Renmoney Loan: 2022 Review

Renmoney Loans at a glance

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 its 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 prides itself on its collateral-free, guarantor-free loan offers. The loan offers are specifically for salary earners and business owners in Nigeria. 

Some simple pros are:

  • No collateral or guarantors required
  • Fast loan processing times
  • Convenient repayment schemes

Some simple cons are:

  • High minimum loan amount (₦50,000 NGN) as compared to other lenders with similar packages
  • Loans are only available to Nigerians in selected cities in Nigeria
  • Loan offers are primarily dictated by Renmoney

Renmoney services

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.

Do I qualify for a Renmoney Loan? 

To qualify for a Renmoney loan, you must:

  • Be older than 22 and younger than 59 at both the application and loan repayment times
  • Be a salary earner or business owner (or have a steady and verifiable source of income)
  • Live and (or) work in a city where Renmoney operate
  • Have a good record with the credit bureau
  • Have a savings or current account with any commercial bank in Nigeria 

How to Apply for a Renmoney loan?

You can apply for a Renmoney loan through the official Renmoney website or the Renmoney mobile application. Visit the official Renmoney website and input your information and submit documents to process your loan application. Some of the documents needed are:

  • A valid  government-issued ID card (driver’s license, passport, national ID card)
  • Bank statement (6 months)
  • Utility bill (3 months) to verify your home address I.e. PHCN, waste management  (LAWMA, etc), water bill, cable bills (DSTV), rent agreement etc
  • Passport photographs
  • Bank Verification Number (BVN)

To apply through the mobile application, download the mobile application from the Google Play or Apple Play stores to download the application and register your profile. After you sign up, you can input your information to apply for a loan and wait on Renmoney to give you feedback on the decision made. 

There are some loan packages that you can only apply for on the mobile application and not on the website. 

How much can I borrow with a Renmoney loan?

You can borrow, in theory, a minimum loan amount of ₦50,000 NGN and a maximum amount of ₦6,000,000 NGN. In practice, however, the amount you can borrow depends on your capacity to pay back alongside other factors such as your debt-to-income ratio. The amount of information you can provide during the application process will also be crucial to how much you will be able to borrow.

Upon application, with your details, there is a maximum cap already on what you can borrow. For example, if you earn ₦130,000 NGN  monthly as a salary earner, you’ll only be entitled to borrowing a maximum amount of around  ₦450,000 NGN. The loan eventually approved for you might be less than what you’ve indicated. 

When you make repayments in time, and you don’t default, you’ll be once eligible for higher amounts and longer repayment tenors.

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.

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 ts. 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. 

Where Renmoney loans can improve 

Renmoney can increase the scope of its services as the offers available are still localised to some parts of Nigeria and not everywhere in the country. This is a major area that needs improvement as every Nigerian needs access to the services on offer by Renmoney.

The minimum loan amount for Renmoney can be reduced as most of the loan packages from competitors have lesser minimum limits that allow Nigerians to take advantage of it. 

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.

Frequently Asked Questions

If I receive my salary in cash, will I be eligible for a Renmoney loan?

You will only be eligible for a Renmoney loan if you can provide evidence of income through a bank statement. 

Why does Renmoney need my Bank Verification Number (BVN)?

Renmoney needs your BVN to make a loan decision to confirm that you are who you say you are. The BVN is used to confirm your identity and establish that the account you’re applying for a loan with is yours; your BVN alone cannot be used to take money from your account. Renmoney asking for your BVN is used to protect you from theft so that someone who has access to your account number cannot use your account to get a loan without your consent.

Can I apply for a Renmoney Loan as a student?

Officially, you must be above 22 years of age to qualify for a Renmoney loan, but Renmoney stipulates that you must be over 25 years and have a regular source of income to apply for a loan as a student. 

How can I make a loan complaint to Renmoney?

To make a loan complaint, reach out to Renmoney customer service:
– Go to the official Renmoney website and start a chat by sending a direct message
– Call 07005000500 (9 am – 9 pm)
– Send a mail to [email protected]
– Visit the head office or any Renmoney branch closest to you
– Send a message through any social media platform(Facebook, Instagram, LinkedIn and Twitter) to Renmoney

Does Renmoney have USSD?

Yes. The USSD code for Renmoney is 723#. To request a quick loan dial 723*73001#. To use this service, your phone number must be registered as an active payment method for Renmoney.