In today’s digital age, fintech companies have taken the lead in revolutionizing the financial landscape. Embracing remote, online, and mobile banking platforms, they bring financial services closer to individuals regardless of their location. One remarkable service gaining traction is instant loan financing, empowering people with access to funds at their fingertips. Among the pioneers of this trend is Branch, a financial institution that has seamlessly tapped into the world of instant loans. In this article, we delve into the realm of Branch loans, exploring how to obtain them and unravelling everything you need to know about this accessible financial solution.
Branch loan app represent a transformative way of obtaining fast and convenient financing without the hassles associated with traditional lending institutions. As a fintech company, Branch leverages cutting-edge technology to provide instant loans, enabling users to address financial needs swiftly and efficiently.
Who are Branch?
Branch has firmly established itself as one of the leading instant loan platforms, not only in Nigeria but also across multiple countries such as Kenya, Mexico, India, and Tanzania. With a primary focus on addressing personal finance needs and catering to the requirements of small businesses, Branch has become a go-to solution for individuals seeking quick and accessible financing options.
In 2015, Branch made its foray into the Nigerian market, and by 2017, their financial services were fully operational. Over the years, the company has witnessed remarkable growth, garnering a substantial clientele base of over 1.2 million users. Their commitment to empowering individuals with financial freedom is evident through the disbursement of over one million loans, providing much-needed support to those in need.
The success of Branch’s services is further underscored by their impressive valuation, with the company’s worth exceeding N9 billion in Nigeria alone. This significant growth and success can be attributed to their user-friendly mobile app, which has garnered more than 10 million downloads. Such a vast user base has resulted in an impressive 4.3-star rating on the Google Play Store, indicating the high level of satisfaction among their customers.
How to get a Branch loan
Branch gives out instant loans through their loan app that can be used on getting through the Google Play store. The app is only up for use for android users. It is possible that their app may become available on other mobile platforms such as Apple and Microsoft in the near future.
All you have to do is follow these easy steps:
1. Download and install the Branch app on your mobile device.
2. Create an account and fill out the form. Make sure you provide personal details that are accurate to avoid a delay in the disbursement of your loan.
3. Check how much money you are eligible for.
4. Wait to receive the amount in your bank in 24 hours.
Existing users need not download and install it again, nor do they have to create a new account. All they need to do is to log into the app and follow the rest of the process.
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How do I repay back my Branch loan?
All you have to do to repay borrowed loans on the Branch app is
1. Open your Branch loan app
2. Tap on the “My loan” button.
3. Click on the “Tap to pay” option.
4. Fill in the amount you wish to pay back.
5. Select the payment method you wish to use, whether a bank or debit card.
6. Click on “Continue”.
You can also repay loans through your debit card on your Automated teller machine (ATM). Some banking platforms also allow you to repay loans from fin-tech companies like Branch using their USSD codes.
How do you qualify for a Branch Loan?
The requirements to qualify for a branch loan include:
- Your Phone number or Facebook account
- An ID number
- A bank account or mobile money
Provide the 3 documents above and you’re good to go. However, note that Branch will request to access the data on your phone in order to build a credit score before you can obtain a loan.
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How much loan can Branch give?
Branch offers a minimum of N1,000 to a maximum of N200,000 in loans within 24 hours depending on your repayment history and credit score. Generally, they offer a repayment period of 4 to 40 weeks.
How long does it take for Branch to disburse loans?
After a successful application, Branch disburses the loan within 24 hours or 48 hours at the maximum.
Can I repay Branch loans over the counter at my bank?
Yes, you can. Other banks, except GTBank, can have you repay Branch loans over the counter at their various branches using the Nigeria Inter-Bank Settlement System’s (NIBSS) e-BillsPay through the following process:
- When you get to the bank, pick up a deposit slip.
- Fill in the account name as BRANCH INC.
- Fill in the phone number you used to register your app as the depositor’s phone number.
- Put in your name as the depositor’s name.
- Fill in the amount you want to repay and deposit the funds.
The bank will charge you N100 for the service and you must ensure you collect a copy of the payment receipt (not the teller) printed by the bank.
After using this platform, your loan repayment will be made within the next 24 hours. You can email the Branch customer care at support@branch.co or nigeria@branch.co if you encounter any issues with the process.
What happens if I don’t pay back my Branch Loan?
If you do not pay back your loan within the pre-agreed repayment time, Branch will take it up with your bank which could lead to a deduction on your account after approval and further warnings. However, in the meantime, you will be slapped with financial penalties for late payment and your interest rate will keep compounding.
Frequently Asked Questions
What is the Branch interest rate like?
Branch’s interest rates vary depending on factors like your repayment history, how much you are borrowing and how you want to space the repayment. All things being equal, their interest rates are between 14% to 28%. That pans out to mean that the monthly interest would be between 1% to 21% interest rate.
What are the Banks supported by Branch?
The following is a list of banks supported by Branch.They include:
Access Bank, ALAT by Wema, Citibank Nigeria, Diamond Bank (Access), Ecobank, Enterprise Bank, Fidelity Bank, First Bank, FCMB, GT Bank, Heritage Bank and Keystone Bank.
Others include Mainstreet Bank, Skye Bank, Stanbic IBTC Bank, Standard Chartered Bank, Sterling Bank, Suntrust Bank, Union Bank, UBA, Unity Bank, Wema Bank and Zenith Bank.
If you do not have accounts in these banks, you will not be able to access Branch loans.
How much does Branch have to offer as loans?
Branch offers a minimum amount of N1,000 and a maximum amount of N200,000 as loans, without collateral or any documentation required.
Bottom Line
Branch offers easy and accessible loans for anyone looking to solve pressing financial needs. Branch loans are disbursed in no time with a flexible repayment structure for you to conveniently pay back. However, note that those who repay on time will receive a higher credit score and therefore, will be able to access a higher amount of loans.
