Hello, Today we’ll talk about Branch Loan App Download, Signup, Interest Rates, Loan Code – Is Branch Loan Legit, Approved by CBN?
Branch is a popular instant loan app in Nigeria that offers quick access to funds right from your mobile phone. This comprehensive guide covers everything you need to know about the Branch loan app including download, signup, loan codes, interest rates, repayment terms, eligibility and more.
Here are some of the main benefits of getting a loan through the Branch app:
- Get funds instantly – receive loan within minutes
- Small loans up to ₦500,000
- No collateral required
- Loans from 1 month to 1 year term
- Simple requirments – BVN only
- Repay directly from your account
- Transparent terms, fees, rates
How to Download Branch Loan App
Follow these simple steps to download the Branch app on your device:
- Android – Go to Google Play Store
- iOS – Go to Apple App Store
- Search for “Branch”
- Download app for free
- Allow notifications to stay updated
The Branch app is free to download and use with no hidden charges. Make sure to download the authentic Branch app for safety.
How to Signup on Branch Loan App
Here is a step-by-step guide on signing up for Branch app:
- Open Branch app and select “Create Account”
- Enter your phone number and create password
- Enter your personal details like name, DOB, etc.
- Allow access to contacts (optional)
- Enter your BVN number
- Take a selfie for ID verification
The sign up process is quick and easy. Branch will verify your details before you can apply for a loan.
How to Get Branch Loan Code
Every Branch loan has a unique loan code used to identify and manage the loan. To get your loan code:
- Signup for Branch and apply for a loan
- If approved, loan amount is disbursed to your account
- You will receive an SMS with your unique loan code
- Use this code to make loan repayments
Save your Branch loan code to reference for all repayments and transactions related to that loan.
Branch Loan Interest Rates
Branch offers very competitive interest rates between 1.5% to 16% monthly depending on loan amount, term and other factors. For example:
- ₦10,000 for 7 days – 1.5% per month
- ₦70,000 for 3 months – 5% per month
- ₦500,000 for 1 year – 16% per month
No collateral is required. Rates are fixed for term of loan so easy to plan repayment.
Branch Loan Repayment Terms
Branch offers flexible loan repayment terms. You can choose:
- Loan duration from 1 week to 1 year
- Repayment frequency – weekly, bi-weekly, monthly
- Auto-deduction from your salary or bank account
This flexibility allows you to align repayments with your income to manage cash flow.
Is Branch Loan App Legit in Nigeria?
Yes, Branch International is a legitimate loan company headquartered in San Francisco, USA. Branch launched in Nigeria in 2017 after being approved by the Central Bank of Nigeria (CBN).
The Branch app and operations fully comply with money lending regulations in Nigeria. Branch is a licensed financial institution.
Branch Loan App Verification Process
To apply for a Branch loan, you need to complete their verification process including:
- Link your BVN
- Provide contact details
- Upload valid government ID
- Provide employment details
- Take a selfie for facial recognition
This secure verification helps Branch confirm your identity and eligibility for loan offers.
How to Increase Your Branch App Loan Limit
You can increase your loan limit by:
- Repaying loans on time
- Qualifying for larger loans over time
- Linking additional income sources
- Having a longer credit history
- Referring friends to join Branch
Good repayment behavior builds your profile on Branch and qualifies you for higher loan amounts in future.
Branch Loan App Requirements
To qualify for a Branch loan you need:
- Active bank account
- BVN number
- Personal ID (voters, drivers license)
- Minimum income level
- Good credit score
Branch uses this information to assess loan eligibility and assign suitable loan amounts and rates.
FAQs About Branch Loan App Download, Signup, Interest Rates, Loan Code – Is Branch Loan Legit, Approved by CBN?
1. Is Branch regulated by CBN?
Yes, Branch is registered with the Central Bank of Nigeria under prudential regulations for loans.
2. How long does it take to get a Branch loan?
You can get approved for a Branch loan in minutes and have funds in your account within hours.
3. Can I repay my Branch loan early?
Yes, you can repay all or part of your Branch loan early with no penalties.
4. Does Branch call employers for verification?
No, Branch relies on your submitted details like BVN for verification. No employer contact needed.
5. How do I contact Branch support?
You can contact Branch support through email, in-app chat or phone number listed on their website.
6. How long does Branch keep loan records?
Branch maintains loan records for at least 7 years after repayment as required by law.
7. Can I apply for multiple Branch loans?
Yes, you can have several active Branch loans concurrently as long as you pass eligibility checks.
8. Does Branch issue any loan statements?
Yes, you can download your Branch loan statements from the app showing balances, transactions, etc.
9. Can I use Branch for my business loan?
No, Branch only offers personal loans currently. For business loans try Kuda or Accion Microfinance Bank.
10. Is the Branch app safe to use?
Yes, Branch uses bank-level encryption and data privacy measures to keep your information secure.
11. What happens if I miss repaying my Branch loan?
Branch will first send you reminders, then attempt to debit your linked accounts before turning over defaulted loans.
12. How much can I borrow with Branch for the first time?
Most new Branch users can qualify for ₦5,000 – ₦25,000 on their first loan.
13. Can I use Branch without a smartphone?
No, the Branch app requires a smartphone as access and identity verification is done within the app.
14. Is there any paperwork required for Branch?
No. The entire Branch loan process is paperless, from application to disbursal and repayment.
15. How do I update my phone number on Branch?
Login to your Branch app, go to Settings and update your phone number details.
16. What network provider does Branch use to call me?
Branch customer support may call you from a private number to protect their identity.
17. Can I still get a Branch loan with bad credit?
Yes, Branch considers your overall profile. You may qualify for a smaller loan amount to rebuild your credit.
18. Is the Branch loan process completely online?
Yes, the entire process from application to disbursal and repayment can be done directly on the Branch app.
19. How do I pay back my Branch loan?
Branch provides your account details to setup automated deductions for ease of repayment.
20. Can I withdraw and repay cash for my Branch loan?
No, Branch loan disbursals and repayments need to be made directly to and from your bank account.
Conclusion
The Branch loan app provides Nigerians with quick and easy access to short-term personal loans completely through their mobile phone. Users can download the app, sign up in minutes, and get approved for funds in hours with no collateral required.
Branch offers transparent interest rates starting as low as 1.5% monthly. Applicants only need an active bank account and BVN to qualify. The sign up and repayment process is simple, secure and fully digital.
As an authorized financial institution regulated by CBN, Branch provides a safe, legitimate platform for getting loans on the go. With flexible repayment terms aligned to income flows, Branch empowers Nigerians nationwide to smooth cash flow gaps and achieve their financial goals.
After reading this blog you know about Branch Loan App Download, Signup, Interest Rates, Loan Code – Is Branch Loan Legit, Approved by CBN?
