In the recent past, Fintech platforms like Branch have been rendering excellent financial services to their users to ensure that millions of their customers have access to urgent cash should the need arise. Branch is a popular Fintech platform that is fully registered in Kenya. Though the platform originated from Kenya, it operates in other countries like Nigeria, India, Tanzania, etc. Apart from loan services, the platform also offers saving services for their esteemed customers to enable them to save for the future and build capital.
According to the company, it claims that it gives financial peace of mind to their users by helping them to meet their urgent financial needs; most of the customers attest to that, while some users have divergent views due to what they perceive as a high interest rate and fraudulent related activities. Nevertheless, individual experiences may differ depending on some factors but the most important thing is that the applicants (users) should understand the terms and conditions under which Branch operates before patronizing the platform. In order to keep you informed, we have designed this article to serve as a guide whenever you may wish to borrow a loan from Branch.
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1. How Much Can I Borrow from the Branch?
The amount of money that a customer can borrow from Branch is not fixed; it varies. The credit score of the borrower’s determines the amount of money that they can borrow. Not only that, to be able to borrow huge amounts of money from Branch, the customer needs to build trust with the platform by having a positive repayable history.
In a nutshell, the amount that a user can borrow from Branch ranges from ₦1,000 to ₦500,000. However, new users can only access up to 200,000 but with time, if the repayable history is good, it can be upgraded to a higher amount.
2. Basic Requirements For Branch Loan
To access loans from Branch, there are basic criteria that a customer must meet. Some of the criteria are outlined below:
- The applicant must have a functional bank account with regular cash inflow
- The user is expected to download and install the branch app on their device
- The applicant must have a bank verification number (BVN)
- The applicant must have a valid means of identification
- The intending customer must have his details, like full name and address, handy
- A working phone number and an email address are also required.
3. Branch Loan Interest
Branch loan interest rates range from 17% to 40%. This interest rate is not fixed because it varies depending on the amount borrowed and the repayment plan chosen. Meanwhile, the annual Branch loan interest ranges from 18% to 260%. However, for some customers, this interest rate is high.
4. Branch Loan Repayment Plan
The repayment plan for branch loans ranges from one month to one year. This repayment plan varies depending on the plan you choose. But just bear in mind that the longer the repayment duration, the higher the interest rate and vice versa.
5. Branch Review
Most users of this branch platform have divergent views about the operations of the loan platform. Because of that, we sampled opinions from the users via Playstore and Trustpilot.
Generally, people’s views about the loan app from the Play Store are not bad but the reverse is the case in Trustpilot because customers complained of fraudulent related activities.
However, to have the best experience when patronizing the branch loan platform, it is best to understand their terms and conditions. Once you do that, you will have higher chances of having a better user experience.
According to our check on the Play Store, we found out that most of the users are satisfied with the services of the Branch platform. As a matter of fact, the platform has over 980,000 reviews with 4.6 stars, which is actually good for a platform of its nature. However, some users frowned at the loan amount, noting that it was too small.
According to Trustpilot, most of the user’s are lamenting account hacking and other related fraudulent activities.
One of the user’s Domino Jr. has this to say: ‘’It’s totally professional and one of 2 loan apps that truly give peace of mind and the interest rates are extremely humane. Very reliable app to use for payments and transfers ; goes instantly. Gives good investment returns. Thanks, Branch. Will recommend it to anyone, any day,any time’’
Another customer- DAN.D: ‘’My branch app account was hacked today. They stole all my whole paycheck. and I have the same problem: no one will answer the phone or email.
Final Thought
In conclusion, while Branch has emerged as a prominent player in the loan market, offering essential services like loans and savings to customers across multiple countries, it’s clear that experiences can vary significantly among users. Many appreciate the platform for its convenience and user-friendly interface, praising its ability to meet urgent financial needs and build savings. However, some users have raised concerns over high-interest rates and instances of account security issues, which are crucial considerations for potential borrowers.
As with any financial service, understanding the terms and conditions is vital before committing to a loan. The range of borrowing amounts, repayment plans, and interest rates suggests flexibility, but it also underscores the importance of careful management and awareness of one’s financial situation.
Ultimately, it’s advisable for anyone considering Branch to thoroughly assess their own needs, the loan options available, and the feedback from existing users. By doing so, you can make an informed decision that aligns with your financial goals and ensures a positive borrowing experience. Whether you’re looking to tackle an urgent expense or save for the future, knowing the ins and outs of Branch will help you navigate the lending landscape with confidence.