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.
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.
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.
Disadvantages
- High minimum loan amount (₦50,000) as compared to other loan apps with similar packages
- The loan offers are only limited to 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.
