If you happen to be an hourly worker, you may experience some level of pay variance from time to time. This makes it challenging to survive from one paycheck to the next, and you may need a helping hand.
Branch app promises to offer financial wellness for hourly workers, but does it deliver? In our comprehensive review of the service, we take a look at all you need to know about it.
We will consider how it works as well as the potential benefits and downsides of using the service. By the end of it, you will be in a position to make an informed decision on whether it is the right payday loan apps for you.
Read on and find out all about the platform and its services.
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What is Branch App?
Branch app is a mobile device platform that focuses on “financial wellness for hourly employees” with the aim of helping them get ahead financially.
To facilitate this, it makes use of a feature known as Branch Pay and a combination of other services.
It is available in all US states and was founded with the express aim of serving the financially underserved.
Hourly workers are often overlooked by most financial service providers and as a result, they are prone to cash flow problems and other issues.
But Branch also dedicates a great portion of its website to train employers on how to use the app to enhance employee efficiency.
Branch started out its corporate journey as Branch Messenger, a shift management and scheduling tool for restaurants, large retailers and other businesses with hourly employees.
It then added a wage-tracking service, and with this feature, started to gain insights into the financial lives of its users. The company referred to the workers status quo as precarious and started exploring ways to help.
That was when they came up with the idea of giving workers access to their paychecks in advance so as to boost productivity.
The company works with Plaid, a fintech unicorn, and through this integration, it has access to almost all US banks as well as credit unions.
Pros and Cons of a Branch App Loan
How Does Branch Loan App Compare to other Personal loan Lenders
Branch is a revolutionary app designed to offer affordable loans to hourly paid workers. The company behind the app started out on a different path of offering shift management solution to workers. But after monitoring the financial well-being of the wage workers, the company saw it better to give them advance payment on their paychecks in an effort to boost their productivity. Similar lenders such as Rise Credit, Cashnet USA, and Lend Up have been built around the same idea. Here is how they all compare to each other according to their loan limit, credit score requirement, interest rates, and repayment period.