A conversation about mobile loans in Kenya cannot be complete without talking about Branch loan app. This lending app is one of the oldest in Kenya and one of the most preferred finance apps by most Kenyans. Loan apps have come as a relief to many unbanked Kenyans who can now borrow instant loans and deal with urgent financial needs like rent, school fees, business capital, and medical bills.
As a result of the convenience brought about by mobile lending apps, they have become the last resort for most Kenyans who cannot get loans from friends, banks or family members.
Although the apps have their fair share of shortcomings, they have become unbelievably popular among people. In Kenya, there are several mobile loan apps offering loans to Kenyans but our focus today will be vented towards Brach loan app.
Some years back, the only option that Kenyans had if they wanted a loan was to go to a bank or other financial institutions.
Back then, loans were given on a priority basis and if you did not have a strong credit score, you wouldn’t qualify for a loan. Today, the tables have turned and banks are the ones looking for people.
This is because loan apps like Branch have completely changed the game. Although loan apps have notoriously high-interest rates, their services are still much needed.
Mobile finance apps have been supporting marginalized Kenyans who otherwise would not qualify for bank loans.
What is Branch loan app?
Branch loan app is one of the pioneer mobile loan apps to enter the Kenyan market. It is owned by Branch international which is a microfinance institution operating in Kenya and other countries.
They have continuously improved their services to accommodate as many Kenyans from all walks of life. Branch app provides fast, convenient and reliable mobile loans to all Kenyans regardless of their location, or time of application.
Stick around in this article as we learn more about Branch loan app, how to apply for branch loans and how to repay the loans.
Like other apps, it is easy to download the Branch app on play store in a matter of seconds and set up your account.
You can get a loan in minutes after downloading the Branch app and settle your urgent financial needs. Branch sends all approved loans to the recipient through M-Pesa in minutes.
Why Branch loan app
There are several reasons why you should choose Branch mobile loan app over all the other mobile loan apps. Some of the advantages that Branch app has over other apps include:
- The earlier you pay your loans, the higher the loans you qualify for from branch.
- Branch app has different loan facilities designed to fit specific needs
- There are no penalties or rollover fees for late-payments or delayed payments. Not many apps are as patient as Branch and in fact, it is the most patient lending app I have seen so far.
- To get a loan from Branch, you do not need a savings account
- You do not have to pay any processing fees to qualify for a loan from Branch.
- Branch loan app does not ask for security for loans granted.
How Branch loans work
We are living in an age where data is easy to share and analyze. Mobile lending apps like Branch utilize machine learning algorithms to collect, process, and analyze personal data and financial information.
By so doing, the app is able to assess an individual’s creditworthiness and design a tailored loan specific to each person. The app collects this data from your phone when you download and install it.
Of course, the app will ask for your permission to collect personal data so they do not breach your privacy. The type of information collected by the app from your phone includes:
- M-Pesa activity
- Contact lists
- GPS data
- Text message logs
- Call logs
- Handset details (IP address)
- Social network data
Upon collecting this data Branch loan app uses it to determine your loan limit or creditworthiness. Your data will be encrypted to protect your privacy so you can have your peace of mind.
How to Get Branch loans
In this section, we are going to list all the requirements you need to qualify for a loan from Branch. These are things that you already have so you do not have to go out of your way.
The following are some of the basic requirements that will facilitate you to get a loan from Branch loan app:
- Android-enabled smartphone
- A registered M-Pesa Safaricom line
- Your National ID number
These requirements assure Branch that the applicant is an adult above the age of 18 years. If you have them ready, proceed to the next step which is downloading and applying for a loan from Branch.
How to download Branch loan application
You can only access Branch loans through their mobile app so make sure you download it by following these steps:
- Go to Google Play store
- Download Branch mobile loan app
- Install Branch on your phone
- Open the application and start the registration
- Use your Safaricom phone number to log in to Branch
- Branch will provide you with a form
- Fill the form to start review and registration
- Fill all the details correctly and truthfully: Your country, National ID, Your full names, your Date of Birth.
