Quick loans for individuals, businesses take 5 minutes — Sterling Specta

Quick loans for individuals, businesses take 5 minutes — Sterling Specta

Specta is an online lending platform that claims to give loans of up to 5 Million in one transaction all within 5 minutes! According to the organization, you don’t need any collateral, no paperwork, no guarantors and no visit to any office.

Quick loans from Specta are available to take care of urgent personal and business needs.

The platform says its goal is to create a simple, convenient and bespoke experience for customers using proprietary data and analytics to review applications.

Specta claims that once application is complete, scoring is instant, and disbursement can be done in less than 5 Minutes.

Specta is opened to everyone irrespective of occupation and bank.

Specta has the following packages to serve you:

Specta4Individuals It can be accessed by Salaried and Non-Salaried individuals. With this package, you can access a personal loan of up to N5Million without collateral in 5 minutes

Salaried Individuals –. You can access a personal loan if your salary account is domiciled in any other Bank or with Sterling Bank. It is opened to all account holders in Nigeria.

Non-Salaried Individuals – You can access a personal loan if you are self-employed, a business owner, a professional, a trader etc., with accounts in any other bank or with Sterling Bank.

Specta4Business – Boost sales with Specta by signing up to start receiving payments from customers with Specta spending limits. You can also get up to N2M to start or grow your business.

From our findings, we observed Specta quick loan platform do not post their interest rate, and this may be due to the fact that such rates may be quite high. Quick Loan Arena 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.”

To get more information about Sterling SPECTA quick loan , CLICK HERE.


Quick Loan Arena is not a loan agency and we do not give out loan to anybody. We are a quick loan review blog that seeks to inform and educate individuals and small  businesses about instant loan opportunities to help them take informed decisions. Book A Call TODAY and speak with any of our Loan Consultants for more information! Call or Whatsapp +234 (0)803 385 7245.

Do remember to give us a feedback about your quick loan experience after the lending process is executed.

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About the Author: Femi Adeoya


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