In this article, I will be taking you through the Specta loan app download process, and a review of Specta loan requirements. Specta, a unique lending application owned and powered by Sterling Bank Plc is one of the reputable loan applications in Nigeria and a digital lender that comes with a unique selling point of executing customers’ and borrowers’ loan application up to N5million in 5 minutes. Which is why Specta is typically called “Sterling bank loan in 5 minutes”.
Specta loan app download, just like its other counterparts such as Branch, Carbon and others upcoming lending apps offers credit facilities to both business owners and salary earners in Nigeria. The app aims to provide a more convenient and streamlined approach to accessing instant loans, utilizing standardized data processing techniques and analytics to review loan applications and eliminate the challenges associated with the traditional lending system.
Sterling Bank Plc which owns Specta is a full-service national commercial bank, licensed by the Central Bank of Nigeria. The bank provides financial services to individuals, small businesses and large corporations.
Convenient Loan Access With Specta Loan
Borrowers can access loans of N20,000, N50,000 up to N5,000,000 without the need for paperwork or collateral. The funds are disbursed within five minutes, making Specta a top choice for those seeking quick financial assistance. Specta loan app provides loans to all salary earners, regardless of their occupation.
The platform offers various types of loans, including salary advances, asset acquisition loans, and personal loans for purposes such as rent, education, weddings, and medical expenses. It’s important to note that being affiliated with an organization is a requirement for applying for a Specta loan.
Specta Loan App Interest Rates and Repayment
Interest rate on Specta Loan which vary depending on the chosen loan package is between 25.5% and 28.5% . One off payment for Insurance: 2.5% . One off payment of Management fees: 1% . Repayment Period: 1-12months . Penalty fee- 1% .
The repayment terms also depend on the selected package, with a repayment period of 1 to 4 years. Borrowers have the flexibility to set up a monthly repayment plan according to their comfort.
Representative Example of Specta loan App
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.
What Are The Features of Specta Loan App?
- Loan Calculator: The app provides a loan calculator tool that allows you to estimate the repayment amount based on the loan amount, interest rate, and repayment period. This feature helps you plan your finances and make informed decisions before applying for a loan.
- Loan Tracking: Once you have successfully applied for a loan, the app enables you to track the progress of your loan application. You can check the status of your application, from submission to approval and disbursement, all within the app.
- Repayment Reminders: To help you stay on track with your loan repayments, the Specta Loan App sends timely reminders about upcoming due dates. This feature ensures that you never miss a payment and helps you maintain a good repayment record.
- Loan History: The app provides a comprehensive loan history section where you can view details of your previous loan applications, including loan amounts, repayment terms, and repayment status. This feature allows you to keep track of your borrowing history and monitor your financial progress.
- Customer Support: The Specta Loan App offers dedicated customer support services to address any queries or concerns you may have. You can access customer support directly through the app, making it convenient to seek assistance whenever needed.
- Loan Offers and Promotions: The app keeps you updated with the latest loan offers and promotions available from Specta. This ensures that you are aware of any special loan deals or discounts that may be applicable, allowing you to take advantage of favorable borrowing opportunities.
Specta Loan App Download
Specta loan app download is not available on the Apps Store and doesn’t seem to be available anymore on Google Play Store. However you can still download the app from 9APPS website or register and apply for your loan through the application’s website.
Also legit Specta loan app download can be gotten from 9APPS website where over 20,000+ users download the loan app every week! This app was released on 2018-02-15. Therefore if you are an android apps lover, you can still enjoy it through this platform.
How To Apply For Loans on The Specta Loan App
After you have downloaded the Specta loan app into your phone or computer, follow the steps below to apply for loans from the Specta application.
- Request for Profiling: To begin the loan application process, you need to get profiled as either an individual or a business. Send an email to Specta expressing your interest in obtaining a loan.
- Choose the Loan Package: Once you have been profiled, you can select the loan package that suits your needs from the options available.
- Initiate the Application: Click on the loan offer that you find suitable on the Specta platform. This will redirect you to the loan application form.
- Fill out the Application Form: Complete the application form by providing the necessary information accurately and honestly. You may be required to enter details such as your personal information, employment details, income, and loan amount requested.
- Submit the Application: After filling out the form, review the information provided to ensure its accuracy. Once you are satisfied, submit the application.
- Loan Approval and Disbursement: If your application meets the eligibility criteria and is successful, Specta will credit the approved loan amount directly to your designated bank account.
It’s important to note that the specific requirements and application process may vary depending on the loan package and your individual circumstances.
Various Loan Packages Specta Loan App Provides
- Specta Xtreme: This package is open to salary earners and business owners without the need for profiling. It offers loans of up to 2 million with a maximum tenor of one year.