- Wait for the app to process your information and give you feedback
- Ones your account is validated you will get feedback on how much you qualify for.
- Submit your loan request. Ensure you borrow a loan that is within your loan limit
- You will get an SMS telling you about the status of your application
- Approved loans will be sent to your M-Pesa account (Safaricom number you gave)
Branch interest rates & loan limits
All mobile loan apps will always start you off with a lower loan limit but your limit continues to grow as you continue to repay your loans faithfully.
Branch loan limits start from Ksh. 500 on the lower side up to Ksh. 70000 on the higher side. You can repay your loans within 4 weeks or 68 weeks.
However, repaying your loans early helps to grow your credit limit and trustworthiness with Branch. To qualify for the highest loan, you should be a frequent borrower with Branch who repays their loans in time.
Interest rates for Branch loans in Kenya range from 10-27% on loans depending on the size of the loan and repayment duration.
How to Repay Branch loans
We highly recommend you to pay your mobile loans in time and in full in order to maintain a clean borrowing record.
Failing to pay mobile loans can lead to CRB blacklisting which will deny you loans from all the other loan apps and banks as well. Loan repayment is, therefore, a serious topic that all borrowers should honor.
Luckily for you, Branch loans are very easy to repay and they do not attract penalties even if you are late for some days. You can pay the loan automatically through the pay feature on the app or through M-Pesa Paybill.
How to repay branch loans via M-Pesa
- Open your M-Pesa Menu
- Choose Lipa Na M-Pesa
- Pay Bill option (enter pay bill number 998608)
- Account Number (enter your Safaricom number as the Account number. It should be the number you used to register for your Branch account)
- Amount (enter the loan amount you are supposed to repay
- Enter your M-Pesa pin
- Authorize transaction
- Wait for confirmation from M-Pesa and Branch indicating you have repaid your loan
How to Repay Branch loans using ATM card
- Open the Brach app
- Go to ‘My Loan’
- Touch the round ‘Tap to Pay’ button
- Select the amount you wish to repay
- You can choose to pay the: Next Amount Due, other amount or Total Balance
- Choose what you want to repay, either the loan in full or in installments
- Click continue after selecting one option
- Enter your ATM card details as asked
- Card Number (16 or 19-digit in front of your card)
- Card Expiry Date (Month and Year in which your card expires)
- CVV (a 3-digit number at the back of your card)
- Choose your auto-debit setting under ‘Payment Options’ and tap ‘Continue’
- Some banks will ask for your pin or send a security code to your phone
- If successful, your account will be updated automatically within a few seconds
- Your payment is done
How to Contact Branch loans
As much as the loans application and repayment process is straightforward, you may run into a problem that can only be solved by a Branch alone. As such, you should contact Branch Kenya using the following contact information provided below:
- Branch also has a Facebook page where they solve issues
- Chat feature: you can talk to the branch support team through the chat feature in their app. Their customer care team is always ready to solve any problem you may have.
- Email: you can also send them an email through this address firstname.lastname@example.org
- You can also find Branch on Twitter
How to invite friends & earn commissions with Branch app
Did you know you can invite friends and earn commissions with the Branch loan app? If you invite many friends to borrow from Branch, your loan limit will also increase significantly. To invite your friends, follow the following process:
- Tap on the three bars at the top left corner of the Branch app
- Click on “Invite Friends”
- Your code will show
- Choose the social media app you want to invite friends from
- Friends will get your invitation
- If your friend takes action and downloads the app through your invitation, you will earn commissions from Branch.
- Friends should enter the promo code you sent them for you to get the commission.
- Each time someone uses your promo code you will receive a message
- When a friend repays their loan, you receive Ksh. 500 in commissions
Branch loan app uses a different approach to lure Kenyans to borrow with them. I do not know what you take of their strategies but from what I know, they have worked well for the company.
Today, Branch enjoys a huge percentage of the borrowing Kenyan population and currently, the app is ranked as the second-best App after Tala loan app.