Loan

How to borrow money from Sterling bank in easy steps

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

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.

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