Branch Loan App: How to register, Apply for Loans, Intrest rates, Repayments, and Everything that you need to Know
In this article, we'll cover everything you need to know about branch loan apps, including how to register, apply for loans, and understand interest rates and repayments.
The modern era has brought about a significant shift in how we manage our finances. One of the most notable advancements is the emergence of loan apps like the Branch Loan App, which has revolutionized how we access loans and other financial services. This guide offers an all-inclusive tour through the Branch Loan App, a convenient and efficient financial tool.
Branch International has developed a unique product making waves in the financial world. The Branch Loan App, available in countries like Kenya, Tanzania, Ghana, Mexico, India, and Nigeria, is a micro-finance lending platform that offers instant loans, unlimited money transfers, and hassle-free bill payments.
Let's delve into the features and processes of this revolutionary app.
Setting Up Your Branch Loan App Account
To use the Branch Loan App, download it from the Google Play Store and create an account. Here's a simple guide to help you get started:
- Launch the Google Play Store and search for "Branch App."
- Click 'Install' and wait for the app to download.
- Open the app and select your preferred language.
- Sign in with either your mobile number or Facebook account.
- Fill in the necessary personal details and submit.
- Remember, the app is only available for Android phones. You must have an active M-Pesa and Facebook account to apply for a loan.
Applying for a Branch Loan
Once your account is verified, you can apply for a loan:
- Open the Branch Loan App and log in.
- Navigate to the loan request page to view various loan offers.
- Choose your desired loan amount and submit it.
- Your application will be reviewed, and if approved, the loan amount will be transferred directly to your M-Pesa account. The maximum loan limit for first-time borrowers is KES 1,000.
Understanding Branch Loan App's Terms and Interest Rates
The Branch Loan App offers a minimum loan of KES 250 and a maximum of KES 70,000. The interest rate ranges from 1% – 14% monthly, translating to an annual percentage rate (APR) of 22% to 199%, depending on the loan amount and repayment period.
Repaying Your Branch Loan
Your Branch loan can be repaid through M-Pesa or an ATM card. Here's how:
M-Pesa Repayment Method
- Go to the M-Pesa Menu.
- Select "Lipa na M-Pesa," then "pay bill."
- Enter the Branch business number- 998608.
- Enter the mobile phone number registered with the Branch as the Account Number.
- Enter the amount to repay and your M-Pesa PIN, then send the payment.
ATM Card Repayment Method
- Navigate to MY LOAN in the app and click "Tap to Pay."
- Select the amount to repay and press "Continue."
- Enter your Debit/ATM CARD information, card expiry date, and security code, then click 'Continue.'
- Depending on your bank, you may be asked to enter your PIN or receive a security code via text message.
- Upon completing these steps, your payment is complete.
- Remember, timely loan repayment enhances your credit score and increases your loan limit for future borrowing.
What Happens If You Miss a Loan Payment?
The Branch Loan App doesn't charge late or rollover fees, but it's critical to repay your loan on time. Delayed payments could result in being listed on the Credit Reference Bureau (CRB) list. Being on this list restricts your ability to borrow from other lenders. Always check the Branch loan terms and conditions for a comprehensive understanding of their services.
Additional Features of the Branch Loan App
The Branch Loan App is more than just a loan platform. It also offers:
Users can pay bills directly through the app, eliminating needing to visit banks or manage multiple online accounts.
The app features budgeting tools to help you manage your finances effectively.
Financial Education Resources
Branch Loan App provides educational materials to boost financial literacy and inform financial decisions.
Contacting Branch Loan App Support
For any issues or inquiries, Branch Loan App's customer support can be reached via:
- Phone Number: +254711995555
- Email: [email protected]
- Twitter: @branch_co
- Facebook: Branchkenya
- Instagram: @branch_co
With the Branch Loan App, managing your finances becomes a breeze. Whether you're seeking instant loans, transferring money, paying bills, or learning about financial management, the Branch Loan App covers you. It's a digital financial assistant in your pocket, ready to serve you at any moment.
VIDEO: How to register on Branch and apply for your first loan
Frequently Asked Questions
Can I use the Branch Loan App on an iPhone or Windows?
No, the Branch Loan App is currently only available for Android phones.
How quickly can I receive a loan from the Branch Loan App?
Upon approval, the loan amount is instantly transferred to your M-Pesa account.
How can I increase my loan limit on the Branch Loan App?
Timely repayment of loans and frequent borrowing can boost your loan limit.
Does the Branch Loan App charge late fees for delayed repayment?
No, the Branch Loan App does not charge late or rollover fees. However, late repayments may affect your credit score and ability to borrow from other lenders.
What other services does the Branch Loan App offer besides lending?
The Branch Loan App offers bill payment services, budgeting tools, and financial education resources.