If you need a quick loan, Sterling bank may just be your best bet to access instant funds. Basically, Sterling bank loans offer you a wide range of instant credit, which you can easily obtain in a few clicks. Also, the seamless and convenient process involved in the loan application process makes it possible for you to borrow up to 5 million Naira without any hassle.
An Overview of Sterling Bank
Sterling Bank, formerly known as NAL Bank, is one of Nigeria’s prominent commercial banks. Just like other commercial banks, this bank provides credible banking and loan services to the public.
Sterling bank has operated for over 60 years and has grown from being an investment banking establishment to a fully-fledged commercial bank. Also, in the 2006 consolidation of the banking industry in Nigeria, this bank has successfully merged with 4 other banks — Indo-Nigeria Merchant Bank, NBM Bank, Magnum Trust Bank, and Trust Bank of Africa.
What are the types of Sterling Bank Loans?
Basically, there are two types of Sterling bank loans that you can access. However, these loans are subdivided into categories that you can choose based on your need. Check out the types of loans Sterling bank has to offer below:
1. Specta
Basically, Specta, one of the types of Sterling bank loans, is a fast lending platform that offers you instant business loans. With Specta, you can borrow up to N5 million naira in just 5 minutes for your business. There are numerous packages available under Specta that will interest you. They include:
a. SpectaXtreme
The SpectaXtreme option is for both business owners and salary earners. With this loan option, you can borrow up to 2 million Naira, and pay back within one year with interest rates between 26-30%.
b. Specta Basics
The Specta Basics loan offers borrowers up to 5 million naira, with a loan duration of 4 years. However, this package offers you flexible interest rates. Specta Basics is open to employees with salaries as well as entrepreneurs who have an account with Sterling Bank.
c. Specta Prime
This loan option is for investors who hope to earn interest on their investments. What makes this even better is the fact that you can lend money on your investment in naira, dollars, euro, and British pounds.
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d. Specta Allawee
Specta Allawee is a fast loan option that is available for youth corper who decide are entrepreneurs. Basically, this loan helps corp members to build up their businesses.
e. Spectra Quick Cash
Basically, the Spectra quick cash option offers you up to 20,000 naira instant loans, based on your reputation on social media and your creditworthiness. Anybody can decide to apply for this loan option, regardless of if they use Sterling bank or not.
f. Specta4business
The Specta4business package allows business owners to boost their sales by receiving payment directly from customers. Also, you can access loan of up to 2 Million Naira to either start or expand your business
g. Specta4individuals
As the name implies, the Specta4individuals package is one of the unique types of Sterling bank loans that is just for individuals. With this package, you can get an instant personal loan amount of N5Million without providing any collateral. To apply, just visit Sterling bank’s official website.
What is the interest rate and loan duration on Specta?
Here is a breakdown of the loan interest rate and loan duration of the Specta package by Sterling bank:
- Interest rate on Specta Loan: 25.5%-28.5%
- One off payment for Loan Insurance: 2.5%
- Loan repayment Period: 1-12 months
- Penalty fee for late repayment: 1%
2. Social Lender
Social lender is a Sterling bank-powered credit platform, where individuals can borrow loans based on their reputation on social media. Basically, you can connect to this credit platform via your Facebook, LinkedIn, or Twitter account. For more information, visit www.sterling.ng.
How can I borrow a loan from Sterling Bank?
To borrow a fast loan from Sterling bank, follow these steps:
1. First, visit the website, www.sterling.ng
2. Next, tap on the “Loans” option. The next page will show you the list of the types of Sterling loans.
3. Thereafter, select your preferred Sterling loan option and click on “Apply Now”.
Lastly, enter the necessary details requested in the registration form and follow any further prompts that will be given. Alternatively, you can contact the number, 01-7004271 or email specta@sterling.ng to borrow the Specta loan.
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How can I contact Sterling Bank?
Here are the ways you can reach out to Sterling bank:
Address: The Head Office Sterling Towers, 20 Marina, Lagos Island, Lagos.
Email Address: customercare@sterling.ng
Phone Numbers: (+234) 07008220000, 01-4484481, 01-8888822
Website: www.sterling.ng
Bottom Line
Sterling bank loans are tailored to meet the various pressing needs of their customers. To access any loan from Sterling bank, just submit your application via their official website or contact them through the ways listed above. Alternatively, you can visit the nearest Sterling bank branch close to you.
