Renmoney Loan is a leading financial technology (FinTech) company in Nigeria that offers loans and other financial services to individuals and businesses. The company was established in 2012 to provide accessible and convenient financial solutions to Nigerians. Renmoney’s loan products are designed to help people access funds quickly and easily, with flexible repayment options that suit their financial situation.
Renmoney offers two types of loans: personal loans and business loans. Personal loans are designed for individuals who need to borrow money for personal reasons, such as to pay for school fees, home renovations, or medical bills. Business loans, on the other hand, are for small and medium-sized enterprises (SMEs) that need capital to grow their businesses.
Features
- Flexible loan tenures
- Competitive rates
- No guarantor required
- No hidden fees
- No collateral required
- Get money in 24 hours
Renmoney loan requirement
1. Be between 25 – 59 years old
2. Have a verifiable source of income
3. Live and /or work in cities where they operate
4. Have savings or current bank account with any commercial bank
5. You should be able to provide a statement of your bank account for up to six months. There should be no issues with a returned cheque.
6. Have a Valid ID that can prove your identity
7. Have a recent passport photo and an identity card to prove that you’re a staff of your organization when you fall into the categories of employee.
8. You must operate as a business for more than 1 year when you fall into the business category.
9. You need your bank statement, a government-issued ID card, and a utility bill
10. Have bank verification Number{ BVN} due to CBN policy applicable to financial institutions as part of KYC requirements.
How to borrow money from Renmoney
Renmoney can offer you a loan of up to 6 million nairas and a duration of up to 24 months (2 years) To borrow money from Renmoney, follow the steps below:
- Download the Renmoney app from the Google Play store (apple app store for iPhone users)
- Lunch the app and sign up for an account
- Complete the settings and KYC questions
- Request for loan
- Wait for loan approval (usually takes less than 5 minutes)
- Once approved your loan will be disbursed into your Renmoney account.
- Withdraw the money into your bank account and enjoy
Renmoney Loan App
The Renmoney app is a loan app in Nigeria that fast-tracks loan applications and credit disbursements. It collects information seamlessly, verifies loan applications, and disburses money within 24 hours. The app is available on Android only, and you can easily download the Renmoney loan app from the play store.
You can download the Renmoney loan app with this link: https://play.google.com/store/apps/details?id=com.renmoney.renmoney&hl=en&gl=US
Renmoney Loan Ussd code
If you’ll like to access the Renmoney loan using the Ussd code, this section is for you. Renmoney code can be used only on numbers associated with your account.
The Ussd code is *482#. Dial this number only on the number you register with your Renmoney account or it will not work.
Renmoney Loan interest rate
Renmoney Interest Rate depends on your repayment choice which is normally 35.76% Total amount payable. You can also make use of their loan calculator to demand your loan by visiting:my.renmoney.com/calculator/loan
Renmoney loan calculator
To use the Renmoney loan calculator, follow these simple steps:
Go to the Renmoney Website and click on the “Loan Calculator” tab.
Enter the loan amount you want to borrow. The loan amount is the amount of money you wish to borrow from Renmoney.
Enter the loan duration. The loan duration is the number of months you want to repay the loan.
Enter the interest rate that you have been offered by Renmoney.
Click on the “Calculate” button.
The loan calculator will display the estimated monthly repayment amount and the total amount that you will need to repay, including interest and fees.
Renmoney Loan Tenure and interest rate
The loan tenure ranges from 3 months to 24 months. The interest rate charged depends on your chosen repayment period and amount borrowed – The longer the loan tenure, the higher the interest rate. The Annual Percentage Rate (APR) ranges from 32% – 132.02% No additional fees are applicable.
Renmoney Loan fees and penalties
There is a default fee on Renmoney loans if you fail to pay back your loan in the agreed repayment period. This fee accumulates every single day (weekends and public holidays included) after the period has expired.
Benefits of Renmoney loan
Renmoney offers very easy ways for small business owners and salary earners in Nigeria to access financial aid quickly provided that they meet all the requirement. Putting this alongside convenient repayment periods, Renmoney does not require collateral or guarantors to provide you with loan offers at the moment when you need them the most.
Is Renmoney legit or a scam?
Renmoney is a reputable lending company in Nigeria. Millions of Nigerians have benefited from their loan offers and you too can.
They lend responsibly and are regulated by the Central Bank of Nigeria (CBN). Their deposits and Savings are insured by the Nigeria Deposit Insurance Corporation (NDIC)
Renmoney app can be found in the Google play store and the app is safe to download and install on your Android phone.
You can as well read Renmoney customer reviews on the play store just to be sure you’re dealing with a good company.
Renmoney Customer Care
Renmoney head office address: is 23, Awolowo Road Ikoyi, Lagos.
Email: hello@renmoney.com
Phone number: 0700 5000 500,0700 73666639.
Renmoney Branch Address
Marina 27-29 Odunlami Street, Marina
Ikeja Pentagon Plaza, 23 Opebi Road, Ikeja.
Lekki F61 & F62 Road 3, Ikota Shopping Complex, Ikota, Lekki-Ajah.
Surulere Kings Plaza, 80, Adeniran Ogunsanya Street, Surulere.
In conclusion, Renmoney’s loan products offer a convenient and accessible way for individuals and businesses in Nigeria to access funding. The company’s simple application process, flexible repayment options, and competitive interest rates make it an attractive option for those looking to borrow money. However, as with any financial product, borrowers should carefully consider their financial situation and repayment capacity before taking out a loan.
