Home loans How to get a Loan from Specta and the Requirements

How to get a Loan from Specta and the Requirements

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Have you ever been in a situation where you needed to get an urgent loan, and how was your experience? It is obviously difficult to get a loan in Nigeria, especially if it is urgent. Friends will disappoint you and banks will also do the same.

Well, there is an alternative to getting urgent loans in Nigeria without banks or friends. The alternative is using a mobile lending app called specta. Although there are many lending apps that serve the same purpose.

However, in this post, we are only going to talk about specta: This will include what specta is all about, specta loan requirements, specta USSD code, and how to get loan from specta.

What is Specta all about

Specta is a digital lending platform/app owned by one of the prominent banks in Nigeria knowns as Sterling Bank. The aim is to make it easy for people to take loans without visiting any bank.

With specta, you can borrow up to N5,000,000 without paperwork or collateral. All you need is a mobile phone with an internet connection and some simple requirements, which have been listed in the next section of this post.

Specta Loan requirements

Although specta does not require collateral, but there are some requirements you must meet to get a loan from specta. Those requirements are as follows:

  1. Having an account: Before you can get a loan, you must have an account on specta.
  2. BVN: When you use the SPECTA app to apply for a loan, you will be asked to link your BVN, which is one of the most important things you need to do to get loan from the platform.
  3. ID card: Even if you have an account with specta, you will still need a valid ID card, such as a National ID card, voter’s card, driver’s license, or any other government-issued ID, to verify your account.
  4. Age: To borrow money from the specta loan app, you must be at least 18 years old.
  5. Nationality: Nigerians are the only ones who can use specta, and you have to be a Nigerian to borrow from the platform.
  6. ATM Card: Another important thing you need to get a loan from specta is an ATM card. You will need to link a valid ATM card that can be used to pay back the loan.
  7. Finally, You will also have to go through the process of getting your own passport on the app. That is, you will need to take a picture of yourself with the app’s camera when it tells you to do so.
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How to take a Loan from specta

Once you meet specta loan requirements, to loan from specta becomes very easy. However, having the requirements doesn’t guarantee loan from specta. You need to follow the due process to get a loan from the app. 

Well, below are simples steps on how to get loan from specta;

  • Install specta app on your phone and register an account
  • Verify your account with the required documents
  • Select any of the available loan offers
  • Follow the process
  • You will be asked to allow spacta to access your contacts.
  • Click on allow
  • Boom! You are done.

Specta Loan interest rate

The interest rates that specta charges are determined by the loan package, just like with other lending app apps. Nevertheless, their annual percentage rates of interest range from 20% to 30%.

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On the other hand, the prime interest rate also depends on the repayment period’s length, which can range anywhere from one to fourteen years (1 – 14 years).

Specta Loan packages

  1. Specta Xtreme: This package doesn’t need a profile, and it’s open to people who get a salary and those who own businesses. It lets you borrow up to $2 million for up to one year.
  2. Basic Specta: Only business owners with a Sterling bank account and salaried employees can get this package (regardless of their bank). It lets you borrow up to $5 million for a maximum of 4 years, and the interest rates are up to you.
  3. Specta Prime: With this package, you can make money on your investments and lend money to people who need it quickly. You can borrow money in Dollars, Naira, Euros, and Pounds.
  4. Specta Allawee: Members of the Youth Corp are not left out, as this package gives corpers access to funds to help them grow and develop their business ideas.
  5. Specta Quick Cash: This loan package is for anyone, no matter what bank they use. It gives people up to N20,000 in quick cash based on their past transactions and how they are known on social media.
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Final thoughts on how to get a Loan from Specta

Specta has many loan packages you can choose from. Although some of the packages may not be available for you. However, it is very important to check the interest rate of the available offers. If it is okay for you, go for it, and if not. Check our post on Best Online Loan Apps in Nigeria With Low Interest Rates

Finally, thanks for reading our article on how to get loan from specta. We hope you read more of articles. 

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