Branch Loan App Review
Branch Loan is a tech- initiative loan platform developed by Branch International to enhance easy access by individuals and corporate workers to advance cash loan payment before payday. This simply suggests that as a salary earner or a corporate business owner or employee, you can easily access, by borrowing, a portion of your income for emergency transactions against your next paycheck date.
Branch loan is currently developed and available to citizens and residents in Nigeria, Kenya, Mexico, Tanzania, and India. This online money lender app draws incredible reviews and ratings with over ten million users and downloads since its launch in 2015. Since its introduction in Nigeria in 2017, the app has attracted about a million customers with disbursed loans worth over 9billion naira.
Indeed, several factors account for its rapid growth rate and acceptance. Branch Loan App offers an easy and hassle-free basis for eligibility and application, unlike several other digital financial loan platforms. You should be interested in finding out other corresponding values which make Branch Loan app one of the fast-growing money lending channels.
Branch loan app review: The attributes of Branch Loan App
Below are the list of what to know about Branch loan app:
A minimal requirements for loan eligibility
Branch International aims to provide optimal space for customers’ loan accessibility in the easiest and most affordable way, irrespective of their financial background or history.
Hence, the app offers relatively meager and fair eligibility requirements to acquire money loans in order to cater to arising financial obligations.
Branch loan app explores major data algorithms other than mere credit history or transaction value to determine your creditworthiness and loan eligibility range, which, in Nigeria, is between 1,000- 200,000 naira.
One very irresistible part is that this procedure takes just a few minutes before you are informed of your eligibility status and can eventually access loans.
You don’t need the hassles of paperwork of traditional loan institutions or even the incessant form filling and data uploads typical of other loan apps.
The major things you need to qualify for loan approval are your Bank Verification Number, phone number or Facebook address, Bank account number, as well as your smartphone to determine your credit score.
- Very low-interest rate:
Branch loan acquisition procedure generally offers very minimal interest charges as influenced by a number of factors including Repayment options, the amount you are eligible for, as well as the loan duration terms. The interest rate typically ranges between 14% -28%. The interest can be spread through a monthly rate range between 1% -16%. and an annual range of 15% -260%.
- Branch loan repayment duration.
Generally, the repayment duration for Branch loans is between a period of 4-40 weeks upon loan disbursement and acquisition. On your personal Branch loan mobile app, you can select your repayment option and repayment schedule to indicate when and how you choose to repay your loan.
There are options for installments or one-time payments depending on your choice, alongside their corresponding interest. It is however important that you repay your loans according to your repayment schedule, on or before the due dates and the exact repayment plan, to boost your chances for subsequent loan offers and increased loan offer amounts.
This will also help you avoid a breach of Branch Loan regulations or issues with the National Credit Reference Bureau( CRB). You can repay Branch using any of the several available options including a credit card, bank transfer, or by cash through any GTBank branch using the GT Collections. You can also repay your loan debt by USSD when you have either a Sterling, GTB, Zenith, or UBA bank account added to your Branch account on the app.
- Branch grants loans exclusive of fees and extra charges.
One factor that sustains a fanciful and fair impression with the use of Branch loan apps for instant money lending and disbursement by customers and users worldwide is the zero fees upon financial loanings.
Unlike several other smart money lending platforms, Branch loan does not charge maintenance or even rollover fees which portrays them as a very fair, reliable, and convenient mobile loan transaction service.
- Convenient, user-friendly, and secured mobile loan App:
Branch loan app is a personal finance app designed to offer confidential and secure mobile money loans and transactions devoid of third-party influences, in the most simple and convenient way using the comfort of your phone. The app offers a user-friendly interface for smooth and comprehensive loan applications.
With the direct and concise guidelines and procedures on the app menu, you can easily navigate to your required option for loan acquisition following the information given in the menu. Branch vouches for highly protected and encrypted data accumulation devoid of any third-party influence.
- Quick and Responsive loan application procedure:
One observable feature about Branch Loan app is its excellent and swift loan application procedure which also accounts for its reliability and user-friendliness.
From the process of downloading the Branch Loan app to analyzing customer’s smartphone data to determine loan eligibility, the mobile app offers a fast, interactive response to the customer’s needs within minutes.
Usually, Branch mobile loan app disburses loans to eligible customers within a 24- hour maximum duration.
- Promotions and bonuses for Branch Loan customers:
Coupled with the numerous values and benefits of using Branch loan app for mobile loan transaction is the bonuses upon client referral by customers.
As a customer, you can obtain a unique referral code from the app or website, which you can share with friends on media sites. Upon downloading the app for a loan application, your friend must enter the referral code on the “promotions” page in the app to qualify you for a bonus rate once they (your friend) repay their first loan. The bonus will be deducted from the amount of principal you owe on your next loan.
- Flexible terms for loan eligibility and loan size increase:
Since Branch loan app does not require your paycheck value or any other structured “collateral” for loan approval. one can easily enhance eligibility for a successful loan application. You can do that by updating your account details on the mobile app for subsequent qualification for loan approval. To boost your loan size and unlock larger loans in the future, you should ensure prompt and complete repayment of loans within the repayment option time frame. Indeed, money lending never has been so super convenient and flexible to operate.
What are the cons of Branch Loan app?
Average loan amount range
Currently, the credit range acquirable for loans with Branch in Nigeria is between N1000- N200,000, which might be relatively on the low side depending on some customers’ needs. It is also important to note that your first loan application with a Branch loan app might not earn you as much as N200,000. Usually, your loan credit offers are determined by a number of factors including prompt repayment of your loan according to your repayment schedule.
Also, the chances for loan offers may not be immediate or guaranteed especially with inconsistent loan applications. On the brighter side, however, this is quite favorable as it’s a regulatory condition to help curb prodigious debt in the long run. The branch Loan app is most amazing as a convenient go-to for quick relief in the midst of urgent financial crises.
Branch loan app is downloadable only on an android mobile device
At the point of publishing this post, Branch app is available for download only on android smart devices. Currently, ios devices cannot access the app for download on Playstore, which places some restrictions on certain smart device users. Also, as Branch would need to analyze customers’ smartphones to determine loan eligibility, it is impossible to conduct multiple loan applications using a single phone that has been previously used to access a different application with Branch loan.
How do I apply for a loan with Branch?
Branch offers a simple and relatively fast loan application and acquisition using the Branch loan app. The app is available for android mobile devices only and can be downloaded on your mobile Playstore. you can follow this simple step by step procedure to download the app and apply for a loan:
- Upon downloading the app, sign up and navigate to “loans” at the bottom of the home page screen.
- Fill in a short form with credible details of your identity, bank details and phone number. This will validate your chances of loan approval.
- View and apply for available loan options suitable to your needs.
- Receive money in your bank account or mobile money within a maximum of 24 hours.
With Branch loan app, acquiring a loan for some time before payday doesn’t have to be outrightly dependent on your credit history or massive savings. Branch loan app offers loan access using other less stringent alternatives to determine customers’ eligibility and personalized loan options for a wider range of customers, irrespective of class or location. You can depend on Branch loan app for prompt, secured and convenient financial relief in periods of urgent money needs.
The branch offers affordable loan transactions to customers with zero charges and a convenient interest rate, all at the convenience of your smartphone. Using the Branch loan app on your mobile device, you can follow the hitch-free and simple procedure for a smooth loan application and money disbursement from the Branch.