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Specta Loan – A Comprehensive Lender Review

Specta loan

Specta, an offering by Sterling Bank, is a digital lending platform in Nigeria that promises quick and easy access to personal and business loans. With a promise of loans up to ₦5,000,000 in just 5 minutes, Specta aims to cater to a wide range of financial needs without the need for collateral.

Specta Review - Summary

Specta Review - Summary

  • Loan amount: Up to ₦5,000,000
  • Loan term: 1 month  - 12 months
  • Monthly Interest rate: 2.1% - 2.4%
  • Origination Fee: 1% Management Fee & 2.5% Insurance Fee
  • Monthly Fee: n/a

Requirements to get a loan:

  • Bank Verification Number (BVN)
  • Commercial Bank Account
  • Phone Number
  • Email Address
  • Good Credit Score
Pros
  • High Maximum Loan Amount
  • Accessible to Non-Salaried Individuals
  • No Need for Sterling Bank Account
Cons
  • High Overall Interest Rate
  • Additional Fees
  • Complicated Application Process
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Specta, an offering by Sterling Bank, is a digital lending platform in Nigeria that promises quick and easy access to personal and business loans. With a promise of loans up to ₦5,000,000 in just 5 minutes, Specta aims to cater to a wide range of financial needs without the need for collateral.

Loan Accessibility and Requirements

Specta offers loans up to ₦5,000,000 with repayment periods ranging from 1 to 12 months. The service is available to individuals with a bank account in any Nigerian bank, a Bank Verification Number, a phone number, an email address, and a good credit score. Notably, loans can be accessed by non-salaried individuals, and there’s no requirement for an account to be domiciled with Sterling Bank.

Interest Rates and Fees

Specta’s interest rates range from 25.5% to 28.5% per anum. Additionally, there is a 1% management fee and a 2.5% insurance fee. In case of default, a penal fee of 1% is charged. These fees are significant and should be carefully considered by prospective borrowers.

Pros of Specta’s Lending Services

  • High Maximum Loan Amount: Specta’s loan ceiling of ₦5,000,000 caters to substantial financial needs.
  • Accessibility for Non-Salaried Individuals: A significant advantage for entrepreneurs and freelancers.
  • No Need for a Sterling Bank Account: Broadens the accessibility of the service to a wider audience.

Cons of Specta’s Lending Services

  • High Interest rates: Interest rates range from 25.5% to 28.5%, which are on the higher side.
  • Additional Fees: Includes a 1% management fee and a 2.5% insurance fee, adding to the cost of borrowing.
  • Complicated Application Process: The process might be challenging for some users, especially those not tech-savvy.

Customer Sentiments

In the absence of reviews on platforms like Trustpilot or Pissed Consumer, it’s challenging to gauge widespread customer sentiments about Specta. This lack of visible feedback could be due to various reasons, including a preference for direct communication with the lender or a limited online review culture among users.

Specta’s Response to Feedback

The lack of engagement with customer feedback on popular review platforms could be an area for improvement for Specta. Active interaction with customer reviews can enhance trust and service quality.

Security and Privacy

As a digital lending platform, Specta is expected to prioritize the security and privacy of its users’ data. However, specific details regarding their data protection measures are not explicitly stated on their website.

Our Opinion

Specta offers a convenient and accessible loan service, especially for non-salaried individuals and those seeking high loan amounts. However, the high interest rates and additional fees, coupled with a potentially complicated application process, are factors that prospective customers should consider.

Wrap Up

Specta provides a valuable service in the Nigerian financial sector, especially for those in need of quick, substantial loans. While it excels in offering convenience and accessibility, greater transparency in its fee structure and active customer engagement would further solidify its position in the market.

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