Renmoney review – Renmoney is a microfinance bank in Nigeria and by far a convenient lending institution that designed its operations to lend money to Nigerians, however has developed an innovation that enables it to deliver outstanding service to its customers.
Renmoney provides facility for personal and macro-businesses, where thresholds are around N50,000 – N6 million.
Given this, I’ve written this guide to provide a comprehensive Renmoney review to enable you with sound and informed decisions before applying for the loan.
How to sign up for Renmoney
You can either sign up via the Renmoney app or through its website
- Visit Renmoney
- Click on apply now
- Provide basic and necessary information as required and complete your sign up.
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How to get the loan
Having sign up
- Click on apply
- Complete the online application form as seen on the portal
- Kindly follow up by uploading necessary documents
- On successful application your loan disbursement happens within 24 hours.
Requirements
- Applicants should be between 22-59 years
- You should be self-employed or under a payroll/employee
- You should have a good credit score/by this provision you shouldn’t be owing any credit institution, where you owe any your application will not be successful
- You should have an active bank account running on your credentials
- You should be able to provide an account statement for at least for the last 6 months, however a return cheque must not have been recorded on such account within this period under review
- Your copy of recent passport photograph is required too
Interest rate
Traditionally, the longer a loan tenor the higher the interest rate.
Renmoney will usually charge 33.9% interest rate measured annually.
Loan Repayment
On successful receipt of Renmoney loan you should make the ground ready for repayment. This is not usually the best of time for most borrowers, however it’s duty bound to abide by it anyways.
It’s binding on you to choose a repayment plan which could be in one month or spread across 12 months subject to borrowed amount.
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Your account will be debited for the repayment on due date, if you set up card payments or direct debits, you are advised to always ensure your account is funded with requisite amount to settle the facility accordingly.
How to increase your loan amount
You have a window to increase your loan amount only on the ground that you do not default on your previous loan, insist on early repayment to get a higher loan.
Building a good credit score will grant you this access faster.
How much can I borrow?
You can borrow as much as N6 million naira, not ruling out your chances to borrow N50,000.
However, if on application you receive the message thus “Based on documents provided by you, you do not meet the full requirements to access a loan. This could be due to several reasons including a credit check.
Renmoney app
You can get quick loan on Renmoney app in just few steps, you will need to download the app first on Google play Store. Available for both Android and iOS operating system.
Sign up and commence your loan application.
How can students access this loan?
You must be 25 years and have a regular source of income to apply for this loan.
However, to get your loan approved you will need to present your 6 months bank statement, a valid government-issued ID card and a utility bill.
What happens if you pay back late?
Repaying late affects your credit rating and limits your chances of accessing further loans thereafter.
However, making prompt repayments improves your credit score advancing you to get a higher loan amount at cheaper rates and for longer tenor.
There’s a window to contact Renmoney a week earlier if you know you will have difficulty in paying back your loan.
What users are saying about Renmoney
There’s no negative comment found by users as at the time of writing this guide, it is advised that you should shop around loan companies to see who offers a loan term ideal to your financials.
Customer service
There are situations where you may need to reach out to the customer service department for enquiry or to resolve issues. The below contact details will help you.
Phone: 0700 5000 500, 070073666639
Email: Hello@renmoney.com
Conclusion
Here you have a Renmoney review to further lead you with more light on your suitability of accessing the Renmoney loan.
Bear in mind that like any other loan outfit, Renmoney will increase your loan amount following your ability to repay your loan before or at exact due date.