Branch is a loan app in Nigeria that has made it super simple for the public to get instant loans within few minutes.
Just like all loan apps, Branch loan app has its own requirements. You should also know that instant loan app requirement varies but not with the widest of margins.
This Branch loan app review will consider Branch loan requirements before getting a loan, what the Branch loan interest rate is, how to apply for Branch loan, how to repay loans and more.
Branch Loan App Review
The most important concern is whether loan app is legit and the answer is: Branch Loan is 100% legit.
Branch Loan Requirement
Aside having not to provide collateral which is the same on any loan app, Branch makes it really easy to get instant loans. This is due to the few requirements by Branch which are:
- Mobile phone number
- Bank Verification Number (BVN)
- Your bank account details.
How Much can be Loaned with Branch App
Branch Lowest Loan Limit: N1,000
Branch Highest Loan Limit: N200,000
This does not mean that anyone can just borrow any amount within this range, you credit score will determine how much you can loan at any certain time.
Branch Loan Interest Rate
Fortunately, Branch interest rate is one of the moderates in the country. As with other loan app risk level determine what the interest rates are. This risk level is derived from bank records, repayment history and credit score and of course it differs from person to person.
However, it falls between 14% to 28% with loan term of 4 weeks to 15 months.
That’s it with Branch interest rate and loan term.
If you’re fine with all that let’s now see how to get loan from the Branch loan app.
How to Apply for Branch Loan Online
There is no way you can apply for Branch loan offline it can only be done via the internet.
Follow the steps below:
- First, go to Google Play Store and download the Branch loan app.
- Register through Facebook account or phone number.
- Go ahead and apply for a loan. In the process you will be asked to submit personal information including you name, BVN, Account number, account name etc.
How Long does it take to get a loan from Branch
It takes 3 to 5 minutes to get your loan upon loan approval.
How to Pay (Repay) Branch Loans
One question has often asked by new users and that’s “if loans repayment are automatic from your bank account”. Well, it depends; it is automatic if you set it to be as you’re given an option in the app to set this. So you could decide to pay automatically from your bank account or use other payment method that will talk about.
To pay your loan through the app, follow the steps below.
- Open you Branch app and click on “My Loan” on the left corner.
- Click on “Tap to pay”
- Choose the amount you want to pay.
- Now, choose you repayment method.
To pay branch loan in cash, you need to visit a GT bank.
Teller filling format:
• Account Name: BRANCH INC
• DEPOSITORS NAME: The exact name you used to register on Branch.
• Depositor’s Phone Number: The exact phone number used to register with Branch.
• Amount: The figure you wish to pay at that time.
Make sure to go home with a stamped copy of the deposit slip.
What happens if you don’t repay (pay) branch loan?
Branch loan will call as a reminder and send several messages. But the biggest disadvantage is the harm to your credit score. Aside that, theere will be penalties and interest piling up.
You can ask any question on the comment box.
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