Are you interested in getting a loan from Branch through the Branch loan app? This article is a great place to start. Sometimes, your income may not be enough to sort out your financial responsibilities, so getting a loan is the best bet.
However, with the rigorous steps and challenges most people face when trying to get a loan from traditional banks and financial institutions, instant loan apps are best recommended.
One of Nigeria’s reliable and genuine loan apps is Branch Loan App; this financial institution sets out many loan products to help customers meet their financial needs according to their capacity. This means there are different loan products for customers with varying rates of interest and repayment plans.
The branch loan app has flexible interest rates and repayment time frames that do not affect or have a huge strain on the customers. This article will give more information about this financial institution, the benefits of getting a loan from them, the requirements, and how to apply.
About Branch Loan App
Branch Loan App was founded and launched in 2015 but debuted in Nigeria two years later. This instant loan app is available in Nigeria and other countries like Mexico, Tanzania, Kenya, and India.
The app gives out instant loans to help people sort out their personal and business needs. One fantastic thing about this loan app is that users get instant loans in less than 24 hours without visiting any physical office or signing paperwork. Users can borrow amounts from ₦2,000 to ₦500,000.
From the time of launching till now, this platform has given out loans of over one million dollars to more than 1.2 million users; in Nigeria alone, this amount is worth more than N9 billion. The growth and increase can be linked to the benefits and demand of the population.
The Branch Loan app is available for download on both the Google Play Store; at the time of this article, this app is not available on the IOS App Store. Since the firm launched the app in Nigeria in 2017, there have been more than 10 million installs from users and a rating of 4.3 just on Google Play Store, and this shows how much service demand the Branch loan app gets.
The branch loan app only works with banks like Citibank Nigeria, Zenith Bank, Access Bank, Suntrust Bank, Ecobank Bank, Fidelity Bank, Keystone Bank, Skye Bank, Lagos Building Investment Company Plc, United Bank for Africa (UBA), Kuda Bank, Sterling Bank, First City Monument Bank (FCMB), Polaris Bank, First Bank of Nigeria, Union Bank, VFD Microfinance Bank Limited, Merchant Bank, Stanbic IBTC Bank, ALAT by Wema Bank, Unity Bank, Wema Bank, ASO Savings and Loans, and GT Bank.
Benefits of Branch Loan
The branch loan app aims at helping users meet their financial needs, so there are many benefits attached to this platform:
- No collateral is needed before users can get loans.
- Competitive interest rate (17% to 40%)
- Customers’ data is encrypted and secured.
- Flexible repayment time frame.
- There is no aggressive practice, harassment, or attitude during debt collection.
- Customer data can never be shared with third parties or any platforms.
- A high maximum loan from N1,500 to N500,000, although new customers can only access up to N200,000 at a time.
- Multiple choice of repayment plan
- No late charge or rollover money for late repayment
Disadvantages of Branch Loan
There are some disadvantages users may experience when using this instant loan app.
- You must download the Branch App to have access or even start the process.
- The platform only works with certain banks, so you must provide a bank account of the specific banks required.
How to Apply for Branch Loan
The steps to applying for a loan from the Branch loan app are straightforward. Follow the steps below to apply for a loan from the Branch loan app.
- Download the Branch app from Google Play Store, currently available only for Android users.
- After successfully installing the app, open the Branch app and launch it.
- Select your preferred language.
- Open an account by typing in your name, location, bank details, email address, personal details, and phone number, and allow the app access to your phone data.
- On the app menu, click on the “my loan” icon to see the many options available to users. Then, click “Request loan” to apply for a loan.
- After selecting the loan amount, repayment plan, and time frame, you will have to wait between 1 to 24 hours for the loan application to be approved.
It is always advisable to repay a loan on time to have a high credit score and become eligible for more loans and higher money in the future. If there are questions or inquiries, you can contact customer care for help and support in many ways, and we will discuss more on that as you read on.
Branch Loan Requirements
There are specific requirements users must meet before getting access to loans from the Branch loan app; they include
- The Branch app on your phone is your only way of applying for loans and reaching out to customer care.
- Your details like your first name, middle name, and surname.
- Email address
- Phone number
- Bank Verification Number (BVN)
- Bank details
- Face Verification
- Permission to access data from your phone, including messages and contacts.
