Enter your email address below and subscribe to our newsletter

How to Apply for Specta Loan

By Oluchukwu Ikemefuna

Share your love

Specta, a leading digital lending platform from Sterling Bank in Nigeria, offers a convenient solution for individuals and businesses in need of instant funds through Specta loan.

Whether you’re facing unexpected expenses, pursuing business opportunities, or seeking to consolidate debt, Specta provides a range of loan products tailored to meet your needs.

In this article, you’ll see the step-by-step process of applying for Specta loans, in order to make informed decisions to unlock take control of your financial future.

Specta Loans

Specta offers a variety of loan products designed to address different financial needs and circumstances.

Whether you’re looking for a personal loan, business loan, or asset finance, Specta has you covered.

With competitive interest rates, flexible repayment terms, and quick approval processes, Specta loans provide a convenient and accessible solution for individuals and businesses alike.

Here are some of the loan options available from Specta


Specta offers personal loans for individuals, up to N5 million without needing collateral. The application process is quick, taking only 5 minutes to complete.


Specta also offers business loans, providing up to N2 million to help you start or expand your business. Whether you need funds for equipment, inventory, or other business expenses, Specta has you covered.


With Pay with Specta, you can buy now and pay later, offering a spending limit of up to N2 million. You can make purchases from any of their partner merchants.

This convenient service allows you to access the items you need without having to pay the full amount upfront. It makes it easier to manage your finances and budget effectively.

Why Choose Specta Loans?

There are several reasons why Specta loans stand out as a preferred choice for borrowers

  • Speed: Specta offers instant loan approvals, allowing you to access funds within minutes of application.
  • Convenience: The entire loan application process can be completed online. This eliminates the need for lengthy paperwork or visits to a physical bank branch.
  • Flexibility: Specta loans come with flexible repayment terms, allowing you to tailor your loan to suit your financial situation and preferences.
  • Security: Specta prioritizes the security and privacy of its customers’ data. It employs robust encryption and authentication measures to safeguard sensitive information.

Specta Fees

There are fees attached to Specta loans which includes interest rate on loan, credit insurance fee, and management fee among others.

Here are some fees attached to Specta loans.

  • Interest Rate on Loan: The interest rate for Specta loans ranges from 25.5% to 28.5%. This rate determines the cost of borrowing money from Specta.
  • Credit Insurance Fee: There is a one-time payment of 2.5% for credit insurance. It is added to the total loan amount. This fee helps protect both you and Specta in case of unforeseen circumstances.
  • Management Fee: There is also a one-time payment of 1% for management fees. This fee covers the administrative costs associated with processing and managing your loan.
  • Repayment Period: The repayment period for Specta loans ranges from 1 to 12 months. It gives you flexibility in paying back the loan based on your financial situation and preferences.
  • Penalty Fee: In case of late payment, there is a penalty fee of 1%. It’s important to adhere to the agreed-upon repayment schedule to avoid incurring additional charges.

How to Apply for Specta Loans

Specta loan application is a simple and straightforward process that can be completed in just a few easy steps.

Whether you’re using the Specta website or the Specta mobile app, the following, will walk you through the process of Specta loan application:

Visit the Specta Website or Download the Specta Mobile App

To begin the loan application process, visit the Specta website here or download the Specta mobile app from the Google Play Store or Apple App Store.

Also, the Specta mobile app is available for both Android and iOS devices, making it accessible to a wide range of users.

Create an Account or Log In

If you’re a new user, you’ll need to create an account on the Specta platform. Then, simply provide your basic information, such as your name, email address, phone number, and password, to create your account.

If you’re an existing user, log in to your Specta account using your registered email address and password.

Choose Your Loan Product

Once you’ve logged in, you’ll be prompted to choose the type of loan you’d like to apply for.

Specta offers a range of loan products, including personal loans called Specta4individuals, business loans called Specta4business, and asset finance called PaywithSpecta.

Select the loan product that best suits your needs and financial situation.

Provide Your Personal and Financial Information

Next, you’ll need to provide some basic personal and financial information to complete your loan application.

This may include details such as your full name, date of birth, residential address, employment status, income level, and bank account information.

Then for business loan you have to provide details such as your company name, Tax Identification Number, number of years in business, business segment and pictures of your shop, among other important information.

Make sure to enter accurate and up-to-date information to expedite the loan approval process.

Verify Your Identity

To verify your identity and eligibility for a Specta loan, you may be required to provide supporting documents such as a valid ID card, utility bill, payslip, or bank statement.

These documents help Specta assess your creditworthiness and ensure compliance with regulatory requirements.

Review and Submit Your Application

Before submitting your loan application, take a moment to review the information provided and ensure its accuracy.

Once you’re satisfied with the details, submit your application through the Specta website or mobile app.

You’ll receive an instant notification confirming receipt of your application and informing you of the next steps in the loan approval process.

Receive Loan Approval and Disbursement

If your loan application is approved, you’ll receive an offer letter detailing the loan amount, interest rate, repayment terms, and other relevant details.

Review the offer letter carefully and accept the terms and conditions if you’re satisfied with the offer.

Once you’ve accepted the offer, the loan amount will be disbursed directly to your bank account within minutes.

Managing Your Specta Loan

After receiving your Specta loan, it’s essential to manage it responsibly to ensure timely repayment and maintain a positive credit profile. Here are some tips for managing your Specta loan effectively:

  • Set Up Automatic Payments: Consider setting up automatic payments to ensure that your loan installments are deducted from your bank account on time each month. This can help you avoid late fees and penalties and simplify your budgeting process.
  • Monitor Your Loan Account: Regularly monitor your Specta loan account through the Specta website or mobile app to track your repayment progress, view your loan balance, and access your transaction history. This allows you to stay informed about your loan status and identify any discrepancies or issues promptly.
  • Communicate with Specta: If you encounter any difficulties or challenges in repaying your loan, don’t hesitate to reach out to Specta’s customer support team for assistance. They can provide guidance on available repayment options, extensions, or restructuring arrangements to help you manage your loan effectively.
  • Avoid Borrowing Beyond Your Means: While Specta loans offer quick and convenient access to funds, it’s essential to borrow responsibly and avoid taking on more debt than you can afford to repay. Before applying for a loan, carefully assess your financial situation and borrow only what you need to meet your immediate needs or goals.


Applying for a Specta loan is a quick, easy, and convenient way to access funds when you need them most.

Whether you’re facing unexpected expenses, seizing business opportunities, or pursuing your dreams, Specta offers a range of loan products to suit your needs.

If you found this piece useful, kindly drop a nice comment.

Also, visit and follow us on X @SiliconAfriTech, Instagram, @SiliconafricaTech Twitter @siliconafritech for access to other useful contents .


Homechoice Loan: How to Access it

How to Apply and Get Pep Loan

How to Secure an Autochek Car Loan in Kenya

Share your love
Peremoboere Numa
Peremoboere Numa

Pere is a versatile SEO writer with a Master's degree in English, who is dedicated to creating engaging and impactful content.

She excels in weaving content that not only informs, enlightens and impacts but but also optimize its online presence to rank on major web sites.

Pere brings a unique blend of linguistic proficiency and SEO knowledge, ensuring that each piece she crafts leave a lasting impact.

Articles: 102

Newsletter Updates

Enter your email address below and subscribe to our newsletter

Stay informed and not overwhelmed, subscribe now!