Branch Loan: 5 Things You Need To Know Before Taking A Loan From Branch

In the recent past, Fintech platforms like Branch have been rendering excellent financial services to their users to ensure that millions of their customers have access to urgent cash should the need arise. Branch is a popular Fintech platform that is fully registered in Kenya. Though the platform originated from Kenya, it operates in other countries like Nigeria, India, Tanzania etc.  Apart from loan services, the platform also offers saving services for their esteemed customers to enable them to save for the future and build capital.

According to the company, it claims that it gives financial peace of mind to their users by helping them to meet their urgent financial needs, most of the customers attested to that while some users have divergent views due to what they perceive as high interest rate and fraudulent related activities. Nevertheless, individual experience may differ depending on some factors but the most important thing is that the applicants(users) should understand the terms and conditions upon which Branch operates before patronizing the platform. In order to keep you informed, we have designed this article to serve as a guide whenever you may wish to borrow a loan from Branch.

1.How Much Can I Borrow From Branch

The amount of money that a customer can borrow from Branch is not fixed; it varies. The amount that a user can borrow is determined by the credit score of the customer. Not only that, to be able to borrow huge amounts of money from Branch, the customer needs to build trust with the platform by having a positive repayable history.

In nutshell, the amount that a user can borrow from Branch ranges from 1,000 to 500,000. However, new users can only access up to 200,000 but with time if the repayable history is good, it can be upgraded to a higher amount.

2. Basic Requirements For Branch Loan

To access loans from Branch, there are basic criteria that a customer must meet.Some of the criteria are outlined below;

  1. The applicant must a functional bank account with regular cash inflow
  2. The user is expected to download and install the branch app on their device
  3. The applicant must have a Bank Verification Number(BVN)
  4. The applicant must have a valid means of identification
  5. The intending  customer must have his details like full name, address handy
  6. A working phone number and an email address is also required.

3. Branch Loan Interest

Branch loan interest rate ranges from 17% – 40%. This interest  rate is not fixed because it varies depending on the amount borrowed and the repayment plan chosen. Meanwhile the annual Branch loan interest ranges from 18% – 260%. However, to some customers, this interest rate is high.

4. Branch Loan Repayment Plan

The repayment plan for Branch loans ranges from one month to one year. This repayment plan varies depending on the plan you choose. But just bear it at heart that the longer the repayment duration, the higher the interest rate and vice-versa.

5. Branch Review

Most users of this Branch platform have divergent views about the operations of the loan platform. Because of that we sampled opinions from the users via Playstore and Trustpilot.

Generally, people’s view about the loan app from playstore is not bad but the reverse is the case in the Trustpilot because customers complained of fraudulent related activities.

However, to have the best experience when patronizing Branch loan platform, it is best to understand their terms and conditions. Once you do that, you will have higher chances of having a better user experience.

According to our check on Playstore, we found out that most of the users are satisfied with the services of Branch platform. As a matter of fact, the platform has over 980,000 reviews with 4.6 stars rating which is actually good for a platform of its nature. However, some users frowned at the loan amount noting that it is too small.

According to Trustpilot, most of the user’s are lamenting about account hacking and other related fraudulent activities.  

One of the user’s Domino Jr. has this to say: ‘’It’s totally professional and one of 2 loan apps that truly give peace of mind and the interest rates are extremely humane. Very reliable app to use for payments and transfers ; goes instantly. Gives good investment returns. Thanks, Branch. Will recommend it to anyone, any day,any time’

Another customer- DAN.D: ‘’My branch app account was hacked today. They stole all my whole paycheck. and I have the same problem: no one will answer the phone or email.

so the only thing to do is file a complaint with the

Federal Communications Commission they do have a

form you can fill out online to file a complaint.

the Branch Wallet is backed by an FDIC-insured

so by filing a complaint mite work’’.

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