- Specta Basic: Exclusively for business owners with a Sterling Bank account and salaried employees (regardless of their bank), this package offers loans of up to 5 million with a maximum tenor of 4 years and flexible interest rates.
- Specta Prime: This package allows borrowers to earn money on their investments while lending for urgent needs, offering loans in multiple currencies, including Dollars, Naira, Euro, and Pounds.
- Specta Allawee: Designed for youth corps members, this package enables corpers to access funds to expand and develop their entrepreneurial dreams.
- Specta Quick Cash: Open to individuals regardless of their bank affiliation, this package offers quick cash loans of up to N20,000 based on transaction history and social media reputation.
- Specta4Business: Specta also caters to businesses, providing loans under this package to small, medium, and large enterprises.
What Are Specta Loan Requirements?
There are specific Specta loan requirements for each category of loan package you choose. However the following are general requirements:
- A bank account number(sometimes they accept only sterling accounts)
- Bank Verification Number
- A valid means of identification
- Valid email address
Specta Interest Rates Are High And Too Many Lending Fees
From our findings, we observed Specta loan interest rates are quite high and so are its lending fees. Also their offer comes with many lending fees. For example, you will have to pay a Management fees of 1%, . Penalty fee- 1% . We advise customers to beware and take caution before signing in for any loan from any platform.
We spoke to a customer who collected N2.5m from Specta and he has this to say, “I took Sterling Bank’ SPECTA loan of N2.5m. Within 5 minutes it was granted in April 2019. When the money landed they had removed about N120,000.00 as charges and processing fees. I started paying N98,990 every month. It was for a 3-year tenure at 23% interest rate . After fully paying the principal sum as at May 2021, I continued paying up to July.”
He continued, “In August I decided to liquidate the loan, thinking the sum balance should come down on interest having cut down the tenure to 2 years from 3, I was shocked when I still had to pay N860,000.00 . They calculated the whole thing forward up to 2023 when the tenure will end; instead of backward. So I have paid over N1 million on interest within 2 years. I will forever regret it.”
Frequently Asked Questions (FAQs)
What is Specta Loan App And How is it downloaded?
Specta is an online lending platform that offers loans of up to N5,000,000 in 5 Minutes to already profiled salaried workers. The platform’s goal is to create a simple, convenient, and personalized experience for customers and borrowers using proprietary data and analytics to review loan applications.
With Specta app downloaded on your smartphone and ready for use, you do not need collaterals, paperwork or a visit to any office to get your loan approved and funds disbursed if you are profiled. Once application is complete, scoring is instant and disbursement done in less than 5 Minutes.
Specta Loan App is usually downloaded from the Google Play Store for Android devices. However it would appear it is no longer in the Play Store when this reporter checked today. But you can get the legit version from 9APP website.
What Is Sterling Bank Loan in 5 minutes?
Sterling Bank Loan in 5 minutes codenamed Specta, is an online financial product by Sterling Bank that gives customers and borrowers loans of up to N5 Million Naira in one transaction all within 5 minutes! For this special category of loan, customers do not require any collateral, paperwork and or a physical visit to any office.
Sterling Bank calls this digital lending platform “the fastest lending platform which offers individuals and businesses loans of up to N5 million naira in 5 minutes only”. If you are a salary earner, entrepreneur or youth corper? Specta is designed to support your dreams and give you the life you desire.
Whether you are an account older or not with the bank, you can apply and if you are eligible you will be approved.
Can I apply for a loan through the Specta Loan App if I am not a customer of Sterling Bank?
Yes, you can apply for a loan through the Specta Loan App even if you are not a customer of Sterling Bank. Specta offers loans to both Sterling Bank customers and non-customers.
What are the loan packages available on the Specta Loan App?
The Specta Loan App offers various loan packages such as Specta Xtreme, Specta Basic, Specta Prime, Specta Allawee, Specta Quick Cash, and Specta4Business. Each package caters to different borrowing needs and requirements.
How long does it take to receive a loan through the Specta Loan App?
Once your loan application is approved, you can expect to receive the funds in your bank account within a few minutes. Specta prides itself on providing fast loan disbursement to ensure quick access to funds.
What are the interest rates and repayment terms offered on the Specta Loan App?
The interest rates and repayment terms on the Specta Loan App vary depending on the loan package you choose. Interest rates typically range from 20% to 30% per annum, and repayment tenors can be anywhere from 1 to 4 years.
Specta Sterling Bank Loan is one of the numerous platforms available for accessing quick online loans in Nigeria. However, it’s important to note that the interest rates range from 20% to 30%, which may be considered on the higher side. As with any financial decision, it is advisable to compare different loan offers and consider all relevant factors before committing to a loan.