Is Specta Loan Legit or Scam?- Everything To Know


Is Specta loan legit

In today’s article, we’re going to answer the question; “Is Specta loan legit?”

Sometimes, we may run into situations that require you have access to funds to solve those issues. And if you don’t have one, the next best option is to borrow one.

Online loan apps are becoming increasingly popular because of how easy it is to get loans without collateral.

Specta loan is one of those companies that grant loans without collateral.

But the big question here is, “Is Specta loan legit?”. 

Stay tight because, in this article, I’m going to tell you everything you need to know about Specta loan legit.

Contents

Who is the owner of Specta Loan?

Specta loan is owned by Sterling Bank. As we all know, Sterling Bank is one of the popular banks in Nigeria.

This means Specta loan has the legal backing to disburse loans to individuals, unlike some loan companies that do not have such backing, hence, resorting to defaming their loan defaulters.

Sterling Bank on other hand is registered with the CBN, so far, they’ve been no reports of defamatory messages being sent to their user’s contact lists.

Specta loan overview

Specta app is a loan app in Nigeria; It offers credit facilities to Nigerian wage earners and business owners who fit specific profiles.

Using standardized data processing methods and analytics to review loan applications, it aims to offer a more practical way to obtain an instant loan and credits while removing the challenges associated with the conventional lending system.

This platform is available nationwide and provides loans to all wage earners without considering their occupation. It offers personal loans, asset purchases, and salary advances (rent, education, wedding, medical, etc.). 

If one defaults on Specta loan payment, the person has to pay a Penalty fee- of 1%

Specta loan requirements

We’ve seen that Specta is owned by a credible financial institution in Nigeria with a good track record.

Here are some of Specta loan requirements to keep in mind before applying for a loan:

Their condition depends on the Specta loan package you select, but generally speaking, you will need

  • Account number for a bank (sometimes they accept only sterling accounts)
  • A reliable form of identification.
  • Your bank verification number.
  • An email address.

Does Specta loan have an office?

Yes, their office is located at Sterling Towers, 20 Marina, Lagos Island, Lagos, Nigeria, where they have their headquarters. You can easily visit their office if you need to make more inquiries or lay complaints.

Specta loan products

Once you register an account on Specta and fulfil the conditions, you can then enjoy the Specta loan products, which include:

Specta4individuals

You can get a personal loan of up to $5 million instantly using the Specta4individuals loan option without putting up any collateral or filling out any paperwork. Both Salaried individuals and Non-Salaried Individuals are eligible.

For salaried individuals, you will need a  salary account with Sterling Bank or another Nigerian commercial bank before you can apply for and be approved for a personal loan through Specta.

For non-salaried Individuals, you may also be eligible for loans from Specta if you are self-employed, a business owner, a professional, or a trader but don’t have a set monthly wage or a 9 to 5 employment.

To qualify, you must only have an account with Sterling Bank or another Nigerian commercial bank.

Specta4business

Specta4Business is somewhat unique. You’re not necessarily getting a company loan in this situation. Instead, you intend to increase sales by registering your company with Specta.

Your consumers (who are also Spectre users) can only pay a tiny portion of your selling price after your firm is registered on Specta; the remaining amount must be paid later.

As for you, the seller, Specta, will give you your total purchase price. When a client wants to make a repayment, Specta will receive the money instead of you.

As long as you qualify, once you join Specta4Business, you can acquire a business loan worth up to $2 million.

PaywithSpecta

PaywithSpecta provides customers with a credit limit that can be used to purchase goods and items from online stores and In-store at merchant locations.

Ultra credit card

Ultra credit card is a product funded by Specta. You don’t need to deposit money to use the card to make purchases and pay bills. Once you obtain the funds, you can repay them.

