If it has a low interest rate, longer repayment tenure, and does not harass, it’s a good loan app. In this review, we will scrutinize Branch to see if this loan app is legit or a scam.
Branch is owned by Branch International Financial Services Ltd. It is a licensed Finance Company by the CBN (Central Bank of Nigeria) and has full approval from the FCCPC (Federal Competition and Consumer Protection). The address is 13th Floor, St Nicholas House, Catholic Mission Street, Lagos Island, Lagos, Nigeria. The website of this loan app is branch.com.ng.
Is Branch Loan Legit?
Branch is a licensed Finance Company by the CBN and approved by the FCCPC. The major problem with Branch is its customer support, and then there are other issues we will talk about.
This isn’t a digital loan-only app, i.e., you can also use Branch to transfer to any bank account in Nigeria, pay bills, and invest and earn. But if you want a very good experience, stick to using this app for loans only. This review will only look at the borrowing side of things.
The interest rate is typically 10 to 20%, which isn’t bad considering that many loan apps charge between 50% and 100%. However, this rate can increase if you do not have a good credit history. Therefore, the rate is not the same for different borrowers since it’s calculated based on your creditworthiness. Branch does not have preferential treatment for existing customers, which is good for new users.
Branch is very stingy when it comes to loan amounts, they take your credit history very seriously. But the interest rate is also very good when you compare it to most loan apps in Nigeria, especially those pesky ones.
Branch loans aren’t typically instant. For some people, it takes hours and sometimes days. Also, even if you take and repay your loans early up to 3 to 4 times, there is no guarantee that your limit will be increased the next time you apply.
As for the speed of disbursing a loan, it’s different people and different experiences. Yours might be instant, but another person’s own might remain in review for longer than 24 hours.
The repayment tenure depends on what you select and the amount of money you borrow. They allow you to choose your repayment date, like 1 month, 2 months, 3 months, etc. You may get up to 1 year but your risk profile has to be really low, and of course, the amount should be high enough for Branch to consider giving you 12 months. You will need to contact Branch directly to discuss a good offer. One problem with the application is that after you apply for a loan, you might be told to come back in the next 60 days.
The part you may like about Branch is that it does not harass debtors. This doesn’t mean you should borrow if you won’t have the money to pay back. Branch even has a no-penalty grace period.
The app service is very poor. Customer service is not always responsive. It’s a mixed bag, and you can sometimes receive a response in under 10 minutes, but you won’t experience this all the time.
How Does Branch Loan Work?
Branch has a loan limit of 1,000 naira and a maximum of 1 million naira. Don’t install this app to collect 1 million naira because you won’t get it easily, especially if you don’t have a good credit history.
Now, let’s say you request a loan of 17,000 naira, you will be expected to repay with an interest of 5,000 naira. Your loan amount typically determines the duration, and you can select more than one month. Your credit profile also determines the amount of money you can get. Branch won’t just lend you 1 million simply because it’s their promise. Unfortunately, the more you borrow from Branch does not mean your next loan will be higher. It could become smaller or nothing at all after you clear your debt.
How to Use Branch App
- Download the Branch app from the Google Play Store or Apple App Store
- Open an account with your personal and bank information
- Submit your registration information
- Apply for a loan
If your loan application is approved, the money will be credited to your bank account. As for the eligibility, you have to be at least 21 years old.
*There are different Branch apps available on the Play Store, including for Nigeria, Kenya, Tanzania, and India. If you are not sure about downloading the Nigerian version, visit the branch website earlier mentioned in this review. Click on the Android icon at the footer of the site to download the Nigerian version of the app.
Pros and Cons
Pros
- Available on Google Play Store
- Licensed by the CBN as a Finance Company
- Fully approved by the FCCPC
- Has a CAC (Corporate Affairs Commission) profile
- Has a web app, so you don’t even have to install the Branch app to log in
Cons
- Doesn’t focus on loans only
- Loan disbursement is typically not instant
- Not available on iPhone (Apple App Store)
- Poor customer support
Is Your Personal and Bank Data Safe with Branch?
Branch International Financial Services Ltd has not had complaints about customer data abuse, including calling borrowers’ contacts or digitally harassing customers who default. You can trust this loan app with your personal and bank information.
Personal information collected by Branch includes your name, age, email address, phone number, personal description, selfie, username, NIN, and home address (such as utility bill). Bank information collected by Branch includes BVN (bank verification number), debit/credit card number, and bank account number.
When you install the Branch app, information collected from your device, either with your permission or no permission, includes your installed apps, device ID, device type, IMEI, GPS information, device operating system, IP address, personal contact numbers, call logs, SMS logs, Facebook friends and other social media accounts, photos, and videos or other digital content. Branch may contact someone on your phone list, SMS, call list, etc.
Verdict
In this review, Branch gets a 4.2 out of 5 rating only because of its slow and inconsistent customer support service. They don’t shame borrowers. They need to improve on this. Branch is big, and they also have a USA presence. It’s not the regular Nigerian loan shark. Overall, it’s a very good app for borrowing money, and they don’t digitally harass defaulters. If you manage to get approved for a good amount, you’ll love the experience.
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