Getting a loan from Branch is quick and hassle-free, but it’s important to know how to repay it. Repaying your loan is flexible and convenient, with various options available to suit your preferences. In this guide, we’ll walk you through the simple process of repaying your Branch loan both online and offline.
Before applying for a loan on Branch, take a moment to read and understand their repayment terms and conditions. This will help you make informed decisions regarding your loan.
Repaying Your Branch Loan
Step-by-Step Guide
- Open the Branch App: Launch the Branch app on your phone. If you don’t have it yet, you can easily download it from your app store.
- Access Loan Information: At the bottom of the app, tap on the “Loans” tab. This will take you to your loan details and repayment options.
- Choose “Make a Payment”: Within the loan section, click on “Make a Payment.” This step will initiate the repayment process.
- Select Repayment Method: Branch offers various repayment options. Choose the one that suits you best:
a. Using Branch Wallet:
- This is the recommended method.
- If you have funds in your Branch wallet, you can use them to repay your loan.
- Select the “Wallet” option, then click “Continue.”
- Choose “Total Due” for full loan repayment, or enter your desired repayment amount.
b. Via USSD (GT Bank Only):
- If you have an account with GT Bank, you can use USSD.
- Select “USSD – Guaranty Trust Bank (GTB)” from the options.
- Click “Continue,” then choose “Total Due” or enter your preferred repayment amount.
c. Bank Transfer (Mobile App)
- Use your bank’s mobile app to transfer the repayment amount.
- Note the bank name and account number provided.
- Open your bank’s mobile app, paste the account number, and complete the transfer.
d. Debit Card (ATM Card)
- Use your Debit Card to make an instant payment.
- Select the “Debit Card” option, then enter card details (number, expiry date, CVV).
- Proceed with the payment, and the amount will be deducted from your bank account.
e. Cash Deposit at GT Bank Branch
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- Visit any GT Bank branch.
- Fill out a deposit slip with your loan reference number from the Branch app.
- Make your cash payment, and the funds will be applied to your loan.
FAQs
How can I repay my Branch loan online in Nigeria?
You can repay your Branch loan online by logging into your Branch account on the app or website. Once logged in, navigate to the ‘Repayment’ section and choose your preferred payment method, such as debit cards or bank transfers. Branch also allows for repayment via USSD codes linked to your bank account, making it easier to complete payments remotely.
Is it possible to make Branch loan repayments via bank transfer?
Yes, it is possible to repay your Branch loan using a bank transfer. You can find the Branch loan repayment details in the app or website, which will provide you with the bank account number to transfer the payment. Ensure that you enter the correct payment reference to avoid any delays or issues with processing.
Can I repay my Branch loan offline?
Yes, you can repay your Branch loan offline by visiting any designated bank branch in Nigeria that supports such payments. You will need to provide your loan account details and the required amount for repayment. The bank will process the payment, and it will be reflected in your Branch account once completed.
Are there any charges for repaying my Branch loan early or late in Nigeria?
Branch does not typically charge extra for early repayment of loans, but it’s important to check the terms and conditions of your specific loan agreement for any potential early settlement charges. Late repayment may incur additional fees or interest charges, so it’s recommended to make your payments on time to avoid these penalties.
Conclusion
Repaying your Branch loan is a simple process with multiple convenient options. You can use your Branch wallet, USSD, bank transfer, debit card, or even visit a GT Bank branch to make your payment. Remember, paying your loan on time not only avoids increased interest but also helps maintain a positive credit score. Choose the method that works best for you and complete your loan repayment with ease.
Also Read: Easy Credit Loan App Review: Is it legit? Download App, Interest Rate