Some Ultra Credit cards include:

Ultra Bronze Card

Here are some of the fees that are included in the Ultra Bronze Card

  • Issuance fee = ₦ 1,000
  • Supplementary card fee = ₦ 1,000
  • Annual maintenance fee = FREE
  • Quarterly maintenance fee = FREE
  • ATM Charges = 3%
  • POS/WEB Charge = FREE
  • Insurance fee = 2.5% per annum

Ultra bronze card benefits:

  • Easy access to a revolving line of credit
  • Naira denominated
  • Flexible repayment option
  • Accepted in Nigeria and a few African countries
  • Up to 45 days of an interest-free period
  • EMV-compliant (Chip and PIN technology)
  • Contactless capability
  • Shop and make online payments nationwide
  • One-time password (OTP) for verification of online transactions
  • 5-year card validity
  • Exciting offers and discounts

Ultra Classic Card

Here are some of the fees that are included in the Ultra Classic Card:

  • Issuance fee = ₦ 1,000
  • Supplementary card fee = ₦ 1,000
  • Annual maintenance fee = FREE
  • Quarterly maintenance fee = FREE
  • ATM Charges = 3%
  • POS/WEB Charge = FREE
  • Insurance fee = 2.5% per annum

Here are some benefits of the Ultra Classic Card:

  • Easy access to a revolving line of credit
  • Naira denomination
  • Flexible repayment option
  • Worldwide acceptance wherever the Visa logo is displayed
  • Up to 45 days of an interest-free period
  • EMV-compliant (Chip and PIN technology)
  • Contactless capability
  • Shop and make online payments worldwide
  • 3D secure transactions require a One-time password (OTP) for verification
  • 3-year card validity
  • Exciting offers and discounts
  • 24-hour contact centre support

Ultra Platinum Card

Here are some of the fees that are included in the Ultra Platinum Card

  • Issuance fee = ₦ 1,000
  • Supplementary card fee = ₦ 1,000
  • Annual maintenance fee = FREE
  • Quarterly maintenance fee = FEE
  • ATM Charges = 3%
  • POS/WEB Charge = FREE
  • Insurance fee = 2.5% per annum

Here are some benefits of the Ultra Platinum Card:

  • Easy access to a revolving line of credit
  • Naira denomination
  • Flexible repayment option
  • Worldwide acceptance wherever the Visa logo is displayed
  • Up to 45 days of an interest-free period
  • EMV-compliant (Chip and PIN technology)
  • Contactless capability
  • Supplementary card / Additional card for a loved one
  • Shop and make online payments worldwide
  • 3D secure transactions require a One-time password (OTP) for verification
  • 3-year card validity
  • Exciting offers and discounts when you spend locally and internationally
  • 24-hour contact centre support
  • Exclusive benefits at over 900 hotels around the world
  • Free access to a wide range of medical and legal advice for Visa Platinum Cardholders
  • Visa’s Global Customer Assistance Services
  • Discount on personal fast-track services at over 380 international airports

Ultra Ruby Card

Here are some of the fees that are included in the Ultra Ruby Card:

  • Issuance fee = ₦ 1,000
  • Supplementary card fee = ₦ 1,000
  • Annual maintenance fee = FREE
  • Quarterly maintenance fee = FREE
  • ATM Charges = 3%
  • POS/WEB Charge = FREE
  • Insurance fee = 2.5% per annum

Benefits of Ultra Ruby Card:

  • Easy access to a revolving line of credit
  • Naira denominated
  • Flexible repayment option
  • Accepted in Nigeria and a few African countries
  • Up to 45 days of an interest-free period
  • EMV-compliant (Chip and PIN technology)
  • Contactless capability
  • Shop and make online payments nationwide
  • One-time password (OTP) for verification of online transactions
  • 5-year card validity
  • Exciting offers and discounts

Ultra Gold Card

Here are some of the fees that are included in the Ultra Gold Card:

  • Issuance fee = ₦ 1,000
  • Supplementary card fee = ₦ 1,000
  • Annual maintenance fee = FREE
  • Quarterly maintenance fee = FREE
  • ATM Charges = 3%
  • POS/WEB Charge = FREE
  • Insurance fee = 2.5% per annum

