Specta: How to get a loan, interest rates, repayment terms & more

Specta is an online loan platform powered by Sterling Bank. It allows eligible users to obtain instant personal and business loans at low-interest rates. In this post, you will learn how to get a loan from Specta.

You will also learn how Specta by Sterling loan services work, Specta loan packages, Specta by Sterling interest rates, office location, Specta customer care and lots more.

What is Specta by Sterling, and how does it work?

Founded and managed by Sterling Bank, Specta is an online lending platform that lends eligible users personal and quick loans. The loan amount can be as large as 5 Million in one transaction.

Aside from this, the loan will be processed within a short while, without demanding collateral, paperwork, or physical presence in Sterling Bank.

Once you create an account on Specta and meet the requirements, you can take care of unexpected personal and business expenses without hassle. Also, you don’t need to be an existing user of Sterling Bank before you can obtain loans from Specta.

Specta4individuals

The Specta4individuals loan option allows you to obtain an instant personal loan of up to ₦5 Million without collateral or any paperwork. Both salaried and non-salaried individuals are eligible.

Salaried Individuals

You can apply for and obtain a personal loan on Specta if you own a salary account in Sterling Bank or any other commercial bank in Nigeria.

Non-Salaried Individuals

If you don’t have a fixed monthly salary or a 9-5 job, but you’re self-employed, a business owner, a professional, or a trader, you are also eligible to obtain loans from Specta.

The only requirement is that you should have an account in Sterling Bank or any other commercial bank in Nigeria.

Specta4Business

Specta4Business is a little bit different. Here, you’re not necessarily obtaining a business loan. Instead, you’re registering your business with Specta with the aim of increasing sales.

Once your business is registered on Specta, your customers (also Spectre users) can pay only a small percentage of your selling price and pay the remainder later.

As for you (the seller), Specta will pay your money in full. Whenever the customer wants to pay back, he/she will pay Spectre and not you.

Whenever you sign up for Specta4Business, you can also get a business loan amount of up to ₦2 million, as long as you’re eligible.

Specta Ultra Credit Card

The Specta Ultra Credit Card is a credit card service funded by Specta. You can spend money and pay bills off the card without depositing funds. You can pay it back later when you have the money.

Ultra Bronze Card

Easy access to a revolving line of credit
Naira denominated
Flexible repayment option
Accepted in Nigeria and a few African countries
Up to 45 days of an interest-free period
EMV compliant (Chip and PIN technology)
Contactless capability
Shop and make online payments nationwide
One-time password (OTP) for verification for online transactions
5-year card validity
Exciting offers and discounts

Ultra Bronze Card Fees

Issuance fee = ₦ 1,000
Supplementary card fee = ₦ 1,000
Annual maintenance fee = FREE
Quarterly maintenance fee = FREE
ATM Charges = 3%
POS/WEB Charge = FREE
Insurance fee = 2.5% per annum

Ultra Classic Card

Easy access to a revolving line of credit
Naira denomination
Flexible repayment option
Worldwide acceptance wherever the Visa logo is displayed
Up to 45 days of an interest-free period
EMV compliant (Chip and PIN technology)
Contactless capability
Shop and make online payments worldwide
3D secure transactions required a One-time password (OTP) for verification
3-year card validity
Exciting offers and discounts
24-hour contact centre support

Ultra Classic Card Fees

Issuance fee = ₦ 1,000
Supplementary card fee = ₦ 1,000
Annual maintenance fee = FREE
Quarterly maintenance fee = FREE
ATM Charges = 3%
POS/WEB Charge = FREE
Insurance fee = 2.5% per annum

Ultra Platinum Card

Easy access to a revolving line of credit
Naira denomination
Flexible repayment option
Worldwide acceptance wherever the Visa logo is displayed
Up to 45 days of an interest-free period
EMV compliant (Chip and PIN technology)
Contactless capability
Supplementary card / Additional card for a loved one
Shop and make online payments worldwide
3D secure transactions required a One-time password (OTP) for verification
3-year card validity
Exiting offers and discounts when you spend locally and internationally
24-hour contact centre support
Exclusive benefits at over 900 hotels around the world
Free access to a wide range of medical and legal advice for Visa Platinum Cardholders
Visa’s Global Customer Assistance Services
Discount on personal fast track services at over 380 international airports

