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The short answer
GTBank prices QuickCredit at 2.95% a month (about 35.4% a year) plus a 1% one-off credit insurance fee, for up to three times your monthly salary over up to 12 months. Sterling prices Specta at 40% a year (Basic) or 40% to 44% a year (Xtreme), typically ₦50,000 to ₦5 million or ₦2 million, both as published in Oct 2026. QuickCredit needs a GTBank salary history; Specta Xtreme does not need a Sterling account.
GTBank QuickCredit and Sterling's Specta are two of the most searched bank loans in Nigeria, and both are applied for on a phone rather than at a branch. They are built for different borrowers, though, and they publish their prices in different units. Here is what each bank says on its own pages, set side by side, so you can see which one you actually qualify for and what it would cost.
The terms side by side
| GTBank QuickCredit | Specta (Sterling Bank) | |
|---|---|---|
| Rate as stated | 2.95% a month (about 35.4% a year) | Basic: 40% a year; Xtreme: 40% to 44% a year |
| One-off fee stated | 1% credit insurance (covers death and involuntary job loss) | None listed on the loans page |
| Late payment | 1% flat a month on top of the lending rate on unpaid balances | Not stated on the loans page |
| Loan size | Up to 3 times monthly salary; no minimum stated | Basic: typically ₦50,000 to ₦5m; Xtreme: typically ₦50,000 to ₦2m |
| Tenor | Up to 12 months; early repayment allowed without penalty | Basic: up to 48 months; Xtreme: 12 months |
| Who qualifies | Salary paid into GTBank (6 months on the main page; the FAQ says 12), net salary of ₦30,000, minimum monthly lodgement of ₦20,000, clean credit report | Basic: salary with Sterling and an onboarded employer; Xtreme: self-employed or salaried elsewhere, with strong records |
| How to apply | *737*51*51#, GTWorld or internet banking | Specta app or specta.sterling.ng |
Rates: putting them in the same unit
GTBank quotes a monthly rate and Sterling an annual one. GTBank itself converts 2.95% a month to about 35.4% a year (2.95 × 12). Specta Basic's 40% a year is about 3.33% a month. On the published numbers, QuickCredit's headline rate is lower, but QuickCredit adds a 1% insurance fee, and Specta Basic allows a much longer term, which changes what you pay in total.
Worked example: ₦600,000 over 12 months
An example only, assuming both banks charge on the reducing balance with equal monthly instalments, and no charges beyond those each bank lists.
| QuickCredit at 2.95% a month | Specta Basic at 40% a year | |
|---|---|---|
| Monthly repayment | ₦60,097.48 | ₦61,482.89 |
| Interest over 12 months | ₦121,169.78 | ₦137,794.68 |
| One-off fee | ₦6,000 (1% insurance) | ₦0 listed |
| Total cost of borrowing | ₦127,169.78 | ₦137,794.68 |
In this example QuickCredit costs ₦10,624.90 less over the year. If either bank charges flat interest, or Specta adds a fee in your offer letter, the numbers move. Always check the repayment schedule rather than the headline rate. Our APR versus flat fee guide shows how.
A note on figures you see elsewhere
A comparison article published in March 2026 listed QuickCredit at 1.5% a month with no fees. GTBank's own page, read in October 2026, says 2.95% a month plus 1% insurance. When sources disagree, the lender's own page and your offer screen are the ones that bind.
Limits: salary multiple versus a set band
QuickCredit sizes the loan from your pay: up to three times your monthly salary. A worker earning ₦250,000 net could, at most, be offered ₦750,000 (an example; the bank decides the actual figure). Specta works from bands, with Basic typically reaching ₦5 million for longer-tenor salary borrowers, and Xtreme ₦2 million. For a high earner who wants a larger sum spread over several years, Specta Basic is the only one of the two that publishes a term beyond 12 months.
Being offered the maximum is not a reason to take it. A smaller sum repaid over fewer months costs less in interest on either product, and leaves room in your budget if prices or your income change during the year.
Speed and convenience
Sterling says Specta gives credit decisions and can take you from application to disbursement within minutes. GTBank's page describes QuickCredit as available by USSD, GTWorld and internet banking but does not commit to a time. In practice, the bigger difference is eligibility: if you are not already salaried into GTBank, QuickCredit is not open to you, while Specta Xtreme opens an account during onboarding. If you are refused, read why QuickCredit says you are not eligible or why Specta may decline.
Steps before you choose
- Confirm which one you are eligible for: GTBank salary history, or Sterling salary, or neither (Xtreme).
- Get the actual offer from each where possible and write both totals in naira.
- Add every one-off fee and check how late payment is charged.
- Choose the shortest tenor you can comfortably repay.
- Note that QuickCredit allows early repayment without penalty; ask Specta about its own rule.
Where Pryme fits
If the need is for something specific, such as a prescription or school fees, Loans on Spaces is a different route: Solid Allianze Microfinance Bank lends, and the money can only be spent with Spaces merchants. You see the full agreement and accept it before anything is drawn. Read more on Spaces.
Questions people ask
Which is cheaper, Specta or QuickCredit?
On the banks' own published figures as at Oct 2026, QuickCredit's 2.95% a month is lower than Specta Basic's 40% a year, but QuickCredit adds a 1% insurance fee. Compare the total in naira on each offer.
Can I get QuickCredit without a GTBank salary account?
GTBank's page requires salary to have been paid into GTBank by your current employer for a period (6 months on the main page, 12 in the FAQ), so it is built for GTBank salary earners.
Can I get Specta if I bank with another bank?
Yes for Specta Xtreme, which Sterling says is for people whose salary is not with Sterling or who are self-employed. Specta Basic requires salary with Sterling.
What is the QuickCredit USSD code?
GTBank lists *737*51*51# on its QuickCredit page, accessed Oct 2026.
Sources
- GTBank: QuickCredit product page · accessed Oct 2026
- Sterling Bank: Loans page (Specta Basic and Specta Xtreme) · accessed Oct 2026
- NairaCompare: Best payday loans for Nigerian employees, 2026 ranking (5 Mar 2026) · 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.