Most utmost people have been stuck financially at one time for either needing school fees, house rent, medical bills, money for their business, and many more circumstances. The last resort for many Kenyans has been borrowing from banks, notwithstanding their disreputable high-interest rates. Fortunately, a diversity of loan providers in Kenya have since cropped up, which give you immediate online loans reducing the need for borrowers to reach out to lending organizations. In this post, you are going to learn everything you need to know about the Branch loan app, which provides a convenient, fast, and reliable way to access credit whenever you are in need.
What is Branch Loan?
Branch loan is an output of Branch International, which is a microfinance lending company that works in Kenya and other countries. The Branch loan app is straightforward to download and use. It only takes a few flashes to sign up into the app and apply for a loan. Once confirmed, the funds are sent uninterrupted to your phone.
Advantages of Branch Loans
- Branch loan products are intended to meet your needs.
- Branch loans do not have late fines or rollover fees.
- A customer does not require a savings account to obtain use of Branch loan app services.
- Good credit records with Branch fits you for more substantial loans with adaptable terms.
How does Branch loan works?
The Branch international loan application employs machine knowledge algorithms to concoct numerous data entries and evaluate customers’ credit profiles, as well as scheme tailored loan products. The data is obtained by reaching information on customers’ phone.
The information evaluated comprises:
- GPS data Call logs
- Text message logs
- Contact lists
- Mpesa activity
- Handset details
- Social network data
YOU KNOW: Branch obtains this type of information by first asking permission from the customer.
The company uses this information to confirm a customer’s identity, as well as to create a credit score for them. It also encrypts the data to guard the secrecy of its clients.
What are the requirements for applying for a Branch loan?
Before effecting a branch online loan application call, there is some stuff that you should have. Here are branch loan necessities:
- A Safaricom line that is enrolled with Mpesa
- A Smartphone – Android-enabled
- National ID number
Having met these qualifications, you can then go ahead and finish your branch loan application in Kenya using the following trails:
ALSO, READ Okash loan. How to register, download the app, apply for a loan and repay the loan
How to download Branch loan application
- On your Smartphone, go to your Play Store and explore for the Branch app
- Download branch loan app and introduce it on your phone.
- Once installed, inaugurate the application.
- Log into the application utilizing your phone number. Perceive that Branch only permits one account per person. This means that you should use the phone number you propose the application to continually connect with your account to log in the first time.
- Fill out the form presented to allow the branch to conduct a revision. The form incorporates details such as your country, your National ID number, your name, and your date of birth.
- Pause for feedback to apply for your loan.
- Once feedback is obtained, and your account gets verified, you will be conveyed to the loans offer page. The most expensive loan limit for first-time borrowers is Kshs. 1,000.
- Select the sum you want to acquire and submit.
- Wait for a text message notifying you about your branch loan application state.
- If confirmed, the funds are sent into your Mpesa account.
Branch loan limits and interest rate charges
Branch loan limits in Kenya scale between Kshs 250 and Kshs 70,000 over a time extending between 4 and 68 weeks. You can improve your loan limit by repaying loans beforehand; that is, ere the due dates. Moreover, you can heighten your Branch loan limit by demanding for their loans infrequently. This raises your digital footprint in their system. The Branch loan interest rates in Kenya scale from 10 to 27 percent. This interprets to a monthly interest charge of between 1 and 21 percent.
How to Repay your Branch loan
The great news with the Branch loan is that it can comfortably be repaid through Mpesa or utilizing the automatic pay feature. The following moves are a guide on how to repay branch loan via Mpesa:
- Load the Mpesa Menu on your phone.
- Choose the Lipa Na Mpesa option.
- Click the pay bill. You will be urged to enter the pay bill number. The Branch loan pay bill number is 998608. This is the number you inscribe here.
- Next, Enter the account number. The account number attributes to the mobile number you joined with Branch. In this case, it is your Safaricom number.
- Next enter in the amount you wish to repay.
- Next, Enter your Mpesa pin and authorize the transaction.
- Then Wait for a message from Mpesa affirming the transaction.
How to Make automatic ATM card payments in the Branch app
- Go to ‘My Loan,’ hit the round ‘Tap to Pay’ button.
- Choose the sum you wish to repay. You can decide to pay the: Next Amount Due, Total Balance, Other Amount (you will be required to fill the amount you want to pay).
- After you have done your selection, tap ‘Continue.’
- Attach your Debit (ATM) card details: Enter your ATM card details: Card Number (16 or 19-digit in front of your card): Card Expiry Date (Month and Year in which your card expires): CVV (a 3-digit number at the back of your card)
- After you have supplied in the details, tap ‘Continue.’
- Pick your auto-debit setting under ‘Payment Options’ and tap ‘Continue.’
- To guard your payment, any banks will ask for your pin or send a security code to your phone.
- Your payment is made. If successful, your account will be refreshed automatically within a few seconds.
What are the Branch loan contacts details
There are multiple ways to get branch loan contacts and here are the four principal ways you as a customer can use to contact the mobile loan lender; The first way is by the APP itself where there is a customer care service. You can similarly utilize this email address email@example.com to reach Branch International. They have an engaged Facebook page. You can additionally discover them on Twitter and Instagram. You can as well visit their website to grasp more of their products and goals and future upgrades.
- Touch on the three bars on the top left-hand corner of the app
- Choose ‘invite friends’ (your code will display)
- Hit ‘invite friends’ at the base center
- Pick the messaging or social media app to invite friends from.
- Your friends will ultimately receive your invitation message for their action.
How to earn commission on a Branch app
The branch is a Mobile loan app with a distinction. They value the trust you have with them to the point of paying you commissions for any referral made. Your friends should inscribe your promotion code in the branch app following the ‘promotions’ tab. You will obtain a message when your invited friends use your promotion code. You will get cash 500 each time a friend returns their first loan.
ALSO, READ Tala loan. Registration, application, download app, loan repayment