Branch App Review - Reliable Help in an Emergency?
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Every worker looks forward to payday and getting compensated for their effort. However, payday doesn’t always arrive soon enough to help with urgent expenses. Some people resort to taking out personal loans, but consumers with bad credit may believe they have no other choice than a payday loan.
Payday loans are notorious for high-interest rates and high fees. Many people do everything possible to avoid those financial products. The Branch App is a viable alternative that lets you access your payday early without getting stuck with a payday lender.
In this article
What is the Branch App?
The Branch App is a paycheck advance app that lets you receive the direct deposit of your paycheck early. This app is compatible with iOS and Android devices, and you can download it from the Apple app store or Google Play store. The Branch App was founded in 2015 to help employers deliver on-demand payments.
The Branch App has several features that help businesses distribute funds to their workers while reducing payroll costs and streamlining the process. These efforts can help employers retain talented workers and allow employees to tap into their wages when needed.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
How does the Branch App work?
Your employer must use the Branch App for you to access your paychecks early. However, Branch isn’t just a way for workers to get paid early. The app can automate payroll and produce tax documents for staff. This mobile app can save business owners time and money during the tax season. No pre-funding is required.
If you request a cash advance from Branch, you will receive it instantly or within three business days. The instant transfer has a small fee, while the standard transfer is free. Branch will pull money from your checking account during payday to recoup the cash advance.
How much does the Branch App cost?
The cost of a Branch App cash advance depends on when you request the money. You can initiate free cash advances if you do a standard transfer. If you use this type of transfer, it will take up to three business days for the funds to arrive in your account.
Instant transfers allow you to access the cash advance immediately, but you must pay a small fee. The fee ranges from $2.99 to $4.99, depending on the size of your cash advance. The cash advance you can borrow ranges from $40 to $500. Your account history will impact your limit. Pricing varies for enterprises that use Branch.
Branch App features
Digital banking
Branch lets its users create digital banking accounts and also provides debit cards. You can also use the app’s cash-back rewards program and financial wellness tools to strengthen your finances.
Branch white label
Employers can put their company logos on Branch debit cards. This setup can make your company look more professional. These cards integrate with Branch’s core technology.
Faster payouts
Get up to $500 per payday in advance if you need the extra funds for an emergency. Branch offers an instant payout with a fee as high as $4.99 or a free standard transfer, which will take up to three business days.
Branch Direct
Employers can send direct and instant ACH payouts to their employees’ choice of financial institution. You can also embed a Branch Direct code into your platform or app. All you need are three API calls and a widget. Branch can walk you through the process.
Pay management
Branch has a Pay Admin Portal that lets you monitor transactions, export data, initiate payouts, and manage your payroll. You can also integrate Pay Admin APIs into your own platform if you have one.
Automated tax filing
Branch produces 1099-NEC forms for your independent contractors. Branch distributes these forms to the approach state and federal authorities.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Who is the Branch App best for?
Employees who need to cover emergency expenses. Tapping into your earned wages sooner is an app functionality that will make paying bills easier. You won’t always have the flexibility to wait for the next paycheck. Building an emergency fund can take several months and is a good backup. However, if you need money now, the Branch App can help. Workers can access up to 50% of their earned wages before payday.
Employers who want to retain talented workers. Perks like earlier access to funds will help employers retain their top workers. The Branch App can increase worker loyalty since the company makes it easier to access wages. For instance, trucker drivers may stay with an employer longer if they receive a payment upon making a delivery instead of 1-2 weeks later. It can be more expensive to let an employee walk away due to the costs associated with finding and training a new worker. A better payroll system can strengthen your business and give employees more reasons to stick around.
Employers who want a more streamlined payday experience. The Branch App helps businesses save money on payroll expenses. The app eliminates ACH costs and other payment fees. The process is automated, and it’s also easy to send off-cycle payments to your team if you want to offer bonuses or rewards. The Branch App helps employers save time to focus on their businesses. Branch can also save a good amount of time on the taxing side. The app issues 1099-NEC forms to you and your independent contractors. Branch will even file these forms with federal and state tax authorities.
People with bad credit. Branch is useful for people with good and bad credit scores. However, it’s especially useful for people with lower scores since you will receive cash advances without interest. Branch is more affordable than a payday loan and only has one flat fee for an instant advance. Standard advances are free and can take up to three business days to arrive in your account.
Who shouldn’t use the Branch App?
Employees who spend money spontaneously. The Branch App can enable negative financial habits if employees do not use their earned wages responsibly. The app can result in a negative feedback loop of using tomorrow’s money to cover today’s expenses. Using Branch for discretionary spending can result in you falling behind on critical expenses. Getting up to 50% of your paycheck in advance means you will receive a smaller payment on payday.
