Branch loan is among the mobile lending apps in kenya on top of other lending companies such as Tala loan app , mshwari and so much more. Applying machine learning, Branch has created an algorithmic approach to determine credit worthiness via customers’ smartphones. While this tech-forward approach requires transparency and trust, it also enables a fair, secure and convenient path for customers to build capital and save for the future.
BRANCH LOAN INTEREST / FEES
Branch offers loans from Ksh 250 to Ksh 70,000. Loan terms range from 4 – 48 weeks. Interest ranges from 13% – 29% with an equivalent monthly interest of 2% – 16% and APR of 22% – 199%, depending on your loan option. There are no late or rollover fees and no collateral necessary. Interest rates are determined by a number of factors, including your repayment history and the cost of lending for Branch.
BRANCH LOAN LOCATION AND OFFICES
Branch has offices in Nairobi, Kenya; Lagos, Nigeria; Mexico City, Mexico; Mumbai, India; and San Francisco, United States.
BRANCH LOAN APPLICATION FORM
How do I change my personal details?
To edit your personal details, click on this link My Account or go to “My Account” and click “Edit” under “Personal Info”.
How can I add a new mobile money number?
To register a new mobile money number, click on this link then click on “Add Account”.
How do I validate my mobile money account?
Branch asks you to validate your mobile money account to ensure that it is a supported carrier and that it belongs to you. Click on this link , then click on the phone number labeled NOT VALIDATED that you wish to use as your Branch phone number.
Click “Validate” and then “Continue”. You will receive an SMS message with a 4-digit code that you will enter in the app to validate the number.
Why is my SIM unsupported?
You may see this error message if Branch loan is unable to detect the required SIM in your phone. Kindly remove all other SIMs from your phone and leave only the Safaricom SIM you want to use and then log back into Branch. You should be in a position to add your number and proceed to validate it.
Can I change my national ID number after I receive a loan?
At Branch, we conform to the highest standards of data integrity. This means that you cannot change information that was previously used to process a successful loan application. We apologize for any inconveniences caused.
Can I delete my branch loan account?
If you would like to delete your account, please make sure that you have repaid all of your loans and then write to us on the in-app chat with your request.
BRANCH LOAN ELIGIBILITY CRITERIA
What is required to receive a Branch loan?
Requirements are simple – all you need to apply is your phone number or Facebook account, National ID and mobile money account. We will also request access to the data on your phone in order determine your eligibility.
How does Branch loan app make a lending decision?
Branch uses data from your phone, including your handset details and SMS messages to make lending decisions. We combine this with your Branch repayment history to build an individualised credit score, which determines the loan offers you receive.
Why was I rejected for a branch loan?
If you don’t get accepted when you apply, don’t worry! Sometimes it may take several attempts to qualify for a loan. We encourage you to continue saving data on your phone and to reapply after the period stipulated.
How long does the application process take?
We aim to process all loans within 24 hours. On average we process loans in less than 3 hours and hope to reduce that to a few minutes.
How can I increase my chance of being accepted?
Branch uses data from your phone as well as other sources to make a lending decision. To increase your chances of approval, please make sure to save the data on your phone, stay current with all other lenders, and correctly input your account details.
What if someone else applied with my phone?
Once a phone has been used to access Branch, it cannot be used by anyone else. To access Branch, kindly use another phone that you own and that has not been used for a Branch loan before.
BRANCH LOAN LATE REPAYMENT AND CRB
What will happen if I miss my repayment?
Paying each installment by its due date allows you to access larger loan sizes. Late repayments will affect your ability to get subsequent or larger loans. If you are very late on your payments, we report to the Credit Reference Bureau (CRB). Blacklisting by the CRB may affect your ability to borrow from other lenders.
Can I request to repay my branch loan at a later date?
Unfortunately, Branch cannot alter your repayment schedule after you’ve received a loan. If you are unable to repay the full amount due, we advise you to start making partial repayments as soon as possible.
What is a Credit Reference Bureau?
A Credit Reference Bureau (CRB) collects credit information on individuals and can provide your repayment performance data to banks, lenders, and potential employers. CRBs help promote financial inclusion and prevent over indebtedness.
What should I do when I clear my branch defaulted loan?
We will update and forward your details to the CRB for clearance. If you wish to acquire a certificate of clearance, kindly check with the CRB within a week of making your repayment.
To which Credit Reference Bureaus do you report?
We report to Metropol and TransUnion.
How can I get my batch number?
If your account has been cleared with the CRB, please message customer care to receive the batch numbers for Metropol and TransUnion to follow up on your certificate.
BRANCH LOAN REPAYMENT PROCEDURE AND PAYBILL
To make a branch loan repayment, follow these steps:
1. Navigate to MPesa in your Safaricom menu on your phone
2. Select Lipa na M-PESA
3. Choose the Paybill option
4. Enter the Paybill number 998608
5. For account number, enter your MPesa number on which you received your Branch loan
6. Enter your repayment amount
7. Enter your M-PESA pin
8. Confirm that all details are correct and press ‘OK’.
Is there a monthly repayment option?
Depending on the loan size you select, a monthly repayment option is available. Click on the blue arrow below “Select Terms” on the “My Loan” page to choose between weekly or monthly payments before requesting the loan. If you choose weekly repayments, you will need to pay each installment by its weekly due date in order for your loan to be considered on-time.
My branch loan repayment didn’t reflect. What should I do?
If you do not receive confirmation from Branch that your repayment was received within a few hours, kindly send us the transaction confirmation message you received and the number you used to make the payment via “Customer Care”.
Can I repay branch loan app early?
We strongly encourage you to repay your loan on the dates available on “My Loan” to increase your loan offer amount.
what happens if I overpay my loan?
If you overpay your loan on your last repayment, the amount will remain on your account and be applied on the repayment of your next loan.
BRANCH LOAN CUSTOMER CARE / CONTACTS
branch loan customer care contacts are listed below
BRANCH LOAN BONUS
Get your unique referral code here and share with as many friends as you’d like. After a friend downloads the app, make sure they enter your code on our Promotions page. Once they repay their first loan, you will receive a bonus. By participating in the referral program you agree to the Branch Referral Program Terms and Conditions .
How will I receive my Branch loan bonus?
Bonuses are automatically deducted from the amount of principal you owe on your next loan. Kindly note that your friends must enter the code on their Promotions page before fully repaying their first loan or you won’t receive your bonus.