Branch Loan App, Requirements, and How to Apply

Detailed information on everything you need to know about the Branch Loan App may be found in this article. This includes how it works, features, benefits, how to apply, and every other vital piece of information about the loan app. keep reading!

Financial emergencies arise unexpectedly, and this can put anyone in a disorganized state, especially when there is no fund available or when there’s no hope of getting any as quickly as possible.

Everyone who has experienced this kind of situation knows the effect it can have on a person. The introduction of financial platforms for immediate access to funds has been a saving grace for many because they can easily get the funds and pay them back gradually without it affecting their finances.

One such financial platform is the Branch Loan App, which is designed to provide individuals with quick and reliable access to financial aid whenever it is needed.

Additionally, they provide users of their platform with one of the best interest rates. Moreover, the application process is simple and straightforward with minimal requirements to access their loan.

About Branch Loan App

The Branch Loan App mobile application is an online platform designed to provide instant loans to people. This platform gives loans without having to request any paperwork or even visit a physical location like traditional banks.

Branch operates in India, Kenya, Tanzania, and Nigeria and has offered financial aid of over $350 million in these countries. Individuals can get loans ranging from ₦1,500 to ₦1,000,000, and the loan limit increases if it is repaid as scheduled.

First-time borrowers on the branch loan app can get a maximum loan amount of ₦150,000. The branch loan app is available on the Google Play Store only as of the time of writing this article.

Additionally, Branch provides an interest rate ranging from 17% to 40%, which is around 1.5% to 20% monthly. In total, this results in an annual percentage of 18% to 260%.

Features of Branch Loan App

Quick Loan Approval: The online platform provides quick loans, with the money sent directly to the borrower’s account within minutes after the loan request has been submitted.
No Collateral Needed: Unlike conventional banks, branch loan apps provide unsecured loans that do not require collateral to get access to the loan.
Flexible Repayment Plan: With the list of repayment plans available on the branch loan app, borrowers can choose one that suits their financial situation.
Building Credit History: Repayment of the loan helps borrowers improve their credit score, which can help them get future loans from other financial institutions.
24/7 Customer Support: Branch offers constant support to address the concerns and queries of their customers because customer satisfaction is their top priority.

Benefits of Branch Loan App

The benefits of the branch loan app include:

Branch promotes financial inclusion by reaching individuals who can’t access loans from traditional banks.
Individuals can apply for an instant loan from anywhere at any time using their smartphones without having to visit a physical bank.
The repayment plan is provided by the branch loan app upfront, and this information is clearly stated to help borrowers make good financial decisions.
They make use of best practices during debt collection when borrowers default, so they do not harass debt defaulters.
No collateral is requested from customers before they can access a loan from the branch loan app.
The interest rate ranges from 17% to 40%, which is competitive and cheap for borrowers.
Unlike other online loan platforms, branches do not charge borrowers for late payments, but early payments will give you the opportunity to get access to future loans.
New customers can get a maximum loan of about N150,000, and this will increase if the repayment is done on schedule.
Borrowers can choose any repayment option that will help them pay off the loan without tension or worry.

Branch loan App Requirements

There are some criteria that users must meet before they can be given access to instant loans on the branch loan app: These requirements are:

phone number or Facebook account
Bank Verification Number (BVN)
The Branch Loan App
Bank Account Number
Email Address
Access to contacts on your phone

Note that one important requirement is that Branch will require you to give them permission to access information on your phone, such as your contact information. Without this permission, you cannot request a loan.

How to Apply for a Branch Loan

Applying for a loan on the branch mobile app is simple and straightforward. The steps are stated below:

Firstly, go to the Google Play Store on your phone and download the branch loan mobile app. The app is only available to Android users at the moment.
After downloading and installing the mobile app, open it and select your preferred language.
You will need to create an account by providing information like your name, phone number, and email address and also allow the mobile app access to your contacts.
On the dashboard, click on the “My Loan” icon to view the loan options that are available, the repayment schedule, and the timeframe for each loan option.
Click on Request Loan to apply for the loan by selecting the best loan option, repayment plan, and the best timeframe for the loan repayment.
Branch will review your loan request within hours to determine if you meet all the necessary requirements.
Once Branch approve the loan, they will send the loan amount to your bank for use.

It is advisable to pay up the loan on time to enjoy the necessary benefits, like a good credit score that will help you for future loans, and it will also help in increasing the loan limit of your account, giving you access to ask for a higher loan.

Branch Loan Repayment

There are different ways to repay the branch loan, and that depends on the repayment plan you have selected.

You can repay the loan through a debit card, bank transfer, cash, or USSD.

