Need quick cash for an emergency, bill, or business? The Branch app makes borrowing money simple and fast. With over 60 million downloads, it’s a trusted platform for instant loans in Nigeria, Kenya, India, and Tanzania. This guide shows you how to borrow money from the Branch app step-by-step.
We’ll cover requirements, loan amounts, interest rates, and tips to boost your loan limit. Let’s dive in!
What is the Branch App?
Branch is a mobile app that offers instant loans without paperwork or collateral. It’s like a bank in your pocket. You can borrow money, transfer funds, pay bills, and even invest. The app uses your phone data, like SMS and transaction history, to check your creditworthiness. This makes it easy for people without a credit history to get loans.
Branch operates as a microfinance bank in Nigeria, ensuring safe and secure services.
Why Choose Branch for Loans?
- No Paperwork: Apply for loans without visiting a bank.
- Fast Approval: Get funds in your account within minutes.
- Flexible Repayment: Choose repayment terms from 62 days to 1 year.
- No Hidden Fees: No processing or onboarding fees.
- Build Credit: Timely repayments increase your loan limit.
- Extra Features: Free transfers, bill payments, and investment options with up to 23% returns.
Requirements to Borrow Money from Branch
To get a loan from Branch App, you need:
- A smartphone (Android or iOS).
- A valid phone number.
- A national ID (e.g., BVN in Nigeria, Aadhaar in India, or Voter ID).
- A bank account or mobile money account (e.g., M-Pesa in Kenya).
- Permission for Branch to access your phone data (SMS, call logs) to build your credit score.
Step-by-Step Guide to Borrow Money from Branch
Follow these simple steps to get a loan:
1. Download the Branch App
- Go to Google Play Store or Apple App Store.
- Search for “Branch Loan App” by Branch International Financial Services Limited.
- Download and install the app. It has over 10 million downloads and a 4.7/5 rating on the App Store.
2. Sign Up and Create an Account
- Open the app and tap “Sign Up.”
- Enter your phone number.
- Verify it with the One-Time Password (OTP) sent to you.
- Fill in your personal details, like name, BVN (in Nigeria), or PAN/Aadhaar (in India).
- Upload a selfie for verification.
3. Complete Your Profile
- Link your bank account or mobile money account.
- Allow Branch to access your phone data (SMS, call logs). This helps create your credit score.
- Ensure your details are correct to avoid delays.
4. Apply for a Loan
- Go to the “Loans” tab on the app’s home screen.
- View available loan offers. Loan amounts range from ₦6,000 to ₦1,000,000 in Nigeria, Ksh 500 to Ksh 300,000 in Kenya, or ₹500 to ₹5,00,000 in India.
- Choose your preferred loan amount and repayment term.
- Tap “Apply” to submit your request.
5. Get Your Funds
- If approved, funds are sent to your bank account or Branch Wallet instantly.
- Most loans are processed in under 3 hours, often in minutes.
6. Repay Your Loan
- Use the app to repay via your bank account or debit card.
- Go to “My Loan” and tap “Tap to Pay.”
- Enter the repayment amount and confirm.
- Pay on time to avoid late fees and boost your credit score.
Loan Amounts and Interest Rates
Branch offers loans based on your credit score, which improves with timely repayments. Here’s a breakdown:
- Nigeria: ₦6,000 to ₦1,000,000. Monthly interest: 3% to 23% (APR: 34% to 271%). Example: Borrow ₦60,000 at 181% APR for 62 days. Total interest: ₦18,400. Repay ₦78,400 in two payments of ₦39,200.
- Kenya: Ksh 500 to Ksh 300,000. Monthly interest: 2% to 18% (APR: 20% to 211%). Example: Borrow Ksh 10,000 at 196% APR for 62 days. Total interest: Ksh 3,260. Repay Ksh 13,260 in two payments of Ksh 6,630.
- India: ₹500 to ₹5,00,000. Interest rates vary based on risk profile.
- Tenure: 62 days to 1 year.
- Late Fees: Some users may face penalties for late payments.
Tips to Increase Your Loan Limit
Want to borrow more? Follow these tips:
- Repay on Time: Pay each installment by the due date to build your credit score.
- Use Branch Regularly: Make transactions like bill payments or transfers to show activity.
- Update Your Profile: Ensure your KYC details (e.g., BVN, ID) are complete.
- Avoid Overdrafts: Too many overdrafts may lower your eligibility.
Is the Branch App Safe and Legit?
Yes, Branch is legit. It’s a registered microfinance bank in Nigeria and operates in Kenya, India, and Tanzania. Here’s why you can trust it:
- Data Security: Branch uses encryption to protect your data. They don’t share it with third parties unless required for business purposes, like reporting to credit bureaus.
- High Ratings: 4.7/5 on the App Store and 4.25/5 on Google Play.
- Trusted by Millions: Over 60 million downloads worldwide.
- Regulated: Complies with Central Bank of Nigeria (CBN) rules and other local regulations.
However, some users report issues like high interest rates or app glitches. Always read loan terms carefully and contact support via in-app chat if you face problems.
Things to Know Before Borrowing
- High Interest Rates: Rates can be steep (up to 271% APR in Nigeria). Compare with other apps like KreditBee if you’re unsure.
- Late Payment Risks: Missing payments can lower your credit score and limit future loans. You may also be reported to credit bureaus.
- Not Instant for All: New users may face delays during signup or approval.
- Employer-Based Advances: In some cases, Branch offers cash advances through employers, up to 50% of earned wages. Check if your employer is enrolled.
How to Contact Branch Support
Need help? Reach out via:
- In-App Chat: Fastest way to get answers. Go to “Help” in the app.
- Email: support@branch.co or support@branchapp.com.
- Website: Visit branch.co for FAQs and updates.
Final Thoughts
The Branch app is a quick and easy way to borrow money for urgent needs. With no paperwork and fast approvals, it’s perfect for emergencies or small business needs. Just download the app, sign up, and apply for a loan in minutes. Pay on time to unlock larger loans and enjoy other features like free transfers and investments. However, watch out for high interest rates and ensure you can repay to avoid penalties.
Ready to get started? Download the Branch app today from Google Play or the App Store and take control of your finances
