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All Your Questions Answered – Specta4Individuals

Are you in need of some extra financial assistance to cover unexpected expenses, medical bills, or even a much-deserved vacation? If so, a Specta loan could be the perfect solution for you. With competitive interest rates, flexible repayment options, and a simple application process, Specta loans by Sterling Bank are there to help you achieve your financial goals. In this guide, we'll address your questions about Specta loans, from eligibility criteria to loan disbursement methods.

Specta is a loan platform owned and operated by Sterling Bank. The platform aims to help salary earners and business owners with credit facilities. This facility in the form of a loan helps individuals meet expenses and personal needs. Specta4Individuals is a set of quick and personal loans available on the Specta app. These loans are available to both salaried and non-salaried individuals.

1. Specta Quick Loan

The Specta Quick Loan can be accessed by salaried and non-salaried individuals.Individuals can access the Specta Quick Loan if their salary account is domiciled in any other Bank or with Sterling Bank as it is open to all account holders in Nigeria. Non-salaried individuals can also access the loan if they are entrepreneurs.


  1. Valid ID – Driver’s ID, National ID or International passport.
  2. Utility bill (within the preceding 3 months).
  3. Three (3) months stamped statement of account.
  4. BVN.
  5. Two Individual external guarantors with proper means of identification such as BVN, four (4) passport photographs, Identity Cards and Letter of Intent to guarantee the loan.
  6. Signed post-dated cheques.
Specta loan
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2. Specta Consumer Loan

The Specta Consumer Loan offers individuals and businesses loans of up to N5 million naira in five minutes. No paper, no collateral and no visit to any office is required and the loan is available to salary earners, entrepreneurs or youth corps members.


  1. Must be a salary earner.
  2. Last Six Months Statement of salary account.
  3. Bank Verification Number (BVN).
Specta Loan
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FAQs About Specta Loan

Specta is a digital lending platform in Nigeria. Here are some FAQs about Specta Loans:

Who can access the Specta4Individuals Loans?

Specta Loans can be accessed by Salaried and Non-Salaried individuals.

What is the tenor applicable for the loans?

You can access a personal for a tenor of up to 12 months. If your company has been onboarded on the Specta platform, you can access a personal loan for a tenure of up to 36 months.

Are there interest rates and other fees for the Specta4Individuals Loans?

The interest rate charged varies from 25.5% to 28.5% depending on your risk rating. The loans also attract a management fee of 1% as well as insurance at 2.5%.

How to Apply for a Specta Loan on nairaCompare

1. Click on ‘Specta

2. Read through the information on the product page to get more details about the product.

3. Click on ‘Apply’ to begin the application process.

4. Fill in your personal details.

5. Submit your application form for review and processing.

6. After successfully reviewing your application, you will receive an email notification confirming your application.

Before applying for a loan, it is important to compare options in order to select a loan that’s best suited to your needs and circumstance. nairaCompare has a wide range of loan options you can compare and choose from.

Visit nairaCompare and start comparing Specta loans to loans from other trusted providers!

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What is the minimum and maximum loan amount I can borrow on Specta4Individuals?

The minimum and maximum loan amounts can vary depending on your eligibility and the specific loan product you choose. Loan amounts are determined based on factors like your income, creditworthiness, and repayment capacity.

Do I need collateral to secure a Specta loan?

Specta primarily offers unsecured loans, which means you don't need collateral to secure the loan. The loans are typically granted based on your creditworthiness and ability to repay.

What are the eligibility criteria for loans on Specta in Nigeria?

Eligibility criteria may include factors like age, income level, employment status, and credit history. Meeting these criteria is essential to qualify for a loan.

More features of the Specta4Individual Loans

To access the loans, borrowers must provide;

  1. Evidence of last payslip.
  2. Duly filled employer’s letter of undertaking.
  3. Duly signed Letter of set-off/lien.
  4. Positive Credit Checks.
  5. No history of returned checks.
  6. Valid means of identification (inclusive of Employee’s ID).
  7. BVN
  8. Passport photograph.

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