Loaning apps have made life easy for those who found it impossible and tedious to be advanced loans by traditional banks. Then the embarrassment of randomly calling friends and family to ask for a soft loan to meet an immediate need are gone; instead you can simply download one of the many mobile loan apps on google PlayStore, fill the required information and within minutes you have your loan. One of these apps that has a good rating in Kenya and the other countries it operates is Branch.
Login Branch Loan App
Simply download the branch loan app from your Play Store on your android powered phone. Sign in by selecting your country, afterwhich you will be given two options of either signing in through your phone number or Facebook. If you use your phone, you will receive a confirmation code to verify your number via text message. Then you will be requested for your full legal name, national ID number and date of birth.
Being Offered Loans
Once you have the app, you can apply loans of upto Kes70,000 ($700). The loans come with a one off fee of bwteen six per cent and 12 percent depending on the time you repay and the amount advanced. Eligibility is determined by the Android app that remotely analyses information such as mobile money transactions, calling patterns and Facebook behavior.
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The CEO Mr. Matt Flannery is said of the app during its formative days in the country:
“We have a ‘robot’ in the cloud — a machine learning algorithm — which analyses data from your phone, Facebook and other sources to determine how much to lend to you,”.
“Traditional banks are slow. They make you wait in long lines and fill out forms. Branch will deposit the funds in your mobile money account in a matter of minutes.”
Loans Interest rate charged by Branch
• Loan Terms: 4 Weeks – 16 Months
• Late / Rollover Fees: None
• Interest Range: 10% – 27%
• Equivalent Monthly Interest: 1% – 14%
• Equivalent APR: 12% – 180%
According to Branch website, the mobile loan app has over 3 million customers and has issued 15 million loans estimated at over $350 million.
Countries where Branch Operates
India, Kenya, Tanzania, Nigeria, and Mexico
Founders Of Branch
Branch International is a US company founded by Matt Flannery-who also doubles as Branch Chief Executive Officer- and Daniel Jung whose role in the company is the chief operations officer (COO).
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