How can I apply for Renmoney loan? RenMoney Microfinance Bank, which used to be called RenCredit, is a fintech company with a microfinance banking license regulated by the CBN. After starting as RenCredit in 2012, the company changed its name to RenMoney in December 2013. They have grown a lot and now have a state license to run multiple locations in Lagos. They have offices in Surulere, Apapa, Lagos Island, Ikota, Ikeja, and Ikoyi.
RenMoney moved its main office from No. 89, Awolowo Road, Ikoyi, Lagos, to No. 23, Awolowo Road, Ikoyi, Lagos, on November 7, 2018. They are only a few blocks away from each other.
Renmoney is proud to offer loans without collateral or a guarantor. The loan offers are only for Nigerians who earn a salary or own a business.
Whether you have a job or not, Renmoney can help you get a quick personal loan.
It is thought that this Microfinance bank alone has given out more than 200,000 loans.
About Renmoney Loan Services
RenMoney offers loans for people and small businesses, savings, and fixed deposit accounts. The Nigeria Deposit Insurance Corporation (NDIC) protects RenMoney’s deposits and savings. So you don’t have to worry about your money.
The company has helped more than 10,000 small businesses get started and given more than 240,000 loans to people in Nigeria.
RenMoney gives loans to both small businesses and individuals. These loans can be used to pay for home improvements, a car, a smartphone, other household items, medical bills, school fees, rent, and more.
Through its Loan@Work program, the company makes it possible for partner companies to give their employees affordable loans.
Renmoney Loan App
The Renmoney app is a loan app that people in Nigeria can use to get loans and get their money quickly. It makes it easy to get information, check loan applications, and send money within 24 hours. The app is only available for Android, and you can get it quickly from the play store.
- To download Renmoney loan app on Google play store, click here.
- If you are using iOS, you can download Renmoney loan App on Apple store as well, click here to download Renmoney loan app apple store.
Renmoney Loan Calculator
The best thing about applying for loans these days is that you can figure out how much interest you’ll get on the loan by doing some math first. You can use the Renmoney loan calculator to figure this out before applying for a loan. It’s free to use, and doing so doesn’t mean you have to take a loan. This is the best way to figure out how much you’ll have to pay back, how much interest you’ll have to pay, and how long you have to pay it back. You can apply for the loan as soon as you’re ready.
Before you apply for a loan, you can figure out how much it will cost you with the Renmoney Loan Calculator (https://onboard.renmoneyng.com/). It works quickly and is free. If you use the calculator, it doesn’t mean you have to get a loan.
Renmoney Loan Requirements – How Do You Qualify For A Renmoney Loan?
Renmoney offers different kinds of loans to meet the needs of each person. The loans can be used for school costs, for a smartphone, at a point of sale, or work. It is open to people who work for themselves or someone else. To get the loan, you have to meet certain requirements, some of which are:
- You should know your Bank Verification Number (BVN)
- You must be between 22 and 59 years old.
- Have a valid government-issued ID, such as a driver’s license, NIN, National ID Card, Voters Card, or International Passport.
- You should be able to give a Statement of your Bank Account for up to six months. There shouldn’t be any problems with things like returned checks and the like.
- You should be able to show a recent photo of your passport.
- You should be able to show a recent copy of a bill for a service you use.
- You must already have a bank account at any Nigerian commercial bank.
- You must have a steady source of income that can be checked.
- If you work somewhere, make sure you have a Staff Identification Card.
- You might need a letter from your company’s Human Resources department.
- You need a Tax ID Number or a Pension ID Number.
- Live in Lagos and/or run a business there.
- You must have paid off any other loans you have taken out.
If you meet the above requirements and any others listed on their website, you can fill out the Renmoney loan application form, upload your document, and send it in. Your loan request will likely be approved, but you will have to wait for this to happen, which usually takes 24 hours.
TIP: You can meet the above requirements. For example, if you want a personal loan, you don’t have to.
How Do I Get A Loan From Renmoney?
You can use the official Renmoney website or the Renmoney mobile app to apply for a loan. Visit the official Renmoney website, enter your information, and send in the necessary documents for processing your loan application.
To apply through the mobile app, download the app from the Google Play or Apple Play stores and register your profile. After you sign up, you can put in your information to apply for a loan and wait for Renmoney to let you know your decision.
Some types of loans can only be applied through the mobile app, not the website.
How to Get a Loan on Renmoney, Step by Step
To get a loan from Renmoney, do the following:
1. Go to the site
The quickest and easiest way is to visit their website and look at the loan section.
2. Fill out the application.
Make sure to fill out the loan application form on the website.
3. Sign up for an account or log in
You’ll be asked to create an account if you don’t already have one or to sign in if you already have one.
You will get a Renmoney MFB Account Number as soon as you make an account. You’ll need to put at least 100 into the account number.
TIP: You may want to send more than 100Niara, but don’t. Send only the amount needed to activate your Renmoney account number, which is currently 100.
4. Upload your loan application documents and confirm them.
You might need to upload your documents, including your ID, address proof, and bank statement.
5. Wait for a loan to be approved
At this point, you’ll have to wait a while. Your loan request is looked at by hand.
Your loan request could be processed in as few minutes or as long as 24 hours. If your loan is approved, a credit alert will be sent to the bank account you listed in your profile. You can also look for confirmation in your email.
Renmoney Loan Login
To access some information about your renmoney loan, you can use Renmoney loan login portal at https://web.renmoney.com/login, on this Renmoney Login page, you will learn about your loan interest rate, loan repayment and so on.
How do I repay my Renmoney loan?
