Renmoney Loan: Are you looking for a loan in Nigeria? Do you need quick cash to fund your business, pay for unexpected bills, or handle emergencies? If so, Renmoney may be the lender for you.
In this Renmoney loan app review, we’ll take a closer look at the company’s loan offerings, requirements, application process, interest rates, fees, customer service, and more.
Not just that, but you’ll also get to know the Renmoney USSD code for loan, and how to use it.
So, without any waste of time, let’s get to understand the Renmoney loan.
Remoney Loan: Overview
Renmoney is a Nigerian fintech company that provides loans to individuals and small businesses. Founded in 2012, the company has grown to become one of the top lenders in Nigeria.
Renmoney was formerly known as RenCredit, and it offers different microfinance bank services. On the Renmoney app, you can perform several other transactions apart from applying for loans.
The app lets you receive, and send money, save and invest, pay bills, buy airtime and data, and lots more.
Renmoney loan can be taken for different purposes, and amount ranges from ₦6,000 to ₦15,000,000. You can apply for a loan on Renmoney using their mobile app, or via their website.
However, before going into details about the loan application, let’s see the types of loans offered by Renmoney.
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Renmoney Loan Types
Renmoney offers several types of loans to meet the diverse needs of its customers. The loan types include:
Renmoney personal loans are unsecured loans that you can use for any purpose. You can borrow between ₦6,000 and ₦6,000,000 for up to 24 months.
This loan type requires no collateral, documentation, or a guarantor. All you need to access this loan is just a BVN (Bank Verification Number).
Renmoney business loans are designed to help small and medium-sized businesses grow. You can borrow up to ₦15,000,000 for up to 24 months.
Renmoney loan for businesses requires more means of identification than personal loans. Here, you’ll need collateral, a guarantor, and some documentation to get offered a loan.
Read Also: 10 Best Loan Apps for Students in Nigeria
Features and Benefits of Renmoney Loans
Renmoney loans come with several features and benefits, including:
Loan Interest Rate Calculator
One of the most beneficial Renmoney loan app features is the interest rate calculator. You can use this feature to know how much you will pay back on your loan even before applying.
Check Out: Renmoney Loan Calculator
No collateral required
Renmoney personal loans are unsecured, which means you don’t need to provide collateral to get a loan.
Quick approval and disbursement
Renmoney loans are approved within 24 hours, and the funds are disbursed within 24 hours after approval.
Multiple loan types
Whether to start up or grow your business, or even for personal use, there are available loans for everyone on Renmoney
Flexible repayment options
Renmoney loans come with flexible repayment options that allow you to choose a repayment plan that suits your budget.
Competitive interest rates
Renmoney offers competitive interest rates compared to other lenders in Nigeria.
Renmoney Loan Requirements
To be eligible for a Renmoney loan, you must meet the following requirements:
- You must be between 22 and 59 years old.
- You must have a verifiable source of income.
- A Bank Verification Number (BVN) is required.
- You must have a valid means of identification.
- You must have a functional bank account.
- Live and/or work in cities where Renmoney operates.
- Have savings or a current bank account with any commercial bank.
Now that you’ve known the Renmoney loan requirements, and how to be eligible for Renmoney loans, let’s see how to apply for a loan on Renmoney.
How to Apply for Renmoney Loan in 2023: Step-By-Step Guide
If you’re seeking how to apply for a Renmoney loan, or how to get a loan on Renmoney app, this section is for you.
The Renmoney loan application process is pretty straightforward and can be completed online via Renmoney’s website, or mobile app. This takes just a few simple steps, and they are as follows:
1. Visit Renmoney’s website or Download the App
The first step in applying for a loan on Renmoney is to Visit Renmoney’s website at www.renmoney.com and click on “Apply Now” on the homepage. You’ll be directed to the Renmoney sign up page.
If you prefer using the mobile app, just visit your app store and download the Renmoney loan app.
2. Register an Account
Now on the Renmoney sign up page, enter your email address, and also all the required details to own an account with them.
Once your account is successfully created, click on the “Apply Now” button, and you’ll be directed to the Renmoney loan application form page.
