Getting a loan from Branch app is easy and convenient, but it’s equally important to know how to repay the loan. Repaying your loan on time not only saves you from increased interest rates but also helps build a positive credit history. In this blog post, we will walk you through five fast and easy ways to repay your Branch loan.
- Understand the Repayment Terms: Before applying for a loan on Branch, take the time to read and understand the repayment terms and conditions. Knowing your obligations will help you plan for timely repayments and avoid any unnecessary stress.
- Repayment Options: Branch offers multiple repayment options, giving you the flexibility to choose what suits you best. Let’s explore them below:
a) Branch Wallet: The most recommended method is using the Branch app itself. If you have funds in your Branch Wallet, you can use them to repay the loan. Simply select the “Wallet” option, click “Continue,” and choose to repay the total due or enter a specific amount.
b) USSD (Guaranty Trust Bank – GTB): If you have an account with GT Bank, you can opt for USSD as your repayment method. Click on “USSD – Guaranty Trust Bank (GTB)” in the repayment options, and then proceed with the payment process.
c) Bank Transfer (Mobile App): Repaying through your bank’s mobile app is another easy option. Take note of the bank name, copy the provided account number, and initiate the transfer from your bank’s mobile app.
d) Debit Card (ATM Card): You can also use your Debit Card to make the payment. Click on “Debit Card” in the options, and enter your card details (card number, expiry date, and CVV). The amount will be deducted instantly from your bank account.
e) Cash Deposit at Bank (GT Bank): For GT Bank customers, you have the option to pay in cash or make a bank deposit at any GT Bank branch. Visit a GTB branch with your loan payment and reference number from the Branch app.
- Repaying Before the Due Date: Paying your Branch loan before the due date is highly recommended. Early repayment not only reduces your interest but also helps improve your credit score.
- Consequences of Late Repayment: If you fail to pay your Branch loan on time, the interest rate will keep increasing daily. Moreover, you’ll receive reminders and calls from Branch to repay your loan promptly.
- Repayment Period: You can start repaying your loan from the day you receive it and continue throughout the loan duration period.
Conclusion:
Repaying your Branch loan is easy and hassle-free with various options available. By understanding the repayment terms and choosing a suitable method, you can ensure a smooth loan repayment process. Remember, timely repayment not only saves you money but also reflects positively on your creditworthiness.
