The Renmoney loan is one of the best loan apps in Nigeria, and they offer loans without too much paperwork and collateral to people and businesses. Their interest is affordable, and the repayment plan is flexible. With RenMoney, you can access fast and flexible loans and get the money you need in as little as 24 hours.
After testing the RenMoney loan app, this is our comprehensive review of this platform. This blog will give you an in-depth look at the loan process, requirements, interest rates, advantages and disadvantages.
What is Renmoney Loan
The Renmoney app is a loan app that quickly gives credit disbursements and loan applications. It gathers data, checks loan applications, and disburses funds in less than 24 hours. You may download the Renmoney loan app from the play store if you have an Android device or the AppStore for apple users.
Renmoney is a microfinance institution that prides itself on being Nigeria’s most practical lender thanks to innovations that provide exceptional customer service. They offer loans between N50,000 to N6 million microloans to individuals and small businesses.
How Does Renmoney Loan work
Renmoney is available on the Playstore and has already received more than 1 million downloads. The Loan app’s legitimacy is doubtful; is it genuine or a scam? Do not worry; we will review every element of Nigeria’s specific loan application.
- Search for Renmoney on Google Playstore, download the app, and register or use the link below to download it
- Free registration is offered. Please give them the details they need, such as your BVN, phone number, birth date, and a few others.
- When you have finished entering the necessary data, Renmoney will automatically determine your loan limit based on the information in your profile.
- Please make an effort to provide accurate information; otherwise, your application may be refused.
Renmoney USSD Code
Access quick loans with ease using Renmoney’s USSD code *723*73*001#. No internet or smartphone required. Simply dial the code to apply and receive funds promptly. Renmoney’s commitment to accessibility and convenience is evident in this innovative service, ensuring financial assistance is just a few keystrokes away.
Renmoney Loan Calculator
Renmoney’s loan calculator provides easy, instant access to important repayment information. Through the user-friendly website or app, customers can input their desired loan amount, preferred term, and purpose to obtain a clear estimate.
The calculator thoughtfully breaks down the full obligations such as principal, interest and total cost over the chosen period. This gives borrowers full transparency to budget appropriately.
Individuals and businesses alike can benefit from adjusting variables to compare scenarios and identify the most affordable option. The digital tool empowers customers to preview figures and decide if terms align with their needs.
With simple, hassle-free usage anytime anywhere, Renmoney’s calculator allows potential applicants to gain valuable insights upfront. This allows users to feel confident moving forward once they’ve assessed repayment using the convenient online and mobile resources. The personalized estimates provide full transparency into loan commitments.
What are the Renmoney Loan Requirements?
Renmoney offers a range of loans to meet the demands of every customer. The loans may be used for your business, work loans, smartphone financing, or education costs. Both employed and self-employed people are eligible. You must fulfil several requirements to be eligible for the loan, some of which include the following:
- The age range for applicants is 22 to 59.
- You must have an active bank account.
- Obtain an employment letter or a six-month bank statement of accounts that have been properly stamped and signed.
- You need three Colored passports; a recent copy is preferred. A utility bill no older than three months or 90 days can serve as evidence of address.
- A legitimate bank card with at least N50 or N100 on it.
- A staff ID card, a valid and verifiable government ID, and a letter from HR attesting to your job are all required.
How Much Can I Borrow with Renmoney?
The highest loan amount is 6,000,000 NGN, with a minimum of 50,000 NGN. In reality, your ability to repay the loan and other considerations like your debt-to-income ratio determines how much you can borrow. How much you can borrow will also depend on how much information you can supply during the application procedure.
There is already a borrowing limit set when you apply your information. You will only be allowed to borrow a maximum of about 450,000 NGN, for instance, if your monthly wage is 130,000 NGN. Your actual loan amount can be less than what you’ve requested.
Is Renmoney Loan Legit?
Renmoney has existed for some time, and it has proven to be a Legit Loan app in Nigeria that gives you an instant online loan without any paperwork or collateral. This particular loan app is one of the best Loan apps in Nigeria, which is very fast in loan disbursement.
Renmoney Interest rate
The loan repayment option you choose will affect the interest rate on your Renmoney. The interest rate increases with the length of the payback period. For instance, a full-year payback may incur an interest rate of up to 33.9%, but if the loan is repaid in 3-6 months, the interest rate will be lower.
The maximum Annual Percentage Rate (APR) for RenMoney is 35.76%, while the interest rate ranges from 2.4% to 9.33%. They assert that there are no added fees.
How Can I Repay the Renmoney Loan?
A loan’s repayment process is less thrilling than the loan application process. At this stage, most people would struggle, particularly if their investments or business ventures using the loan produced little or no returns. Regardless of your feelings, you select a repayment method after receiving the credit from RenMoney. You can repay the loan in one month or over the course of twelve.
How to Unblock My Renmoney Account
Here’s how to unblock your Renmoney account:
- Visit the Renmoney website or open the Renmoney app.
- Click on the “Contact Us” link.
- Contact Renmoney via call at 07005000500 or email at [email protected].
- Provide your Renmoney account number and email address.
- Explain briefly why your account was blocked.
- Renmoney will review your request and unblock your account as soon as possible.
- You can also engage in live chat with a Renmoney agent on their website, although availability may vary
Advantages
- Renmoney does not require collateral or guarantors to provide loan offers when you need them the most.
- Fast loan processing times
- The repayment plan is convenient.
- Renmoney offers access to financial aid for small business owners and salary earners in Nigeria.
- Renmoney login requirements are very easy
Disadvantages
- High minimum loan amount (₦50,000) as compared to other loan apps with similar packages
- The loan offers are only limited to Nigeria.
Renmoney Customer Care
Renmoney provides customers with robust support through multiple accessible channels. Users can easily get their questions answered through convenient options like
Contact Number: 0700 5000 500
Email: [email protected]
Online chat: Renmoney online chat provides quick answers via website and app. Representatives respond promptly to address all queries.
In-person branch visits:
- 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
Conclusion
The Renmoney loan app has helped Nigerians over the years. This review has given you all the required information to access a loan from Renmoney. If you want to take a loan from Renmoney, you should carefully read this and check out their terms and conditions before taking the loan.