Renmoney, formerly known as Rencredit when founded in 2012, is a digital microfinance bank that gives loans, enables savings, and pays off bills using the app. RenMoney offers loans without collateral or guarantors to Nigerians for businesses, emergencies, and personal needs like paying school fees, house expenses, house rents,
shopping needs, buying smartphones and paying for a car.
Renmoney app is one of Nigeria’s highest downloaded loan apps, having over 5 million downloads.
How To Loan Money From RenMoney
● Visit the website or download the app
● Complete the application form.
● Create an account or sign in
● Upload documents
● And confirm the loan application.
Then wait for the loan approval. When the loan is approved, you get a credit alert into your provided Nigeria bank account, as put in your profile during your registration. Usually, this takes 2 minutes to 24 hours after confirming the loan application.
Renmoney Loan Requirements:
There are requirements needed to be able to loan money from Renmoney, and these requirements are:
1) You must fall within the age range of 25 to 29 years old.
2) You must have an existing and active bank account with any commercial bank in Nigeria.
3) You must be well paid as an employee or own a thriving and legit business
4) Both the employee and business owner must have a verified monthly income
5) Your statement of account for up to six months would be required, and there must be no issues with a returned cheque
6) Have a recent passport photo
7) An identity card to validate you as a staff of an organization
8) A government-issued ID card could be an international passport, voter’s card, or a National Identity Card.
7) You should have a bank verification number known as the (BVN)
8) You must have settled other debts with other loan apps
9) Recently paid house utility bill (to validate your house address) (this requirement is optional)
Once you meet the requirements and have the documents, you can apply for a loan.
How Much Can You Get On Renmoney?
With Renmoney, you can apply for a loan of a small amount of up to six million naira without collateral and repay in three to twenty-four months.
Renmoney also gives customers no-collateral cash loans of up to two million naira for up to nine months to employed individuals and self-employed as long as they can provide a verified source of income. But when funds are not paid on the due date, the penalty is a daily default charge of three hundred naira (#300), including public holidays and weekends.
The amount offered increases as loan repayments are made in time.
Renmoney Interest Rate
Monthly interest ranges from 2.9% to 10%, and the maximum annual percentage rate is 35.76%; no other fees are charged.
Loan Term on Renmoney
The loan term for Renmoney is between three months to twenty-four months.
How to Repay Renmoney Loans
Loans from Renmoney can be repaid through:
– quick teller,
– funding your Renmoney account and repaying the loan directly on the app from the Renmoney account,
– by funding your bank account, Renmoney will automatically debit the loan from the bank account.
Renmoney Head Office
The head office of Renmoney is at 23 Awolowo road Ikoyi 106104, Lagos state, Nigeria.
They also have branches at Surulere, Apapa, Lagos Island, Ikota, and Ikea.
Renmoney Customer Care
For more inquiries, contact Renmoney through these tel numbers:
07005000500 OR 070073666639
The website offers chat support, and you can find your inquiries through it.
Alternatively, send an email to firstname.lastname@example.org
You can download the Renmoney app on the Google Play store to get started.
The Renmoney website is www.renmoney.com
Also, read how to borrow money from Migo.