Branch Loan: I’m sure you are here to read about how Branch loan operates, and their full review. If that is the reason, you have come to the right page. On this page you will get to read all about branch loan Nigeria, login branch loan, branch loan defaulters, branch loan customer care, branch loan code, branch loan interest rates, prons and cons, requirements, how to apply for branch loan, and additional Information about the loan app.
Have you read about FairMoney app?
Not all loan applications in Nigeria make sense. While some people are great and genuinely interested in helping you out of your financial difficulties with the loans you borrow from them, others are focused on draining your wealth with excessive interest rates.
Check out full review about Xcredit Loan in Nigeria
About Branch Loan App
Branch Loans is a leading lending platform where you can get instant online loans in Nigeria. It uses data science to improve access to financial services for millions of Nigerians. This platform offers instant loans that help people meet their business and personal needs. The company has operations in Nigeria, Kenya, Mexico, India and Tanzania.
Before we go, I think you should read about the NYIF loan registration
The branch loan application was first launched in 2015 and has been available to Nigerians since 2017. In recent years, the application has experienced tremendous growth with more than 1.2 million users and more than one million loans disbursed worth more than N9 billion in Nigeria. This extraordinary growth rate is a testament to the demand and utility of the service.
This app is available for Android users to download from Google Play Store. The company started its operations in the country’s financial technology industry in 2017 and has amassed more than 10 million app installs with a 4.3 star rating on the Google Play App Store.
Branch Loan App Review
Honestly, the interest rates on some loan applications are worrying and can make you feel stuck. But because you really need money, you’re going to take it anyway, even if it means taking money out of your pocket and being left in a worse state than before you got it.
For this reason, it makes sense to research loan applications before applying for their services. This will help you understand what you are getting into. And by borrowing from those with much lower interest rates, you increase your borrowing limit.
One of the good loan applications with fantastic interest rates is a branch loan. Let’s dive into the features of this loan application and what branch loans are applied for.
What is a branch loan?
Branch is one of the most famous financial lending platforms in Nigeria. Despite being launched in 2015, it resumed operations in Nigeria in 2017. Since operating in 2017, it has quickly risen to the top of the fast-finance lending platform food chain.
The purpose of a branch loan is to help Nigerians run their personal business especially when they need a quick fix. Apart from operating in Nigeria, the company has also expanded its tentacles to other countries including Kenya, Tanzania, Mexico and India.
Anyone using an Android device can access the branch loan application at any time. They use data science to ensure Nigerians have easy access to financial services in the country. If you want to try loan application, you should try branch application.
How To Apply For Branch Loan
Applying for a loan from a branch is as easy as it is amazing. All you need is an Android device and internet access to access branch financial services. Once everything is ready and you are ready to apply for a loan, follow these simple steps;
- Get the app: Navigate to Google PlayStore on your mobile device with access to a stable internet connection. Once you have entered the Play Store, search for the app and install it on your mobile device. After successful installation, proceed to the next step.
- Create an account: After a successful installation, open the app and enter your details to create an account. You need a valid phone number and your name. After downloading the app, you will receive an account activation code. You can also sign up for the Branch app with your Facebook account.
- Enter your data: Here you have to enter your data after successfully creating an account. It’s private now. You must enter additional information to view your credit limit. In addition, there are different types of credit that you can apply for in the application. They include; personal loans, business loans, medical loans and travel loans. Some of the information you need to provide includes your BVN number. It would be nice if the mobile number you provided was connected to BVN. You will also need valid bank details, guarantor number, etc. to check credit limit.
- Credit Offer: Once you have submitted your details, the branch will further analyze your identity to assess how much risk you pose to their business. Once the analysis is complete, they will show you how much they can borrow from you. You can then apply for a loan, which you have to pay back after some time.
Branch Personal Loan Requirements
Like other loan applications, branch loans have several eligibility requirements that you must meet to ensure you get the loan you apply for. Some of these requirements include;
- Account at branch
- Functional smartphone with Android.
- Valid BVN
- Valid bank details
- Valid mobile number
- Access to a stable internet connection
If you meet these requirements, you are qualified and apply for the loan amount by the branch.
Branch Loan Interest Rates
With a branch loan, the interest rate you get depends on the size of your loan. However, it varies between 1% and 21% and does not exceed that. As an individual, you can receive up to N200,000 from the branch and no less than N1,500.
