With Branch loan Review in Nigeria, you can get loans of up to N200,000 and pay back through a flexible repayment plan with low-interest rates.
Branch loan is one of the online lenders providing Nigerians with a new way to get loans with fewer restrictions.
If you’re in need of a loan to start up your business, pay your medical bills or make up for rent, you can simply download the loan app and get approved for a loan instantly.
In this article, we are going to review the Branch loan app, walk you through how the Branch app works, and how to apply for a loan using the Branch app.
Tables Of Contents
- 1 What is Branch Loan?
- 2 Loan Offered by Branch Loan
- 3 How Does Branch Loan Work?
- 4 Branch Loan Eligibility Requirements
- 5 Branch Loan Interest Rate
- 6 What is Branch Loan Limits?
- 7 How to Apply for Branch Loan in Nigeria
- 8 Branch Loan Payment Or Repayment Process
- 9 Branch Loan Customer Care
- 10 What Happens If You Don’t Pay Back Your Branch Loan
- 11 How To Make over 20,000 with Branch Referral Bonus
- 12 Is Branch Loan Safe Or Real?
- 13 Wrapping Up How does Branch Loan Work
What is Branch Loan?
Branch is an online lender that offers loans to eligible individuals. The company operates in Nigeria, Kenya, Mexico, and Tanzania.
- √Don’t Miss:
PiggyVest Review: How Does Piggy Vest Works
We rank this app as one of the best online lenders and our Branch loan review will tell you why.
Loan Offered by Branch Loan
Types of loan you can get from Branch
- Medical loan
- Business loan
- Travel loan
- Personal loan
- Emergency loan
How Does Branch Loan Work?
Getting a loan through Branch is done using your smartphone and you won’t have to provide collateral before your loan is approved.
When you download the Branch app, you will be requested to sign up with your details i.e. phone number (preferably the number that receives bank alerts), bank verification number (BVN), and bank account number.
When done, Branch will request to access your handset details, SMS logs, contact lists, and GPS data. Through this data, they will create a credit score for you.
Your credit score determines how much you can borrow, the payment schedule you can choose, the amount of interest that will be attached to your loan. A high credit score increases your chances of getting approved.
Before signing up, makes sure that you have enough data on your phone so that the app can accurately determine your credit score.
Branch Loan Eligibility Requirements
To apply for a loan on Branch, you wouldn’t to provide any collateral or fill any paperwork. Branch will only request the following details to create your account and set up your credit score.
- Cell phone number
- Bank verification number (BVN)
- Bank account details
Branch Loan Interest Rate
Branch loan interest rates vary and are set based on a number of factors. Some of these factors include your credit risk, bank history, the cost of lending, and your repayment history with Branch. Below are the interest rates to expect when you apply for a loan through the Branch app.
- Loan Terms: 4 Weeks – 15 Months
- Late/Rollover Fees: None
- Interest Range: 14% – 28%
- Equivalent Monthly Interest: 1% – 21%
- Equivalent APR: 15% – 260%
Borrowers with a good credit score (credit history) usually have the lowest interest rates.
What is Branch Loan Limits?
Currently, Branch only offers loans around N1, 000 to N200.000 while the largest amount you can borrow is N200,000 while the least amount is N1,000. However, you can’t borrow as much as N200,000 as a new user. You will have to first borrow and successfully repay smaller loan amounts as scheduled. This way you can build your credit limit and your eligibility to borrow larger amounts.
How to Apply for Branch Loan in Nigeria
Before you can apply for a Branch loan, you will have to create a Branch account.
To create your account, you will have to;
- Download the app: Branch loan app for iPhone | Branch loan app for android
- Fill in your phone number, BVN and bank account details (Branch supports most of the popular commercial banks in Nigeria, so check if your bank is eligible before signing up).
Loan application process
Log into the Branch loan app
On the menu click on “My loan“. As a new user, you’re only allowed to borrow amounts of N10,000, N5,000, N2,000, and N1,000
Select your loan amount and the payment terms.
You can pay back on your loan on a weekly and monthly basis. Or you can pay back within two months.
Click on “Loan details” to see the full terms of your loan. You will see the due date of payment as stated in the loan terms.
- To know your interest rate, click on “See all fee details“
- Once you have chosen the loan amount and the loan terms, click on “Request this loan“
- On the next page, you will be asked to choose the bank account you would like to receive the loan.
If your credit score is good enough, you will receive your loan within 24 hours.
Branch Loan Payment Or Repayment Process
To pay back your loan using the Branch app, simply
- Log into the Branch loan app
- On the menu click on “My loan“
- Select the “Tap to Pay” button.
- Enter the amount you owe (the amount will depend on the loan terms you agreed to when applying for the loan).
To repay your loan, you can use either your bank or your ATM card.
Branch Loan Customer Care
If you have any issues with loan repayment or getting funds after approval, you can easily contact Branch through the following mediums.
You can also chat them up through the app by clicking on Customer Care on the menu of the app.
What Happens If You Don’t Pay Back Your Branch Loan
Late repayments or the inability to repay loans will affect your credit limit and you will be unable to get subsequent or larger loans. Branch may also report you to the National Credit Reference Bureau and you will be blocked from getting access to loans from other lenders.
How To Make over 20,000 with Branch Referral Bonus
Branch offers a referral bonus to customers that invite their friends.
When you sign up, you will be provided with a unique referral code like komola846db, You and your friends will give bonus when you friends sign up through your referral code and repay their first loan,
you will earn N1,500 as a bonus.
Note: You can only be eligible for this #1500 bonus, if you applied your Sign up Code “komola846db“, during Registration or after registration. Failure to applied the sign code will led forfeit of your first registration bonus.
Likewise Registration will only be credited to your account after your friends have repaid their lend loans.
Once again use this code “komola846db” to get your bonus
Is Branch Loan Safe Or Real?
While conducting our Branch loan review, we noticed that Branch is quite safe to use.
To boost security, Branch requests that you set a 4-digit security PIN through which you can access your Branch account. This pin helps to secure your account and keep your transactions safe.
Wrapping Up How does Branch Loan Work
If you’re looking for a legit and trusted way to get loans of up to N200,000, then you need to get the Branch app. However, new users only get access to loans of up to N10,000.
hope you don’t miss our Finance Posts
You will have to boost your credit limit to become eligible for more loan amounts.
Through this Branch loan review, you can sign up for loans and get referral bonuses with ease.
I am C.e.o of zenithtechs.com, I update My Audience daily with the latest information and tutorials to spice and increase your ICT and technical know-how Contact Me directly via my social media platforms below