The branch loan app gives you quick unsecured loans

The lending space is no longer the same. Today’s borrower expects speed and convenience. A majority want a loan product that requires no paperwork or collateral.

Traditional credit models are gradually being overtaken by mobile loan apps and other credit products such as M-Pesa and KCB-Mpesa.

Loan apps such as Tala, Branch, and Saida have revolutionized financial services in Kenya since their introduction. Gone are the days when you had to fill a pile of paperwork, endure long processing periods and for the lucky few,  have your application approved.

The good news is that things have changed.

The better news is that you can now access instant mobile loans at the touch of a button.Various apps can be downloaded from the app store and this also means that you have several options to choose from.

The best news about most of these apps is that anyone can access loans without security or a credit history.

A good example is the Branch loan app.

About Branch loan app

The Branch mobile lending app was founded in 2015 and since then it has disbursed millions of dollars in loans monthly.

In late 2017, the company announced that they have so far disbursed 1.5 million loans to 350,000 Kenyans through the app. An important thing to note is that each month, the Branch loan app disburses about $4 million (about Ksh.400,000,000) to its customers.

With Branch app, you can access a maximum of Ksh. 50,000 and a minimum of Ksh. 250 through its Android app.

Lenders repay loans via M-Pesa.

The company reports notable growth since they introduced lending services in Kenya and other parts of the world. They attribute this growth to their policy of offering lower interest rates to customers who have reached higher credit limits. This, in turn, encourages repeat uptake. As you pay back on time, fees decrease, and you unlock larger loans with more flexible terms.

The interest rates depend on the customers’ credit score while the repayment period is between 1 month and 1 year. As you continue to build your credit history, fees decrease and you are able to access bigger loans under flexible terms.

The app builds a credit score of the user by analyzing their M-Pesa usage and over several data points on the customer’s phone. Once the customer’s creditworthiness is determined, the user can now enjoy Branch’s services.

This service does not charge lateness or rollover fees.

Related: Need a quick loan? Download Tala loan app for instant unsecured loan

Part of its growth plans has also involved expanding into other countries including Tanzania and also partnering with other companies to offer exclusive loan offers. Such a partnership was formed with Jumia Kenya where merchants can be provided with working capital loans on the online shopping platform.

Download and use Branch

Steps;

• Visit the Google Play Store and download Branch loan app
• Select register for a new account – Just below the “sign in” option
• Enter your Country and choose whether to register with your phone number or Facebook. If you choose to register with your phone number, they will send a code via SMS to verify your phone number. If you choose to go with the Facebook option, you will be required to sign in to Facebook. You complete your application Branch will need a 4-digit pin, full name, ID number, and date of birth, and the number you will use to repay the loan.
• Now you have a Branch app account
• To ask for a loan, touch the menu icon on the top left corner and select ‘Apply for a loan’
• Wait for your request to be processed and get your loan sent to M-Pesa if the request is approved.

My experience with branch was quite pleasant. I downloaded the app in less than a minute and proceeded to create an account. I was then presented with three loan amounts I qualify for which were Ksh. 250, Ksh. 500, and Ksh. 1,000 – my credit score probably sucks but oh well. The repayment periods were 4 weekly payments of Ksh. 72, Ksh. 144, and Ksh. 1,000 respectively. This puts the interest rates at Ksh. 38, Ksh. 76, and Ksh. 152. Remember that your options may be different depending on your credit score and/or history with Branch. 

The Branch loan app is a great lending app and a great alternative to other equally great apps such as Tala and Saida.