Branch Loan App: How to register, Apply for Loans, Intrest rates, Repayments, and Everything that you need to Know

In this article, You will learn everything you need to Know about Branch Loan App In Kenya if you are interested in getting a loan from this service and don't know where to start. This guide is meant for you.

Branch Loan App: How to register, Apply for Loans, Intrest rates, Repayments, and Everything that you need to Know
Branch Loan App: How to register, Apply for Loans, Intrest rates, Repayments, and Everything that you need to Know

Launched in 2015, the Branch Loan app is one option to apply rapidly and be approved for a mobile loan using your Safaricom Mpesa number. Getting a Loan from the service is quite simple as you need to have the application from your favorite Application store, and You will be set to go. Getting a Loan from a Branch is quite simple; however, like most financial firms in the country, there are many sets of requirements that should be Met before diving on this Path.

Requirements to be Met for you to get a Branch Loan

You must meet specific requirements before downloading the loan app to your phone. Here is what you should Know

  • A smartphone or even a phone
  • A Facebook account that is active
  • Safaricom Number Linked to M-Pesa
  • 18 years of Age and Above
  • It would be best if you were in Kenya, Tanzania, Nigeria, and India
  • Not Listed on CRB 

How to Apply for Branch Loan APP

 After satisfying all the requirements, the Next step is to try to get the Branch Laon. You will need a Branch Application at this stage since a Branch is a Loan App Application. You can not access the loan Via any other means but by using the app. If you are probably wondering where you can access Branch App, as mentioned before is by using your Favorite Application Store(Google Playstore). The service has not yet rolled its application for iOS devices for those using iPhones. Also, note that the Branch serves between Ksh(250 to 100,000) loans. In return, these loans attract an interest of 10% to 27%, depending on the loan borrowed. 

You must open an account or register to apply for and be approved for branch app loans in Kenya. The following step is to create an account on Branch: 

  • Open the Branch app on your mobile device after the installation is done
  • Tap Create an account
  • Enter your personal information such as name, nation, national ID number, and birthdate.
  •  You will be given options for "loan amount."
  • Decide how much of a loan you want to apply for.
  • Decide on the payment conditions.
  •  Click on "request this loan."
  •  Verify the loan information, including the "principal," "interest," "total," and "monthly rate."
  •  You will be prompted to "confirm deposit account," which is the mpesa account you want to have your loan deposited into.
  •  Click "Apply"!
  • Safaricom will send you a confirmation message confirming that the funds have been deposited into your account.

One thing to remember while applying for a Branch loan is that, in contrast to loans obtained from a bank, those obtained through the app don't require security. The funds will be transferred to your Mpesa wallet within 5 minutes of your branch loan application being approved

 repayment of a branch loan

When you take out a loan through the branch app, you will be required to repay the loan after a certain period. The repayment period is between 28 days and 62 days. It can also go up to 336 days, depending on the loan amount you had been awarded earlier. It is advisable to repay the loans within the set time to avoid penalities that you may serve. So how do you go about it?

Method 1: Using Pay Bill Number 998608

To use these options, first, ensure that the number you used to apply for the loan is the same number you are using to repay the loan.

  • Go to your Mpesa App
  • Choosing Lipa Na Mpesa
  • Choose Pay Bill Option and Enter 998608
  • Enter the account number using Safaricom Number
  • Enter the amount that you want to pay and Submit
  • The Branch will send you an SMS To confirm the Payment.

 

Method 2: Using the Branch App

  •  Login to your Branch App Account
  • Tap on My Loans
  • Choose to Click to pay
  • Enter the amount that you want to pay
  • Branch will Launch Mpesa prompt Mpesa on your phone
  • Enter the amount and Pin, then Submit
  • As usual Branch Will send an SMS on your smartphone to confirm the Payment

 Branch loan app contacts 

If you find yourself stuck with anything relating to Branch Loan, the best way of being helped quickly is via their customer care desk. There are various ways by which you can reach Branch Loan Kenya:

  • Phone Number: +254711995555
  • Email: support@branch.co
  • Twitter for Branch app: @branch_co
  • Facebook for Branch app: Branchkenya 
  • Instagram for Branch app: @branch_co

Read Also: Best Loans without CRB in Kenya