Sterling Bank Loan: How I Was Lured Into Debt Trap Of N2.5m From Specta

One of our followers Tijani Babatunde (not real names), who lives in Abule-Egba read our review about  the inhumane practices of online lending platforms in Nigeria, and told QUICK LOAN ARENA about his own personal horrific experience after he collected Sterling Bank loan using their popular online platform, Specta.

Specta is the digital extension of Sterling Bank loan offers, with claim to giving customers and borrowers urgent loan of up to N5 Million in one single transaction all within 5 minutes once all requirements have been fulfilled!

The Sterling Bank loan platform boasts that you don’t need any collateral, paperwork or guarantors and no physical visit to any office is required to access their urgent cash credit.

The Sterling Bank loan according to the management is available to take care of urgent personal and business needs and available for customers and non customers of the bank.

Right Of Reply: How I Was Lured Into Debt Trap With N2.5m Sterling Bank Loan From Specta

Good morning QUICK LOAN ARENA. Thank you for the enlightenment. Nigerians need all the enlightenment in all these numerous quick loans from different sources. Many of them are debt traps from fake loan apps. Banks and financial organizations use all kind of baits to lure people into taking loans. I had fallen victim lately. The Sterling Bank loan I took is a typical example.

I collected Sterling Bank loan codenamed Specta of N2.5million. Within 5 minutes it was truly 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.

In August, I decided to liquidate the Sterling Bank 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.

Banks are defrauding desperate hapless Nigerians with quick online loan traps on wicked and exorbitant interest rates. People like you with good knowledge of how this works should be enlightening Nigerians using your QUICK LOAN ARENA platform.

Financial organizations and associations such as ICAN, and other financial Education institutions should take this up as a responsibility. I am in serious pains for allowing myself to be conned and scammed by a useless bank, despite being an Ijebu man. The Sterling Bank loan was a great regret –  Tijani Babatunde, Abule-Egba, Lagos, Nigeria.

Editor’s Note: The above was sent to us from one of our numerous readers in response to our review articles warning customers not to take online loans with high interest that will become debt traps such as like Sterling Bank loan he took. Our Right of Reply Column features feedbacks from our readers and loan customers and are published unedited.