Have you ever found yourself in a challenging financial fix and wondered how to access instant loans? Worry no more, as the Branch Loan App offers financial solutions. This Branch Loan App review is a guide that takes you through the registration, application, and repayment process.
The application offers clients quick access to funds and flexible payment terms.
Customers can access various loan products via their smartphone at any time and from anywhere, from the comfort of their own home.
Mobile lending apps have significantly changed the way loans are accessed compared to the traditional approach employed by banks.
Loans are accessible via the user-friendly mobile applications available on the Google Play Store.
How to Apply Branch Loan Using USSD Code
Unfournately Branch doesn’t have a USSD Code to act as an alternative to a mobile App. However, the mobile application features a user-friendly interface that is both interactive and tailored to meet users’ financial needs.
Branch Features and Legality
The Branch loan app provides instant personal loans through its mobile application. It utilizes smartphone data for credit scoring and lending decisions.
Additionally, it offers features such as quick mobile top-ups, money transfers, and bill payments. The Branch emphasizes transparency and ethical collection practices and is regulated by the Central Bank of Kenya.
Features are clearly outlined below;
Transparency
The Branch is open about its lending terms and conditions, guiding transactions and operations. It is not limited to interest rates, fees, and loan repayment timelines.
Data Privacy Policy
Data privacy utilizes encrypted data adhering to strict guidelines to ensure user information is safe and does not sell user data or share contact information with third parties.
Ethical Collections
They do not condone aggressive debt collection practices.
Regulatory Compliance
The branch operates within legal and regulatory frameworks, disclosing information as required by law or in accordance with legal obligations.
Terms of Use and Privacy Policy
The Branch’s Terms of Use and Privacy Policy outline the terms of service and how user data is handled.
How the Branch Loan App Works
The Branch utilized data obtained from your smartphone, including your handset details and financial transaction messages, to make lending decisions. Branch repayment history is used to create a customized credit score, which determines the loan offers you receive
Requirements Needed for Application
Several key considerations should be taken into account before submitting, such as having a registered Safaricom Mpesa line. Additionally, you are required to have a smartphone (Android-enabled) and a valid national ID number.
Having satisfied these requirements, you can then proceed to complete your branch loan application in Kenya.
How to Register using the Branch Loan App
1. On your Smartphone, go to the Play Store and search for the Branch application.
2. Download the branch loan application and install it on your phone.
3. Once installed, open the application.
4. Log into the application using your phone number. Note that the Branch only allows one account per individual.
You should use the phone number you intend to associate with your account for the application to log in for the first time.
5. Fill out the form provided to enable the Branch to conduct a review. The form includes details such as your country, national ID number, name, and date of birth.
6. Wait for feedback to apply for your loan.
7. Once feedback is obtained and your account gets validated, you will be taken to the loan offer page. Note that the highest loan limit for first-time borrowers is Kshs. 1,000.
8. Select the amount you want to borrow and submit.
9. Wait for a text message informing you about your branch loan application status.
10. If approved, the money will be sent to your M-Pesa account.
How to Cancel the Branch Loan Application
To cancel a Branch loan application, please contact the Branch as soon as possible, preferably through their in-app chat or by emailing them at kenya@branch.co. Branch emphasizes that they cannot change information already used in a successful application, but you can request to delete your account after repaying all loans.
Moreover, users can consider contacting the Branch customer service immediately via the App or by emailing them. The last approach for consideration is requesting account deletion.
BONUS TIP: The easiest way to cancel a Branch mobile loan application is to do nothing, and the loan cancellation will be automatically processed.
How Long does it take to Process Branch Loan?
The Branch loan application process is designed to be fast and efficient. Generally, loans are processed within a few hours, with some users receiving money in just minutes.
The Branch utilizes smartphone data and other sources to make lending decisions, aiming for near-instant approval.
Factors determining Loan Processing speed
Decision Making
The Branch aims for a nearly instant loan decision, with funds disbursed to your mobile money or bank account shortly after.
Approval Process
The approval speed can be influenced by factors like the completeness and accuracy of the information provided, as well as the user’s smartphone data and credit history.
Potential Delays
While generally fast, some applications may take longer, possibly up to 24 hours, according to Branch Kenya.
Reapplying
If your application is not immediately approved, you are encouraged to reapply.
How to verify the Application Status
You can still track your loan status. Most lenders allow tracking regardless of how the application was submitted. Use the Branch’s website or customer care service to check your application status.
Branch Loan Limit and Interest Rate
The Branch loan limits in Kenya range from Kshs 250 to Kshs 70,000, with repayment periods of 4 to 68 weeks.
Customers can increase their loan limit by repaying loans ahead of schedule, that is, before the due dates.
Furthermore, you can boost your Branch loan limit by requesting loans occasionally.
It increases your digital footprint in their system. The Branch loan interest rates in Kenya range from 10 to 27%. This translates to a monthly interest rate of between 1 and 21%
How to Repay the Branch Loan
The Branch loan can be easily repaid through M-Pesa or using the automatic pay feature.
The following steps are a guide on how to settle the branch loan via Mpesa:
1. Open the M-Pesa menu on your phone.
2. Choose the Lipa na Mpesa option.
3. Click pay bill, and you will be prompted to enter the pay bill number. The Branch loan pay bill number is 998608.
4. Enter the account number. It refers to the mobile number you registered with the Branch. In this case, it is your Safaricom number.
5. Key in the amount you wish to repay.
6. Enter your M-Pesa PIN and authorise the transaction.
7. Wait for a message from Mpesa confirming the transaction.
Loan Default Fees
The Branch, unlike many other lending Apps, does not charge late fees or rollover fees on its loans. Alternatively, they focus on providing a clear lending experience for customers with transparent interest rates and no hidden charges.
Consequences for Defaulting
Defaulting affects the ability to get subsequent or increased loan limits. Clients will risk being listed with the Credit Reference Bureau (CRB). A negative listing by the CRB may affect your ability to borrow from other lenders, too.
Frequently Asked Questions
Yes, the Branch loan app is generally considered a genuine and safe platform for accessing loans and other financial services.
It’s a popular app with a large user base across multiple countries and is licensed to operate in Kenya.
The Branch is also known for its transparency and security measures regarding customer data and financial transactions.
To report issues with the Branch, you can use the in-app chat feature or email kenya@branch.com or through their Facebook page.
Additionally, their website offers an FAQ section and a contact form. For unresolved complaints, you can contact the Grievance Redressal Officer at gro@branch.com
Users can increase their credit score by settling loans on time. Once you download the Branch app, take loans that you can repay on time to increase your chances of receiving limits of up to KES 300,000.
To make a repayment, follow the steps below
1. Navigate to MPesa in your Safaricom menu on your phone
2. Select Lipa na M-PESA
3. Choose the Paybill option
4. Enter the Paybill number 998608
5. In the account number section, enter your M-Pesa number.
6. Enter the repayment amount, followed by your M-PESA PIN.
8. Confirm whether the details are correct and press ‘OK’.
Conclusion
Users need loans that are easy and quick to access, as well as flexible payment options. The Branch provides solutions to enhance the traditional personal banking experience.
The innovation has revolutionized the lending process in the financial sector. The Branch is available on the Google Play Store.
One can access mobile loans via a smartphone to make repayments promptly later.
Improving the credit score translates to an increased loan limit. The Branch joins other mobile lending apps in Kenya to create a positive financial story in the economy.
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