AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Beyond Specta, Sterling Bank offers payroll loans of up to ₦60 million for confirmed employees at 39% a year, vehicle and asset finance, a home acquisition facility at 32% a year and a Business Support Facility for the self-employed. Its loans page, read in October 2026, sets eligibility by salary domiciliation, at least two months of salary paid into Sterling, and a repayment cap of 33.3% of net monthly pay.
Most people know Sterling Bank's lending through Specta, its digital platform. The bank's loans page lists several other products with their own rules, and these are where larger and longer loans sit. This guide sets out each product as Sterling describes it, who is eligible, what the fees add, and how these loans differ from a loan app. All figures are from Sterling's loans page as read in October 2026; the bank notes that some pricing can vary with market conditions.
Payroll lending: the main salary loan
Sterling's payroll lending is an unsecured personal loan for employees, repaid from salary. The bank lists:
- Rate
- 39% a year for personal loans
- Fees
- 1% management fee and 2% insurance; no equity contribution
- Tenor
- Up to 60 months
- Who
- Confirmed employees and annuitants
The maximum depends on how Sterling classifies your employer:
| Employer category (Sterling's terms) | Maximum loan | Maximum tenor |
|---|---|---|
| A: blue-chip companies | ₦60m | 60 months |
| B: large corporates | ₦50m | 60 months |
| C: special federal revenue-generating agencies | ₦30m | 48 months |
| D: federal government MDAs | ₦10m | 36 months, subject to the current administration's remaining tenure |
| E: SMEs, states and LGAs | ₦5m | 36 months |
Eligibility and documents
- At least two months of banking relationship with Sterling and two consecutive salary payments into a Sterling salary account.
- Confirmed employment; age not above 65 when the loan ends (50 to 75 for annuitants).
- Repayments no more than 33.3% of net monthly salary (66.6% on a bi-annual allowance; 40% of annuity inflow for annuitants).
- Documents including a request letter, employer introduction and domiciliation letters, valid ID showing date of birth, three favourable credit reports and the last three months' payslips.
Worked example on Sterling's stated terms
Assuming equal monthly instalments on a reducing balance: ₦2,000,000 at 39% a year over 24 months is about ₦121,298 a month, or about ₦911,148 in interest over the term. Add the 1% management fee (₦20,000) and 2% insurance (₦40,000), and the total cost of credit is about ₦971,148. With the 33.3% repayment cap, you would need net monthly pay of about ₦364,000 or more for that instalment to fit.
Vehicle and asset finance
For salaried customers with a Sterling salary account, at least two months of salary received and confirmed (not contract) employment. Sterling lists up to ₦60m for new vehicles over up to 48 months, ₦40m for used vehicles up to ten years old from listed brands over up to 36 months, and ₦4m for appliances and gadgets over up to 12 months. The standard rate is 39% a year with a 1% management fee, and insurance of 5% of the vehicle's value. You contribute 20% equity on new cars, gadgets and appliances, or 30% on used vehicles. The bank pays the approved vendor directly and the asset stays in the bank's name until you finish paying.
Home Acquisition Finance Facility
A mortgage for completed residential properties, up to ₦150 million, at 32% a year subject to market conditions. Salaried borrowers put in 30% equity and can borrow for up to ten years; business owners put in 40% over up to five years. Sterling lists a 1% commitment fee, credit life and job-loss insurance of 1% a year and fire insurance of 0.2% a year, and advises setting aside about 10% of the property cost for perfection fees. It states there is no penalty for early repayment.
Business Support Facility for the self-employed
The BSF is aimed at SMEs registered with the CAC and operating for at least three years from a verifiable location. Sterling lists up to ₦5m without collateral and up to ₦20m with tangible collateral, average monthly turnover of at least ₦2m, and access to a maximum of 50% of that turnover. Fees are 2% management and advisory plus 2.5% insurance, both flat and upfront, and the rate depends on credit score. As a check: on a ₦3,000,000 BSF loan, those two fees alone come to ₦135,000 before interest.
How these differ from a loan app
| Sterling payroll loan | Typical loan app | |
|---|---|---|
| Lender | Sterling Bank, CBN-licensed | Company with FCCPC approval |
| Process | Documents, credit evaluation, offer letter, agreement | Phone-based scoring |
| Tenor | Up to 60 months | Usually weeks to months |
| Price stated as | Annual rate plus listed fees | Often a monthly or flat rate |
For the digital route, see who lends on Specta and how to apply for a Sterling loan. Banks ask for statements; our guide to the bank statement for a loan application explains what lenders look for.
Where Pryme fits
Pryme is a technology company, not a lender. Loans on Spaces are lent by Solid Allianze Microfinance Bank for spending with Spaces merchants only; any limit is offered from how you run your account, and you accept the full agreement before drawing. You can also generate a verifiable statement through VerifyDoc.ai: see verifiable receipts and statements.
Questions people ask
How much can I borrow from Sterling Bank with my salary?
Sterling's payroll lending goes up to ₦60m for category A employers, down to ₦5m for SMEs, states and LGAs, with repayments capped at 33.3% of net monthly salary, as at October 2026.
What is Sterling Bank payroll loan interest rate?
Sterling's loans page lists 39% a year for payroll personal loans, plus a 1% management fee and 2% insurance, as read in October 2026.
Do I need a Sterling account for a salary loan?
Yes. Sterling requires a salary account with at least two months of salary paid in before it processes a payroll loan.
Does Sterling give loans to business owners?
Yes, through the Business Support Facility for CAC-registered businesses operating for at least three years, and through Specta Xtreme for self-employed people with steady income.
Sources
- Sterling Bank: Loans (Specta, payroll lending, BSF, asset finance and home finance FAQs) · accessed Oct 2026
- FCCPC: Approvals of DMLs (approval, conditional approval, watchlist, delisted and waiver lists) · 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.