How to pay back renmoney loan? It’s less exciting to pay back a loan than it was to get it in the first place. Most people would be in trouble at this point, especially if their investments or business ventures they used the loan for didn’t make them any money back or even lost money. No matter how you feel, once you get a loan from RenMoney, you also choose how to pay it back. You can pay back the loan in a month or over 12 months.
Your Renmoney interest rate changes based on how you pay back your loan. The interest rate goes up the longer it takes to pay back. For example, the interest rate on a one-year loan can be up to 33.9%, but it will be less if the loan is paid back in 3–6 months. It’s probably a way to get people excited about paying back their loans. This is not something that only Renmoney does, and it’s the same with other loan companies like C24 loan, Palmcredit, Branch loan, Fairmoney, Paylater, Okash loan, Page Financials, and so on.
How much loan can I get from Renmoney loan?
In theory, the least you can borrow is 50,000 NGN, and the most you can borrow is 6,000,000 NGN. In reality, however, how much you can borrow depends on your ability to pay back the loan and other factors like your debt-to-income ratio. How much money you can borrow will also depend on how much information you can give during the application process.
The most you can borrow is already set when you fill out the application and give your information. For instance, if you get a salary of 130,000 NGN per month, you will only be able to borrow up to about 450,000 NGN. The loan you get might be less than what you’ve asked for.
If you make your payments on time and don’t miss any, you’ll be able to get more money and more time to pay it back.
How Long Does It Take To Get A Loan From Renmoney?
Your loan request could be processed in as little as a few minutes or as long as 24 hours. If your loan is approved, a credit alert will be sent to the bank account you listed in your profile.
How To Cancel Renmoney Loan Application?
Before you sign the loan agreement and get the money, you can cancel a loan application anytime. One exception is a loan to refinance a mortgage, which gives you a longer time frame.
Phone or email is the easiest way to start the cancellation process. In either case, the steps are the same. Contact the lender and tell them you want to cancel a loan application that is still being processed. Give the required information about yourself, like your full name, date of birth, and application number. It’s okay to say why the cancellation is happening. But if you are canceling because you found better terms elsewhere, you may be able to get the lender to match or beat them if you tell it. You can also let the lender know if you plan to apply again in the future so that it can keep your information on file.
Renmoney Loan Interest Rate
The Renmoney loan interest rate depends on how long you repay the loan and how much you borrow. The longer you pay back the loan, the higher the interest rate. The Annual Percentage Rate (APR) can be between 32% and 132.02%. There are no extra fees to pay.
The length of the loan is between 3 and 24 months.
Fees and fines for loans
If you don’t pay back your Renmoney loan in the time you agreed to; you’ll have to pay a fee. After the period is over, this fee is added every single day, even on weekends and holidays.
Renmoney loan pros and cons
Renmoney makes it easy for small business owners and people who get a salary in Nigeria to get money quickly, as long as they meet all the requirements. Renmoney doesn’t need collateral or guarantors to give you loan offers when you need them the most, and this is in addition to the flexible repayment terms.
Changes that can be made to Renmoney loans
Renmoney could offer more services because the deals it has right now are only available in some parts of Nigeria and not everywhere. This is a big area that needs to be fixed because every Nigerian need to be able to use Renmoney’s services.
Most of Renmoney’s competitors offer loan packages with lower minimum amounts that Nigerians can use. This is something that Renmoney could do as well.
Why should I pick Renmoney?
RenMoney is the place to go if you get a salary or run a small business and need an unsecured loan paid off in 24 hours. The service is quick, easy to use, and made to meet your money needs. You don’t need a cosigner or security. The best part is that there are no hidden costs, and the plan for paying back the loan is flexible.
Visit Credit Nigeria today if you need help finding the right lender or loan product. We’ll put you in touch with several online lenders so that you can compare and choose the best deal. There’s no better way to get things done quickly. With Credit Nigeria, it has always been challenging to get a loan.
Questions People Usually Ask on Renmoney Loan
Can I get a Renmoney loan if I get my pay in cash?
You can only get a Renmoney loan if you have a bank statement that shows you have money coming in.
What does my Bank Verification Number (BVN) have to do with Renmoney?
Renmoney needs your BVN to decide whether or not to give you a loan. This is to make sure you are who you say you are. The BVN is used to prove that you are who you say you are and that the account you’re using to apply for a loan is yours. Your BVN alone can’t be used to take money out of your account. The reason Renmoney needs your BVN is to protect you from theft. If someone gets your account number, they can’t use it to get a loan without your permission.
Can I get a Renmoney Loan while I’m in school?
Officially, you have to be over 22 to get a Renmoney loan, but if you are a student, you have to be over 25 and have a regular source of income to get a loan from Renmoney.
How do I tell Renmoney that I’m unhappy with a loan?
To complain about a loan, contact Renmoney’s customer service:
- Go to the official Renmoney site and send a direct message to start a chat.
- Call 07005000500 (9 am – 9 pm) (9 am – 9 pm)
Write to firstname.lastname@example.org.
- Go to the main Renmoney office or any branch near you. Send Renmoney a message on any social media site, like Facebook, Instagram, LinkedIn, or Twitter.
Does Renmoney Loan Has USSD?
Yes. 723# is the USSD code for Renmoney. To request a quick loan, dial 723*73001#. To use this service, your Renmoney phone number must be set up as a valid payment method.
Website for Renmoney
The Renmoney website can be reached at renmoney.com.
The address of RenMoney’s main office
The main office of Renmoney is at 23 Awolowo Road, Ikoyi, Lagos, Nigeria.
How to Reach RenMoney
The number to call for help with Renmoney is 0700 5000 500 or 0700 73666 639.
Hello@renmoney.com is the email address.