The Branch loan app is popular for its loan feature, even though it can be used for other financial transactions like sending and receiving money. Additionally, you can invest with the Branch app and get up to 20% commissions.
The Branch loan app was released in 2015 and has over ten million downloads in the Google Play Store as at the time of writing this post. Over 521,000+ have reviewed the app and given it a 4.5 🌟 star rating on Google play store alone. This shows that their services are widely accepted.
Branch is also known to serve employees or the working class with paycheck loans. This means if you need a salary advance as a worker, you can easily get it.
However, there are a few things to take note of in this regard.
You can get instant loans for an additional fee.
Normally, Branch gives out loans within 3 days at no additional cost. But if you’re in a hurry and need the money ASAP, Branch charges you between $2.99 and $4.99 for instant access to your loan. The exact charge depends on how much you want to take.
The amount of advances available is limited.
The Branch app gives you access to your paycheck early, but you are limited in the amount of money you can advance. If you need a huge amount, you might want to consider a personal loan.
There are no interest charges.
According to the Consumer Financial Protection Bureau, payday loans can have astronomical APRs, sometimes as high as 400%.
The Branch app does not charge interest for standard paycheck advances. You can instead leave a tip for the service.
Confidentiality
Your employer won’t be able to see your advance request.
Repaying an Advance
Branch will automatically debit your checking account with the advance amount on your next payday, and will reschedule your payment if your pay date falls on a different day. This will help you avoid paying overdraft fees.
Remote workers are not eligible
Branch is only available to employees who work in traditional workplaces. Remote workers are not eligible for Pay. If you work in a traditional office, you will need to meet additional requirements. Some of the additional requirements you’ll need to meet are:
- Two consecutive months of direct deposit history into a checking account at a bank supported by the Bank
- A debit card that matches your supported bank account
These are just a few things to know about the Branch app.
Read Also: Fairmoney Loan App: See How To Get Instant Loans In Minutes
Branch Loan App Download?
The Branch loan app is available on only Android devices. You can download the appp on Google play store if you’re using an Android device.
How to Apply for a loan on Branch
You will need to download the Branch loan app to apply for a loan at Branch as they don’t have a website or a desktop app to access its loans. You can only access the Branch loan app via an Andriod app.
This link will take you to the Google Play Store branch loan app. Once you have downloaded the app, you will be able to create a branch account and fill in the necessary information. You can then access loans from Branch.
You can apply for a branch loan once your branch account has been set up. Follow these steps to get started:
- Open Branch Loan App on your device. Click the icon in the upper left corner.
- Next, click on ‘My loans’ to view your current loan offers
- If you are satisfied with the loan offer, click the button that contains your loan amount.
- Submit your bank account to receive the loan
- Next, click on “Request this Loan”
- Click on “Apply”, to apply for your branch loans
- Your loan should be received in a matter of minutes.
How to repay your Branch Loan.
There are a lot of options you can use to repay your Branch loan.
- Using your debit card
- Via bank transfer. You can access this in the Bank transfer section within the app. Then click on repayment. A unique account number will be shown where you can transfer the funds to.
- You can repay via USSD transfers. This option is available only for GT Bank Sterling, UBA, and Zenith account holders.
- You can repay with cash by visiting any GTBank branch close to you. To do that, tell the teller that you would like to use GTCollections for payment into “Branch International Financial Serv Ltd”. Fill in your personal information on the deposit slip. Click “Tap To Pay” to find your “Reference ID”. Choose the amount that you want to pay. Next, select “Cash” in the “Repayment Method” dropdown menu. Your “Reference ID”, should be added to the deposit slip.
Notification: Your payment will be reflected on your Branch account immediately if it is successful. Cash repayments will be subject to a N100 bank charge
Branch Loan Customer Care
Branch loan app does not have an email address or a phone number that customers can use to reach them regarding questions about loans. They can only be contacted via their mobile app.
