Specta Loan Requirements in Nigeria 2024: Updated 

How do you know if you qualify for a Specta loan? Read this guide on Specta Loan Requirements in Nigeria to find out. 

Specta is an online lending platform that offers loans of up to N5 million in one transaction all in 5 minutes. 

You do not need collateral, paperwork, or a visit to any office to get your loan approved and funds disbursed. 

With Specta, you can take care of urgent personal and business needs anywhere, anytime.

So what are the Specta loan requirements in Nigeria? 

Let’s find out below 

Specta Loan Requirements in Nigeria

To qualify for a Specta loan

  • You must be a Nigerian citizen with a valid means of identification (such as a national ID card, driver’s license, voter’s card, or international passport).
  • You must be at least 18 years old and not older than 60 years at the time of application.
  • You must have a bank account in Nigeria with a BVN (Bank Verification Number).
  • You must have a regular source of income that can be verified (such as salary, business income, pension, etc.).
  • You must have a good credit history and no outstanding loans or defaults with other lenders.
  • You must also have an active email address and phone number.

How to Apply for a Specta Loan

If you meet the Specta loan requirements in Nigeria, you can apply for a loan in a few easy steps:

  • Visit the Specta website or download the Specta app from the Google Play Store or Apple App Store.
  • Register with your email address and phone number and create a password.
  • Choose the package you need and click on “Get Started”.
  • Fill in your personal details, such as name, date of birth, gender, marital status, etc.
  • Fill in your employment details, such as employer name, salary, position, etc. (if applicable).
  • Fill in your bank details, such as bank name, account number, BVN, etc.
  • Upload your means of identification and a selfie holding it.
  • Review and accept the terms and conditions and submit your application.
  • Wait for your application to be scored and approved. This usually takes less than 5 minutes.
  • If approved, choose your loan amount, and repayment plan and confirm your loan offer.
  • You will receive your funds in your bank account within 5 minutes.

Read 5 Loan Apps that may offer:Loan Without BVN in Nigeria

Specta Loan Interest Rates and Fees

The interest rate on a Specta loan depends on the package, the loan amount, the tenor, and the risk rating analyzed by the system. 

The interest rate ranges from 25.5% to 28.5% per annum. 

For example, if you borrow N2 million for 12 months at a 25.5% interest rate, you will have to pay back N188,400.98 monthly.

In addition to the interest rate, you will also have to pay a one-off payment for insurance (2.5%) and management fees (1%) of the loan amount. 

These fees are deducted from your loan amount before disbursement.

There is also a penalty fee of 1% per month for late or missed repayments. 

This fee is added to your outstanding balance and accrues interest until you pay off your loan.

Conclusion on Specta Loan Requirements in Nigeria

Specta is a fast and convenient way to access loans in Nigeria without collateral, paperwork, or office visits. 

You can get up to N5 million in 5 minutes to meet your personal and business needs. 

All you need to do is meet the Specta loan requirements in Nigeria, apply online, and receive your funds in your bank account.

If you have any questions or feedback, you can contact specta’s customer service via phone (0700 222 2222), email ([email protected]), 

We hope this blog post has been helpful and informative. If you are interested in applying for a Specta loan, you can visit myspecta.com or download the Specta app today and get started.

Easy Opay Loan Repayment Methods

FAQs about the Specta Loan Requirements in Nigeria

What is the minimum and maximum loan amount I can get from Specta?

The minimum loan amount you can get from Specta is N10,000 and the maximum is N5 million, depending on the package and your eligibility.

What is the minimum and maximum loan tenor I can choose from Specta?

The minimum loan tenor you can choose from Specta is 1 month and the maximum is 12 months, depending on the package and your repayment plan.

How long does it take to get a Specta loan?

It takes less than 5 minutes to get a Specta loan, from application to disbursement.

How can I check my loan status and balance?

You can check your loan status and balance by logging into your dashboard on the Specta website or app. 

You can also contact Specta’s customer service for assistance.

Can I apply for more than one loan at a time from Specta?

No, you can only apply for one loan at a time from Specta. 

You will have to repay your existing loan before you can apply for another one.

Can I cancel my loan application after submitting it?

No, you cannot cancel your loan application after submitting it. 

You will have to accept or decline the loan offer you receive. 

If you decline the loan offer, you can reapply after 24 hours.