Branch is a loan app by Branch international. The company describes itself as a for profit socially conscious company based in San Francisco and Nairobi.
To get a loan, you need to do the following:
1. Download the app
You need to download the app from the Google Play store here.
2. Create an account
Once you have the app, you need register for an account. To be able to access their loans, one has to download their Android app, fill out a form in the app and submit for a quick review.
When you download the app, it asks for access to some of the social and transactional history already stored on your phone courtesy of Mpesa and Facebook among other apps. Though this, they are able to analyse details like how much you spend in a day, whether or not you have a loan with other lenders, how much money you have deposited in Mpesa and who your friends and business associates are. Through this they are able to determine your risk profile.
Those who might not be on Facebook and as such don’t have a “digital identity” can initially request to borrow a small amount of money, repay it on time after which they can borrow bigger amounts with time. The good thing about Branch is that as you build your credit history, the fees reduce and you are able to access larger loans and more flexible credit terms.
3. Apply for a loan
Once you filled the details above, the app will let you know how much money you can be able to borrow. You can access loans of Ksh. 250 ($2.5) to Ksh. 50,000 ($500). Repayment periods are between 2 weeks to 1 month with interest rates of 6% to 16%.