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.

Specta Loan From Sterling Bank: Urgent Loan With Very High Interest
Sterling Bank Loan: How I Was Lured Into Debt Trap Of N2.5m From Specta

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. 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.

QUICK LOAN ARENA is the first and foremost review and reference website for loan apps and online banks in Nigeria and Africa at large. We do not give loan to anybody. Our objective is to inform and educate individuals and businesses about reputable loan platforms and offers and advice them to shun loan sharks

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

3 Comments

  1. Where is our customers protection Agency / Body . EFCC & NIGERIA LAWYERS must not keep quiet on this matter.This is online fraudulence from banks to the Nigeria citizens. Our interest must be protected.
    This is robbery, no opportunity is genuine in Nigeria but design to burden the Nigerians. Banks collect charges daily,weekly, monthly as the case may be.
    Why is Nigeria seems to be guided by laws,yet logically lawless?
    Land Lords in Nigeria can increase the house rent by any percentage and govt is weak to protect the tenants.
    Our voice must be heard NOW
    Thanks Ayo.

  2. Is borrowing loan from specta advisable,, please someone should guide me i don’t want to make a mistake please

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