After qualifying and receiving the money on your phone, now comes the part where you need to make your Branch loan payment. We have an interesting saying in Swahili, ‘kuomba harusi Kulipa matanga‘. This loosely translates to ‘borrowing is a celebration, but repaying is a funeral’. However, Branch app makes the loan repayment process a piece of cake. Who knows, you might enjoy it.
This article will take you through a step by step of how to make your loan repayment for your Branch instant loan. This loan you most likely applied for and qualified using the Branch International app on your android mobile phone.
What Branch app has done is provide many ways in which someone can repay their loan. some of the options available are: repaying it via the Branch m-pesa paybill 998608, also you can make a payment from within the app using m-pesa Xpress and repaying the branch loan using a debit/credit card.
Below, find out the process of how you can make your branch loan payment using mpesa paybill.
Did you know: You can earn money through a commission from Branch for referring your friends. Here is how you can earn a commission simply by recommending friends to use Branch for loans.
How to repay your branch loan using m-pesa paybill 998608:
These are the steps to take:
- Open the ‘Mpesa menu‘ on your mobile phone.
- Select ‘Lipa na mpesa‘
- Now choose the ‘Paybill‘ option
- The Branch loan app Paybill number is 998608, enter this number
- Enter your registered safaricom mpesa number as the account number
- Proceed to enter the loan amount you owe Branch and Press OK
- Enter your m-pesa Pin
- Confirm that the Paybill number, account and amount are correct.
- Press Ok.
- You will receive an SMS confirmation from Branch confirming that they have received your payment.
How to make loan payment within the app using m-pesa xpress:
Use the following procedure:
- Open the Branch app.
- Log in to access the app.
- Press ‘Repay loan‘ option.
- Enter your mpesa PIN.
- Press Okay
- You will receive an m-pesa message confirming amount has been sent to Branch International.
- Branch will also send you a confirmation SMS.
You can make your Branch loan payment using a debit/credit card, here is how:
Here are the steps to follow:
- Open the Branch loan app.
- Go to the ‘my loan‘ option and select “Tap to Pay“.
- Now, select the amount you wish to repay. These are the options available; Next amount due, Total Balance, Other Amount.
- Next, press ‘continue‘.
- Now you’ll be prompted to key in debit (ATM) card details: This will include the card number, card Expiry date, and CVV.
- Press ‘continue‘
- Select auto-debit setting under “Payment Options” and tap “continue”.
- Your Payment is done. Some banks may ask you for your PIN or they may send a security code.
What is the Branch loan repayment period time?
Once the loan repayment period for your branch period has reached, you will need to pay your loan promptly. Branch allows you to select two repayment periods when applying for your loan: there is a monthly loan repayment period of 28 working days and a weekly repayment period.
Something worth noting is that the weekly repayment period is spread over one month. What this means is that when repaying your branch loan, it will take four equal weekly payments.
Please take note, and this is very important! Defaulting on your Branch loan is a very serious case; this is because Branch international will forward you to CRB. Here at saidia we encourage you to make your loan payments on time.
How much interest are you charged on the loan you repay?
Many people confuse the service fee that branch charges with interest rate. When you qualify for a branch loan, the app charges you a service fee for using the service. This means that what people confuse as an interest rate, which is 15%, is actually a service fee.
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