Are you interested in Branch loan online application, USSD code, app download, requirements, repayment account number, and customer care number?
If YES, then this article is only what you need to read today.
What is Branch?
Applying machine learning, Branch has created an algorithmic approach to determine credit worthiness via customers’ smartphones.
While this tech-forward approach requires transparency and trust, it also enables a fair, secure and convenient path for customers to build capital and save for the future.
Branch makes it easy for people in Nigeria to transfer money, get instant loans up to ₦500,000, and enjoy investments yields of up to 15% and 20% per annum on Flexi and Fixed investments, respectively.
Branch has offices in Nairobi, Kenya – Lagos, Nigeria – Mumbai, India – San Francisco – United States.
Branch Loan Requirements
Requirements for a Branch loan are simple – all you need to apply is your phone number or Facebook account, bank verification number (BVN) and bank account number.
Access to the data on your phone in order to build your credit score will be requested.
Note that these banks are currently supported:
- Abbey Mortgage Bank
- Access Bank
- ALAT by Wema Bank
- ASO Savings and Loans
- Bowen Microfinance Bank
- CEMCS Microfinance Bank
- Citibank Nigeria
- Coronation Merchant Bank
- Ecobank Bank
- Ekondo Microfinance Bank
- Enterprise Bank
- Fidelity Bank
- First Bank of Nigeria (FBN)
- First City Monument Bank (FCMB)
- FSDH Merchant Bank Limited
- Globus Bank
- Guaranty Trust Bank (GTB)
- Hackman Microfinance Bank
- Hasal Microfinance Bank
- Ibile Microfinance Bank
- Infinity MFB
- Jaiz Bank
- Keystone Bank
- Kuda Bank
- Lagos Building Investment Company Plc.
- Mainstreet Bank
- Mayfair MFB
- One Finance
- Parallex Bank
- Parkway – ReadyCash
- Petra Mircofinance Bank Plc
- Polaris Bank
- Providus Bank
- Rand Merchant Bank
- Rubies MFB
- Sparkle Microfinance Bank
- Stanbic IBTC Bank
- Standard Chartered
- Sterling Bank
- Suntrust Bank
- TAJ Bank
- TCF MFB
- Titan Bank
- Union Bank
- United Bank for Africa (UBA), Unity Bank
- VFD Microfinance Bank Limited
- Wema Bank
- Zenith Bank
How Branch Loans Work
Branch uses data from your phone, including your handset details and SMS messages, to automatically make lending decisions.
This is combined with your Branch repayment history to build an individualized credit score, which determines the loan offers you receive.
To increase your chances of approval, ensure to save the data on your phone, stay current with all other lenders, and correctly input your account details.
How to Apply for Branch Loan Online?
Here are the steps to apply for a Branch loan online fast.
1. Download the Branch app
Use your Android phone to download Branch from the Google Play store.
2. Create your account
Fill out a simple form in under 30 seconds and submit for a quick review.
3. Apply for the loan that meets your needs
Loans are conveniently sent to your mobile money or bank account in minutes.
4. Receive the loan into your account
Repay with your mobile account. Build your credit to unlock larger loans.
How Much Can You Get?
Branch offers loans from ₦2,000 to ₦500,000.
Loan terms range from 9 to 52 weeks.
Interest ranges from 17% – 40% with an equivalent monthly interest of 1.5% – 20% and APR of 18% – 260%, depending on your loan option.
Interest rates are determined by several factors, including your repayment history and the cost of lending for Branch.
You do not need any collateral or documentation to request a Branch loan.
You can conveniently apply for a loan from your mobile phone.
All you need is a bank account linked to a valid BVN.
Your loan enters your account immediately after you complete your application session.
Standard SMS and data charges by your mobile carrier may apply.
Branch Loan Repayment
Here are the best ways to repay Branch loan fast.
- In the Branch app with a debit card.
- Via bank transfer to your unique account number. In the Branch app, select ‘Bank transfer’ as the repayment method to view your unique account number.
- For GTBank, Sterling, UBA, and Zenith accounts only, in the Branch app via USSD.
- With cash at a GTBank branch.
Loan Defaulters and Consequences
Branch loan defaulters would face the consequence of not getting a loan the next time they need one.
Although Branch does not work with Credit Bureau Registries, if you default on repaying your loan, the company may use any means to retrieve their money in any way possible.
So, when you borrow with Branch Loan, endeavor to pay back your loan as soon as possible to avoid being a defaulter who would not be offered a loan opportunity next time when you need a loan urgently.
Customer Care Support
Terms and Conditions
- Pay loan balance by the due date: This term means you understand you are taking a loan that must be paid back by the due date to continue enjoying the service.
- Allow use of your personal data to determine loan offers: This term means that you have given consent to Branch to analyze your personal information to provide you with the best loan offers. Your personal information comes from many sources, including your phone, your bank, bill payments, credit bureaus, and other sources.
- Fees and penalties for late payments: To lend to more customers and increase your loan offers, the company must recover loans granted. When you do not repay your loan on the due date, additional fees and interest will be charged. This term means you have given your consent to be subject to these charges if your loan repayment is late.
- Allow messages to your contacts if you do not pay: This term means you consent to Branch sending text messages to anyone you have called, or sent an SMS to, if you cannot be reached. Branch will only send these messages after multiple unsuccessful attempts to contact you after your loan repayment date has passed.