branch loan in Nigeria all there is to it.

by Studo
January 26, 2024

Branch is an international loan platform that is available in Nigeria, India, Kenya, Tanzania, the United States, and Mexico. They offer easy-to-access personal loans that do not require much documentation.

Since its creation, they have given over 15 million loans worth over $350 million. The Fintech platform has a long list of reputable investors that includes VISA and the International Finance Corporation (IFC). While Branch is an international lending platform, for this article we will be focusing on Branch Nigeria. Since they operate the same system everywhere, you can read and follow the steps irrespective of where you are.

The aim of this Fintech company is to give loans to deserving people worldwide even people with little to no credit history or savings. But they require permission from customers to scan their phone data in order to determine loan eligibility

Read also How to get proof of fund for your next visa in nigeria

Essential features of branch loan app

The Branch loan app has lots of exciting features that make it one of the most downloaded micro-loan lending apps on Google Playstore.

Beautiful User Interface

When you need to borrow money, the Branch Loan mobile app is the perfect tool for you. It has an easy-to-use interface that makes borrowingmoney fastand easy. You get money when you need it, not when it is available.

Customer Support

You can also contact customer service with any questions or issues that you may have right from the mobile app. The Branch Loan mobile app is available for iPhone and Android, so it’s perfect for anyone who wants to borrow money quickly and easily!

Instant Option Loans

The best feature offered by the Branch loan App! You can easily access loans immediately when you need money. The instant option is available to registered users, and your eligibility is determined by the platform using a set of rules and requirements. This feature usually attracts a maximum fee of $5 whenever you use the service to request loans. It is currently the most sought-after service on the platform due to its easy accessibility.

Standard advance

This feature is available to all registered users on the platform and does not charge extra fees. This option allows you to request money at any time you might be in need. The instant option might be the best fit if you want an instant loan.

Pay Your Bills

You can use the Branch loan app to pay for your airtime, data, electricity, and DSTV subscription. With your available funds, you can make payments from your wallet. Ensure your account has enough funds to pay your bills; otherwise, you can choose to fund your wallet from a bank account. As a bonus, 2% of the total amount is paid back to you!

Invest your funds

You can also choose to invest your funds on the Branch mobile app. The platform offers users two investment options; A Fixed investment and a Flexi investment.

The fixed investment option offers users 20% interest per annum when they lock their savings for a minimum of thirty days. You can also create multiple fixed investments with different maturity dates and earn interest on them. Users of this type of investment cannot access their money before the thirty days minimum has elapsed.

On the other hand, the Flexi investment option offers its users a lower interest amount of 15% per annum. It is a flexible type of savings where users can easily access their funds whenever necessary. This option also offers users a weekly compounded interest, meaning you earn interest on your interest + savings.

Read also does naijawebhost worth it. Naija web host review

Pros of the Branch loan app

Having learned how to download the Branch loan mobile app, let’s examine some pros of the Branch loan app.

Quick Loans

The Branch Loan mobile app is an excellent option if you’re looking for a convenient and easy way to get a loan. It has features like – a live instant option to request immediate loans for pressing needs and emergencies and a standard advance option for non-emergency loan seekers. Your requested loans are sent instantly to your bank accounts without any delay, and you can access money whenever you are in dire need of it.

Responsive Customer support

The branch loan customer support is available 24/7 to answer any questions you might have or to address any issues you might be facing or have encountered in the course of using the app. A most recent feature added to customer support is a video consultation, which makes it easy to get help from a representative whenever you might need help.

Responsive Interface

The app has an easy-to-use interface. The app is free of glitches or the usual slowness associated with cash apps. Every feature is well-detailed, so you do not have to waste your time searching for anything.

Little to no interest/charges

Interests are dependent on the customer’s risk profile and the amount requested. The interests charged areusually within the range of 17-40%.

Therefore, it is an excellent option for borrowers who do not want to pay high-interest rates on loans. So, whether you’re looking to buy a car, fix your home, or start a business, the Branch Loan app can get you the financial help you need anytime.

Free Bank Transfers

Users of the app can make two free transfers to any bank in one month. With this option, users can avoid paying other banks’ service fees on such transfers. A minimal fee of N10 is charged for the third and subsequent transfers.

Cons of the Branch loan app

The BranchLoan app is one of small businessowners’ most popular mobile app options. Though it provides a quick and easy way to get loans for various purposes, there are a few limitations and disadvantages you should be aware of, some of which are;

Interests can accumulate quickly.

Comparison of branch loan with other related apps

Also read Carbon Loan App, all you need to know about it.

In comparing Branch with other related apps, I will use the interest rate at which loans are given for each platform.

As a first-timer, I attempted to borrow N13,000 on the app. I found out that I can pay back in a one-time monthly payment, in four instalments spanning 4 weeks, or in two instalments over a period of 2 months. The interest rate is 20% for the first 2 options (interest of N2,600) while it increased to 40% (interest of N5,200) if the payback period is for 2 months.

Depending on how fast you repay the loans and your creditworthiness, the interest rate charged on your future loans will reduce to between 14-28% while the amount you can borrow will increase.

Other related apps include FairMoney, Xcredit, and Carbon.

FairMoney gives loans between N1,500 and N500,000 for an interest rate between 10 and 28%. It has a repayment time of 2 weeks to 3 months depending on the amount borrowed.Carbon gives loans from N1,500 to N1 millionand charges an interest rate from 1 to 21% also to be repaid from 2 weeks to 3 months.

