The Branch loan app allows you to borrow any amount between Ksh. 270 and Ksh. 70,000 depending on your credit score. Your loan limit will increase when you pay borrowed loans on time. You can pay easily via Branch loan paybill number 998608.
Here’s a quick rundown of information you need to know before downloading and installing this micromobile loan app.
What is the Paybill number of branch?
The Branch loan paybill number is 998608. Use this number to repay your loan via Mpesa. Note that standard Mpesa paybill charges will apply.
What is the Branch loan customer care number?
The contact number for Branch loans is 0727 643092. You can also contact them via Facebook facebook.com/branchkenya, @branch_co, or email email@example.com
What happens if you don’t pay branch loan?
If you fail to pay your Branch loan, you’ll incur more expenses because the loan charges keep accruing. As the penalties and charges accrue, you will suffer a poor credit score. You’ll also be listed at the CRB.
Does Branch give loans to Airtel users?
Airtel Money users can also apply for a Branch loan according to information on the company’s website. For Airtel users to get a Branch loan, they will also be required to allow access to text messages.
Disbursing over 400 million Kenyan shillings every month; the Branch loan app stands to be a leading competitor in the mobile lending industry. It has offered loans to over 350,000 people, including branded companies such as Uber and Jumia.
Its exponential growth is spurred by its community outreach, low-interest rates, and higher credit limits. Depending on your creditworthiness, you can receive up to Ksh 70,000 with a 48-week repayment period, and interest rates ranging between 13% and 29%.
About Branch Loan App
Branch International Company is a microfinance lending institution that offers various financial solutions, including unsecured digital loan services under the Branch App. It operates in multiple countries besides Kenya, such as Tanzania, India, and Mexico.
For their personal finance loans, they offer unsecured loans anywhere at any time with a support team readily available 24/7 to cater to their clients’ needs.
Branch utilizes various mechanical functions to access, award, approve, or deny loans to their customers. Their loan products depend highly on this algorithm as they automatically generate personal credit profiles, which they use during disbursements. During the process, various data is sourced including;
- Call logs
- Mpesa activities
- GPS information
- Contact information
- Mobile data or Wi-Fi
The above information is crucial to the company as they get to know their customers better before handing out any loans. It’s also an excellent way to authenticate any information handed out by a user on the application.
How to Register on Branch App
The process of registration and application is rather simple. With access to the internet, follow this procedure below to download and register on the loan application.
- Download the application’s apk file from the internet, or directly from the Google Play Store.
- Open the app to sign up and create an account.
- Fill in the required details, including name, Safaricom mobile number, and identification number.
- Grant the application access various information when asked.
- You will also receive a text message from them requiring you to add in the code, which then verifies your phone number.
- Set your secret security pin to secure all your loan transactions.
How to Apply for a Branch Loan
Once the registration is complete, you will need to fill out a personal form so the company can have an idea of who you are. The details of the form include;
- Full name
- Date of birth
- ID number
The form will then be validated by the app from where you will be granted access to the loans page which offers loans from as low as Ksh 250 to Ksh 70,000. Note, you’ll not be awarded the highest amount the first time as you have to prove your creditworthiness over time and recurring loan applications.
When applying for the loan, you will be subject to your loan limit, but as a first time user, you can get access to loans with a maximum of Ksh 1000. From the loan page, you can choose the amount you want, which then leads you to another page; Loan Term Details.
The page entails information such as loan amount, fees, and the total amount. You have to options for repaying loans, a lump sum amount, or installments. For both options, the respective repayment period will be highlighted.
Loan Approval Issues
This is the hardest part yet. To get your loan approved, you will have to be in line with the terms and conditions of the application. Such terms could include;
- Not registered as a defaulter by CRB (Here’s how to check your CRB status online)
- Complete and timely payment of previous loans, unless it’s the first loan.
- Request for a loan is within the loan limit.
If all your details are in line with the above conditions, then the app will have no reason to deny you the loan. It’s essential to note that every individual is limited to one account and one mobile number only. The mobile number should be Safaricom Mpesa registered.
Upon approval, the amount will be disbursed to your registered number, which then should reflect in the app. All the details regarding the loan will be under ‘My Loans’ tab while other notifications will be under ‘My Account’.
Branch Interest Rates
Branch has set itself apart from its competitors due to its low-interest rates and high loan amounts. With loans ranging from Ksh 250 to Ksh 70,000, the interest rates charged will be between 13% to 29%.
The monthly interest on the loans is between 2% and 16% with an APR of 22% to 199%. The repayment period also stretches from 4 to 48 weeks.
The Branch loan limit can be anywhere between Ksh 270 and Ksh. 70,000 depending on your credit score. The app allows for one to grow and build upon their limit every time one repays their loans.
As long as you make timely repayment within the stipulated time, and avoids being listed under the Credit Reference Bureau list of defaulters, you can grow up to the limit of Ksh 70,000.
How to Repay a Branch Loan via Mpesa
When it’s time to give back what is owed, the company allows for two simple methods: Safaricom Mpesa and automatic deposit.
Here’s how to repay your Brach loan via Mpesa paybill method:
- Open your Mpesa menu of the smartphone.
- Click on the Lipa na Mpesa option.
- Select paybill.
- Enter teh business paybill number 998608.
- Select the account number and key in your mobile number.
- Key in the amount payable.
- Add in your Mpesa PIN.
- Select okay and confirm details.
Once all is done, wait for the confirmation message to ascertain a successful transaction. The same details should reflect on the app.
Note that the new Mpesa paybill rates will apply to the transaction.
- From the Branch application page, click on ‘My Loan‘ and select ‘Tap to Pay’.
- Choose the amount payable which could be an installment, another amount, or the full amount/ balance.
- Select continue and add your card details. The information will include card number, expiry date and CVV – 3 digit code at the back of the card.
- Select continue again and tap on the auto-debit setting.
- From there you can make the payment. Once successful, the details will reflect on the application.
The automatic payments do not attract any additional fees while Mpesa payments will have to comply with the standard Mpesa charges. Plus, even with late payments, the company does not impose extra fees or interest on the initial amount.
Branch Contact Details
The application aims to be available 24/7 for their customers to allow for any question, feedback, or causes of concern. Below are ways you can get in touch with them;
E-mail Address: firstname.lastname@example.org.
You can also get in touch through their customer care service page on the application.
Over the years, the company has invested a lot in this application to make it a success and to fulfill their aim to be a fast, convenient, and reliable way to access credit when you need it. Which is why many have accredited positive reviews on the business.
Offering fast unsecured loans, no paperwork involved, no late charges or rollover fees, and fast loan approvals. That plus much more has gained the application of the popularity it has now.