Ultra Platinum Card Fees

Issuance fee = ₦ 1,000
Supplementary card fee = ₦ 1,000
Annual maintenance fee = FREE
Quarterly maintenance fee = FEE
ATM Charges = 3%
POS/WEB Charge = FREE
Insurance fee = 2.5% per annum

Ultra Ruby Card

Easy access to a revolving line of credit
Naira denominated
Flexible repayment option
Accepted in Nigeria and a few African countries
Up to 45 days of an interest-free period
EMV compliant (Chip and PIN technology)
Contactless capability
Shop and make online payments nationwide
One-time password (OTP) for verification for online transactions
5-year card validity
Exciting offers and discounts

Ultra Ruby Card Fees

Issuance fee = ₦ 1,000
Supplementary card fee = ₦ 1,000
Annual maintenance fee = FREE
Quarterly maintenance fee = FREE
ATM Charges = 3%
POS/WEB Charge = FREE
Insurance fee = 2.5% per annum

Ultra Gold Card

Easy access to a revolving line of credit
Naira denomination
Flexible repayment option
Worldwide acceptance wherever the Visa logo is displayed
Up to 45 days of an interest-free period
EMV compliant (Chip and PIN technology)
Contactless capability
Supplementary card / Additional card for a loved one
Shop and make online payments worldwide
3D secure transactions required a One-time password (OTP) for verification
3-year card validity
Exciting offers and discounts when you spend locally and internationally
24-hour contact centre support
Free access to a wide range of medical and legal advice for Visa Gold Cardholders
Visa’s Global Customer Assistance Services

Ultra Gold Card Fees

Issuance fee = ₦ 1,000
Supplementary card fee = ₦ 1,000
Annual maintenance fee = FREE
Quarterly maintenance fee = FREE
ATM Charges = 3%
POS/WEB Charge = FREE
Insurance fee = 2.5% per annum

Ultra Black Card

Easy access to a revolving line of credit
Naira denomination
Flexible repayment option
Worldwide acceptance wherever the Visa logo is displayed
Up to 45 days of an interest-free period
EMV compliant (Chip and PIN technology)
Contactless capability
Supplementary card/Additional card for a loved one
Shop and make online payments worldwide
3D secure transactions required a One-time password (OTP) for verification
3-year card validity
24-hour contact centre support
Exclusive benefits at over 900 hotels around the world
Free access to a wide range of medical and legal advice for Ultra Visa Cardholders
Visa’s Global Customer Assistance Services
Discount on personal fast track services at over 380 international airports
Airport Loung
Concierge Services
Travel Insurance

Black Ultra Card Fees

Issuance fee = ₦ 1,000
Supplementary card fee = ₦ 1,000
Annual maintenance fee = FREE
Quarterly maintenance fee = FREE
ATM Charges = 3%
POS/WEB Charge = FREE
Insurance fee = 2.5% per annum

Specta Prime

Specta Prime is another Specta loan package that is tailored for special users. In this case, you will invest money for some time and then get a loan at a reduced interest rate.

You can obtain a loan amount up to 83% of the amount you invested.

How to get a loan from Specta by Sterling

Visit the Specta loan page for new users and download the Salary Domiciliation Agreement.

Once you’re done filling in the details, send the document to Specta’s email address (specta@sterling.ng). If your salary account is a savings type, you will be prompted to open a Corporate Customer Salary Account.

Specta loan repayment term

Specta by Sterling has a flexible loan repayment schedule. As a user, you can set your repayment plan to your preference.

You can repay your loan within 1 to 12 months. Note that a penalty fee of 1% applies if you exceed your loan duration and fail to pay on the due date.