Branch loan app delivers quick, easy loans but with high interest

Branch loan app delivers quick, easy loans but with high interest

Loan apps have continued to bridge the financial inclusion gap in Nigeria by providing loan access to millions of Nigerians shut out of the credit system by banks. Although some unlicensed loan apps have become a menace to the system, genuine players continue to deliver on their mandate without compromising the ethics of the business. Branch, a Kenya-registered business with operations in Nigeria, India, and Tanzania, is one of the licensed loan apps providing instant credits to many Nigerians. Branch has created an algorithmic approach to determine creditworthiness via customers’ smartphones, using machine learning. According to the company, 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. A quick look at the app At 8.2MB download size, the Branch app is light and won’t give the users the headache of space on their phones. The user interface looks simple and easy to navigate. And with over 10 million on Google Play Store, the app is one of the favourites for many Nigerians. Suffice it to state that with operations in Kenya, Tanzania, Nigeria, and India, the 10 million downloads is a reflection of the diverse markets. The company says interest rates on the app range from 15% – 34%. You can get access to loans from N1,000 to N200,000 within 24hrs, depending on your repayment history, with a period of 4 to 40 weeks to pay back. All you need to apply is your phone number or Facebook account, bank verification number (BVN), and bank account number. They will also request access to the data on your phone to build your credit score. How To Apply