Sterling Bank Loans; Bank loans are essential for various reasons, as they are beneficial to business owners and individuals. Regardless of your financial emergency, to meet your needs, a loan option is available.
However, before getting any loan, it is necessary to check the percentage rate, repayment terms, repayment period, and fees involved in loan processing. Also, it is always important to have a reliable bank statement because they check that this is one document before they offer a loan.
To get a loan in Nigeria, Sterling Bank offers one of the best options and payment plans.
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Why you may need to choose Bank Sterling
Other things that this article entails are some of the benefits that you will get from using or taking Sterling Bank Loans.
Here are some of the benefits of sterling bank loans:
· Competitive interest rates
In any type of pound sterling bank loan, pound sterling bank promises competitively low interest rates, which simply means that you can get a loan at a lower cost compared to other financial institutions.
· Flexible payment
Another benefit that you may get from borrowing money from Sterling Bank is because of the flexible loan repayment option.
Sterling Bank gives borrowers the freedom to choose the payment plan that best suits their financial situation. You can choose to repay the loan over a period of up to 48 months, depending on the type of loan.
· Faster loan disbursement
With Sterling Bank, you don’t have to worry when it comes to loan disbursement. They have a fast and efficient loan approval and disbursement process. This is very useful when money is urgently needed.
· Wide range of loan services
Their loan type is not limited to one or two, they offer different types of loans like other banks and you have the opportunity to choose which one you prefer.
What are the loans offered by Sterling Bank?
Sterling Bank offers two distinct types of loans; Spectra and the Social Lender. Both are personal loans used for personal and business purposes. A social lender loan is great for individuals who have a good reputation on social media.
With this loan structure, all you have to do is link your social media account – Facebook, Twitter, Instagram, or LinkedIn – to your Sterling Bank account. There will be an evaluation that determines the amount you will receive.
You can explore other options
The other option available is Specta, which offers loans of up to 5 million naira. This loan application can start and end within 5 minutes. The great thing about this loan is the fact that customers do not need collateral or a guarantor before they can be approved for their loan. All you have to do is visit their offices and start processing the application.
These Sterling bank loans are offered to individuals as long as they can show a source of income. There are several packages available for interested customers:
1. SpectaXtreme – Sterling Bank Loans
This option is for business owners and salary earners. With this option, customers can get loans of up to 2 million nairas, which are repaid in one year at rates ranging from 26 to 30%. To apply for this loan, it does not matter which bank you use.
2. Basics Specta
The loan is offering a higher amount of Naira 5 Million, payable in 4 years. Payment rates are flexible. It is open to salaried workers and business owners with a Sterling Bank account.
3. Specta Allawi
This is a quick loan option available to entrepreneurs to expand their businesses.
4. Specta Prime
This loan option is for investors who hope to earn interest on their investments. What makes this even better is the fact that you can lend money on your investment in Naira, Dollars, Euros, and British Pounds.
5. Spectra Quick Cash
Spectra quick cash is an offshoot of the social lender’s choice; Lenders can get up to 20,000 naira fast loans, all based on their social media reputation and banking transaction history. Anyone can apply for this loan, regardless of their bank.
How to get sterling bank loans in Nigeria without or with collateral
Here are the steps on how to get sterling bank loans with or without collateral.
- Choose the type of loan
- Satisfy all the requirements for the Sterling Bank Loan mentioned above
- Submit your loan application to the bank branch near you.
- Wait for the loan review, the loan review usually takes 48 hours but in some cases, it can be longer than that
- If your loan is approved or not, you will receive a response after the final review.
Sterling Bank Loans – Requirements
- To be eligible for a sterling bank loan, you must be able to meet the following requirements:
- You must fill in the loan application form.
- You must present a valid form of identification, such as a national identity card, international passport, voter’s card, or driver’s license.
- You must provide proof of your income, such as a recent payment receipt, bank statement, or tax clearance certificate.
- Collateral, such as property, vehicles, or other assets, may be required for some types of loans. Note that it is not required for all types of loans.
The Interest Rate on a Sterling Bank Loans
The interest rate on sterling bank loans varies depending on the type of loan, loan amount, repayment period, and creditworthiness.
FAQ – How to get sterling bank loans in Nigeria with or without collateral
Frequently asked questions on how to get Sterling Bank loans in Nigeria include:
How do I open an account with Sterling Bank in Nigeria?
Opening an account in this bank is simple, you just need to visit any sterling bank branch near you with valid means of identification, passport, address proof, etc.
How will I check my Sterling bank account balance?
You can always check your account balance with Sterling Bank using Sterling Bank USSD code (*822#) or check through their Money app.
How do I get a Sterling Bank debit card?
To get a Sterling Bank debit card, you can order one when opening an account, or by visiting any of the bank’s branches.
However, in order to get this debit card, you have to pay or have a certain amount in your account, and I can’t say the rate because it varies from bank to bank.
How do I contact Sterling Bank Customer Service?
You can contact them by calling 01-4484481-5 or emailing
- customercare@sterlingbankng.com.
Conclusion – Sterling Bank Loans
For more details on Sterling Bank Loans, all you have to do is visit Sterling Bank’s official website or call the customer service line for more information.