How to borrow money from Sterling bank in easy steps
October 22, 2023
How to borrow money from Sterling bank – Are you a Sterling bank customer looking to learn how to borrow money from Sterling bank or access short-term financing to meet your financial shortfalls, be it a personal loan, business loan, etc?
Sterling bank is ready to afford you just that without hassles, to gain access to any Sterling bank facility designed for your class, taste, or lifestyle, kindly read through this guide as if, this is the only opportunity you had left.
You can either access a personal or business loan with Sterling bank, that said, let’s run through the loan packages available for all classes of borrowers.
Personal loans
The Sterling bank personal loan is tailored for individuals who need a quick and urgent loan, as well as do not want to go through a mountain of paper works to secure such a facility.
There are various loans under personal loans, kindly check the below list and choose what fits your lifestyle.
1. Specta
Specta is a Sterling bank loan package where you can apply and receive a loan online to a maximum of N5 million, however, does not require security or any form of collateral to access it.
Kindly check their app for requisite validation and apply for consideration, thereafter your loan is disbursed to a preferred bank account.
2. Social Lender
The social lender is a Sterling bank loan that uses your social presence to decide your eligibility for a loan. It works based on your social media reputation, the stronger and more social your account is the higher your chances to receive a bigger amount even.
Business Loans
If you are looking to expand or invest further in your business, the Sterling bank business loan may just tick the boxes for you.
Kindly check and select from any of the below loans
1. Import Finance
Import finance is a loan designed to meet the funding need of international business owners as well as importers, this loan is strictly used on industrial goods, raw materials, and consumer goods.
2. Letter of Credit (LC)
A letter of credit is a trade agreement where importers and exporters exchange goods on credit, under this arrangement, the correspondent bank receives the payment on behalf of the exporter/seller, thereafter settles the exporter in full as soon as the buyer/importer confirms receipt of such goods.
In this case, Sterling bank stands in as your correspondent bank being the importer, where trade agreements and settlements are completed by the end of the transaction/business.
3. Project Finance
Sterling bank is willing to finance business proposals that meet the valid scope and achievable realistic Sterling outlay, if you have the best business proposal why not see if Sterling bank would be willing to finance your dream business?
4. Invoice discount
Here’s a situation where the bank funds your business and contracts, looking to recover its funds the moment you got paid for the contracts/business.
What it does is that it ensures you have the working capital to execute your contract without hitches.
5. Guarantees
Guarantee is an arrangement where Sterling bank bears the risk of carrying out a business on behalf of its customer, the bank substitutes the client’s creditworthiness with its own, in this regard the third party is advised by the bank to proceed with the business with full assurance that should anything goes wrong the bank will dully compensate the beneficiary.
How do I apply for a Sterling bank loan?
If you are looking to access quick loans, you can get started on Specta, apply for consideration, and receive a loan the moment you are approved.
However, for business loans, you will have to visit any of the Sterling bank branches nationwide, commence your application by providing requisite documents, and get to be abreast with the loan terms, fees, etc.
How to borrow money from Sterling bank using USSD
The Sterling bank USSD is denoted by *822#,
Kindly dial *822# from your registered phone number with Sterling bank, follow the screen-prompt, select loan, and enter your transaction PIN to complete the process and your loan will be disbursed to your preferred account.
Sterling bank personal loan requirements
1. Personal information (email address and phone number)
2. Bank account number preferably corporate
3. Bank Verification Number
4. Valid ID card
How much can you borrow from Specta?
Under personal loan you can access as much as N2 million naira, if you belong to a Sterling community you can access a personal loan of up to N5 million naira.
How does Sterling Specta loan work?
If you are looking to take out a Specta loan, bear in mind that it does not require collateral or guarantor to secure the loan.
Once application is complete, you are scored instantly, and disbursement is done in less than 5 minutes. Specta is open for everyone irrespective of your occupation and preferred bank.
Sterling bank loan in 5 minutes
The Sterling loan in 5 miuntes is referred to the Specta loan, through which you are not required to provide collateral, or a guarantor to secure the loan.
Conclusion
The Sterling bank loan is designed for all classes of customers, be it personal or for business purposes, there’s always something for everyone to meet their financing gap.
Raphael Orji is a freelance writer, professional blogger and a content marketing consultant. I work with small businesses, startups and entrepreneurs in building their brand image with high quality blogging and content marketing strategy.
In need of highly purposeful driven articles that will resonate with your audience,
Want this kind of article that engages, converts and compels your readers to buy from you,
If you want search Engines like Google, Bing and Yahoo to send and open the floodgates of readers to your website/blog on daily basis,
Want to rank your website/blog
Head over to my Hire Me page and see which of my services you’d like to have.