Renmoney is a leading microfinance bank in Nigeria that is reputable for giving loans to Nigerians with a very flexible repayment method and moderate interest rates.
Their popularity has surged over the years as they have helped many small businesses, startup entrepreneurs, and individuals in need of personal loans.
In this article, I’ll be going through a comprehensive review of the popular fintech app.
Renmoney Loan Review – How to Get Quick Loan with Renmoney App in Nigeria
Have you been thinking about how to get a quick loan with the Renmoney App in Nigeria? Then, stick around as we are about to work you through the process and help you become a beneficiary of this well-lauded platform.
How to Get Quick Loan with Renmoney App in Nigeria
Renmoney has built a reputation for offering loans without collaterals and guarantors making it a favorable option for business owners looking to build their businesses and employees seeking personal loans.
No matter your employment status, you can also become a loan beneficiary with the Renmoney App as it is estimated that this microfinance bank has made available over 200,000 loans to Nigerians. Let’s, therefore, guide you through the step-by-step process of getting a loan from this app.
1. Visit the website
The fastest and easiest route to get a loan from Renmoney is to visit their website and apply for a loan there.
2. Complete the application form
You will be required to fill out an online application form before you can access the loan. Ensure you are as accurate as you can with the application.
3. Upload your documents
Before Renmoney will give you a loan, they have to be sure of the identity of the person they are dealing with. This is where your documents will come into play.
You will be required to upload some important documents which include your ID card, proof of your home address, and your bank statements. These documents will help Renmoney verify the kind of person they are dealing with.
4. Wait for your loan
Once you have provided all the necessary details required, the next thing will be for you to wait for approval of the loan. If your loan gets approved, you will get it within 24 hours or even lesser. You can check the mail address you provided during the application process for any important information.
5. Make use of the app
Just like the website, Renmoney has a mobile app on android devices that can help you access loans faster. Although, if you have an apple device, you would have to stick with the website. The app just like the website collects information seamlessly, verifies your applications, and disburses your funds within 24 hours. You can download the app from your Google Playstore.
6. Visit any of the branches
If you don’t want to go through the hassle of registering online and you would rather have a support staff ease you through the application process, then, you can visit any of Renmoney’s branches. They will assist you with your loan application there.
Is Renmoney Legit?
Yes, you can be confident that this Microfinance platform is legit. They are listed on the directory of the Corporate Affairs Commission as Renmoney Microfinance Bank Limited and have a registration number of RC – 1031927.
This platform is also regulated by the Central Bank of Nigeria. The Nigeria Deposit Insurance Corporation also insures deposits and savings on this platform so you can rest assured that your funds are safe and that Renmoney is legit.
Renmoney Customer Care
If you are all set to get the loan but you need clarifications about some grey areas, then, you can reach out to their customer care representatives. You can reach them through any of these contact numbers: 0700 5000 500 or 0700 73666639.
If you do not have the luxury of time to make calls, you can also contact them via mail through: firstname.lastname@example.org.
How Many Branches Does Renmoney Have?
Renmoney has its head office located at 23, Awolowo Road, Ikoyi, Lagos, Nigeria. It has four other branches spread across the city of Lagos, making it a total of five office locations. The other branches of Renmoney are:
- Marina Branch
27-29, Odunlami Street, Marina.
- Ikeja Branch
Pentagon Plaza, 23 Opebi Road, Ikeja.
- Lekki Branch
F61 & F62 Road 3, Ikota Shopping Complex, Ikota, Lekki-Ajah.
- Surulere Branch
Kings Plaza, 80, Adeniran Ogunsanya Street, Surulere.
How Much Interest Does Renmoney Charge?
Renmoney charges very fair interest rates ranging from 2.3%-9% per month. The interest rate will be based on the repayment plan that you opted for. The basic rule for Renmoney’s interest rate is that if you choose a longer term to repay the loan, then, the interest rate will be higher. If you opt for a shorter term, then the interest rate will be considerably lesser.
If you opt for a year repayment period, then, the interest rate can go as high as 33.9%. If you decide to pay back within a month, then, the interest can come as low as 15%. This method by Renmoney helps to ensure that loan defaulters pay back the loans.
How Renmoney Works
Renmoney is a platform that allows you to access personal loans of up to 4 million naira without collateral. All you have to do is download the application or visit the website and fill out the application there and you are all good to go. Alternatively, you can visit the branches that we have listed and you will still be able to access these loans.
Let’s run you through how you can fill out the online application forms seamlessly.
- The first thing to do will be to fill in and sign the online button. You can even choose to preview the form as an image so you know the necessary details required.
- The editor has advanced tools that will help you through the editable template that comes in a pdf format.
- Then, make sure you enter your official identification contact details just as we have explained earlier.
- You can work with a checkmark to indicate any answer whenever necessary.
- Go back and check the information you have provided to be sure of total accuracy.
- You can use the sign tool to create an online signature on the form.
- Once you have filled out the form, you can click on done and then, you will have to wait to see if your loan will be approved.
You can also use Renmoney’s USSD code to apply for loans. The code is one of the easiest ways to access money from this platform and the USSD code is *723*73001#.
Renmoney loan calculator
The best thing about applying for loans nowadays is the fact that you can easily do the math on your own to know how your repayment will be and how much you will be paying back. With the Renmoney loan calculator, you can understand this first even before running through the application.
The loan calculator is something that is easy to use, so you should not have issues navigating your way around it. It is also free to use and it does not mean that you have committed to taking the loan by using the calculator.
It is a wise decision to use this calculator to know how much you will be paying back, the interest that you have been charged and when your loan duration will elapse so you can know if it is something you are up to or not. Once you’ve decided to go for it, then, you can easily apply.
Renmoney Loan Requirement
Renmoney has a variety of loans that can be used for your individual needs ranging from school fees to smartphone funding, point of sale, and even loans at your workplace. Renmoney loans can be accessed whether you are employed or self-employed.
However, there are some loan requirements that you will have to meet which include:
- You must fall within the age bracket of 22-59 years.
- You must have an existing and active bank account with any commercial bank operating in Nigeria.
- As an employee, you must be well paid or as a self-employed individual, you must have a thriving business.
- Whether you are an employee or a self-employed business owner, you will have to verify that you have a steady monthly income and that you have no defaulting loan history.
- You have to provide your account statement for six months before the period of the loan and you must also prove that you have no issues with returned cheques.
- You must also have a recent passport photograph and an identity card to support your claims of being a part of the organization that you have submitted.
Once you are certain that you meet the following requirements, you can go ahead with the loan application process, upload your documents and submit them. Your loan application, if successful, should be approved in 24 hours at most.
In paying back your loan, Renmoney has some approved methods for you to do. You can decide to do a direct deposit at the bank, use personal cheques, work with a standard order, or even through an acceptance electronic channel.
If you have any other method, Renmoney will consider it so long as you have your bank’s consent. Once your application process is approved, you will be given a dedicated and customized repayment plan just as the loan calculator has shown you. Then, you will be required to make monthly payments depending on the payment plan that you opted for.
Renmoney usually sends electronic messages or SMS alerts two banking days before your monthly payments so you can be reminded of the payment you are to make per month.
As a salary earner or a business owner, Renmoney can be your ally if you need an unsecured loan within 24 hours. They have a fast, convenient and reliable system. We trust that we have provided you with all the necessary details for you to be sure about the platform before you go ahead and take that loan.
So, read through again and make a perfect choice.