Specta Loan is Sterling Bank’s Loan in 5 Minutes That is Not Fast

We typically need a loan with a low interest rate, longer repayment tenure, offers higher loan limit, and a good reputation. Unfortunately, you don’t find a lot of them in Nigeria. In this review, we will scrutinize Sterling Bank’s Specta loan to see if it’s legit or a scam, and if it meets the criteria for a good lender.

Specta is owned by Sterling Bank Plc. It is a licensed Commercial Bank by the CBN (Central Bank of Nigeria). The address is Sterling Towers, 20 Marina, Lagos Island, Lagos. The website is myspecta.com.

Is Specta Loan Legit?

Specta is licensed by the CBN. This is Sterling Bank’s loan in 5 minutes platform, though you might not actually obtain a loan this fast.

We have majorly 4 types of Specta loans: Specta4individuals, Specta4business, Specta Prime, and PayWithSpecta. If you just need a loan of 5 million, use Specta4individuals but if you need 2 million naira for a business, use Specta4business. If you like saving money, and are willing to use your savings as collateral, use Specta Prime. The advantage of Specta Prime is reduced interest rates, simply because of your saved cash in Sterling Bank’s custody.

Then we have PayWithSpecta (paywithspecta.com) if you need a loan to buy something—it could be anything as long as the store is a Specta partner. It’s similar to ALAT’s device loan, except that the latter only supports mobile phones for now. Personally, I tried funding a Samsung TV using PaywithSpecta loan at a Samsung-authorized store. It didn’t work, despite being eligible for 1.2 million naira and covering nearly 50% of the total amount. Well, that’s how I ended up with a Sterling Bank current account I don’t use.

The interest rate is 25.5% to 28.5% but it can be higher if you don’t have a good credit history. You’ll also be charged a one-time insurance fee of 2.5% and management fees of 1%. If you default on your loan, the penalty fee is 1% of your loan amount. The rate is not the same for different borrowers since it is calculated based on your creditworthiness. Specta doesn’t also seem to consider the new or old customer syndrome.

The repayment tenure for Specta loan is 1 to 12 months. But if your company is registered on the Specta platform, you can access a personal loan for up to 36 months.

This is the part you will like about Sterling Bank’s Specta. Specta does not harass defaulters. This doesn’t mean you should borrow from them if you won’t have the money to pay back. One aspect Specta really has to improve on is their customer service—it’s poor.

Specta Loan Requirements

This loan is available to both salaried and non-salaried people. You have to be at least 18 years old to apply. And if you have good credit, you can qualify for the maximum amount of money.

Specta has a loan limit of 2 million naira but if your company is on-boarded on MySpecta, you can access up to 5 million naira. The higher your credit score, the more money you can qualify for. When borrowing, your repayment amount will be displayed to you.

Here’s an example. Let’s say you borrow 2 million naira for 12 months at an interest rate of 25.5%. You will pay back 188,400.98 naira per month for 12 months. Your credit profile determines the amount of money you can get. Specta won’t just lend you 2 to 5 million naira. You’ll be profiled and shown how much money you qualify for.

How to Use Specta App

  1. Go to sterling.ng/specta-basic or r.myspecta.com/onboarding. Both signups work, except that the former is via Sterling while the latter is on the Specta website
  2. Open an account with your personal and bank information
  3. Submit your registration information
  4. Apply for a loan

If your loan is approved, the money will be credited to your bank account.

Pros and Cons


  • Licensed by the CBN as a Commercial Bank
  • Has a CAC (Corporate Affairs Commission) profile
  • It is NDIC (Nigeria Deposit Insurance Corporation) insured
  • Does not harass borrowers who default but charges a 1% penalty fee
  • Uses a web app, so you don’t have to install the app to access loans


  • Specta doesn’t have an app on Google Play Store and Apple App Store
  • No guarantees that loan disbursement will be as fast as 5 minutes
  • Poor customer service

Is Your Personal and Bank Data Safe with Specta?

Sterling Bank Plc has not had complaints about customer data abuse. They don’t also call borrowers’ contacts or digitally harass customers who default. You can trust this lender with your personal and bank information.

Personal information collected by Specta may include your name, age, email address, phone number, personal description, selfie, username, NIN, and home address (such as utility bill). Bank information collected by Specta includes BVN (bank verification number), debit/credit card number, and bank account number.

When you visit the MySpecta website, information collected from your device includes your device ID, device type, GPS information (if enabled on your browser), device operating system, and IP address.


Not the fastest instant loan in Nigeria but Specta loan is very good if you have a good credit history and they approve your loan application. In this review, Specta gets a 4 out of 5 rating because its loan approval isn’t exactly 5 minutes fast.

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