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The short answer
Sterling Bank's main salary loan is its payroll lending, applied for through the Apply link on sterling.ng/workplace, and its digital option is Specta, applied for in the Specta app or at specta.sterling.ng. As at October 2026 Sterling lists payroll loans at 39% a year with a 1% management fee and 2% insurance, for confirmed employees with at least two months of salary paid into Sterling, and repayments capped at 33.3% of net monthly salary. Limits run up to ₦60m depending on your employer's category.
Sterling's personal borrowing options
Sterling Bank offers salary earners two main routes. Payroll lending is a larger, longer loan for confirmed staff whose salary is paid into Sterling, assessed against the employer's standing. Specta is the bank's digital lending platform, with Specta Basic for salary earners and Specta Xtreme for the self-employed or people banking elsewhere. The bank's loan page did not list a quick-loan USSD code when we checked, so the steps below use the channels it does list.
Payroll lending: what Sterling lists
From Sterling's loan page, accessed October 2026:
| Employer category (Sterling's grouping) | Maximum | Maximum tenor |
|---|---|---|
| A: blue-chip companies | ₦60m | 60 months |
| B: large corporates | ₦50m | 60 months |
| C: special federal revenue agencies | ₦30m | 48 months |
| D: federal MDAs | ₦10m | 36 months |
| E: SMEs, states and LGAs | ₦5m | 36 months |
- Rate: 39% a year, with a 1% management fee and 2% insurance. No equity contribution.
- Eligibility: confirmed employees and annuitants, at least two months of banking relationship with salary paid on two consecutive occasions.
- Age: no more than 65 at the end of the loan (annuitants 50 to 75).
- Affordability: repayments up to 33.3% of net monthly salary.
Documents Sterling lists
- A request letter.
- Work ID where applicable.
- Employer introduction letter and employment letter.
- Salary domiciliation letter.
- Three favourable credit reports.
- Last three months' payslips.
- A valid ID showing your date of birth.
- Annuitants also need PFA mandate and undertaking letters.
Steps to apply for a payroll loan
- Open a Sterling account if you do not have one, and have your employer pay your salary into it. Sterling requires salary paid on two consecutive occasions.
- Ask HR for the employer introduction and salary domiciliation letters.
- Get your three credit reports from licensed credit bureaus. Our guide to credit bureaus explains how.
- Go to sterling.ng/workplace and use the Apply link, or visit a branch.
- Submit the documents and answer any follow-up from the bank.
- Read the offer letter: amount, tenor, rate, fees and monthly repayment.
- Accept and sign; the loan is disbursed to your Sterling account and repayments are taken from your salary.
Specta for salary earners
If you want a smaller loan applied for online, Specta Basic covers salaried customers with salary domiciled at Sterling where the employer is onboarded, with typical limits of ₦50,000 to ₦5m at 40% a year, according to Sterling. If your salary is paid elsewhere, Specta Xtreme is the route. Full steps are in how to apply for a Specta loan.
Payroll loan or Specta: which to choose
The two routes suit different needs. A payroll loan is built for larger sums over several years, such as rent for two years, a car or a family project, and it costs a little less per year on Sterling's listed rates. In exchange it asks for more: salary domiciled at Sterling, letters from your employer, three credit reports and a paper trail the bank reviews by hand. Specta is lighter and online, suits smaller amounts, and Specta Xtreme does not require a Sterling account at all, but its listed rate is slightly higher and Specta Xtreme's tenor is 12 months.
A useful rule: if the amount you need would be repaid comfortably within a year, compare Specta first. If you need longer to keep the instalment within a third of your net salary, the payroll loan's longer tenors may be the better fit. In both cases, compare total cost in naira, including fees, not only the annual rate.
Worked example: a payroll loan
Using Sterling's listed 39% a year, a ₦2,000,000 loan over 24 months with equal monthly repayments on a reducing balance gives these figures. The method and fee basis are assumptions for this example; your offer letter governs.
- Monthly repayment
- about ₦121,298
- Total repaid over 24 months
- about ₦2,911,148
- Interest
- about ₦911,148
- Management fee at 1% of ₦2,000,000
- ₦20,000
- Insurance at 2% of ₦2,000,000
- ₦40,000
- Total cost of credit
- about ₦971,148
- Net salary needed at the 33.3% limit
- ₦121,298 ÷ 0.333 = about ₦364,258
Why applications fail
- Salary has not yet been paid into Sterling on two consecutive occasions.
- Your employer is not in a category Sterling lends against, or you are not yet confirmed.
- The requested repayment exceeds 33.3% of net salary once existing deductions are counted.
- One of the credit reports shows an overdue loan.
- Age at the end of the tenor would pass the limit; a shorter tenor may fix this.
For background on the bank's products see the Sterling Bank loan explainer.
Where Pryme fits
For merchant spending such as school fees, groceries or a pharmacy bill, Pryme's Loans on Spaces may be an option. Solid Allianze Microfinance Bank may offer a limit based on how your account is run, and you see and accept the full agreement before spending with merchants in Spaces.
Questions people ask
How can I get a salary loan from Sterling Bank?
Have your salary paid into Sterling for at least two consecutive months, gather the documents the bank lists, and apply through sterling.ng/workplace or a branch.
What is the Sterling Bank loan interest rate?
As at October 2026 Sterling lists 39% a year for payroll loans, with a 1% management fee and 2% insurance. Specta is listed at 40% to 44% a year. Your offer letter shows what applies to you.
How much can I borrow from Sterling Bank?
Payroll loans go up to ₦60m for category A employers and ₦5m for category E, within the limit that repayments stay at or below 33.3% of net salary.
Does Sterling Bank have a loan USSD code?
The bank's loan page lists the Specta app, specta.sterling.ng and online application links, not a USSD code. Ask the bank for any current USSD option.
Sources
- Sterling Bank: Loans (Specta Basic, Specta Xtreme, payroll and SME lending) · accessed Oct 2026
- Sterling Bank: Specta (specta.sterling.ng) · accessed Oct 2026
- CBN: Consumer protection · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.