Branch Loan App: Interest Rate, Maximum Loan Amount, Repayment Plan and Branch Loan App Download

Branch Loan App: Interest Rate, Maximum Loan Amount, Repayment Plan, and Branch Loan App Download

I personally got to know about the branch loan app when I stumbled on it on the Google play store and decided to check it out.  This was a few days after a friend told me about how he was able to borrow money instantly from another app to pay for his textbooks back then in 2017. 

In this post, we will discuss all you need to know about the Branch loan app including interest rate, loan requirements, the amount you can request, and repayment terms.

What is Branch Loan?

Branch is a microloan app that enables its users to request loans instantly from the comfort of their Android or iOS phone. Branch as an online lender offers loans such as; single payment loans, installment loans, and payroll loans to interested borrowers without collateral and all operations are carried out using a smartphone.

How it Works

Using the Branch loan app is very simple and straightforward hence anyone who can operate an Android phone or iOS phone can use this app without needing further assistance from anyone. All you have to do is, go to the play store on your Android phone and search for a Branch loan or use this link to download the app(Use this promotion code: CHARLE012B8). After downloading, launch the app and create an account(you have the option of using a phone number or Facebook). Once successful, you can fill in other details and enter your BVN(this is required for verification and repayment). 

After these steps, you can now proceed to apply for a loan. 

Read also: Moneypal Loan and all you need to Know

How Much Loan Can I Request?

As a first-timer on Branch loan, you can request between 1,000 to 13,000 Naira loans. You can request a higher amount about successfully paying your first loan. The new amount would depend on how fast you are able to pay plus the in and outflow into your linked bank account.

Branch Loan Repayment Plan

The branch offers a couple of repayment plans which include;

• Weekly repayment – here you pay a fraction of the loan amount every week.
• 1-month repayment – here you pay the total amount you borrowed plus the interest at the end of one month.
• 2 Months repayment plan – in this option, your loan is divided by 2 and you are to pay part at the end of the month. The interest rate here is also multiplied by 2 so you pay higher interest. 

Read also: Accion Microfinance Bank – Get Loan without Collateral

How Long Does it Take to Get a Loan?

This loan is instant so it takes a few minutes to some hours to get a loan approved so you can get the amount you applied for instantly. Your loan approval speed depends on the outcome of the background check done on your BVN. This is usually to check if you are able to pay the requested amount.

What is the Interest Rate of Branch Loan?

Since branch loan is not a grant or an interest-free loan, it has an interest rate that every user who has requested a loan must pay after a stipulated time. The interest rate here ranges from 2.5% to 30%. As a first-timer, you are given your loan at 15% but as the loan amount increases, the percentage will reduce gradually.

For N7,500 Naira simply divide 7,500/100 = 75. Multiply 75×15 = 1,125. That means for a loan of N7,500 you will pay N8,125

What is the Interest Rate of Branch Loan?

Since Branch only offers loans and not grants or an interest-free loan, a borrower is expected to pay a certain interest rate for the loan offered, and Branch charges 20% interest on any amount requested. For example; A loan of N13,000 attracts 20% interest so, at repayment, you are expected to pay N15,600. To get this simply divide 13000/100 = 130. Multiply 130×20 = 2,600. That means for a loan of N13,000 you will pay N15,600.

Read also: Opay Loan and all you Need to Know about Opay Loan App

How to Earn N500 by Using Branch Loan

To earn 500 from this app instantly after setting up your account, follow these steps;

• Click on the menu option on the top left
• Click on promotions and type this code CHARLE012B8

Note: this is my invitation code and you will earn 500 Naira if you apply it after setting up your loan account before applying for your first loan. I will also earn some percentage if you decide to use it so please do use it. Thanks

Benefits of Micro Loan

Some of the major benefits of microloan like Branch loan is it can help you to start a small business if you are in need of small capital to start a mini-business.

It also helps during an emergency to solve financial issues rather than running from pillar to post looking for who to borrow from.

Branch USSD Code

Branch loan doesn’t have a USSD code at the time of this post. Although, they may implement it in the near future and if they do, we will update this article to include the Branch USSD code but for now, stick to using the app to get your loan.

Branch Loan App Customer Care Number

If for any reason you wish to reach out to the branch loan customer care team, you can do that via email([email protected]) or the in-app support option. That is the only way to contact them for now because they don’t have a customer care number you can call. Neither do they attend to people at the office.

Is Branch Loan App Approved by CBN?

Yes, Branch loan is one of the loan apps, approved by the Central Bank of Nigeria and you can confirm this by going through the list here.

Conclusion

Never borrow more than you can afford to pay as this will keep you in debt which is bad. Always try to pay off your loan as soon as the money is available so you can be free.

Thank you for reading this post, sharing is caring, please do share this post with your friends, and don’t forget to like us on Facebook, Twitter, Instagram, YouTube and other social network channels for regular updates.