Nigerian Sterling Bank offers a loan application called Specta. It offers Nigerian wage earners and company entrepreneurs certain financial facilities. By reviewing loan applications using standardized data processing methods and analytics and removing the challenges associated with the conventional lending system, it aims to give an easy way to obtain an instant loan and credits.
You can apply for loans up to N5,000,000 through Specta Loan without providing any documentation or security, and you'll have the money in five minutes. It is a popular loan product in Nigeria because of its attribute.
The Specta loan has a moderate interest rate of 5% with no additional processing fees depending on the loan tenure and the amount borrowed. The amount you can receive varies between ₦10,000 and ₦5,000,000 and you can repay within six months. The processing time is immediate, taking up to 5 minutes to get the loan.