How much can I borrow from branch for the first time? Branch Loans App is a platform that provides instant loans up to 500,000 Naira without any collateral or documents.
Branch loan offers favorable rates of interest and gives you plenty of time to pay off your loans. The app is available in Nigeria, Kenya, Mexico, India, and Tanzania.
To get a loan on this app, all you have to do is download the app, register by providing all the required details, and apply for a loan.
If you want to know how much can I borrow from branch for the first time? then read on.
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About Branch Loan App
Branch Loans App is a platform that provides instant loans up to 500,000 Naira without any collateral or documents.
Branch loan offers favorable rates of interest and gives you plenty of time to pay off your loans. The app is available in Nigeria, Kenya, Mexico, India, and Tanzania.
How much can I borrow from the branch for the first time?
How much can I borrow from branch for the first time? The branch loan app allows you up to 500,000 Naira as a loan, but you usually can’t access up to 500,000 Naira when you first register on the app.
When you apply for a loan, the branch will conduct a background check of your credit history to determine if you qualify for a loan.
You can get anywhere from 2,000 naira to 10,000 naira for the first time, depending on your lending history. When you pay off your loans on time, you can get a larger amount the second time you apply for a loan and the subsequent times as well.
On the second and third time, you can get from 20,000 naira to 100,000 naira and more.
The key is to make sure that you always pay off your loans on time before the due date.
How it works – Branch Loans App
Using the branch loans app is very simple and straightforward so anyone who can run an Android phone or iOS phone can use this app without any additional help from anyone. All you have to do is go to the Play Store on your Android phone and download the app.
After downloading, launch the app and create an account (you have the option to use a phone number or Facebook). Once successful, you can fill in other details and enter your BVN (this is required for verification and refund).
After these steps, you can now apply for a loan.
What is the loan amount that I can request?
As a first-time branch loan, you can apply for between 1,000 and 13,000 Naira loan. You can ask for a larger amount upon successful repayment of your first loan. The new amount will depend on how fast you can pay as well as flow in and out into your linked bank account.
Branch loan repayment plan
The branch offers a range of payment plans that include;
- Weekly Payment: Here you pay a small portion of the loan amount every week.
- Month Payment: Here you pay the full amount you borrowed plus interest at the end of the month.
- 2 Months Payment Plan: In this option, your loan is divided by 2 and you must repay part of it at the end of the month. The interest rate here is multiplied by 2, so you pay higher interest.
How legitimate is a branch loan?
From our experience with Branch Loan, I can say that they do what they say. No hidden fees. You just have to make sure that you make the loan payment as soon as it is due to avoid problems with the credit bureau.
How to pay off a branch loan
- Open your branch loan application
- Select “My loan”
- Click “Click to Pay”
- Enter the amount of money you intend to return
- Select your preferred payment method: bank or debit card
- Click Continue
They will agree to pay off your loan within 24 hours. If you encounter any problems during loan repayment, please contact Branch Loan Customer Service at nigeria@branch.co or support@branch.co for assistance.
Branch loan application customer service number
If for any reason you wish to contact Branch Loan’s customer service team, you can do so via email ([email protected]) or the in-app support option. This is the only way to contact them right now because they don’t have a customer service number I can call. They also don’t take care of the people in the office.
FAQ – How much can I borrow from branch for the first time?
How long does it take to get a loan?
This loan is instant, so it takes a few minutes to a few hours to get approved for the loan so that you can get the amount you applied for instantly. How quickly a loan is approved depends on the result of a background check performed on your BVN. Usually, this is to check if you can pay the required amount.
What is the USSD code for branch
Branch Loan does not have a USSD code at the time of this post. Although they may apply in the near future, and if they do, we’ll update this article to include the USSD branch code, but for now, please continue to use the app to get your loan.
What is the interest rate on a branch loan?
Since the branch loan is not a grant or a zero-interest loan, it has an interest rate that each user of the loan application must pay after the specified time. The interest rate here ranges from 2.5% to 30%. As a beginner, you are given the loan at 15%, but as the loan amount increases, the percentage will gradually decrease.
For N7,500 Naira, simply divide 7,500 / 100 = 75. Multiply 75 x 15 = 1,125. This means that for a loan of N7500, you will pay N8125
What is the interest rate on a branch loan?
Since the branch only makes loans and not grants or interest-free loans, the borrower is expected to pay a certain interest rate for the loan made, and the branch charges 20% interest on any amount requested. For example; A loan of 13,000 naira earns 20% interest, so at repayment, you are expected to pay 15,600 naira. To get this, simply divide 13000/100 = 130. Multiply 130 x 20 = 2600. This means that for a loan of N13000, you will pay N15600.
What are the benefits of a small loan?
Some of the main benefits of a small loan, such as a branch loan, is that it can help you start a small business if you need a little capital to start a small business.
It also helps during an emergency to solve financial problems instead of running from pillar to pillar looking for someone to borrow from.
Is the branch loan application approved by the Central Bank of Nigeria?
Yes, Branch Loan is one of the Central Bank of Nigeria-approved loan applications and you can confirm this by checking the list here.
Conclusion – How much can I borrow from branch for the first time?
How Much Can I Borrow From Branch For The First Time? The branch loan app allows you up to 500,000 Naira as a loan, but you usually can’t access up to 500,000 Naira when you first register on the app.
Never borrow more than you can afford, as this will keep you in bad debt. Always try to pay off your loan as soon as the funds are available so that you are free.
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