Reviews
Business Loans Updated: 14. 04. 2026

Specta Business Loan by Sterling Bank – review 2026

4,2 / 5

Specta is a digital lending platform created by Sterling Bank, one of Nigeria mid-tier commercial banks. Specta offers instant business and salary loans through a fully digital process without requiring a Sterling Bank account, making it accessible to businesses banking with other institutions.

Pros

  • No Sterling Bank account required: accessible to businesses with accounts elsewhere
  • Fully digital application process with 24-hour disbursement
  • Business loans for working capital, equipment and trade financing
  • Regulated by the Central Bank of Nigeria through Sterling Bank
  • Transparent fee structure disclosed upfront before acceptance

Cons

  • Annual interest rates higher than traditional bank business loan products
  • Maximum loan amount of ₦5,000,000 may be insufficient for larger SME needs
  • Short maximum tenure of 12 months not suitable for capital investment loans
  • Business must demonstrate verifiable revenue through bank statements
  • Penalty fees and charges apply for late or missed repayments

Requirements

  • Registered business (CAC registration certificate)
  • Business bank account statement for the last 6 months
  • Valid ID of the business owner
  • BVN
  • Evidence of business trading (invoices, contracts or revenue records)

Information in this review is based on publicly available sources and is for informational purposes only. Finatino.com is not a financial product broker. Before signing any contract, we recommend reading the provider's terms and conditions.