How to Repay with a debit card

Open the branch loan and click on ‘Make a Payment’.
Choose the particular amount you want to pay from the options and click on Continue.
On the dashboard where you see ‘Select Repayment Method’, click on ‘Debit Card’ and add your ATM card details, which are:
1. The 16 or 19 digits in front of the card,
2. The card’s expiration date and year
3. 3-digit number at the back of the card (CVV)

Click on Continue after entering all the details correctly.
Select auto-debit in the payment option and continue.
Depending on the bank, you might have to provide your PIN, or they will send a security code to your phone for security purposes.
Once you do this, the payment will be successful.

The auto-debit automatically deducts the loan monthly without you going through the stress of following the process again. Branch will remove the loan amount on a specific day each month.

How to repay with a bank transfer

Launch the branch loan app and click on ‘Make a Payment on the dashboard’.
Next, Choose the specific amount you want to pay.
On the dash board, locate ‘Repayment Method’ and select ‘Bank Transfer’ from the options.
Branch loan will provide an account number for you to use for the loan repayment.
Open your mobile app and make the transfer to the account number you copied from the branch mobile app.
Once you complete the payment, the system will update your branch mobile app in a few minutes.

Please note that your bank may request transfer charges during the transaction, but Branch will not ask for any additional fees or charges.

The branch mobile app provides a unique account number for everyone, so you must use the account number on your mobile app to make the transaction because the transfer will only be confirmed if you do it on the account number provided for you on the branch mobile app.

How to Repay with Cash

You can make cash payments only at GTBank or using GTCollection as of the time of writing this article. To make the cash payment

Get the deposit slip, fill in the details, and use Branch Intentional Financial Service LTD as the account name to receive the money.
Input your personal details on the slip.
Open the Brank Mobile app, click on ‘make a payment’, select the amount to pay, and select cash from the repayment method option to find your ‘reference ID’.
Include the ‘Reference ID’ on the deposit slip.
Once you complete the payment successfully, the branch mobile app will automatically update.

Note that the bank may charge you a fee for the transaction.

How to Repay with a USSD Code

To repay the loan with USSD, individuals must have an account with either GtBank, Sterling, UBA, or Zenith, and they must add it to the branch mobile app.
On the dashboard, select ‘My loan’ and click on ‘Make a Payment’.
Input how much you want to pay and select Continue.
Where you see ‘Repayment Method’, select the USSD option and select continue.
Select confirm repayment.
A menu will pop up with instructions to complete USSD payments; select it to open your phone dialer.
Click on the call button to dial your unique USSD code.
The payment will be completed successfully, and your branch app will be updated automatically.

Your bank will charge you for this service, but the branch will not request any charges.

What happens when you default on a loan payment?

Many people take out loans and do not pay them back when they are due, and this will have a negative impact on their credit history, making it difficult to get a loan in the future. The measures the branch takes for default payments include:

The branch charges a late fee of 6% on the repayment amount for some loans. You will have to pay this addition to the loan amount.
You will be reported to the National Credit Reference Bureau (CRB), and you will be blocked from getting any kind of loan from other lenders or mobile apps. This might also affect your ability to get a job.

How to Contact Branch Loan Customer Care

Various ways exist to contact branches, and they are available 24/7 to respond to customer queries and complaints. You can contact Branch in the following ways:

Through the in-app message. Once you login to the app and click on the profile icon, tap ‘help’ and select ‘customer care’. You can then ask your questions and get an immediate response from their customer care representative.
You can also reach Branch loans on social media platforms like Twitter (X), Facebook, and Instagram.
You can send them a message via email.
On their official website

Frequently Asked Questions (FAQs)

How long does it take for the branch to approve a loan?

Borrowers who meet all requirements can expect loan approval within 24 hours.

How can I check my repayment schedule?

You can see the repayment schedule on the branch mobile app once you tap on your loan balance on the screen and select Repayment Schedule.

Can I change my repayment schedule?

Unfortunately, no, they cannot change the repayment schedule. So, that is why you need to choose the repayment option that suits your financial ability while applying for the loan.

How can I check my loan balance?

On the branch loan app, select the ‘My Loan’ option on the screen to see how much you owe.

Does the branch take any action when I default on loan repayment?

Certainly, if you fail to make your payments, they will report you to the National Credit Reference Bureau (CRB). Consequently, they will blacklist you from getting a loan from any other platform. So, even if you eventually repay, getting a loan will be very difficult.

Final thoughts

Branch Loan has been a platform for many to rely on because of its ability to provide timely financial assistance in a world where access to finance is a challenge without asking for collateral. Furthermore, Branch urges individuals to be honest in their repayment of the loan as they try to provide more services that will be beneficial to everyone.

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