Specta Loan

Specta – A New Era of Digital Lending

As technology continues to transform and simplify our lives, it is also opening up new possibilities in the world of finance and lending. One company at the forefront of this change is Specta – an innovative digital lending platform that is making borrowing quick, easy and convenient.

Specta Loan


How to Borrow Money from MoMo Agent

Apps To Borrow Money Without Bvn

BVN-Free Loan App: Get Loans Easily

How to Borrow Loan on Moniepoint

Overview of Specta

Specta is an online lending platform launched by Sterling Bank Plc that offers loans and digital credit up to N5,000,000 to individuals. The company’s goal is to provide a seamless, personalized lending experience through the power of technology. Here are some key things to know about Specta:

  • Loans and Digital Credit: Specta offers two main products – Myspecta for loans and PayWithSpecta for digital credit to enable customers to shop from any store and spread payments. This provides flexibility to customers based on their needs.
  • Quick Application and Approval: A key benefit of Specta is speed. Applications are reviewed quickly using proprietary data and analytics. Approved applicants can get access to funds in as little as 5 minutes.
  • Digital and Mobile Focus: Specta is a digital-first platform built for the mobile age. Customers can apply and manage their accounts completely online through the website or mobile app.
  • Data-Driven: Specta relies on data and analytics to provide a personalized experience. Factors like financial behavior and creditworthiness are analyzed to provide customized lending decisions.
  • Loan Amount: Specta offers loans and digital credit up to N5,000,000. This caters to a range of financing needs.
  • Backed by Sterling Bank: Specta is backed by Sterling Bank Plc, so it has the resources and financial backing of a major banking institution.

Benefits of Specta

Specta aims to create a lending experience that is simple, convenient, transparent and tailored. Here are some of the main benefits Specta offers to customers:

  • Speed and Convenience: The ability to get approved and access funds within minutes, completely online, is a huge advantage. Specta makes borrowing fast and seamless.
  • Higher Approval Chance: By leveraging alternative data like financial behavior, Specta can approve those who may not qualify for traditional loans. More people can access credit.
  • Flexibility: Customers can choose between a Specta loan or PayWithSpecta digital credit depending on their needs. Loan amounts are also flexible.
  • Transparency: Interest rates and terms are clearly stated upfront so there are no surprises. The process is transparent.
  • Digital Payments: PayWithSpecta allows customers to pay for goods/services digitally over time. This facilitates eCommerce and online spending.
  • Personalized Service: Specta uses data analytics to understand each customer and create tailored lending decisions based on individual circumstances.
  • Loan Management: Customers can manage their Specta loans completely through the online platform. Payments, statements and account details are readily accessible.

How Specta Works

Specta uses technology to make lending simple. Here is an overview of how Specta works:

1. Apply Online

Customers fill out a quick online application form via website or mobile app. Basic details like name, income, ID are submitted.

2. Information Analysis

Proprietary algorithms and data analytics review the application details, leveraging alternative data sources. Credit history may not matter.

3. Loan Decision

Based on the information provided and analyzed, Specta makes a real-time decision on the loan application. Those approved get offers.

4. Accept Offer

If approved, customers can review the loan terms and accept the offer digitally with an e-signature. This completes the process.

5. Disbursal

Once offer is accepted, loan amount is quickly disbursed into the customer’s bank account, usually within minutes or hours.

6. Repayment

Customers repay their Specta loans over 3-12 months based on personalized installment plans. Payments happen automatically via direct debit.

It’s a quick and easy process that can be done end-to-end from a mobile phone. Technology enables convenience and speed.

Specta Products

Specta offers two main product categories to suit different customer needs:

Myspecta Loans

This is Specta’s loan offering, with amounts up to N5,000,000 and tenures from 3-12 months. Key features:

  • Get approved and receive funds in minutes
  • Completely online application process
  • Flexible loan amounts based on need
  • Repaid over 3-12 months through automated installments
  • Transparent interest rates and terms
  • Handle everything via website/app

Myspecta provides quick financing that can help with large purchases, investments, business costs, emergencies, or any other need.

PayWithSpecta Digital Credit

This digital credit can be used to shop and pay online or in-store over time. Key features:

  • Get approved for a digital credit limit up to N5,000,000
  • Integrates with payment channels like cards and mobile wallets
  • Shop online, in-app or in-store by scanning QR code
  • Payment is split automatically over 3-6 months
  • Continued shopping increases credit limit
  • Handle everything via website/app

PayWithSpecta facilitates eCommerce and flexible payments for shopping across any category – electronics, fashion, travel, etc.

