One of the quickest ways to apply and qualify for an instant mobile loan in Kenya is by using the branch app on your phone. Once you have downloaded and installed the app on your android phone, you can easily apply and qualify for a loan within minutes.
To download the branch app on your phone to apply for an online loan in Kenya, follow the steps below.
Steps on how how to download Branch loan app:
- Make sure your smartphone is connected to the internet and has enough space.
- On your android phone, open the google play store.
- Once google play store has opened, type in ‘Branch loan app’
- Select the ‘branch – Personal Finance loans’ and press ‘Install’
- Wait for the Branch app to be installed on your android phone.
- Once the installation is complete press ‘Open’ to launch the Branch.
Note: Need to download the apk instead. Get the branch loan apk from the aptoide website.
It’s no secret, emergency loans are how most of us Kenyans survive during the month. These loans come in handy especially when you need some money in the form of a quick loan to pay for unforeseen expenses. The types of emergencies that require money quickly like paying for KPLC tokens, your house rent or to boost your child’s school fees.
What are branch loan app download requirements?
Before getting the loan app on your phone, you need to make sure you meet certain requirements. The reason for this is that it makes qualifying for an instant loan on the app much easier.
Here are the requirements:
- You need an android phone.
- An active Facebook account.
- Safaricom line.
- Must be registered with M-pesa.
- You’ll need your national ID.
How do I apply for an instant branch mobile loan?
To apply for a branch loan follow these steps:
- Open the Branch app.
- You will be provided with ‘loan amount’ options.
- Choose the loan amount you want to apply for.
- Select terms of payment.
- Press ‘request this loan‘
- Confirm the loan details that will be given i.e. ‘principal‘, ‘interest‘, ‘total‘ and ‘monthly rate’.
- You will be asked to ‘confirm deposit account‘ this is the mpesa account you want to receive your loan.
- Press ‘apply!’
- The branch app will confirm ‘loan requested!‘
- You will then receive a confirmation message from m-pesa that you have received the money to your account.
- The app will then confirm that ‘your cash was Deposited‘
- Branch international will inform you when payment is due.
Now that’s a quick and easy instant loan directly to your mobile phone. And the good thing is, when applying for the loan using the branch app, there were no complicated procedures.
One thing you will note when applying for a loan, unlike loans you get from a bank, the one you apply for through the app doesn’t require security. This will explain why the branch app is more popular than Tala loan app when it comes to customers and downloads. Branch has over 10 million downloads on the google play store. Mita kumi! Crazy amount.
Tala app and branch app are very similar in how they give out loans to their customers. Because of this, you will find most people have either one or the other app installed. In other occasions, customers have both loan apps installed on their phones.
How to increase your branch loan limit to guarantee bigger loans:
So you have applied for your first branch loan and qualified. Congratulations, you are now on your journey to being able to pay for your emergency and cash expenses easily and quickly.
But how do you increase your loan limit and grow the amount you qualify on the branch app? Well, there are four ways you can do this which include repaying your loan on time and also this tips below.
Repaying loan on time:
Increase your chances of growing your loan limit by making sure after receiving your first loan, you repay it on time.
Avoid defaulting on loans:
Avoid going past the due date because this will cause you to be marked by the apps artificial intelligence as a loan defaulter. So the first step is to avoid defaulting on loans.
Request loans often:
Another way to increase your branch loan limit is to request for loans on the app more often. This helps the system to mark you as a consistent loan borrower hence adding your chances growing your loan limit.
Transact a lot on mpesa:
In addition to requesting a lot of branch loans, to grow your loan limit, make sure you transact a lot on your m-pesa. One of the factors Branch looks for when increasing your borrowing limit is how often you make transactions on m-pesa. This is because when you install the branch app it can read your SMS’s, including your mpesa messages.
Here are the permissions that Branch loan app needs when qualifying you for a small loan in Kenya.
Branch loan interest rate:
Branch loans attract an interest rate that ranges from 10% to 27% on each loan you borrow. This interest rate is on the higher end compared to other mpesa loan lending sources. Interest rate depends on the amount of money you borrow.
Loan limit on Branch app:
How much can on qualify to borrow on Branch app? Branch loan limits start from a minimum of ksh 250 up to a maximum of ksh 70, 000. The loan repayment period is 61 days from the time you receive your money on your mpesa account.
Permissions needed by Branch app to qualify you for an instant mobile loan in Kenya:
Below are the permissions required by branch when you install the app.
- Identity: The branch app will have access to ‘read your own contact card’.
- Contacts: branch co app will ‘read your contacts’
- Location: The mobile loan app will also access ‘approximate location (network-based)’ and ‘precise location (GPS and network-based)’.
- SMS: Branch app will be able to ‘read your text messages (SMS or MMS)’ and ‘receive text messages’.
- Phone: The loan app will ‘read phone status and identity’.
- Photos/Media/Files: You’ll provide access for the app to ‘read the content of your USB storage’ and ‘modify or delete the contents of your USB storage’.
- Storage: branch will be able ‘read the contents of your USB storage’ and ‘modify or delete the contents of your USB storage’
- Camera: Yes, branch international’s app will need access to ‘take pictures and videos’
- Wi-Fi connection: The loan app will be able to ‘view Wi-Fi connections’.
- Device ID & call information: Branch will be able to ‘read phone status and identity’
How do you qualify for a branch loan?
Qualifying for a branch loan is very straight forward. You first need to download the branch app [internal link: download] on your android smartphone. Also, make sure you have a Safaricom line because Branch international doesn’t support other mobile phone providers in Kenya like Airtel and Telkom Kenya. Another important thing is, make sure you have an active m-pesa account.
Proceed to open the app, register yourself for a branch account, log in to the app and apply [link: internal to apply branch]f or an instant mobile loan inside the branch app. That is how you qualify for a branch loan.
In addition to that, it will help if you have not been listed on the credit reference bureau i.e. CRB as a defaulter for any reason. Additionally, make sure you have paid loans from other loan providers such us Tala, Timiza, Okash or Haraka. What has been noted in some cases is that having an unpaid loan with one of these mobile loan providers could affect your chances of qualifying for a loan.
Can you apply for a loan on Airtel or Telkom Kenya?
You may be wondering if you can apply for a branch loan if you have an Airtel or a Telkom Kenya phone line. For now, the branch loan service is only available on Safaricom lines. This is because loans are dispersed through the m-pesa service.
What are the Terms of payment for the loan taken from the app?
How do you get a statement from Branch about your account?
Every once in a while you may need a financial statement to keep track of all the loans you may have applied for from Branch International. The company makes it easy for customers to access their Branch statements. All you need to do is put in a request to branch to provide a statement of your account.
How do you go about requesting your branch statement and activity log of your account? Simply email branch support using the ‘[email protected]’ email address with a request for your account statement. Another way to do it is to contact branch using the in app contact link.
Can you download Branch loan app for iPhone IOS?
Looking to download and install the Branch loan app on your android phone? Well, for the time being, the instant loan app in Kenya doesn’t have an option for your iPhone. The app is only available for android phones at the moment.
We shall, however, have our ear on the ground checking to see if branch will release an iPhone app.