Branch loan is a type of unsecured personal loan that disburses loans without relying on the borrower’s assets as security. Branch loans are approved based on the borrower’s creditworthiness. Therefore, these types of personal loans are easy, fast, and instant to apply for and get approved for because they do not require any collateral or paperwork.
Branch loans are known as emergency loans that can be used for personal uses such as home improvement, medical expenses, debt consolidation, and other personal expenses. This lender is an online lender that uses machine learning systems to understand a customer’s financial capacity. The machine learning uses data from the user’s devices to check and calculate the credit limit.
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How does a Branch loan work?
Branch loans work by underwriting and disbursing loans to borrowers regardless of their credit history. It means that even if you have a low credit score, you will still get approved for the loan. During the registration process, the Branch reviews the borrower’s personal details such as monthly income, residential area, and household. The data collected through the app is used to create a customer profile.
Below is a summary table for the Branch loan features, such as interest rate charged on the loan, loan amount, credit limit, annual percentage rate (APR), loan repayment terms, origination fees and processing fees and charges, loan disbursement method, and speed, the eligibility criteria of the Branch loan, the pay bill number, contact details, loan purpose, and the approval process. All these concepts are important to understand before applying for any personal or unsecured loans.
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| Branch app features | Details |
|---|---|
| Loan Type | Unsecured Personal loan |
| Loan Amount | Ksh 250 – Ksh 300,000 |
| Loan Terms | 1–12 weeks |
| Loan Disbursement decision | It takes 24 hours to get the loan |
| Interest Rate | 17%–35% |
| Monthly Interest Rate | 1.7%–17.6% |
| APR (Annual Percentage Rate) | 22%–229% |
| Collateral | Not required |
| Branch loan Contacts | Telephone：+254 730731222 SMS: 24788 |
| Branch USSD code | Branch does has have a ussd code |
| Branch Paybill No. | M-Pesa pay bill no. 998608 |
| Factors affecting Interest | Repayment history, Cost of lending |
| Late interest Fee | A late interest penalty of 6% is charged |
| SMS and Data Charges | Standard charges by mobile carrier |
Expert Tip:
Unsecured personal loans often come with higher interest rates and additional fees compared to secured loans.
Check Out Most Preferred Personal LoansWhat do you need to qualify for a branch loan?
The prerequisites are straightforward: you just need either a phone number or a Facebook account, an ID number, and mobile money (M-Pesa account and Tigo Pesa or Vodacom Mpesa in Tanzania) or a bank account. Additionally, you may be asked for permission to access the data on your phone to establish your credit score.
However, according to both Nasonga.com and Luya.co.ke, for you to qualify for a branch loan, you will need, for instance, a smartphone, which should be either an Android or an iPhone.
How to download the Branch loan app
To download the branch app Go to the Google Play Store app and search for “branch app.” Look for the app titled “Branch: Personal Finance App” by Branch International. Proceed by clicking on the “Install” button, and also ensure that your internet connection is enabled for the download. The download and installation process typically takes up to 2 minutes. After successful installation, proceed to the next step, which involves logging into the Branch app by answering the following question.
The Branch app download is one of the key steps to follow if you want to get a branch loan. The branch loan app in Kenya is one of the most trusted mobile loan providers, having over 10 million downloads from the Google Play Store and 1.2 million product reviews. With these stats and facts, it is a legit app to borrow money for both personal and business purposes. According to Bizhack.co.ke reports, the Branch loan app boasts over 4 million customers and has issued loans valued at more than $1 billion (KSh 148 billion).
Also, note that downloading the branch loan APK files from other websites may contain malicious viruses and should be avoided. To avoid such practices, you should download the app only from the Google Play Store.
How do I apply for a Branch loan?
To register and apply for a Branch loan, first, you need to ensure Branch is downloaded and installed on your Android phone or smartphone, as you may call it. You can refer to the step-by-step process for downloading the app in the previous section. After that is done correctly, let’s move on to the process of registering and applying for your first loan.
To register or create an account from the Branch, Go to the Branch loan app from your mobile phone, open the app, click on Create Account, and key in your documents such as phone number, ID number, and country ( For users in Tanzania, you can choose to use National ID, Voter ID, or Driving License number), date of birth, etc. Fill out a simple form in under 30 seconds and submit it for a quick review.
After reviewing your documents, you will be notified by lenders if you meet the requirements or if you’re eligible for the loan or not. But in our experience, to increase your chances of getting accepted, make sure you have a good credit score, submit the correct information, and repay outstanding loans.
So what is the first-time loan you can get from the Branch Loan app? Most sources say that it is Ksh. 1000, but it is not exactly Ksh. 1000 because some borrowers do not qualify for that amount. That is why the Branch mobile lenders say they lend starting from Ksh. 250 up to Ksh. 300,000, which our team from loanappskenya.com agrees with.
Branch App Loan Calculator
This tool is for illustration purposes only. It does not reflect the actual terms and conditions of Branch loans.
How long does the Branch take to process a loan?
According to Bizhack.co.ke, all Branch loans are processed within 24 hours. This is within what Branch loan lenders say about processing their loans; they aim for 24 hours, but that does not exactly mean all loans are processed within 24 hours. Some branch loans are processed in minutes or in a few hours, as long as you are eligible. For instance, one of our clients reported to LoanAppsKenya that he got his loan approved in 2 hours. From our own experience, we believe that applying for a large loan will take a longer time to process.
Branch loan payment
According to Nasonga, there are two ways you can use to repay the Branch loans. Below, I will show the three ways you can use to repay the Branch loan.
Without further ado, here are the three ways to repay the loan.
#1: How to Pay Branch Loan Via Mpesa
To use this method, you need to know the Branch app paybill number, which is 998608. To repay the loan, go to the MPesa section in your Safaricom menu on your mobile device. Opt for the Lipa na M-PESA service. Select the paybill option and input the paybill number 998608. In the account number field, provide the MPesa number through which you obtained your loan. Specify the repayment amount and input your M-PESA pin to complete the transaction.
#2: Branch loan payment via app
Repaying your loan through the Branch app is a convenient method. It proves to be quicker and more user-friendly than using M-Pesa, making it my recommended choice. To utilize this option, simply launch the app, where your branch loan balance will be readily visible. Then, proceed to:
- Select “My Loan.”
- Click on “Tap to Pay.”
- Choose the desired amount or input a custom amount
- Click “Pay.”
Subsequently, M-Pesa will open on your phone. Enter your PIN, and you’ve successfully completed the repayment process.
#3: Branch loan Payment via another number
In certain situations, there may be a need to assist someone in repaying their Branch loan for reasons such as the loss of a phone or SIM card or their temporary inability to cover the loan amount. If you are a close contact, you can follow these steps to facilitate the repayment of your loan.
Firstly, ensure that you do not have an active account with the Branch Loan app. Proceed to the M-pesa menu and choose Lipa na M-pesa. Input the Branch Paybill number 998608 and enter your friend’s or family member’s number in the account number section. Then, specify the loan amount, provide your M-Pesa PIN, and confirm the transaction.
Subsequently, you will receive two confirmation messages from M-Pesa and the Branch Loan app on the phone used for the transaction. The payment made will be reflected in the borrower’s account after one day.