The Branch loan app is an online financial institution that helps to provide instant loans to individuals for personal or business use. It uses data science to expand access to financial services for people in Nigeria.
The lending platform operates in Nigeria, India, Mexico, Tanzania, and Kenya and has been listed as one of the best loan apps in Africa. The Branch loan app was launched in 2015 and became available in Nigeria in 2017.
Over the last couple of years, the platform has seen tremendous growth, with over 1.2 million users and over one million loans given out, which are worth over N9 billion in Nigeria alone.
Using machine learning, Branch has developed an algorithmic strategy to determine creditworthiness through customers’ smartphones. The app is about 8.2MB in download size, has a simple user interface, and is very easy to use.
After testing the app and speaking to different people who have used it to apply for loans, I will give a detailed review of the Branch loan app, how to apply for a loan on the Branch app, their interest rates, advantages, and disadvantages.
How to Apply for a Loan on Branch App
Getting a loan from the Branch loan app is easy, fast, and reliable. You can apply and get a loan from the branch loan app within 15 minutes.
All you need are an internet-enabled smartphone, a Facebook account, BVN, the app, and valid bank details to apply for a loan.
The first step is to download the app from the Google play store. Since the app was launched in 2017, it has garnered over 10 million app installs with 4.3-star ratings on the Google Play Store.
After downloading the app, these are the steps I followed to apply for a loan:
- Create an account and fill out a simple form. Ensure that you provide your accurate details to avoid unnecessary delays in processing your loan
- Find out the amount of money you’re qualified to receive a loan and apply
- Submit the bank account you wish to receive your loan from
- Receive the money in your bank account within 24 hours.
How to Repay a Loan on Branch Loan App
To repay the loan on the Branch app, follow these easy steps.
- Open up your Branch Loan app on your mobile phone
- Select ‘My Loan’
- Click on ‘Tap to pay
- Put in the amount of money you plan to pay back
- Select your preferred mode of payment – bank or debit card
- Click ‘continue’
- They will approve your loan repayment within 24 hours.
If you need help repaying your loan, contact the Branch Loan customer service at [email protected] or [email protected] for assistance.
What is the Interest Rate of a Branch Loan?
Interest rates are not constant. They are determined by different factors, especially your repayment history with Branch and the amount you apply for.
However, the interest rates are between 1.5% and 20%, with APR ranging from 18% to 260%. Their loans range from between ₦1,000 – ₦200,000 with a repayment duration of 4 to 40 weeks.
What happens if you Default on Loan Repayment?
When you default on your loan repayment, Branch will penalize you with a higher interest rate on the money borrowed. In some cases, late fees of 6% can be applied to outstanding loan repayments.
You may be reported to the National Credit Reference Bureau (CRB) if you are late on your payments. Getting listed with the CRB will prevent you from getting loans from other lenders and may also make it difficult for you to get a job.
Pros
•No advance fee
•No membership fee
•Easy and fast access to loans
Cons
•Advance amounts are limited
•You must have a debit card from a known bank
Frequently Asked Questions
Does Branch have a loan code?
The Branch does not have a loan code you can use in Nigeria. You must pass through the process to get a loan.
What are Branch Customer Care Lines?
The Branch does not have a customer care number to ask questions or lay complaints about the loan. The only way to reach out to Branch is to send them a message through its apps or email the Branch team; at [email protected].
Conclusion
The branch loan app delivers exceptionally with its instant loans to eligible customers. Currently, the Branch loan app is one of Nigeria’s top most popular finance apps, with better operation than other lenders. The app takes care of loan uneasiness and allows you to focus on your business and personal goals by providing the funds needed at the right time.