In this article, we are going to take a look at how we can register and apply for loan on your smartphone using a very popular platform/app called Branch Loan app.
In emerging markets across the globe, the middle class is booming and so is their need for fair, reliable financial services and capital. With smartphone growth at an all-time high, Branch has a unique opportunity to build customer-first financial products for people worldwide.
Branch has created an algorithmic approach to determine credit worthiness via customers’ smartphones. While this tech-forward approach requires transparency and trust, it also enables a fair, secure and convenient path for customers to build capital and save for the future.
With growing ubiquity of the smartphone and billions of underserved people across the globe, the market is ripe for disruption. Branch is leading the way by bringing together cutting-edge technology and user-friendly mobile services to open new channels for personal empowerment and financial growth.
After doing my research on this loan app, I’ve discovered so many wonderful things about being able to collect loans from them. If in any time of your life, you need an emergency loan, you might want to read this article because you will improve your chances of getting a loan faster than you think.
What is Branch Loan app?
Branch Loan app makes it easy for you to access loans for the way you live anytime, anywhere.It is easier than it looks, all you need to do is, sign up in seconds, apply for a loan and receive your money straight to your account. It’s a fast, convenient and reliable way to access credit when you need it.
At the moment, Branch operates in India, Mexico, Nigeria, Kenya and Tanzania. They also have offices located in Nairobi, Kenya; Lagos, Nigeria; Mexico City, Mexico; Mumbai, India; and San Fransisco, United States.
You can get up to Ksh 70,000, Tsh 1M, ₦150,000, 20,000 pesos, or 50,000 rupees straight into your mobile money account, like MPesa (Kenya, Tanzania), Tigo Pesa or Airtel Money (Tanzania) or right to your bank account (Nigeria, Mexico, India).
Features of Branch Loan app
- No paperwork, collateral or office visits needed.
- Use your money the way you want to for home or business.
- No late charges or rollover fees.
- Get access to bigger loans, lower fees, and flexible payment terms as you repay.
- Loans are approved and in your account fast.
- All the data used is encrypted and protected, it is never sold to third parties. They have strict policies in place that ensure that these methods are properly communicated and customer data is always protected.
- With the explicit permission of customers, Branch analyzes smartphone data to determine loan eligibility. Their machine learning algorithms process thousands of data points to create personalized loan options in a matter of seconds.
How to apply for a Branch loan
You don’t need to have much in order to collect loans from Branch, all that you need is;
- A smartphone – Android or iOS
- A phone number or a Facebook account
- A BVN number
- A bank account
- Branch app – Download from here
After you have downloaded the Branch app, all you need to do is log in, fill in your personal details, phone number and bank details. You can then proceed to the “My Loan” page in the app, view available loan offers and click “Request the Loan” to submit your request.
Branch currently support the following banks: Access Bank, ALAT by Wema, Citibank Nigeria, Diamond Bank, Ecobank, Enterprise Bank, Fidelity Bank, First Bank, FCMB, GT Bank, Heritage Bank, Keystone Bank, Mainstreet Bank, Skye Bank, Stanbic IBTC Bank, Standard Chatered Bank, Sterling Bank, Suntrust Bank, Union Bank, UBA, Unity Bank, Wema Bank and Zenith Bank.
As a starter, you can borrow from N1000 to N200,000. If you repay the loans as scheduled, the amount that you can borrow will increase. The interest rate that Branch charges are determined by a number of factors, including your repayment history with Branch and the cost of lending for them. Depending on these factors, here are their rates;
- Loan Terms: 4 weeks – 15 months
- Late/Rollover Fees: None
- Interest Range: 14% – 28%
- Equivalent Monthly Interest: 1% – 21%
- Equivalent APR: 15% – 260%
Borrowers are required to cover any bank transaction fees associated with repaying the loan. Standard SMS and data charges by your mobile carrier may apply. Unfortunately, you cannot apply for a loan if your bank are not listed in the app.
How to repay a Branch loan
- With a debit card: From “My Loan” tap the round ‘Tap to Pay’ button, select the amount you wish to repay. After you have made your selection, tap ‘Continue’ on the ‘Select Repayment Method’ screen. Select ‘Debit Card’ from the drop-down menu, then add your Debit card details. After you have filled in the details, tap ‘Continue’ then choose your auto-debit setting under ‘Payment Options’ and tap ‘Continue’.
- With cash: You can repay your loan in cash at any GT Bank branch using GTCollections and you do not need a GT Bank account to make your payment. At the bank, take a deposit slip and fill in the information as follows: Account Name – ‘Branch International Financial Services’; Account Number – Not required; Depositor Name – Your legal name on Branch; Depositor Phone Number – The phone number linked to your Branch account. Please not that a bank charge of N100 will apply for this transaction, your payment will reflect on your Branch account within 24 hours.
- With GT Bank account: In order to repay with a GT Bank account, you must have a GT Bank account on file with Branch. To add a GT Bank account, go to the ‘My Account’ screen and tap ‘Edit’ next to ‘Bank Account’ and then tap ‘Add Account’. From ‘My Loan’, tap the round ‘Tap to Pay’ button and select the amount you wish to repay. After you have made your selection, tap ‘Continue’. On the ‘Select Repayment Method’ screen, select ‘USSD – GT Bank’ from the drop-down menu and tap ‘Continue’. Confirm your repayment. You will see a screen with instructions to ‘Complete USSD Payment’. Tap the ‘Dial’ button to open your phone dialer. Press the call button in your dialer to dial your unique USSD code. If successful, your account will be updated automatically within a few seconds. Please note that no fees will be charged to you for this transaction.
- With a bank account: Only ALAT by Wema Bank, First Bank of Nigeria, Sterling Bank, United Bank of Africa and Zenith Bank are currently supported for in-app repayments. If your bank is not supported, you can make an in-app payment by following the instructions below: From ‘My Loan’, tap the round, ‘Tap to Pay’ button. Select the amount you wish to repay. After you have made your selection, tap ‘Continue’. On the ‘Select Repayment Method’ screen, select ‘Bank Account’ from the drop-down menu. Choose the ‘Bank Name’ and enter your ‘Bank Account Number’ then tap ‘Continue’. To secure your payment, some banks will ask for your Date of Birth and/pr send OTP to your phone. You may also be asked to enter two different security codes on your first payment for security purposes; it does not mean you will be charged twice. If successful, your account will be updated automatically within a few seconds. Please note that no fees will be charged to you for this transaction.
How to make money from Branch Loan
To get your invite code, click on the three lines at the top corner of your screen and tap Earn N1500! On the next page, click on Invite Friends. After your friend downloads the app, make sure they enter your code e.g JOHNSO922DD on the Promotions page. Once they repay their first loan you will receive a bonus.
Bonuses are automatically deducted from the amount of principal you owe on your next loan. Kindly note that your friends must enter the code on their promotions page before fully repaying their first loan or you won’t receive your bonus.
Please let us hear about your Branch app experience in the comment section below. Why don’t you share this post if you like it?