Branch enables anyone to get easy access to loan facilities anywhere, anytime. They are one of the best places to get quick loans in Nigeria. Branch Loan is an ideal way for anyone looking for a quick way to get loan in Nigeria.
All you need is a smartphone, which you use to get their mobile application. With Branch, you don’t need to have collateral before getting a loan.
Upon application, your loan request will be calculated with the information on your smartphone and this will be used to determine your credit score. You’ve got to maintain a great credit score if you are looking to get a loan from Branch.
How to apply
Applying for branch loan takes a very simple process which can be processed in a few minutes. First, you’ve to open a branch account.
You can open a branch account after you must have downloaded the branch app in Google Play Store. You will be provided with a short form which must be filled correctly.
If you already have a Branch account, you can apply for a loan. The following steps willl should be taken in applying a branch loan;
- Open the Branch loan app on your smartphone.
- Navigate to the icon at the top left corner of the your phone. Then click on ‘My Loans’ to view your loan offers.
- Your loan offer will be shown to you depending on your credit score.
- If the loan offer is satisfactory, click on the bubble which contains your loan amount.
- You will be required to submit your bank detauks if you wish to receive and withdraw the loan.
- Click on “Request this loan”
- Click on the “Apply” button to apply for your branch loan
- Your loan will be processed and will be sent to you.
The interest rate for the branch loan isn’t fixed. However, it can be calculated by a range of factors such as repayment history, credit score etc.
Normally, a loan term takes between 4 Weeks – 15 Months and comes with an interest rate of 14% – 28%.
The table below shows the details of how the branch loan interested is calculated;
Loan Terms Period: 4 Weeks – 15 Months
• Late / Rollover Fees: None.
• Interest Range: 14% – 28%.
• Equivalent Monthly Interest: 1% – 21%.
• Equivalent APR: 15% – 260%.
Other Popular Banks That Gives Loans In Nigeria:
- Federal Government Agricultural Loan
- Trader Moni Loan
- Quickteller Loan
- Lapo Microfinance Bank Loan
- Alat Loan
- Branch Loan
- Bank Of Agriculture Nigeria Loan
There are different payment methods available for you to settle your loan. You can repay your loan via ATM debit card or cash. GT Bank customers have the option to repay with their USSD in-app.
To repay your loan, navigate the the top left corner in the app. Then click on “My loan”, click on the “Tap to Pay” icon and pick the amount you wish to pay and continue.
On the next screen, you are to select your displays your ‘Repayment Method’. After choosing your preferred method, ensure that you read the instructions on how to pay and follow the due process.
Repayment By Cash
Also, you can repay your loan with cash. To do this, simply walk to the nearest GTBank around you, pick up a deposit slip at the counter and fill the slip with the correct information.
Account name – BRANCH INC
Depositor’s Name – This should be your name which you used to open a bank account and also used to open the name used to open the branch loan account.
Depositor’s phone number – You type your phone number.
Amount – Fill in the amount you wish to pay.
Also, you should also take cognizance that if you’re repaying your loan using the cash method, it is not necessary to have an account number. However, the banl will deduct a service fee of N100 for the transaction.
A signed and stamped copy of the slip will be issued to you as a receipt for referential purposes.
You can also set up the auto-debit feature in the Branch mobile app. This means that you are repaying your loan or authorizing Branch to automatically debit your loan from your bank account.
Pros & Cons
The Branch loan mobile app is available for download on Google PlayStore. Click Here if you want to download the Branch Loan Mobile App or update the existing version on your smartphone.
At the moment, they do not have a standby customer care support team that you can reach out to for questions, queries and other technical issues.
Branch loan has no phone number or mail address which can be used to contact them. The only support you can get from them is through the in-app chat on their mobile application.
You are assured of getting a realtime support 24/7 on the app. We’ll update you on their customer care details as time goes.
|Official Website||www.branch.com.ng or Branch.co|
Branches & Head Office
Currently, Branch loan is yet to have a physical office in Nigeria and other countries where it does its business operations.
At the moment, we do not provide customer support by phone number or in person. Please send us a message via the app any time, and we will help you resolve whatever issue you may have.
Here are some other Banks that offer loans in Nigeria: Snapcredit Loan,Branch Loan,Sterling Bank Loan