Renmoney - How to get a loanPublished: 08/12-2020 Category: Articles
Renmoney Lender Profile Summary:
- Loan amount – N 50,000 to N 6,000,000
- Loan Tenure: 3- 24 months
- Maximum Annual Percentage Rate (APR) – 35.76%
- Additional fees – No extra fees
- Who can apply? – Small business owners and salary earners.
RenMoney Microfinance Bank (formerly RenCredit) is a CBN-regulated fintech company that operates under a microfinance banking license. After its inception in 2012, RenCredit rebranded to RenMoney in December 2013. They’ve experienced remarkable growth, having obtained a state license to operate multiple locations in Lagos. Their offices are in Surulere, Apapa, Lagos Island, Ikota, Ikeja, and Ikoyi.
On November 7, 2018, RenMoney changed their head office from 89, Awolowo Road, Ikoyi, Lagos to No. 23, Awolowo Road, Ikoyi, Lagos. The two offices are just a few blocks apart.
RenMoney offers personal and microbusiness loans, fixed deposit accounts, and savings accounts. The NDIC (Nigeria Deposit Insurance Corporation) insures the deposits and savings on RenMoney. So you can rest assured that your funds are safe.
The company has provided over 240,000 loans to Nigerians and empowered more than 10,000 small businesses.
RenMoney provides not only small business loans but also gives personal loans, helping individuals to finance their home renovation, buy a car, smartphone, and household appliances, pay medical bills, school fees, rent, and more.
The company’s Loan@Work scheme allows partner firms to provide finance to their employees at an affordable rate.
To get a loan from RenMoney, you have to meet the following requirements:
- Be between 25 to 59 years of age.
- Hold a savings or current account with any commercial bank in Nigeria.
- Have a stable income from a verifiable source.
- Live and (or) work in a city where RenMoney operates.
- Have a good record with the Credit Bureau.
You also have to provide the following documents when applying for a loan:
- A government-issued ID card.
- Your bank statement.
- A recently paid utility bill (Optional).
Loan Amount and Interest Rate
The loan amount depends on your borrower capacity. RenMoney decides this after considering the information you provided during the application process. The maximum loan amount is six million Naira (N6,000,000), and the minimum amount is fifty thousand Naira (N 50,000). The loan approved for you may be less than what you indicated. Your debt-to-income ratio plays a major role in the amount of loan you get.
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 maximum Annual Percentage Rate (APR) is 35.76%. No additional fees are applicable.
How to Apply for a Loan
Getting a loan from RenMoney is easy. All you have to do is to visit their website at www.renmoney.com. Complete the registration by providing all the required details. You can then log in to your dashboard and choose a loan amount and tenure. The loan calculator automatically displays the interest rate and the amount to repay per month.
Once your application is successful, you can get the funds within 24 hours.
What Happens if I Default on My Loan?
If you fail to pay back your loan, you attract a default fee of three hundred Naira (N 300) per day (Weekends and public holidays included) until you repay the loan. RenMoney may also contact your next of kin or employer if they are unable to reach you. The default will be registered with Credit Bureau agencies, preventing you from taking a loan from any financial institution.
Why Choose RenMoney?
If you are a salary earner or small business owner who needs an unsecured loan paid within 24 hours, RenMoney is your go-to place. The service is fast, convenient, and designed to meet your financial needs. You don’t need a guarantor or collateral. Best of all, there are no hidden fees, and the repayment plan is flexible.
If you are having a hard time finding the right lender or loan product, visit Credit Nigeria today. We will connect you with multiple online lenders, enabling you to compare and get the best offer. There’s no better way to save valuable time. With Credit Nigeria, accessing a loan has never been easier.