How to Borrow Money from Sterling Bank Online App Personal Loan

How to Borrow Money from Sterling Bank Online: Personal Loan

Are you looking for how to borrow money from Sterling Bank online? This post explains how to assess the Sterling personal loan quickly.

Through Specta, you can borrow money from Sterling Bank online. A salary earner or non-salary earner, you can get the loan when you meet the requirement. Even if you do not have a Sterling Bank account number, you are still eligible to borrow the personal loan on Specta online.

Therefore, find out in this post the loan process, requirements and related topics.

Sterling Bank Personal Loan

Sterling Bank, one of the foremost financial institutions in Nigeria, offers various kinds of loans to its customers. One such offering is the Sterling Bank personal loan, designed to provide individuals with the necessary financial support to meet various personal requirements.

Sterling Bank’s dedicated loan platform is Specta. On the Specta web app, you can get up to 5 million individual and business loans. According to Sterling Bank, your loan will be processed within 5 minutes. No matter your status, you can borrow money from Sterling Bank when you are eligible and meet the requirement.

Read: How to Open Sterling Bank Account Online

Who is Eligible to Borrow Sterling Bank Personal Loan

Broadly, both salaried and non-salaried individuals can borrow Sterling Bank personal loans. Employed, self-employed, or even students can get a loan from Sterling Bank through Specta. The loan, up to ₦5 million is available to all kinds of individuals to get it.

As a salary earner, you can access a Sterling personal loan if your salary account is in any Nigerian bank. Whether your salary account is with Sterling Bank or other banks, you can get a personal loan. However, if you are operating a savings salary account, you must open a corporate customer salary account to get this loan.

Likewise, the Sterling personal loan is available to non-salaried individuals. Whether you are self-employed, a business owner, a professional, a trader etc, Sterling Bank will give you a loan for your personal needs. Additionally, no need for an existing Sterling Bank account holder to access the loan. As long as you have a bank account in Nigeria, you can borrow money from Sterling Bank.

How to Borrow Money from Sterling Bank Online

In 5 minutes, you can apply for Sterling Bank loan on specta website.

Here is How to Borrow Money from Sterling Bank Online:

  • Visit the Sterling Bank Specta website
  • Select the Personal loan option: Specta4individuals
  • Then, fill out the information
    How to Borrow Money Sterling Bank Loan
  • Next, Sterling Bank will access your information
  • If successful, Sterling Bank will disburse the loan.

Before applying for the Sterling loan, you can use the Specta loan credit score. The credit rating helps you to know if you are eligible and the loan amount you can borrow. Fill out and submit the form to know your credit worth from Sterling Bank within 5 minutes.

What is the Maximum Amount you can Borrow from Sterling Bank

Ideally, Sterling Bank gives a personal loan of ₦2 million maximum. For most individuals this is the highest amount of money they can borrow from Sterling Bank.

However, certain individuals can get more than this loan amount.

If you belong to a Sterling Community, you can borrow up to ₦5 million from the Sterling Bank. For example, if your company is in partnership with the Specta platform, you can get a personal loan of up to 5 million Naira.

Sterling Bank Personal Loan Requirements

Sterling Bank will request for certain information to determine your creditworthiness.

  • Personal information:
    • Email address, phone number, monthly income, work history, etc
  • Bank account number:
    • Sterling Bank account or another bank account
  • Bank Verification Number
Sterling Bank personal loan requirement

With the data collected, Sterling Bank will ascertain how much loan you can borrow.

Sterling Bank Loan Interest Rate

The Sterling Bank interest rate on personal loans is 25.5%-28.5%. Many factors will determine the actual interest rate on the money you borrow from Sterling Bank. Factors such as the loan amount, duration, credit score, etc. Overall, expect this loan interest rate range, including other fees.

Other Sterling Bank Loan Fees

In addition to interest rate, there are other fees involved in getting the Sterling Bank loan.

Here are the Sterling Bank loan fees:

  • 2.5% Insurance Payment.
  • 1% Management fees.
  • 1% Penalty fee.

Both insurance and management fees are part of the loan application. You pay these fees before you get the loan from Sterling Bank.

However, the penalty fee only counts if you default in meeting the loan conditions of repayment. For instance, if you default to repay a certain amount in a particular month, you will pay the penalty fee.

In short, the insurance and management fees are compulsory but the penalty fee depends on your commitment.

Sterling Bank Repayment

The Sterling Bank loan term is 1-12 months. Depending on when you want, you should be repay your within this period.

You will be required to make a monthly repayment of the loan. When you default in this monthly repayment, you will pay a 1% penalty fee.


In summary, anyone can borrow money from Sterling Bank. Through the Specta loan online, you can get a personal loan. Whether you are a salary earner or not, have a Sterling Bank account or not, you can assess the loan in 5 minutes.

I hope you find this information helpful.

Therefore, try it and let me know your experience by leaving a message in the comment section below. 

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