Branch Loan App Download – is it Legit and Approved by CBN?

The Branch Loan app has gained popularity as a convenient platform for accessing small cash advances to bridge financial gaps between paychecks. However, questions about its legitimacy and approval by the Central Bank of Nigeria (CBN) have arisen. In this blog post, we will delve into the details to determine the legitimacy of the Branch Loan app and whether it is approved by the CBN.

Understanding the Branch Loan App

The Branch Loan app is designed to provide users with quick and easy access to small cash advances, offering a solution for those in need of immediate funds before their next payday. The app’s user-friendly interface and seamless application process have made it 

Interest Rates and Loan Breakdown

When it comes to personal cash loans, Branch Loan offers amounts ranging from ₦1,000 to ₦500,000. The tenure for these loans spans from 62 days to 1 year, with monthly interest rates varying between 3% and 23%.

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The specific interest rate depends on the risk profile of the customer. For instance, if you were to borrow ₦60,000 with an APR of 181% for a 62-day tenure, the interest amount would be calculated as follows:

Interest amount = (₦60,000 * (181% / 365)) * 62 = ₦18,400

The total loan amount disbursed remains ₦60,000, and the total amount to repay becomes ₦78,400 (₦60,000 + ₦18,400). This repayment is divided into two monthly payments of ₦39,200. It’s important to note that some customers might incur a late fee if payments are not made on time.

Branch Loan Requirements

To apply for a Branch Loan, applicants need to meet certain requirements, including:

  • Minimum age of 18 years old.
  • Bank Verification Number (BVN).
  • Proof of a reliable source of income.
  • Active bank account.

How to Apply for a Branch Loan

Applying for a Branch Loan is a straightforward process:

  1. Download and install the official Branch Loan app from trusted sources such as the Google Play Store.
  2. Open the app and follow the registration process, providing accurate personal information.
  3. Complete the required details and documentation, including your BVN and source of income.
  4. Submit your application for review.

Once your application is approved, you can access the approved loan amount directly through the app.

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Is branch loan app on apple store

No, the Branch loan app is not available on the Apple Store. It is only available on the Google Play Store for Android devices.

The reason why the Branch loan app is not available on the Apple Store is because Apple has stricter policies for financial apps. Apple requires financial apps to be approved by a team of experts before they can be listed on the App Store. This is to protect users from fraud and financial scams.

Branch is still working on getting their app approved by Apple. However, there is no ETA yet on when the app will be available on the Apple Store.

 

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Is Branch Loan Legit?

Yes. Branch Loan legit. The company has helped millions on Nigerians with quick loans and their app has over 10 million downloads on play store. The app has over 1 million reviews with 4.5 ratings.

 

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