In this post, we look at how to pay for a loan from Branch via Mpesa as of 2020. Branch is the largest mobile loan provider in Kenya with more than 5 million app downloads on Google Play. The financial provider which is headquartered in San Francisco was established in 2015 and has since expanded to more than 5 countries.
Branch provides quick loans from as low as Ksh Ksh 250 to Ksh 70,000. Loan terms range from 4 – 68 weeks while interest ranges from 10% – 27% with an equivalent monthly interest of 1% – 14%, depending on your loan option. Interest rates are determined by a number of factors i.e your repayment history and the cost of lending for Branch. One good thing about Branch is the fact that they don’t charge late or rollover fees and no collateral is required when applying for a loan.
All you need to apply for a loan is an Android-enabled phone, phone number or Facebook account, National ID, and a mobile money account i.e Mpesa.
After a successful application, you will be required to pay your loan between 4 weeks and 16 months. To check your repayment schedule, on the Branch app, click on the menu on your top left and select ”My Loan”. You will be able to see your installments, due date, and the amount due. To pay your Branch loan using Mpesa, follow the steps below.
1. Go to your Mpesa Menu
2. Select Lipa na Mpesa
3. Select Paybill
4. Enter 998608 as the business number
5. Enter your phone number as the Account Number (the number which you received your Branch loan with)
6. Enter the amount you want to repay
7. Enter your Mpesa pin and press OK
8. You will receive a transaction confirmation message from Mpesa.
You will be reported to the Credit Reference Bureau (CRB) for blacklisting if you fail to pay your loan within the agreed repayment period.