How to apply and repay Branch loan

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.

What you need to know about Branch loan

Here are some things you should know before you apply for a loan from Branch.

1. Branch loans do not have late penalties or rollover fees.
2. Branch does not require any collateral for loan application.
3. You don’t a need a savings account to use the Branch loan app services.
4. Branch will utilize your personal information; contacts, location, phone and SMS, to gauge your creditworthiness.
5. Loan limits range between Ksh 250 and Ksh 70,000.
6. The loan period ranges between 4 weeks and 48 weeks.
7. 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.

1. Install the Branch app.
2. Open the app.
3. Select the language you want to use and tap “Continue”.
4. Tap on “Register a new account”.
5. Choose your country.
6. Then select the means you want to use to register your account, either phone number or Facebook.
7. 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.
8. Once done, allow Branch to access your contacts, location, phone and SMS, by pressing “Allow Access” button.
9. Now you press on “Apply Now” to apply for a loan.
10. 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.
11. Proceed to confirm the deposit account and tap “Apply”.
12. 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

1. Go to Mpesa menu on your phone.
2. Select “Lipa na M-Pesa” option.
3. Select “Pay Bill”.
4. Enter Business No. 998608
5. Enter phone number you used to register as the account number.
6. Enter the amount of money you want to repay.
7. Enter your Mpesa PIN.
8. Press ‘OK’ to initiate the transaction.

b. Debit/Credit card

1. From the app, go to “My Loan”.
2. Press the “Tap to Pay” button.
3. Choose the amount you want to repay, either;
   • Next Amount Due.
   • Total Balance.
   • Other Amount (enter the amount you want to pay).
4. Tap “Continue”.
5. Add your Debit (ATM) card details:
   • Card number (16 or 19-digit).
   • Card expiry date (month and year).
   • CVV (a 3-digit security number).
6. After entering the card details, tap “Continue”.
7. Choose your auto-debit setting under “Payment Options” and tap “Continue”.
8. Some banks will ask for your PIN or send a security code to your phone.
9. Your account will be updated automatically within a few seconds, if the payment is successful.