Xcredit gives loans but with a catch. You can borrow N5,000 to N500,000 using the app, however,be prepared to be bothered until you pay backfully. While there is no service fee, there is a 1% late payment fee that keeps adding to the capital for each day you refuse or are unable to pay up.

In addition, the interest rate for Xcredit loans is high and the repayment period is from 10 days to 6 months with an average interest rate of 12%.

Comparing Branch’s interest rate to what is charged on loans obtained through related apps, it is average. Carbon and Fairmoney are better choices compared to it while Xcredit is not

A quick look at the app

At 8.2MB download size, the Branch app is light and won’t give the users the headache of space on their phones. The user interface looks simple and easy to navigate. And with over 10 million on Google Play Store, the app is one of the favourites for many Nigerians. Suffice it to state that with operations in Kenya, Tanzania, Nigeria, and India, the 10 million downloads is a reflection of the diverse markets.

Read also How to buy phones from easybuy in Nigeria.

How do I Repay my Branch Loan in Nigeria

The company says interest rates on the app range from 15% – 34%. You can get access to loans from N1,000 to N200,000 within 24hrs, depending on your repayment history, with a period of 4 to 40 weeks to pay back. All you need to apply is your phone number or Facebook account, bank verification number (BVN), and bank account number. They will also request access to the data on your phone to build your credit score.

• You can pay backa branch loan through the app with a debit card. You can also pay back the loan via a Bank transfer.

• By clicking Bank transfer as the repayment option, you’ll be shown your unique account number to transfer the funds into.

• You can also repay your loan via USSD or through the branch app for GT Bank, Sterling, UBA and Zenith accounts only.

• You can also repay your loan with cash by visiting any of the GTBank branches.

• You can repay your loan in cash at any GT Bank branch using GTCollections.

Tell the teller you want to use GTCollections to pay into “Branch International Financial Serv Ltd” using GTCollections. Enter your personal details on the deposit

Find your “Reference ID” in the loan app by clicking “Tap to Pay”. Select the amount you wish to pay. Then choose “Cash” from the “Repayment method” dropdown option. Add your “Reference ID” to the deposit slip

All Your Questions Answered: Branch Loan

Branch Loanis a short-term loan that is offered by Branch that can be used for any purpose, such as paying for unexpected expenses, consolidating debt, or making a major purchase.

Some of the key features of the Branch Personal Loan include:

● Loan amount: Up to ₦500,000

● No collateral required

● No documentation required

Read also Is Afrikpremier legit or scam, complete afrikpremier review, how to get afrikpremier coupon code

FAQs about Branch Loan

Who is eligible for Branch Loan in Nigeria?

To be eligible for a Branch Loan in Nigeria, you must:

● Be a citizen of Nigeria

● Be at least 18 years old

● Have a valid mobile phone number

● Have a bank account

● Have a steady income

How much can I borrow with Branch Loan in Nigeria?

How long does it take to get approved for Branch Loan in Nigeria

The application process is usually quick and easy. You should be able to get approved for a loan within minutes and money disbursed in 24 hours.

What happens if I miss a payment on my Branch Loan in Nigeria?

If you miss a payment, you will be charged a late fee.

Here are some additional things to keep in mind if you are considering Branch Loan in Nigeria:

Branch uses a variety of factors to assess your creditworthiness, including your mobile phone usage, your income, and your repayment history with Branch.

You may be denied a loan if your creditworthiness is not high enough.

If you have trouble repaying your loan, you should contact Branch as soon as possible. Branch may be able to work with you to create a repayment plan that fits your budget.

Read also silvergold review, is silvergold legit or scan

How to Apply Branch loan in Nigeria

1. Click‘Branch Loan’.

2. Read through the information on the product page to get more details about the product.

3. Click on ‘Apply’ to begin the application process.

4. Fill in your personal details.

5. Submit your application form for review and processing.

6. After successful review of your application, you will receive an email notification confirming your application.

If the bank approves your application, you will receive the money in your bank account within 24 hours.

Read also How to buy phones from easybuy in Nigeria.

List of banks that support branch loan.

Here the list of banks that is supported by the platform:

• Access Bank

• ALAT by Wema

• Citibank Nigeria

• Diamond Bank

• Ecobank

• Enterprise Bank

• Fidelity Bank

• First Bank

• FCMB

• GT Bank

• Heritage Bank

• Keystone Bank

• Mainstreet Bank

• Skye Bank

• Stanbic IBTC Bank

• Standard Chartered Bank

• Sterling Bank

• Suntrust Bank

• Union Bank

• UBA

• Unity Bank

• Wema Bank

• Zenith Bank

If your bank is not listed, you will be unable to get loan. You need to have an account with one of the listed banks

How to open a International bank account in nigeria with geegpay

Branch is an international loan platform that is available in Nigeria, India, Kenya, Tanzania, the United States, and Mexico. They offer easy-to-access personal loans that do not require much documentation. Since its creation, they have given over 15 million loans worth over $350 million. The Fintech platform has a long…

kiakia loans in Nigeria, everything you need to know

January 26, 2024

when can I withdraw on vistalog

January 26, 2024

branch loan in Nigeria all there is to it. - Hustle republic (2024)