Sterling Bank regards itself as the one customer bank, and if you consider yourself as this customer, you can get quick loans of up to 5 million from the bank. In the past, to do that, you would have to visit the bank physically in person. But thanks to the BVN and other forms of biodata verification, you can now access Sterling Bank loan online.
In this post, you will get all the information you need to get a loan from the bank.
Sterling Bank Loan: How to Get It Online
There are two easy ways to get money for personal use or business from Sterling Bank. The first one is through an online lending platform called Specta, and the second way is through a social lending solution called Social Lender.
Let go in details into how to get Sterling Bank loan through the two ways.
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Specta
This is an online leading platform designed by Sterling Bank and that offers individual and business loans of up to 5 million Naira. The loans can be gotten within 5 minutes, without you having to do any paperwork, submit a collateral, bring guarantors or even visit the bank hall.
Specifically, the people that are easily qualified for Specta loans include salary earner, entrepreneur and corps members. But other people can get the loan too. It will also interest you to know that you don’t have to be a Sterling Bank customer before you can apply for and get the loan.
Below is the promotional video of Specta
Specta Loan comes in four packages and they are:
- SpectaXtreme
This Sterling bank loan is meant for everyone, and an applicant can get up to 2 Million Naira; the tenor is one-year maximum and the interest rate between 26 – 30% per annum.
- SpectaBasic
With this, you can get up to 5 Million Naira, and the tenor is up to 4 years, with flexible interest rate. For you to get this loan, you must be a salaried worker, but you don’t need to use Sterling Bank. However, if you want to get it as a business loan, your business account must be with Sterling Bank.
- SpectaPrime
This involves borrowing money against your financial assets such as Savings, Cash Deposits, Treasury Bills, and other investments. With this loan, you can get money in Naira and foreign currencies such as Dollars, Pounds and Euro.
- SpectaAllawee
Obviously, this Sterling bank loan is meant for corps members. If you are a serving corp member and need funds to develop and expand your entrepreneurial dreams, this Specta loan is perfect for you.
Sterling Bank Loan: How to Get a Specta Loan
- For Business
If you want to get a Specta loan for your business, you are required to get the most recent audited account of your company. Once you get it, save the document as Company Name_Audited_Account.jpg
At the same time, you are required to get the executive authorized signatory mandate. Save the document as Company Name_authorized_Signatory.jpg
NB: Change “Company Name” to the original name of your company.
After getting these two documents, sent to [email protected]
The team in charge of the Sterling bank Loan will review your application and get back to you. For full details on how to apply to Specta, visit the official website.
On the page, you will get information on how corps members and other individuals can get loans.
Social Lender
While Specta is more of loans for businesses, Social Lender is more of individual loans. With it, you can get between 1000 – 100,000 Naira. To get the loan, applicant’s social media reputation and transaction history are tracked and analyzed. The loan is open to everyone, whether you use the bank or not.
A sort of social reputation score is generated for users who applied for the Sterling Bank loan, and the score is calculated based on available social information of the applicant, applicant’s duration of activity on social network and more.
To get a loan from Social Lender, Social Guarantors are also required. However, if you don’t have, you will be able to access loan up to 3000 Naira. If you have a guarantor, you can get up to 10,000 for your first few transactions. Over time, the amount you can get will increase.
After a request has been made for this Sterling Bank loan, the money will be paid directly into your bank account which is verified when applying for the loan. The duration of the cash request is usually 30 day, and the transaction charges per request are between 5% to 20% of the disbursed amount.
To get started, visit http://sterling.sociallenderng.com/site/about and scroll to the bottom to see the Facebook and Twitter icon.
Click on your preferred social media network to start your application.
To pay back the loan, you can use existing banking channels, including mobile money, bank or online transfer, physical banking, Online Bank Transfer, Deposit in branches, online payment switch, Mobile Money Transfer and other payment options.
Above are the two ways to get a Sterling Bank loan. Don’t forget to pay back your loan on time, so that you can access more if needed.
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