Renmoney Loan Requirements: Repayment, Interest Rate

• Loans
• Savings
• Fixed Deposits
• Transfers

Renmoney Features

Below are some cool features on Renmoney

Renmoney Account

With this feature, you can send and receive money easily, and instant transaction notifications

Renmoney VTU

Pay one-time or recurring bills & buy airtime or data from MTN, Airtel, Glo & 9mobile

Renmoney Referral Program

You can refer your friends and earn a bonus. Unlock cool badges when you borrow, invest, save or spend

Renmoney Cards

With this card, you can make payments & transact anywhere in Nigeria, boosting your chances of getting a loan

Renmoney Loan Requirements

Renmoney offers two categories of loans

• Personal Loans (You can borrow up to 6 million)
• Business Loans (You can borrow up to 15 million)

To be eligible to borrow money from Renmoney in any of the above categories, you must meet up the following checklist

• The borrower must be between the ages of 22 and 59 years old
• You must have a bank account holder in any of the 22 commercial banks in Nigeria
• The borrower must have a verifiable stable monthly salary and a Staff ID  (this serves as security for your loan)
• BVN
• You must not own other loan apps
• You must have a sustainable business (With defined monthly or even yearly revenue)
• A clean Credit Bureau (CRMS) report
• Recent passport photograph
• Tax or pension ID
• Valid Means of Identification
• Consent letter from HR
• Financial statement of your bank account in over 6 months
• No returned cheques in 6 months
• Utility bill to verify your address of residency
• You must reside or work within the axis of Lagos

How To Apply For a Loan on Renmoney (Procedural Requirements)

Below is a simple step guide to borrowing money from Renmoney

1. Visit the Renmoney Website

2. Complete the application form by filing your correct information

3. Enter your personal details such as;

• Mobile number
• Email
• BVN

4. Setup your transaction PIN and re-confirm it

5. Provide additional information about your house, marital status, education and reason for the loan

6. Enter your correct residency address

7. Renmoney will ask you to upload your passport photograph

8. Enter your employment/business details

9. Provide your 6-month bank statement and enter your bank details

10. Patiently wait for the disbursement of your loan.

Typically the waiting time should be in 24 hours. Renmoney will have to review and verify your inputted details which will determine whether you get a loan or decline it.

How Much Can I Borrow From Renmoney App?

You can borrow as low as ₦50,000 and as high as ₦6,000,000 (6 million) within 24 hours from Renmoney without collateral or a guarantor

You’ll have your money in your bank minutes after you provide information that has been successfully reviewed and approved.

Loan Tenure

Renmoney offers loans for a minimum of 3 and a maximum of 12 months. For businesses, the minimum is 12 weeks (3 months) Maximum tenor for business owners is 24 weeks (6 months).

Renmoney Interest Rate

Generally, the interest rate for a Renmoney loan depends on your repayment options. A longer period of repayment will mean higher interest, while a shorter period of repayment means a reduced interest rate.

For a full 12-month repayment period, your interest can reach 35.76% However, the interest rate can go down to as low as 15% if you can afford to repay in 1 month.

The Renmoney loan calculator helps to determine the interest rate and when you are supposed to start paying back your loan

Renmoney Loan Repayment

To Repay your loan, make sure your account is set up for card payments or direct debits.

Fund your tour account and wait for Renmoney to deduct on the due day automatically to repay your loan.

Additionally, you can also transfer directly into your Renmoney account and click on ‘repay now’.

Please note that your loan repayment method depends on your loan type. If you’re applying as a business owner, your repayment will be scheduled weekly or monthly while your repayment as a salary earner will be monthly

What If I Don’t Pay Back?

Making prompt repayments improves your credit score which means you can get higher loan amounts at lower interest rates and for longer tenures.

Failure to repay your account will set your account on the red list. Also, don’t be surprised when you see Renmoney officers knocking on your door.

Is Renmoney App Legit?

Renmoney is one of the best digital loan platforms in Nigeria that can offer you as much as 6 million Naira loans with No collateral.

The company is fully licenced and approved by the CBN.

Another proof of its legitimacy is legal documentation by the Corporate Affairs Commission; RENMONEY MICROFINANCE BANK LIMITED, with the registration number: RC – 1031927.

Why Choose Renmoney?

• No collateral
• Low interest rates
• No Paperwork
• Trust and viability
• Fast and convenient
• Flexible repayments
• Instant approvals, and 24/7 access to money

Renmoney Loan App Download

You can download the Renmoney Loan App from Google Play store or Apple Store

Renmoney Contact

Address

Head Office: 23, Awolowo Road Ikoyi, Lagos, Nigeria

Surulere: Kings Plaza, 80, Adeniran Ogunsanya Street, Surulere, Lagos, Nigeria

Ikeja: Pentagon Plaza,23 Opebi Road, Ikeja, Lagos, Nigeria