Branch loan Review - How to Get an Instant Loan from Branch
Hello and welcome to Stezpee blog, in this very detailed post, I am going to show you how to get an instant loan from branch, we will also look at many other questions about branch loan so that you get to decide if branch loan is good for you or not.
Branch loan has gotten a lot of traction for the past few years. Many people are getting loan from the platform and I believe that is the reason why you decide to read a little about the platform before you proceed to borrow money from them.
I will advise that you read this article to the very end because I don't want you to miss any important part of the post.
You can also read about other loan platforms that we have talked about in the past by visiting the Loan part of the blog.
So without wasting time, let's proceed with the post.
About branch
Branch is a personal finance platform that you can use for your daily transaction, the app allows you to send and receive money across Nigeria, and you can get a loan and even invest with the platform.
All these can be done on the app and without any technicality, this app has gotten a lot of attention in Nigeria and many entrepreneurs are using the app.
In this post, I am going to talk a lot about branch app and the things that you can use it for, we will focus more on the loan aspect of the platform but I will provide links to other sources if necessary.
How to get a loan from Branch
Below are the full steps you need to take to request a loan from Branch, anyone can do this even if you are not familiar with the app.
- Download the branch loan app
- Sign up with your email
- Log in with your password and email
- Go to verification and upload the necessary documents
- Navigate to the "Loans" section
- Click "Apply now"
- Enter the amount you want to borrow and click "Next"
- Enter your password and click "Next"
- Enter your bank account number
- Click "finish" and wait for approval
When you finish applying for loan on the branch app, it may take up to 7 days for them to process the loan and you will receive a notification whether your loan request is successful or you need to make an adjustment.
But as long as your banking activity is active, you can expect to get a successful notification.
Branch loan interest rates
When you want to take a loan from Branch or any loan platform, make sure you look at the interest rates because some of them have extremely high-interest rates that may scare you away. Below is the list of branch loan interest rates.
Monthly interest rate: 1.5% - 20%
Equivalent APR: 18% - 260%
What is the maximum amount you can borrow from Branch?
The maximum amount you can borrow from branch is 500,000 Naira. Before you can borrow more than that, you need to have borrowed and paid once before, so to increase the limit, you need to borrow a lesser amount and repay first.
Many loan apps don't give up to 500,000 Naira for the first time, so I think Branch loan is one of the few loan platforms that offer up to 500,000 Naira to new customers.
How to repay branch loan
you can easily repay your branch loan whenever you want and the process is very easy. All you need is to credit your branch account with the amount that you want to repay.
You can top up your branch account through various ways like Bank transfer, Bank deposit and Debit card payment.
But the fastest way to repay your Branch loan is through bank transfer, because you can do it yourself and making transfers is the fastest way to send money here in Nigeria.
What happens if you fail to repay branch loan?
When you fail to repay your branch loan, they may report your account to the Credit Reference Bureau (CRB). And this is not a good thing for you, because it may affect all your bank accounts, and you may not be able to take any loan from other loan providers again.
If you fail to repay the loan on time, it may affect your credibility on the platform, which may lead to you no longer getting a loan from them, which is not good at all.
This can also affect you with looking for jobs because many employers may not give you a job because of this, so repaying your Branch loan is very important and something you should not fail to do.
In my opinion, borrowing a loan for personal use is extremely dangerous, unless if you are expecting a salary. And if you have to take a personal loan, it should be an amount that you are sure you can be able to repay.
How to contact branch loan customer care
You can contact Branch loan customer care at any time, you can contact them via email, phone number or on their social media handles. Below are all the ways to contact branch customer care if you have any questions.
Email: nigeria@branch.co
Facebook: Branch Nigeria
Conclusions
So there you have it, if you have been looking for how to get an instant loan from Branch, I am sure this post has been able to help you out. We have other loan-related posts on this blog that you can check out if you prefer not to use Branch loan.
And if you have any questions regarding branch loan, you can leave a comment below and if it is a more technical question, you can contact the branch loan customer service instead, their contact option is above.
Thanks for reading this article, if you enjoy it, please share it on social media, and I hope to see you next time around, have a nice day.
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