If you need a loan to start a business, pay medical bills, or make up for rent, this article is for you. With the information provided here, you can simply download the loan app and get approved for a loan instantly.
In this post, we will review the Branch loan app, guide you through how it works, and show you how to apply for a loan using the Branch app.
What exactly is a Branch Loan?
Branch is an online lender that provides loans to qualified borrowers. Nigeria, Kenya, Mexico, and Tanzania are among the countries in which the company operates.
This app is one of the greatest online lenders in my opinion, and our Branch loan review will explain why.
Loan Offered by Branch Loan App
Branch Loan app offers a variety of loan options.
- Loan for a business
- Loan for travel
- Loan for personal use
- Loan in an emergency
- Loan for medical reasons
What Is the Process of Obtaining a Branch Loan?
Branch loans are obtained using your smartphone, and you will not be required to present security before your loan is granted.
- When you download the Branch app, you will be asked to provide your contact information, including your phone number (ideally the one that gets bank notifications), bank verification number (BVN), and bank account number.
- Branch will then seek access to your phone details, SMS records, contact lists, and GPS data. They will generate a credit score for you based on this information.
- Your credit score impacts how much you may borrow, the payment plan you can pick, and the interest rate you will pay on your loan. A high credit score improves your chances of approval.
- Make sure you have enough Internet connectivity on your phone before signing up so that the app can appropriately compute your credit score.
Eligibility Requirements for Branch Loans
You would not have to offer any collateral or fill out any paperwork to apply for a loan on Branch. Branch will just ask for the following information to set up your account and credit score.
- Mobile phone number
- Bank verification code (BVN)
- Bank account information
Interest Rates for Branch Loans
Branch loan interest rates differ and are determined by a variety of variables. These considerations include your credit risk, bank history, lending costs, and payback history with Branch.
The interest rates you may expect if you apply for a loan using the Branch app are listed below.
Loan terms range from four weeks to fifteen months.
- Late/Rollover Fees: None
- Interest Range : 14% – 28%
- Equivalent Monthly Interest: 1% – 21%
- Equivalent APR : 15% – 260%
Borrowers with a good credit score (credit history) often receive the lowest interest rates.
What are Branch Loan Limits?
Currently, Branch only provides loans ranging from N1,000 to N200,000, with the most you can borrow being N200,000 and the least being N1,000.
As a new user, you cannot borrow more than N200,000. You must initially borrow and successfully return lesser loan amounts on time.
This manner, you can increase your credit limit and your ability to borrow higher sums.
How to Apply for a Nigerian Branch Loan
You must first open a Branch account before you can apply for a Branch loan.
You must do the following to create your account:
Fill up your phone number, BVN, and bank account information (Branch supports most of the popular commercial banks in Nigeria, so check if your ba is eligible before signing up).
Procedure for obtaining a Branch loan
- Launch the Branch loan app.
- Select “My loan” from the menu. As a new user, you are only permitted to borrow N10,000, N5,000, N2,000, and N1,000.
- Choose your loan amount and payment terms.
- You can repay your loan on a weekly or monthly basis. Alternatively, you can pay back within two months.
- To view the entire terms of your loan, click on “Loan information.” You will see the payment due date as mentioned in the loan terms.
- Click on “See all charge information” to find out what your interest rate is.
- After you’ve decided on the loan amount and terms, click “Request this loan.”
- On the following page, you will be prompted to select the bank account into which you would like the loan to be deposited.
- If you have a decent credit score, you will receive your loan within 24 hours.
Process of Paying Off A Branch Loan
To repay your loan with the Branch app, simply log into the Branch lending app.
- Select “My loan” from the menu.
- Tap the “Tap to Pay” button.
- Enter the amount owed (the amount will depend on the loan terms you agreed to when applying for the loan).
- You can return your loan with either your bank card or your ATM card.
Customer Service for Branch Loans
If you have any problems with loan repayment or receiving cash after approval, you may quickly contact Branch using the channels listed below.
Contact us at firstname.lastname@example.org or email@example.com.
You may also contact them via the app by selecting Customer Care from the app’s menu.
What Happens If You Don’t Repay Your Branch Loan?
Late payments or inability to repay loans can reduce your credit limit and prevent you from obtaining subsequent or larger loans. Branch may also report you to the National Credit Reference Bureau, preventing you from obtaining loans from other lenders.
Branch Loan App Referral
Customers who suggest their friends receive a referral incentive from Branch.
When you sign up, you will be given a unique referral code, such as dfq06r. You and your friends will receive a bonus of N1,500 if they sign up using your referral code and repay their first loan.
Please keep in mind that you can only be eligible for this $1500 bonus if you used the Sign up Code ” komola846db ” during or after registration. Failure to use the sign code will result in the loss of your initial registration incentive.
Likewise After your friends have repaid their respective loans, registration will be reimbursed to your account.
To receive your bonus, enter the code “dfq06r” once more.
Is Branch Loan a Scam or Legit?
We discovered that Branch is extremely safe to use while completing our Branch loan evaluation.
Branch requires that you create a 4-digit security PIN to access your Branch account in order to increase security. This pin helps to safeguard your account and ensure the safety of your transactions.
If you’re seeking for a legitimate and reliable means to obtain loans of up to N200,000, you should download the Branch app. New users, on the other hand, may only obtain loans of up to N10,000.