Benefits of Ultra Gold Card:

  • Easy access to a revolving line of credit
  • Naira denomination
  • Flexible repayment option
  • Worldwide acceptance wherever the Visa logo is displayed
  • Up to 45 days of an interest-free period
  • EMV-compliant (Chip and PIN technology)
  • Contactless capability
  • Supplementary card / Additional card for a loved one
  • Shop and make online payments worldwide
  • 3D secure transactions require a One-time password (OTP) for verification
  • 3-year card validity
  • Exciting offers and discounts when you spend locally and internationally
  • 24-hour contact centre support
  • Free access to a wide range of medical and legal advice for Visa Gold Cardholders
  • Visa’s Global Customer Assistance Services

Ultra Black Card

Here are some of the fees that are included in the Ultra Black Card:

  • Issuance fee = ₦ 1,000
  • Supplementary card fee = ₦ 1,000
  • Annual maintenance fee = FREE
  • Quarterly maintenance fee = FREE
  • ATM Charges = 3%
  • POS/WEB Charge = FREE
  • Insurance fee = 2.5% per annum

Benefits of Ultra Black Card

  • Easy access to a revolving line of credit
  • Naira denomination
  • Flexible repayment option
  • Worldwide acceptance wherever the Visa logo is displayed
  • Up to 45 days of an interest-free period
  • EMV-compliant (Chip and PIN technology)
  • Contactless capability
  • Supplementary card/Additional card for a loved one
  • Shop and make online payments worldwide
  • 3D secure transactions require a One-time password (OTP) for verification
  • 3-year card validity
  • 24-hour contact centre support
  • Exclusive benefits at over 900 hotels around the world
  • Free access to a wide range of medical and legal advice for Ultra Visa Cardholders
  • Visa’s Global Customer Assistance Services
  • Discount on personal fast-track services at over 380 international airports
  • Airport Lounge
  • Concierge Services
  • Travel Insurance

Specta score

Specta Score is a credit score that acts as a deciding factor for Financial Institutions to use when assessing a customer’s credit risk. This will help clients make wise decisions about how to manage their finances.

Specta Prime

Specta Prime is another Specta loan package designed specifically for special consumers. In this scenario, you would invest money for a while before obtaining a loan with a lower interest rate.

Up to 83% of the amount you invested in loans can be obtained.

Read more: Is PalmPay legit?

Is Quick Check legit?

How to get started on Specta loan

I hope you are enjoying the information you are getting about the Specta loan app; now it’s time to move further. 

Let’s look at how to get started on the Specta loan.

To get started on a Specta loan follow these steps below…

Visit the Specta loan page for new users and download the Salary Domiciliation Agreement.

Specta loan homepage

When you’re finished, email the form to specta@sterling.ng, Specta’s email address. 

Email the form

You will be asked to open a Corporate Customer Pay Account if the type of your salary account is a savings one.

Open a customer pay account

It’s also essential to take into account that Loan repayment terms are adjustable at Specta by Sterling. As a user, you can choose your payback schedule.

You have one to twelve months to pay back your loan. You should be aware that if you go over your loan term and don’t pay on time, a 1% penalty fee will be charged.

The interest rate for Specta ranges from 25.5% to 28.5%, depending on the loan package you choose and the time frame.

If you go over your loan term and don’t pay on time, there is a 1% late payment penalty.

Conclusion

We have come to the end of this review, with this whole review on the Specta loan app; this brings us to the conclusion that the Specta loan app is legit. 

It’s one of the many websites in Nigeria for accessing rapid online loans. The interest rates are high in my opinion but you tend to have peace of mind knowing fully well that no one is going to send unsolicited messages to your contact lists calling you a criminal on the run.

If you enjoyed this article, and still want more information or have questions, kindly drop them in the comments section.

Oghenemaga Emmanuel

Oghenemaga Emmanuel is a certified content marketing specialist, SEO strategist, social media expert, and digital marketing manager for B2B and B2C businesses.

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