People who need to access all of their wages. Branch only lets you access up to 50% of your wages. For some people, that’s not enough money to cover emergency expenses. Personal loans have higher maximums, especially for people with good credit scores. Branch’s payouts aren’t always sufficient.
New employees. To use Branch, you must have two months of payment history with the same employer. If you just started with your new employer, you will have to wait a bit before you can use Branch.
Workers who need to borrow more than $500. Branch caps out at a $500 cash advance per pay period. This amount may not be enough for emergency expenses. You will have to get financing from other places to make up the gap. Some people use multiple cash advance apps like Branch to make up the difference. It’s normal for most cash advance apps to have limits ranging from $250 to $1,000.
People with a bad banking history. Even if your banking history isn't the best, you might still have a chance of using Branch. However, the app will look at your bank account and use its activity to gauge your cash advance limit. Consumers with a history of overdrafts may end up losing access to Branch.
Pros and cons
Pros
- You can access additional money when you need it without paying interest. It’s even possible to get a cash advance without paying a fee if you opt for a standard transfer.
- Streamlined payroll with automatic tax forms, sending payments to several employees from one dashboard, and other perks.
- Employers can retain talented workers more easily.
- Workers with bad credit can access capital without paying excessive rates and fees.
- There is no hard credit check.
Cons
- The cash advance is based on your cumulative hours worked during the pay period. While this sounds reasonable, you will have fewer wages to tap into if the work week has just started.
- You can only take out up to $500 before the next payday.
- Frequent cash advances can lead to negative financial habits and hinder your ability to save money.
- Paying back the cash advance will not improve your credit score.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Branch App vs. competitors
Branch isn’t the only app offering cash advances for employees and a better payroll system for employers. Here’s how Branch compares with similar apps and resources.
Maximum Cash Advance | Transfer Fee | Funding source | |
Branch | $500 | $2.99-$4.99 for instant transfers | Your employer |
Dave | $500 | $3-$25 for instant transfers | Dave (self-funding) |
Plaid | N/A | N/A | N/A |
Dave
is a cash advance app that doubles as an online bank. The company was founded in 2016 and is a publicly listed traded company. The fintech firm trades on the NASDAQ under the ticker symbol “DAVE” and is headquartered in Minneapolis. Dave has a $1 monthly subscription plan on top of its fees. However, it offers additional resources such as a side hustles hub and a Goals Account that tracks your savings. You can earn 4.00% APY for a Dave Savings account and get up to 15% cash back when you buy goods and services with a Dave Debit Mastercard.
You don’t need your employer on board to take out cash advances with Dave. While there is a fee for instant transfers, you can avoid the fee if you opt for a standard transfer. When you transfer money, it can take a few business days to receive the funds from this type of transfer. Dave and its users agree on settlement dates when the cash advance is due. Dave can pull money from your bank account to pay off the cash advance. Building a better banking history will get you closer to the $500 maximum cash advance.
Plaid
Plaid does not offer cash advances but is the backbone for many cash advance apps and digital banks. Seeing which banks use Plaid can open the doors to competitors offering similar cash advance limits and transfer fees as Branch. Plaid was founded in 2013 and integrates with over 12,0000 banks. The platform also powers more than 8,000 apps and financial services. Banks partner with Plaid for better cybersecurity and effective platforms for their users.
FAQs
Are cash advance apps legitimate?
Cash advance apps are legitimate and can offer extra funds when you need them for
emergencies. You should check an app’s reviews in the Apple Store and Google Play
before downloading it to your smartphone. Reading reviews lets you see the legitimacy
of an app as well as its strengths and weaknesses.
Can you borrow money with the Branch app?
You can borrow money against your wages with the Branch app. Funds can arrive in
your Branch Wallet the moment you perform services for your company. Branch has a
$500 limit per advance request.
Are cash advance apps bad for your finances?
Cash advance apps are great for emergencies, but they can get out of hand if used
improperly. Relying on cash advances and using it as a crux can hinder your ability to
save money and put you behind on retirement. Cash advance apps are optimal if you
use them sparingly and only for emergencies.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
The bottom line
The Branch app helps employers and employees manage their finances more effectively. Businesses can streamline their payroll with automated processes and save money. Employees can borrow up to $500 to cover emergency expenses. Once they repay the cash advance, they can take out another one if necessary.
Branch is a valuable resource for consumers with low credit scores. With a standard transfer, you won’t get stuck with a high interest rate and can avoid fees. Branch cash advances do not involve hard credit checks. The company has thousands of positive reviews in the App Store and Google Play and has established itself as a reputable choice.
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Writer
Marc Guberti is a business freelance writer who specializes in personal finance, digital marketing, and entrepreneurship. His award-winning book "Content Marketing Secrets" teaches readers how to create, promote and optimize content for growth and revenue. Marc also hosts the "Breakthrough Success Podcast," where listeners learn how to master content marketing and get more clients.
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