Want to know more about Branch loan interest rates, application process and repayment terms? You are in the right place. Kenyans enjoy a variety of mobile loans. These loans have benefited those in dire need of funds at any specific period. One such loan applications in Kenya is Branch. Branch is a fast loan giver, which takes care of people in need of money regardless of their geographic location and banking activity.
If you have not tried accessing or obtaining a loan from Branch, this article is a guide about Branch loan interest rates and application so that the next time you are stuck financially, you know how to use this application. Branch loan application, branch loan limits, branch loan paybill number.
Branch is a product of Branch International, which is a microfinance lending institution that operates in Kenya and other countries. The Branch loan application is easy to download and use. It takes a few seconds to sign up into the application and apply for a loan. Once approved, the money is sent straight to your phone. As such, Branch provides a convenient, fast, and reliable way to access credit whenever you are in need.
Other reasons why you should consider a loan from Branch include no late charges, access to large loans at low fees, no collateral needed, and fast approval of loans. How Branch loan works The Branch international loan application utilises machine learning algorithms to process numerous data entries and assess customers’ credit profiles, as well as, design tailored loan products. The data is collected by accessing information on customers’ phone.
The information assessed includes:
- GPS data
- Call logs
- Text message logs
- Contact lists
- Mpesa activity
- Handset details
- Social network data
It is worth noting that Branch accesses this type of information by first requesting permission from the customer. The company uses this information to verify a customer’s identity, as well as, to create a credit score for them. It also encrypts the data to protect the privacy of its clients. Applying for a loan from Branch branch loan application, branch loan limits, branch loan paybill number.
Before making a branch online loan application request, there are some things that you should have. Here are branch loan requirements:
- A Safaricom line that is registered with Mpesa
- A Smartphone – Android-enabled
- National ID number
Having satisfied these requirements, you can then go ahead and complete your branch loan application in Kenya using the following steps:
- On your Smartphone, go to your Play Store and search for the Branch application
- Download branch loan application and install it on your phone.
- Once installed, open the application.
- Log into the application using your phone number. Note that Branch only allows one account per individual. This means that you should use the phone number you intend the application to always associate with your account to log in the first time.
- Fill out the form provided to enable branch to conduct a review. The form includes details such as your country, your National ID number, your name, and your date of birth.
- Wait for feedback to apply for your loan.
- Once feedback is obtained and your account gets validated, you will be taken to the loans offer page. The highest loan limit for first-time borrowers is Kshs. 1,000.
- Select the amount you want to borrow and submit.
- Wait for a text message informing you about your branch loan application status.
- If approved, the money is sent into your Mpesa account.
Branch loan interests rate charges and loan limits
Branch loan limits in Kenya range between Kshs. 250 and Kshs. 70,000 over a period ranging between 4 and 68 weeks. You can grow your loan limit by repaying loans earlier; that is, before the due dates. Furthermore, you can boost your Branch loan limit by requesting for their loans occasionally. This increases your digital footprint in their system. The Branch loan interest rates in Kenya range from 10% to 27%. This translates to a monthly interest rate of between 1% and 21%.
Repaying the Branch loan interest rates and due amounts
Branch loan application, Branch loan limits, Branch loan paybill number
The good news with the Branch loan interests rates and repayment of principals is that it can easily be repaid through Mpesa or using the automatic pay feature. The following steps are a guide on how to pay branch loan via Mpesa:
Open the Mpesa Menu on your phone
- Choose the Lipa na Mpesa option
- Click paybill
- You will be prompted to enter the paybill number. The Branch loan paybill number is 998608. This is the number you enter here.
- Key in the account number. The account number refers to the mobile number you registered with Branch. In this case, it is your Safaricom number.
- Key in the amount you wish to repay
- Enter your Mpesa pin and authorise the transaction.
- Wait for a message from Mpesa confirming the transaction.
Make automatic ATM card payments in the Branch app
- Go to ‘My Loan’, tap the round ‘Tap to Pay’ button.
- Select the Amount you wish to repay. You can choose to pay the: Next Amount Due Total Balance Other Amount (you will be required to fill the amount you want to pay)
3. After you have made your selection, tap ‘Continue’.
4. Add your Debit (ATM) card details:
- Enter your ATM card details
- 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)
5. After you have filled in the details, tap ‘Continue’.
6. Choose your auto-debit setting under ‘Payment Options’ and tap ‘Continue’.
7. To secure your payment, some banks will ask for your pin or send a security code to your phone.
8. Your payment is done. If successful, your account will be updated automatically within few seconds.
No fees will be charged to you for this transaction and it might take some time for repayments to reflect The Branch app is a secure way of obtaining funds in a fast and convenient way. As seen from this article, the Branch loan application process is quite simple, as long as you have a Smartphone, a Facebook account, and a Mpesa account.
In regards to how to repay branch loan, this article shows that repayments for this loan can easily be made through your Mpesa line. Go ahead and get your loan today!
Watch Branch Loan Interest Rates and Application Video on YouTube