BankLoans & Grants

Sterling Bank Loans – What you should know

To apply for a loan from Sterling Bank, you will need to provide some basic information, such as your name, address, employment status, and income. You may also be asked to provide collateral or a guarantor. The application process is quick and easy and you can usually get a decision within a few days.

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What Loans are offered by Sterling Bank?

  • Specta: This is an online retail lending solution that provides loans of up to N5 million in 5 minutes. There is no collateral required and the interest rates are relatively low.
  • Specta Prime: This is a loan product for corporate and individual customers who have existing investments with Sterling Bank. The loan amount is based on the value of the investment and there is no need for collateral.
  • Social Lender: This loan product is given to individuals based on their social media reputation. You can connect via your LinkedIn, Facebook or Twitter account and get quick cash into your Nigerian account in record time.
  • Pay With Specta: This is a loan product that allows you to buy goods and pay for them later. The loan amount is capped at N1 million and the repayment period is up to 12 months.
  • Business Loans: Sterling Bank offers a variety of business loans to meet the needs of different businesses. These loans can be used for working capital, equipment purchases, or expansion.

To borrow money from Sterling Bank, you can apply online, by phone, or in person at a branch. You will need to provide some basic information about yourself and your financial situation. The bank will then assess your application and decide whether to approve you for a loan.

ALSO READ: Mpower Financing – All you should know

Here are some tips for getting a bank loan approved:

  • Have a good credit score.
  • Be able to provide proof of income.
  • Have a clear purpose for the loan.
  • Be prepared to make a down payment.
  • Shop around for the best interest rates and terms.

In Conclusion:

applying for a bank loan requires some preparation and knowledge of what lenders are looking for. Having a good credit score is essential, as it shows your ability to manage debt responsibly. Additionally, being able to provide proof of income reassures the bank that you have a stable source of funds to repay the loan. Having a clear purpose for the loan, whether it’s for purchasing a car, starting a business, or consolidating debt, demonstrates that you have a plan and are not borrowing impulsively.

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