Specta Loan: Review | Requirements | Application

Specta is an online lending platform that is owned by Sterling Bank. It was introduced to help the average Nigerian who needs access to funding either for their personal upkeep or to promote their businesses. With this product, you do not have to go to commercial banks or spend days trying to get a loan. You can apply for one on the Specta app from the comfort of wherever you are and get the funding you seek.

However, no matter how good a thing is, it will be useless to the man who doesn’t know how to use it. For this reason, this post is created to teach you all you need to know about the Specta loan app, how it works, the requirements you must meet to be successful in a loan application, and so much other information. If you are as anxious as we are, then let’s set the ball rolling.

How Does The Specta Loan App Work?

As already stated, Specta is a loan app from Sterling Bank that can be used conveniently to obtain funds in the form of loans either for personal or business purposes.

Basically, it works very simply like most loan apps out there; you apply for the Specta loan via their website or on Sterling Bank’s OneBank app, fill out the required information, and submit. Specta will review your application and if approved, you get the funds deposited in your bank account within minutes.

As a product of Sterling Bank, you can rest assured knowing Specta is a trustworthy app that follows the operational guidelines laid out by the CBN for online lenders in the country. It is transparent about its loan terms, charges, as well as interest rates to be incurred on the loan. And by so doing, enables you to make a very informed financial decision.

Here are some of the features or pros that make the Specta loan app truly amazing:

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  • Fast and convenient: Quick online application and approval process.
  • Flexible: No collateral is required and various loan options are available.
  • Transparent: Clear fees and charges are mentioned upfront.
  • Mobile access: Manage your loan through the Specta app.

Despite its advantages, Specta is not without flaws. Some drawbacks must be taken into consideration before using the platform.


  • High-interest rates: Interest rates range from 25.5% to 28.5% per annum, which is higher than traditional bank loans.
  • Additional fees: Fees like ticket confirmation fee of almost N500 charged irrespective of the loan decision, as well as management fees further increase the loan cost.
  • Eligibility restrictions: You need to have a stellar credit history to qualify for a loan.

Types of Specta Loans

Specta offers different types of packages to cater to the needs of different categories of Nigerians. There is Specta that caters to individuals (salaried & non-salaried), and business owners. There is Specta Xtreme, and then there is Specta Prime for corporate men and women plus individual customers that have a running investment with Sterling Bank.

Specta Loan Requirements

To be eligible for the Sterling Bank Specta loan, there are some requirements you must meet. These include:

  • Individuals:
    • Must be a Nigerian citizen or resident with a valid ID.
    • Be at least 18 years old.
    • Have a verifiable source of income, typically through salary employment.
    • Have a good credit history (for non-pre-profiled users).
  • Businesses:
    • Must be a registered business in Nigeria.
    • Have a valid business bank account.
    • Meet specific financial requirements based on the loan amount.

How to Apply For Specta Loan

There are two ways to apply for a Specta loan: through the OneBank app or the Specta website. Here’s how to fill out the form for each:

Specta Website:

1. Go to the Specta website: https://spectaxtreme.myspecta.com/.

2. Sign in or create an account if you don’t have one.

3. Click on “Start Application”.

4. Choose your preferred loan amount and repayment tenor.

5. Enter your bank name, bank account number, and bank phone number, and click “Continue”.

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How to apply for Specta loan

6. Click on “Confirm SMS” and enter the Ticket number and Password(PWD) sent to your phone number or email address by your bank to verify your ticket (fee will apply).

Verify ticket

7. After the ticket is confirmed, Specta will inform you if you are qualified for a loan or not.

If your application is approved, you will receive a loan offer. Review the offer and click “Accept” if you agree.

Your account will be credited instantly with the loan amount.

OneBank App:

  1. Open the OneBank app and log in.
  2. Tap on the “Investments” tab.
  3. Select “Specta”.
  4. Tap on “Get Cash”.
  5. Choose your preferred loan amount and repayment tenor.
  6. Enter your Specta ID.
  7. Review the loan offer and tap “Accept” if you agree.
  8. An OTP will be sent to your phone number linked to your BVN. Enter the OTP to complete the transaction.
  9. Your account will be credited instantly with the loan amount.

Here are some things to keep in mind when filling out the Specta loan form:

  • The maximum loan amount you can qualify for depends on your income and creditworthiness.
  • The interest rate on your loan will be determined by your loan amount, repayment tenor, and creditworthiness.
  • Specta charges a one-time origination fee of 1% of the loan amount.
  • Specta also charges a monthly management fee of 1% of the outstanding loan balance.

Frequently Asked Questions about Specta Loans

Here are some of the most commonly asked questions about Specta loans, which cover both personal and business loans:


  • What is Specta? Specta is an online lending platform owned by Sterling Bank that offers quick and convenient loans to individuals and businesses in Nigeria.

  • What types of loans does Specta offer? Specta offers various loan types, including personal loans, business loans, PayWithSpecta (buy-now-pay-later for online purchases), and Specta Prime (loans for existing Sterling Bank customers).

  • What are the loan amounts available? Loan amounts can vary depending on the loan type and your eligibility. Individuals and businesses can get up to N5 million in loans.

  • How fast is the approval process? Pre-qualified users can get approval and disbursement within 5 minutes. For others, the process might take longer depending on credit assessment.

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Fees & Charges

  • What are the interest rates for Specta loans? Interest rates range from 25.5% to 28.5% per annum (reducing balance basis).

  • Are there any other fees associated with Specta loans? Yes, there are additional fees like ticket confirmation fee (472 naira), management (1% of the loan amount), and penalty charges for late payments.

  • How is the total cost of a Specta loan calculated? Consider the loan amount, interest rate, fees, and repayment period to calculate the total cost. Use loan calculators for an accurate estimate.

Repayment and Management

  • How can I repay my Specta loan? Repayment options are flexible, with terms ranging from 1 to 12 months. You can make payments through the Specta app or the website.

  • Can I make early repayments on my Specta loan? Yes, you can make early repayments without penalty charges to reduce the total interest cost.

  • How can I manage my Specta loan? The Specta app allows you to track your loan balance, make payments, view transactions, and update your information.

Other Concerns

  • Is Specta safe and reliable? Yes, Specta is operated by Sterling Bank, a licensed financial institution regulated by the CBN.

  • What are the alternatives to Specta loans? Consider traditional bank loans, microfinance institutions, or building up your own savings before taking a loan.

  • How can I borrow responsibly with Specta? Only borrow what you need and can comfortably afford to repay. Carefully assess the interest rates and fees, compare them with other options, and create a budget for repayment.

Wrapping Up

There you have it! All you need to know about the Specta loan app. We have covered its requirements, the application process, fees, and interest rates, as well as the pros and cons. While Specta offers a convenient way to borrow money very quickly, you must weigh the ups and downs before proceeding to borrow for your financial well-being.

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Many loan apps change their interest rates and repayment terms over time. Always review the terms and conditions carefully before downloading any loan app. B4loan doesn't promote any loan app, we just help you make informed decisions.

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