Branch loan is a product of Branch International, a microfinance that operates in a number of countries. Branch makes it easy for you to access loans anywhere, anytime. You get to sign up in seconds, apply for a loan and receive your money straight to your account. It’s a fast, convenient and reliable way to access credit when you need it. Branch makes getting a personal loan simple by using the data on your phone including your SMS history to verify your identity and create a credit score.
Here are some things you should know before you apply for a loan from Branch.
- Branch loans do not have late penalties or rollover fees
- Branch does not require any collateral for loan application
- You don’t a need a savings account to use the Branch loan app services
- Branch will utilize your personal information; contacts, location, phone and SMS, to gauge your creditworthiness
- Loan limits range between Ksh 250 and Ksh 70,000
- The loan period ranges between 4 weeks and 48 weeks
- Interest ranges from 13% – 29% with an equivalent monthly interest of 2% – 16% and APR of 22% – 199%
How to apply for Branch loan
To apply for Branch loan, follow these steps.
- Install the Branch app
- Open the app
- Select the language you want to use and tap ‘Continue’
- Tap on ‘Register a new account’
- Choose your country
- Then select the means you want to use to register your account, either phone number or Facebook
- With phone number you will need to enter your mobile number and verify it, while with Facebook you will need to link your Facebook account with Branch
- Once done, allow Branch to access your contacts, location, phone and SMS, by pressing ‘Allow Access’ button
- Now you press on ‘Apply Now’ to apply for a loan
- Select the amount you want to apply for and tap ‘Request This Loan’, you can also tap on ‘Loan details’ to see the repayment schedule and interest charges
- Proceed to confirm the deposit account and tap ‘Apply’
- The amount will be sent to your account almost immediately, though you might have to wait up to 8 hours in some instances
How to repay Branch loan
Branch loan repayment process is pretty straightforward. You can opt to use any of these two ways.
a. M-Pesa
- Go to Mpesa menu on your phone
- Select ‘Lipa na M-Pesa’ option
- Select ‘Pay Bill’
- Enter 998608 as the paybill number
- Enter phone number you used to register as the account number
- Enter the amount of money you want to repay
- Enter your Mpesa PIN
- Press ‘OK’ to initiate the transaction
b. Debit/Credit card
- From the app, go to ‘My Loan’
- Press the ‘Tap to Pay’ button
- Choose the amount you want to repay, either;
- Next Amount Due
- Total Balance
- Other Amount (enter the amount you want to pay)
- Tap ‘Continue’
- Add your Debit (ATM) card details:
- Card number (16 or 19-digit)
- Card expiry date (month and year)
- CVV (a 3-digit security number)
- After entering the card details, tap ‘Continue’
- Choose your auto-debit setting under ‘Payment Options’ and tap ‘Continue’
- Some banks will ask for your PIN or send a security code to your phone
- Your account will be updated automatically within a few seconds, if the payment is successful
