How to apply for Sterling Bank Specta Payday Loan Interest Rates, Requirements

Are you sterling bank account holder searching for how to apply for Payday Loans. The bank has unveiled their online lending platform that gives customers loans of up to 5 Million in one transaction all within 5 minutes.

With Specta, you can take care of urgent personal and business needs anywhere, anytime.It does. There is No collateral, no paperwork and no visit to any office, all you need is to allow via sterling bank Specta online lending platform.


The loan is designed for salary earner, entrepreneur or youth corper who’s in need of urgent loan facility to solve their immediate needs—- Specta is designed to support your dreams and give you the life you desire.

An important thing to note when you are applying for a Specta loan is that you must be part of an organization

Read: Sterling bank ussd code: How to register or reset Pin- transfer money, buy airtime and pay bills

Sterling bank Specta Loan Interest Rate


The Interest rate on Loan: 25.5%-28.5%* . One off payment for Insurance: 2.5% . One off payment of Management fees: 1% . Repayment Period: 1-12months . Penalty fee- 1% .

Let’s look at jennifer as our case study. Jennifer gets a loan of N1,000,000.00 from Specta for the duration of 12 months, jennifer’s interest rate will be 25.5% and she will have to pay back N94,200.49, 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 N94,200.49.

However, if Jennifer defaults in paying back the loan, his default attracts a penal fee of 1%

Sterling bank Specta Fess rate

  1. Fees charged are Management fee (maximum of 1% negotiable per community),
  2. Commitment Fee (Maximum of 1% negotiable per community)
  3. Insurance Fee (1% flat per annum non-negotiable on Personal loans and Salary Advance,
  4.  and 7% flat on House Hold/Asset Acquisition).

You can also read:Sterling bank ussd code to buy Data and Airtime


What type of loans does Specta offer?

Specta offers loans Personal loans, Household/Asset Acquisition loans and Salary Advance.

Specta Loan Requirements

The Specta loan package you choose determines the condition, but generally, you will need

1. A bank account number(sometimes only Sterling is accepted)
2. Bank Verification Number
3. A valid means of identification
4. valid email address

Also read: How to open sterling bank account online and various account type package

How to Apply for a Specta Loan

To apply for a Specta loan, follow these steps

1. -Request to get profiled either as an individual or a business by sending an email to Specta

2. Select the loan package that you find suitable
3. Begin the application by clicking on the loan offer
4. Fill out the application form and submit
5. If you are eligible and the application is successful, your account will be credited immediately.


How to contact  Sterling bank Specta 

You can Contact sterling bank via their:

Contact Email:

Contact Phone: 08170852820 | 08170852815


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