Whatever amount you get, you have to pay it back with different interest rates depending on the loan amount. As previously mentioned, the data you provide will determine the amount you qualify for in the branch.
Some of these details will affect your income and possibly your rent. This helps the store team understand how you want to pay and whether you can pay a certain amount before the due date.
Pros And Cons Of Branch Apps
Advantages of Branch Loan
- You don’t need any guarantees or documents
- Once your loan amount is approved, it will be disbursed into your account within seconds.
- They do not charge late or rollover fees.
Disadvantages of Branch Loan
- The repayment period is short.
- The maximum amount you can receive from the branch is N200,000
Branch Loan Repayment
When it comes to repaying a loan from a branch, it is a simple process. You have two payment options that you can consider. The first option is to pay through the store app. You will find branch loan repayment account number in your account dashboard.
To do this, you must register in the application and pay by bank transfer. Lucky for you, the branch uses multiple banks.
These include Access (Diamond) Bank, Wema Bank Tools, Guaranty Trust Bank, Fidelity Bank, Polaris Bank, First Bank of Nigeria, ASO Savings and Loans, Lagos Building Investment Company Plc, Stanbic IBTC Bank, Abbey Mortgage Bank, Enterprise Bank, Access Bank, Union Bank, United Bank for Africa, Unity Bank, Wema Bank and Zenith Bank, Merchant Bank, Ecobank Bank, First City Monument Bank, Standard Chartered, Sterling Bank, Suntrust Bank, Keystone Bank, Kuda Bank, Citibank Nigeria and VFD Microfinance Limited Banks. You can also use automatic direct debit.
To enable the automatic debit option, you need to add your debit card to the app so they can withdraw the amount you owe directly from your account after payment is made.
When you borrow and repay a loan you borrow from a branch, your loan limit increases with the length of time you can borrow money.
Does Branch Send Messages To Contacts?
Remember that defaulting on a loan is nothing to be proud of and will destroy the business. This is the reason why commercial banks in Nigeria force customers to undergo strict checks before issuing loans. The simple answer here is no Branch does not send messages to your contact list, but try to pay your loan on time.
We have heard of cases of loan providers contacting staff, contact details, etc. to report someone who has failed to meet their payment obligations and also make sure that your BVN is marked, which makes it impossible to get a loan from another institution. Your bank can also be notified.
Branch Loan Defaulters
When you refuse to pay your Branch loan as soon as possible, you will also be among the branch loan defaulters. This means that you will not be eligible to apply for a loan again.
Is Branch A Good Loan App
Yes, Branch is actually one of the best loan apps in Nigeria.
Is The Branch a Bank?
Branch is not a commercial bank, but offers mobile banking services, which is about lending to customers.
To make their operations smooth and easy, they connect with commercial banks and integrate their services with them.
How Long Does Branch Take To Process a Loan?
The loan processing time before your money is received or credited to your account is 1 to 2 hours after submitting your loan application.
How long after loan approval will I receive the money?
After approval, it only take 10-20 before the loan will be disbursed into your account. However, it may take up to 3 working days but they will contact you within that time and provide you with a timeline and details of why they are having trouble providing your loan to you.
How long does a branch inspection take?
Before your account can be funded, it must be verified that it is inactive or that it is functional and eligible.
To receive this confirmation, the branch will credit your account with a small token and your account will be verified within 24 hours. Please note that during this time they will also review your account to determine if you qualify for a loan.
Additional Information about Branch Loan
- To avoid embarrassment, try to pay your loan on time.
- Do not apply for a loan if you don’t have a source of revenue.
- Only apply for a loan amount you will be able to pay back.
- You can only be qualified for a loan from Branch if your device is not new.
I’m confident that this article has cleared the air about all questions related to branch loan Nigeria, login branch loan, branch loan defaulters, branch loan customer care, branch loan code, branch loan interest rates, prons and cons, requirements, and how to apply for branch loan.
His name is Ibrahim Olamide ” the CEO of WITSPOT.ORG He is a writer, poet, educational consultant, and also reporter who cherishes reporting the latest updates in educational news around the world. Also, he is committed to assisting the learners in terms of learning and other aspects. |UNILORITE|
2 thoughts on “Branch Loan: Branch Loan Code [Full-Review]”
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