification Number)

3. Valid Identity Card

4. Personal email address

How To Get A Loan From Specta

Getting a loan from spectra is easy, you can apply with the following steps:

1. Choose the type of loan that’s best for you

2. Select the loan offer in the menu by clicking it

3. Input the required details into the application form

4. Get your account funded

Specta Website

The specta website is set up for people in need of loans, anyone can easily apply for the loans through the website, Specta website can be accessed on any phone or device, and creates an easy application process for those who need to borrow.

You can apply for a loan from Specta website with ease and comfort, as long as you have all the basic requirements, and know the type of loan you’re applying for.

Loan Interest Rates For Specta & Making Repayment

The main determinant of loan interest with Specta, and your loan tenure(how long you choose to pay back), is the type of loan package you choose. Loan offers on Specta range from 20% – 30% yearly, and over flexible repayment plan of up to 4 years.

You need to carry out your research on the type of loan you need, to be sure what the interest rate is.

Setting up a way to repay your loan is also easy on this platform, while sorting out the payment plan, some charges you will pay include:

i.Management Charges of 1%

ii. Commitment Charge 1%

iii. Insurance Charge 1%

iv. Household/Asset Charge 7%

Loan App By Specta

The official loan app for Specta performs the same function as their website. The only significant difference between both is that one opens on a web browser, while the other is accessed through a mobile application. To get the Specta loan app, all you need to do is head to the google play store to download Specta loan app. For now, the Specta mobile app is only available to android users. IOS users can access Specta loans through Specta website at:

Types Of Loans Specta Offers

There are a variety of loan types and packages you can get from Specta, they include:

1. Specta Basic / Specta4individuals

2. Specta Prime

3. Specta4Business

4. Specta Allowee

5. Specta Quick Cash

1. Specta Basic / Specta4individuals

This loan package from Specta is created particularly for entrepreneurs and those who earn salary. They have access to borrow five million Naira instantly after creating a profile and sending in an application. This type of loan has very convenient payment plans with reasonably low-interest rates.

One super advantage of this package is that you don’t need a bunch of paperwork, for this package what’s more important is having an account with Sterling bank. There’s still hope even if you don’t own an account with Sterling bank, as long as you own an account with another commercial bank.

2. Specta Prime

Specta prime enables users to earn from investments while giving them the opportunity to get loans for urgent needs without interfering with the investments. People who select this loan package have access to loans in foreign currencies like Pounds, Euros, and Dollars.

3. Specta4Business

This a unique loan package where business owners have the liberty of registering their businesses. The major benefit of this type of Specta loan is that it assists businesses in scaling up and making more sales because people who use Specta will see their business and end up patronizing them.

4. Specta Allowee

This is a feature that covers current Nigerian. Youth Corp Service Members. Specta Allowee provides loans to the corps to help establish their businesses.

5. Specta Quick Cash

This is a loan package that anybody can access regardless of what bank accounts they operate, or their occupation. Specta Quick Cash gives N20,000 quick funds to those who apply with their transaction history and social media presence as a yardstick for eligibility.


Does Getting A Loan From Specta Require Collateral

Specta doesn’t require collateral to disburse loans, you only need to meet the requirements for the loan package you plan on applying for. None of the loan packages on Specta requires collateral.

Does Specta Have A Physical Office

Specta is associated with Sterling bank, and all affairs concerning Specta are run by Sterling bank. If you have any reason to visit Specta office you can make your way to Sterling bank’s head office at Sterling Towers, 20 Marina, Lagos Island, Lagos.

How Long Is Specta Repayment Plan

You get within 1 year – 4 years to repay your Specta loan. You can choose a duration that will be convenient for you within the 4yrs so you don’t get overwhelmed. 


Sterling bank’s Specta loan is among the various digital lenders that offer quick loans to Nigerians. With an average interest rate of 20%-30%. When compared to other digital lenders, Specta’s loan interest seems to be on the high side. Don’t be in a hurry to get a loan, compare what policies and interest rates work best for you.

If you are fine with Specta loan interest rates and are clear on the steps to acquiring a loan, you can go ahead with your application, Specta will disburse your application into your account within minutes.