What is Branch Loan App [Everything To Know]

In this article, we will learn more about the Branch loan app- one of Nigeria’s most popular micro-loan lending platforms.

Thanks to data science, millions of Nigerians now have easier access to financial services. A branch loan app is a platform that provides instant loans to assist users in meeting both their personal and professional needs.

It offers payday loans, instalment loans, and single-payment loans to customers. The borrowed sum is usually taken out of your account or can be paid directly to their Wema account if you default.

More importantly, Branch assists in making loans essential for expanding small businesses.

Before we dive right into the features, loan types, and interest rates available on the Branch app, ensure you download the mobile app from Google PlayStore if you haven’t.

With that being said, Let’s go.

What is a Branch loan app?

Branch Loan App is a well-known lending site in Nigeria where you can apply for a quick online loan.

The Branch Loan app was released in 2015 and made available to Nigerians in 2017.

With over 1.2 million users and over one million loans disbursed, totalling over N9 billion in Nigeria alone, the app has experienced phenomenal growth over the past couple of years.

This astounding growth rate is evidence of its value and the high demand for its services.

The Branch loan app is a top instant loan app that dramatically expands access to financial services for millions of Nigerians by utilizing data science.

The branch offers quick loans to help people meet their financial needs personally and professionally.

How does it work?

You can request an advance on your paycheck through the Branch app’s Pay feature, which might be a less expensive option than a payday loan. You can simply leave a tip for the service rendered instead of paying the advance’s average interest rate.

However, not everyone qualifies for Pay, and there are restrictions on the maximum advance amount.

The Branch app might be an excellent option to consider if you need money before your next paycheck and require it due to a financial emergency.

If you are qualified to use Pay, Branch enables you to access a portion of your paycheck early. Additionally, you can tip the service rather than pay interest or fees.

Only those who work in conventional workplaces have access to the Branch app. Employees who work remotely are ineligible to use Pay.

To qualify, you must also fulfil several additional criteria if you work in a traditional setting.

How to download the Branch loan app

Follow these steps to download and sign up for the branch loan app.

Step 1: Install Branch from the Google Playstore.

Step 2: Then, choose your language. English, Hindi, or Kiswahili are available.

Step 3: Then press the Continue button.

Step 4: Tap Take me to Sign in/Registration.

Then, select I’m new to Branch.

Step 5: Choose your country from the drop-down menu. Then, choose between Register with Phone Number and Register with Facebook. Preferably a phone number.

Step 6: Enter your phone number and press the Register new account button.

Step 7: Enter your BVN, take a selfie passport, and other details.

Branch loan interest rates

A branch Loan is designed to satisfy particular requirements and foster user expansion. Their loans have terms of 9 to 52 weeks and range in size from N10,000 to N500,000.

Depending on your repayment history, you can access loans the highest loan they offer- N500,000 within 24 hours.

Your repayment history with the Branch and the cost of lending to them are two factors that affect interest rates. Their rates change based on the following variables:

There are no late or rollover fees for the loan’s 9 to 52-week term.

• 17% to 40% in interest

• Monthly Interest Range: 1.5% to 20%

More significant loan amounts become available as you establish credit with Branch, and all loans are approved, disbursed, and repaid directly from the app.

The branch loan app is recommended because it doesn’t charge late or rollover fees. They also boast of quick, helpful customer service accessible around the clock via the app.

Branch loan requirements

Your Facebook account, bank account number, phone number, and bank verification number (BVN) are the only requirements). They will also ask you to access the information on your phone to build your credit score.

How to collect a Branch loan

Take the following actions to obtain a loan from the Branch loan app:

1. Install the app

The app must be downloaded first. Using an Android phone, you can download it from the Google Play store.

2. Open a new account

You must create an account after installing and starting the app. Give your phone permission for the app. If you want to obtain a loan, it’s crucial. Your personal information, phone number, and bank information are needed.

3. Apply for a loan

You are prepared to submit a loan application once you have created your account and given the app permission. Go to the app’s “My loan” page to access it.

Branch loan repayment

A Branch loan may be repaid in several ways.

Step 1: Using a debit card within the Branch app. Click here for directions.

Step 2: Via a bank transfer to the specified account number. To view your specific account number in the Branch app, select “Bank transfer” as the repayment option. Click here for directions.

Step 3: Only available in the Branch app via USSD for accounts with GT Bank, Sterling, UBA, and Zenith. Click here for directions.

If you are having trouble making payments, leave the app for a while, then try again. You can also contact Branch’s customer support using the app’s chat feature.

Frequently asked questions

What happens if you don’t pay the Branch loan?

Branch may impose default interest or penalties on any unpaid amounts if you don’t make payments due to it by the due date at a rate that will be communicated to you.

Suppose You do not repay the loan as agreed, and it becomes delinquent. In that case, Branch shall have the right to report the delinquent loan to the CBN through the Credit Risk Management System (CRMS) or any other method. This prevents you from accessing loans long-term and also affects your credit score.

How long is the Branch loan application process?

All loans are completed within 24 hours.

How do I close my branch loan account?

Please make sure that you do not have an open loan before writing to us in the app chat requesting to have your account deleted. To get in touch with us after your account has been deleted, email nigeria@branch.co.

Can I pay Branch back early?

We strongly advise you to repay your loan following your “Repayment Schedule,” which can be accessed by tapping the “Loans” option at the bottom of the Home screen to increase the amount of your loan offer.

How do I increase my Branch loan limit?

To increase your branch loan limit and fully utilize the Branch app, you must successfully verify yourself to advance your level.

Does Branch send threatening and defaming messages to loan defaulters?

No, Branch loan doesn’t send defamatory messages to your contact lists whenever you default on paying back your loan. However, late payment damages your credit score, making it difficult to get another loan.

Conclusion

Compared to other lenders, the Branch loan app is currently one of the top finance apps in Africa regarding downloads and usage.

You can concentrate on expanding your online business through blogging or affiliate marketing and reaching your personal goals by using the app to handle your loan needs efficiently.

This brings us to the end of this article about the Branch loan app. If have any questions, kindly let me know in the comments below.