How To Borrow Money From Specta – Loans

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Sirmike Thursday, 19 September 2024, 9:44 pm

Specta Loan is an online lending platform that offers loans of up to N5,000,000 to salaried workers in Nigeria. It is a product of Sterling Bank Plc. Specta loans are disbursed within 5 minutes, and there is no need for collateral or paperwork.

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Specta Loan Packages

Specta offers three loan packages:

Specta Xtreme is a quick loan with no profiling required. It is open to salaried workers and business owners, and offers up to N2 million with a maximum tenor of one year. The interest rate for this package is 25.5% – 28.5%.
Specta Basic is open to salaried employees and business owners who have a Sterling bank account. It offers up to N5 million with a maximum tenor of 4 years and flexible interest rates. The interest rate for this package is 20% – 30%.
Specta Prime allows you to earn money on your investments while you lend for urgent needs. You can invest your funds at a competitive interest rate and get a loan at a reduced interest rate. The interest rate for this package is 10% – 15%.

All Specta loans come with a one-off insurance fee of 2.5% and a one-off management fee of 1%. The repayment period for all loans is 1 – 12 months.

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To qualify for a Specta loan, you must be a Nigerian citizen, have a valid NIN, and have a regular source of income. You must also have a good credit score.

To apply for a Specta loan, you can visit the Specta website or download the Specta app. The application process is quick and easy.

Here are some of the benefits of taking a Specta loan:

Fast approval process
No collateral required
Flexible repayment terms
Competitive interest rates

If you are looking for a quick and easy way to get a loan, Specta is a good option. However, it is important to compare the interest rates and fees of different lenders before you apply.

Specta4Business

Specta4Business is a lending platform that provides businesses with access to loans of up to N2 million. The loans are unsecured and can be processed in minutes, making them a convenient option for businesses that need quick access to cash.

To qualify for a Specta4Business loan, businesses must have been operating for at least 6 months and have a valid bank account. They must also provide proof of income and meet other eligibility criteria.

The interest rates on Specta4Business loans are competitive, and the repayment terms are flexible. Businesses can choose to repay their loans over a period of 6 to 12 months.

Specta4Business is a good option for businesses that need quick access to cash to cover unexpected expenses, expand their operations, or purchase new equipment. The loans are easy to apply for and the interest rates are competitive.

Here are some of the benefits of Specta4Business:

Quick and easy application process
Unsecured loans
Competitive interest rates
Flexible repayment terms
Available to businesses with a minimum of 6 months of operation

If you are a business owner who is looking for a quick and easy way to access cash, Specta4Business is a good option to consider.

Here are some of the features of Specta4Business:

Specta Spending Limits: This allows businesses to set spending limits for their customers. This can help to prevent fraud and ensure that businesses are only charged for the goods or services that they have actually received.
Specta Loans: Businesses can apply for loans of up to N2 million through Specta. The loans are unsecured and can be processed in minutes.
Specta Prime: This is a savings and lending product that allows businesses to earn interest on their savings and also access loans at a reduced interest rate.

If you are a business owner who is looking for a way to improve your cash flow, Specta4Business can help. With Specta Spending Limits, you can set spending limits for your customers to prevent fraud. With Specta Loans, you can access quick and easy loans of up to N2 million. And with Specta Prime, you can earn interest on your savings and access loans at a reduced interest rate.

Specta Quick Cash

Specta Quick Cash is an online lending platform that offers loans of up to N5,000,000 in 5 minutes to already profiled salaried workers. With Specta, you do not need collaterals, paperwork or a visit to any office to get your loan approved and funds disbursed.

To be eligible for a Specta Quick Cash loan, you must:

Be a salaried worker
Have a Sterling Bank account (preferably corporate salary account)
Provide the following documents:
- Proof of identity (e.g., passport, driver’s license, national ID card)
- Proof of salary (e.g., recent payslip)
- Proof of address (e.g., utility bill, bank statement)

Once you have submitted your application, Specta will assess your eligibility and approve or decline your loan within minutes. If your loan is approved, the funds will be disbursed into your Sterling Bank account within 5 minutes.

The interest rate on Specta Quick Cash loans is 18% per annum. The repayment period is 12 months. You can repay your loan in full or in installments.

To apply for a Specta Quick Cash loan, you can visit the Specta website or download the Specta app.

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Here are some of the benefits of using Specta Quick Cash:

Fast and easy application process
No collateral required
Funds disbursed in 5 minutes
Competitive interest rate
Flexible repayment terms

If you are a salaried worker who needs a quick loan, Specta Quick Cash is a good option to consider. However, it is important to compare the interest rates and repayment terms of different lenders before you apply for a loan.

