Specta Loan Review – Specta Loan Application, How to Apply, Requirements, Interest Rate, and Repayment Plan, Specta Loan Login

Specta Loan Review – Specta Loan Application, How to Apply, Requirements, Interest Rate, and Repayment Plan, Specta Loan Login

Instant Loans are becoming more popular in Nigeria today as more people are in dear need to solve or meet an urgent need. When friends and family fail you and the need is pressing, the instant loan becomes an option and Specta loan is one of such instant loan option that can get you out of urgent financial need. In this Specta loan Review, you will find out all you need to know about this loan service including Specta Loan Login method for those who wish to apply for a loan.

What is Specta Loan 

Specta loan is a product of Sterling bank limited designed to give you an online lending platform without the need to visit the bank or office and requires zero paperwork and no collateral. Specta gives you loans of up to 5 Million in one transaction which can be received within a few minutes.  

With Specta, you can take care of your urgent personal and business needs with ease no matter the time of the day it arises. 

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How Long Does It Take to Get Specta Loan?

Although Specta loan is an instant loan, it can take up to an hour or two for new users to get approval after application. Once the application is complete, scoring(eligibility score check) is instant, and disbursement is done instantly. The entire process can amount to the time above.

What is the Interest Rate?

Every loan applicant has to consider the interest rate of the loan before submitting the application. For Specta Loan, the interest rate on loan is 25.5%-28.5% on some loan options and 26 – 30% max. The loan option has a one-off payment for insurance at 2.5%. One-off payment of Management fees of 1% and a Penalty fee of 1%. 

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Loan Repayment Plan 

Spectra loans offer different loan repayment plans depending on the type of loan and the option selected by the individual during the loan application. The loan repayment period ranges from  1 – 12 months and as far as  4 years(48 months). The 4 years plan is only available to salary earners. 

Specta Loan Options and Plans

There are different loan plans designed to suit your income level which also determine the amount you can borrow and all options can be applied for online without collateral or need for guarantors. Below is the list of loan options available;

Specta Allawee 

This loan option is available to corp members only and it enables Corpers to get quick access to funds to develop and expand their entrepreneurial dreams. This plan offers both personal loan and gadget loan options to corpers. The personal loan interest is 23% and the same is Applicable if you opt-in for Galaxy Tab E 9.6 gadget. To apply for this loan, you will need your callup number and other personal information. 

Specia Quick Cash | Specta Loan Review

This loan is available to anyone who needs a swift loan to solve minor financial needs and it offers up to 20,000(maximum of 100,000 after several repayments) Naira quick cash to all individuals based on your Social Media reputation and transaction history. This is open to everyone irrespective of your bank. Some of the factors that affect Social Reputation Scores and eventually getting a cash request using this option include;

• The social information available about the user.
• The duration of activity on the social network.
• The investigation done by Specta Social Credit Officer.
• Additional Social Collateral submitted by the user.
• Validation of the Social Guarantors(for those who need a higher amount) provided by the user.

On a periodic basis, a minimum social reputation score to be eligible for a cash request is published on the Social Lender Platform.

Using this option, you can qualify for the higher amount over time as you continue to use the quick cash option and pay back on time.

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Specta Xtreme | Specta Loan Review

This is for everyone including business owners, salaried workers, and more with no profiling necessary. Using this loan option, you can get up to 2 Million Naira with a maximum one-year repayment plan and interest rate between 26 – 30% per annum, irrespective of Bank. 

Specta BasicGives 

This option gives up to 5 Million Naira loan offer and up to 4 years repayment period and flexible interest rate and repayment date. This loan is open to only salaried workers (irrespective of Bank) and business owners whose accounts are in Sterling Bank. Click here to read on how to get profiled.

SpectaPrime

This loan option helps you borrow against your financial assets such as Savings, Cash Deposits, Treasury Bills, and other investments for your personal needs or urgent business needs. Here you Earn money on your investment and also borrow to meet urgent needs without losing your investment or interest. You can lend in Naira, Dollars, Pounds, and Euro. The loan duration is 7 days to 1 year. Some benefits of using this loan option include; 

• SpectaPrime helps you have savings available for emergencies.
• SpectaPrime helps you secure a line of credit with your savings or investments if you have seasonal cash flow fluctuations. It gives you a low-interest rate and there are no demands for your inflow.
• You can pledge your personal savings or investment to corporate debt, facilitating approval and lowering the cost of credit.
• SpectaPrime protects you against rising interest rates.

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Requirements for Specta Loan

Interested applicants for Specta loan are to complete basic information such as;

• Full name
• Email 
• Date of birth
• BVN
• Account number (from any bank)
• For a social loan, you will need a Facebook, Twitter, or LinkedIn account to apply

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How to Apply for Specta Loan 

To apply for a spectra loan, visit the Specta loan website at https://www.myspecta.com click on get started, enter your email address and phone number, and proceed to provide the personal information listed in the requirements above. After that, proceed to get your loan score calculated and then wait for disbursement. 

Specta Loan Login

If you wish to login to your Specta loan dashboard, you can do so now via the Specta Loan login page here simply enter your details and then proceed to your dashboard.

Read also: EZ Cash Loan Review

Final Words 

Spectra loan is easy to access however, make sure you borrow what you can afford to payback within the stipulated time because this is not a government loan or a grant. Failure to pay attracts an extra percentage as stated in the interest rate section plus the bank(Sterling Bank) will use any means possible to recover this money if you fail to pay. 

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