How Much Can You Borrow From the Branch Loan?
The branch loan allows users to borrow amounts from N1,000 up to N500,000, but this depends on your credit score. New users can only get up to N200,000; if they repay in time, they can get higher amounts.
The rule for customers using the Branch loan app is that the faster you repay your loan, the higher amount you will be eligible to get on when you borrow next time. This is a way of encouraging users to pay off outstanding debts and improve their credit scores.
How to Download the Branch Loan App
To download Branch loan app, follow these steps:
Step 1:Open the Google Play Store (Android) on your mobile device.
Step 2: In the search bar, type “Branch loan” and hit enter.
Step 3: Look for the Branch app icon in the search results and tap on it.
Step 4: Click on the “Install” button to start the download process.
Step 5: Once the app is installed, open it and follow the registration process to create an account and apply for a loan.
Note: The availability of the Branch app may vary depending on your location and mobile device.
How Much Is Branch Loan Interest Rate?
The branch loan app has a flexible and convenient interest rate compared to other instant loan apps. The branch loan app has a tenure of 4 to 52 weeks, the duration users must repay their loans.
The interest rate on the Branch loan app is between 17% to 40% for the tenure, and each month, the interest rate is calculated to be 1.5% to 20%. At the end of the year, the Branch loan app has an annual percentage rate of 18% to 260%.
From the above interest rate, users that borrow N15,000 from the Branch loan app will have to repay N6,000 in 28 days and N7,000 in 62 days.
How Do You Repay Branch Loans?
Depending on the user’s financial capability, there are three ways of repaying loans in the Branch loan app.
- The first is a weekly repayment plan where users must pay some part of the loan weekly.
- The monthly repayment plan allows customers to pay off their loan and interest before the end of one month.
- The 2 monthly repayment plan runs through two weeks, the loan is divided into two, and the user has to pay it off in two installments. One disadvantage of this plan is that the interest rate is multiplied into two, making it higher than other repayment plans.
To repay loans in the Branch loan app, follow the steps below:
- Open the app and tap “Loan.”
- Click on “My Loan” and select “Make a payment.”
- Add a debit card with enough funds to settle the debt.
- Turn on the auto-debit and make the payment.
- This app will automatically set the card as your payment option, and you can make payment automatically each time you borrow.
What Happens When You Do Not Repay Your Loan?
Most people find it difficult to repay loans from instant loan apps, this gives their credit scores a bad history, and they may need help to get loans from the Branch loan app again.
The branch loan app takes further measures against users who do not pay back their loans; their details are submitted to the Federal Credit Bureau as a defaulting debtor, the bureau marks them off and they cannot get loans from any other loan platforms in Nigeria.
Branch Loan Customer Care Contact Details
You can contact the loan app through their customer care in-app message.
- Launch the app and click on the profile icon at the interface’s top right side.
- Click on “Help” and select “Customer Care.”
- Type in the message and expect a reply in a few minutes.
You can also reach out to Branch Loan App on platforms like
- Twitter at Twitter.com/branc_co
- Email at [email protected]
- Facebook at Facebook.com/branch.com
- Instagram at https://www.instagram.com/branch_ng/
- Website at https://branch.com.ng/
Frequently Asked Questions
Does the Branch loan app take time to approve loans?
When users meet the requirements and submit a loan application, processing the money and credit, their account takes a few minutes to 24 hours. The higher amount you need, the longer it will take, but the maximum time is 24 hours.
Why does the Branch loan app reject some loan applications?
The branch loan app can only accept your application if your details match your bank details. Also, if your smartphone needs more data to determine your credit score, your application cannot be processed. You can only wait for the Branch loan app to process all your details or check back later; you will surely be qualified.
How can I check my loan balance on the Branch loan app?
Open the app and click on the “Loan” tab. Click on “My Loan” to know how much you owe to the Branch loan app.
Bottom Line
The Branch loan app has done more good in helping people sort out their personal and business needs even when facing financial difficulties. The requirements are feasible, and anyone can meet them to qualify for a loan. Millions of people have gotten financial support without collateral, paperwork, or late fees, making the Branch loan app one of the best in Nigeria.
Apart from giving out loans, the Branch loan app has other features like investments, payment of bills, and free transfers to other banks.