How To Apply For Specta Loan

Here are the steps on how to apply for a Specta loan:

Go to the Specta website or app.
Click on the “Apply Now” button.
Enter your Sterling Bank current account number and Bank Verification Number (BVN).
Enter the amount you want to borrow.
Provide your contact information, including your phone number and email address.
Provide your employment information, including your employer’s name, address, and phone number.
Provide your income information, including your monthly salary or other sources of income.
Provide your identification information, such as a copy of your passport or driver’s license.
Read and agree to the terms and conditions.
Submit your application.

If your application is approved, the funds will be disbursed to your Sterling Bank account within 5 minutes.

Here are some additional things to keep in mind when applying for a Specta loan:

You must be a Nigerian citizen and have a valid Sterling Bank current account.
You must be at least 21 years old and have a minimum monthly income of N100,000.
You must have a good credit history.

Specta offers a variety of loan products, including personal loans, household/asset acquisition loans, and salary advances. The interest rates and terms for these loans vary, so be sure to read the terms and conditions carefully before you apply.

What Are Specta By Sterling Bank Interest Rates?

Specta by Sterling Bank offers interest rates on loans ranging from 25.5% to 28.5% per annum. The exact interest rate you will be offered will depend on your credit score and other factors.

In addition to the interest rate, there are also one-off fees for insurance and management. These fees are 2.5% and 1% respectively.

The repayment period for Specta loans is 1 to 12 months. If you default on your loan payments, you will be charged a penalty fee of 1% per month.

Here is a representative example of how Specta interest rates work:

If you borrow N2,000,000 for 12 months at an interest rate of 25.5%, your monthly repayments will be N188,400.98.
In addition to your monthly repayments, you will also need to pay a one-off insurance fee of N51,000 and a one-off management fee of N20,000.
If you default on your loan payments, you will be charged a penalty fee of N18,840 per month.

It is important to note that these are just example figures and your actual interest rate and repayments may vary.

What Is Specta Loan Repayment Plan?

Specta offers a flexible loan repayment plan that allows you to choose the repayment period that best suits your needs. The repayment period can be anywhere from 1 to 12 months, and the monthly payments are calculated based on the loan amount, interest rate, and repayment period.

Here is a representative example of how Specta’s loan repayment plan works:

Loan amount: N2,000,000.00
Interest rate: 25.5%
Repayment period: 12 months
Monthly payment: N188,400.98

In addition to the monthly payments, you will also need to pay a one-off management fee of 1% and an insurance fee of 2.5%. The total amount you will need to pay back, including fees, is N2,316,819.78.

If you default on your loan payments, you will be charged a penalty fee of 1% per month. This means that if you miss a payment, you will be charged an additional 1% of the outstanding balance on your loan.

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Here are some of the benefits of Specta’s loan repayment plan:

Flexible repayment period: You can choose the repayment period that best suits your needs.
Competitive interest rates: Specta offers competitive interest rates on its loans.
No collateral required: You do not need to provide collateral to get a loan from Specta.
Easy application process: The application process is quick and easy.

If you are looking for a loan with a flexible repayment plan, Specta is a good option to consider.

Do I Need Collateral To Borrow Money From Specta?

No, you do not need to provide collateral to borrow money from Specta. Specta offers unsecured loans, which means you do not need to pledge any assets as security for the loan. This makes it a more accessible option for borrowers who may not have the assets to secure a traditional loan.

However, there are some requirements that you must meet in order to be approved for a Specta loan. These include:

You must be a Nigerian citizen or permanent resident.
You must have a valid means of identification.
You must have a bank account in Nigeria.
You must have a regular income.
You must have a good credit history.

If you meet these requirements, you can apply for a Specta loan online. The application process is quick and easy, and you can usually receive your funds within minutes of being approved.

Here are some of the benefits of borrowing money from Specta without collateral:

You can get approved for a loan even if you have bad credit.
You can get your money quickly, without having to go through a lengthy approval process.
You don’t have to worry about losing your collateral if you default on the loan.

However, there are also some drawbacks to borrowing money without collateral:

The interest rates on unsecured loans are typically higher than those on secured loans.
You may be required to make larger monthly payments.
If you default on the loan, you could have your wages garnished or your assets seized.

Overall, Specta is a good option for borrowers who need quick access to cash and don’t have the assets to secure a traditional loan. However, it’s important to weigh the benefits and drawbacks before applying for a loan.