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 too. You should also know that instant loan app requirement varies.
This Branch loan app review will consider Branch requirement before getting a loan, what the Branch interest rate is, how to apply for Branch loan, how to for Branch loans, how to repay loans and more.
Branch Loan App Review
Branch Loan Requirement
Aside having to not 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 app only allows a loan between 1,000 and 200,000 naira. 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 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 rate should be. 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 form the Branch loan app.
How to Apply
- First, go to Google Play Store and download the Branch loan app.
- Register through Facebook account or phone number.
How do You Repay Branch Loans
One question has often asked by potential 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 repay 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 repay through bank deposit, 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.
You can ask any question on the comment box.
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