Sterling Bank Plc Launches Specta, An Instant Lending Platform

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Nigerian consumers are set to witness a ground-breaking system of accessing loan facilities as Sterling Bank Plc has announced the launch of Specta, an online instant lending platform that offers consumer loans up to N5 million in five minutes. 

The product was unveiled in Lagos on Thursday, the lender said in a statement on Sunday.

The lending platform uses proprietary data and analytics to process and disburses consumer loans to salary earners who belong to pre-approved communities in less than five minutes without paperwork and collateral.

The types of loans offered include personal, payday, wedding finance, rent, education and medical finance loans, among others, to salary earners.

The Executive Director, Retail and Consumer Banking, Sterling Bank, Grama Narashiman, was quoted as saying, “Specta automates, simplifies and personalises the loan application, disbursement and receipt process eliminating the slow turnaround time and other inconveniences associated with the manual process.”

Narashiman said that Specta was created to enable individuals who belong to pre-approved communities to have access to loans with ease.

Pre-approved communities are companies or organisations that have been profiled and enrolled on the Specta platform.

Individuals who, however, work for organisations that have not been profiled can apply to be enrolled as individuals on the Specta platform.

The Chief Marketing Officer of the bank, Ibidapo Martins, said, “With Specta, we want to help our customers solve some of their most pressing financial needs, ranging from house rents to medical bills and wedding expenses in a timely manner while they pay back in comfortable installments.”

Martins further added that prior to the introduction of Specta, salary-earning employees typically encountered challenges to access loan facilities as they could not provide the collateral which their corporate counterparts offered, which made it difficult for them to support their dreams and ambitions.

Sterling Bank Plc  announced the launch of Specta, an instant lending platform that offers consumer loans of up to N5m in five minutes.

The product lunched in Lagos on Thursday, the lender said in a statement on Sunday.

Specta, uses proprietary data and analytics to process and disburse consumer loans to salary earners who belong to pre-approved communities in less than five minutes without paper work and collateral.

The services offered include personal, payday, wedding finance, rent, education and medical finance loans, among others, to salary earners.

The Executive Director, Retail and Consumer Banking, Sterling Bank, Grama Narashiman, was quoted as saying, “Specta automates, simplifies and personalises the loan application, disbursement and receipt process eliminating the slow turnaround time and other inconveniences associated with the manual process.”

He said that Specta was created to enable individuals who belong to pre-approved communities to have access to loans with ease.

Pre-approved communities are companies or organisations that have been profiled and enrolled on the Specta platform.

people who, however, work for organisations that have not been profiled can apply to be enrolled as individuals on the Specta platform.

The Chief Marketing Officer of the bank, Ibidapo Martins, said, “With Specta, we want to help our customers solve some of their most pressing financial needs, ranging from house rents to medical bills and wedding expenses in a timely manner while they pay back in comfortable installments.”

Martins further added that prior to the introduction of Specta, salary-earning employees typically encountered challenges to access loan facilities as they could not provide the collateral which their corporate counterparts offered, which made it difficult for them to support their dreams and ambitions.

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