Specta Customer Experience

Specta focuses on creating a seamless digital lending experience. Here are some key aspects of the customer journey:

  • Intuitive Application: Applying takes just minutes via website or app. Slider adjusts loan amount needed.
  • Interactive Chatbot: Friendly chatbot can answer questions and guide customers through application.
  • Real-Time Updates: Application status updates are sent via email/SMS. Keeps customers informed.
  • Digital Approval: Electronic signatures used to digitally sign and accept loan agreement.
  • Instant Disbursal: Funds transferred to bank account quickly after approval and acceptance.
  • Smooth Repayments: Automated recurring payments ensure loan installments are deducted seamlessly.
  • Account Management: Customers can check balances, statements and payment history 24/7 through their online account.
  • Personalized Service: Dedicated loan officers can be reached for any questions or assistance.

The focus is to use technology to simplify lending while still providing a human touch.

The Future of Digital Lending

Specta represents the future of digital lending. Some key trends that are changing financial services:

  • Shift towards online and mobile experiences
  • Leveraging big data and analytics
  • Automation through artificial intelligence/machine learning
  • Alternative/non-traditional data for credit decisions
  • Real-time application processing and disbursal
  • Digital payments and wallets

As these technologies evolve, lending will become faster, more convenient, transparent and personalized. By basing decisions on wider financial behavior, access to credit can expand.

Platforms like Specta are just the beginning. The digital transformation of lending still has tremendous room for disruption. Over time, consumers will expect speed and convenience as standard from their financial providers.


In summary, Specta offers an innovative approach to lending in the digital era that serves both customers and businesses:

  • For consumers, it provides quick, convenient access to financing in minutes as well as flexible digital credit for shopping. Technology simplifies the entire borrowing process.
  • For businesses, it expands access to credit to grow their customer base using data-driven lending decisions. It also facilitates business eCommerce.

As a new offering from Sterling Bank, Specta combines the agility of a fintech with the resources of an established financial institution. I am excited to see Specta accelerate the digital revolution in lending and financial services across Nigeria.


Here are answers to some frequently asked questions about Specta:

What types of loans does Specta offer?

Specta offers personal loans from N1,000 to N5,000,000 with flexible 3-12 month repayment tenors. It also offers PayWithSpecta digital credit limits up to N5,000,000.

How long does it take to get funded?

Specta aims to disburse approved loans within minutes to hours. The entire application to disbursal process can take as little as 5 minutes.

What are the interest rates?

Interest rates start from 1.15% per month (13.8% per annum) for Specta loans. Rates depend on specific customer factors. There are no hidden fees.

Does Specta run credit checks?

Specta may run limited credit checks but also considers alternative data like financial behavior. This helps those with limited credit history.

How are Specta loans repaid?

Repayments happen automatically via direct debit from customer’s bank account in equal monthly installments. Customers can choose repayment dates.

Can the loans be prepaid?

Yes, Specta loans can be prepaid in part or full without any extra charges or penalties. This helps reduce interest costs.

How does PayWithSpecta work?

PayWithSpecta provides approved customers with a digital credit limit. This integrates with payment channels. At checkout, payment is automatically split into 3-6 monthly installments.

Can PayWithSpecta be used online and in-stores?

Yes, PayWithSpecta can be used to shop anywhere online via payment integrations. In-store, the QR code can be scanned to make purchases and split payment.

Is financial information secure?

Yes, Specta uses bank-level AES-256 data encryption and other security measures to keep customer information safe and secure.

What happens in case of missed payments?

In case of missed payments, customers are contacted by Specta to discuss options. Failure to repay could affect credit rating and access to future loans.

Who is eligible for Specta loans?

Eligibility is based on proprietary lending criteria. Salaried individuals, entrepreneurs, and business owners can apply. Minimum age is 18 years.

What documents are required?

Just basic KYC documents like government ID, address proof, bank details etc. Alternative data is also used for decisioning.

Can loans be topped up?

Based on repayment history, customers in good standing can get loan limit top ups and reapply for new loans. Top up amounts depend on AI models.

How do I contact Specta?

You can contact Specta customer support via phone, email, chatbot on website, and social media. Dedicated loan officers are also available for assistance.

Where is Specta available?

As of 2024, Specta’s services are available across Nigeria. Physical branches are located in major cities like Lagos and Abuja. Expanding to more cities soon.


Leave a Reply