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3. Select Your Loan Amount
On the loan application page, select your loan amount using the sliders provided. You’ll see the interest rate and the total amount you’ll pay back displayed on the page.
4. Fill Out the Application Form
Next is to fill out the Renmoney application form with your personal and financial information. This includes your BVN (Bank Verification Number), phone number, home address, date of birth, employment status, and income.
5. Upload Supporting Documents
This isn’t required unless you are applying for a business loan. If that’s what you want, then, you’ll need to upload the required supporting documents, which include a valid means of identification (such as your national ID, driver’s license, or international passport), a recent utility bill, and your bank statement.
6. Submit Your Application
The last step in applying for a Renmoney loan is to submit your application and, then wait for the team to get back to you.
All you need to do is to review your application details to ensure they’re correct and accurate, and then submit your application.
After submitting your application, Renmoney will review your application and notify you of the outcome within 24 hours. If your loan is approved, the funds will be disbursed to your bank account within 24 hours.
What is Renmoney USSD code?
The Renmoney USSD code is *723#. This code allows you to access loans from Renmoney directly from any mobile phone, regardless of your network operator. Just dial *723# and follow the on-screen prompts to apply for a loan.
It’s a convenient option for those looking to secure a loan without the hassle of paperwork or branch visits.
An alternative and straightforward Renmoney loan code is *723*73001#. This code can be used to borrow money from Renmoney using any mobile phone. Just select the “Loan” option after dialing, and follow the prompts to apply.
Renmoney Loan Interest Rates and Fees
Renmoney’s interest rates vary depending on the loan type and amount. The interest rates range from 2.4% to 9.33% per month, which is usually about 33.9% per annum.
To illustrate the interest rate of a Renmoney loan, let’s say you borrow ₦500,000 from Renmoney at an interest rate of 2.7% per month. If you choose a repayment period of 12 months, your monthly payment will be ₦13,500, and you’ll pay a total of ₦162,000 over the loan period.
In terms of fees, Renmoney charges no hidden fee for a loan application, processing, or disbursal. However, it’s worth noting that Renmoney charges a penalty fee of ₦300 per day on any outstanding loan balance beyond the due date.
Therefore, it’s essential to pay your loan on time to avoid accruing additional fees.
Renmoney Customer Service and Support
Renmoney has a robust customer service and support system that you can access through various channels, including phone, email, and social media.
In our experience, Renmoney’s customer service is responsive, helpful, and friendly. We particularly liked the fact that the company provides clear and detailed information about its loan offerings and terms on its website.
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Pros and Cons of Renmoney Loans
Like any lender, the Renmoney loan app has its pros and cons. Here are some of the advantages and disadvantages of taking loans from Renmoney:
- Quick approval and disbursement: Renmoney loans are approved and disbursed within 24 hours, making them ideal for emergencies.
- No collateral required: Renmoney loans are unsecured, so you don’t need to provide collateral to get a loan.
- Flexible repayment options: Renmoney loans come with flexible repayment options that allow you to choose a repayment plan that suits your budget.
- Competitive interest rates: Renmoney offers competitive interest rates compared to other lenders in Nigeria.
- Late payment fees: Renmoney charges a penalty fee daily on any outstanding loan balance beyond the due date, which can be costly.
Renmoney Loan App – FAQs
Is Renmoney legit?
Yes, Renmoney is a legitimate and licensed financial institution operating in Nigeria. The company is regulated by the Central Bank of Nigeria and is a member of the Consumer Credit Industry Association.
How do I get a loan from Renmoney?
To get a loan from Renmoney, visit their website at www.renmoney.com or download their app, select the loan amount and repayment period, fill out the application form, upload the required documents, and submit your application. If your loan is approved, the funds will be disbursed to your bank account within 24 hours.
Do I need a BVN to get a loan from Renmoney?
Yes, you need a BVN (Bank Verification Number) to get a loan from Renmoney. Your BVN is used to verify your identity and ensure that you’re creditworthy.
How to borrow money from Renmoney?
To borrow money from Renmoney, visit their website or download the app, select the loan amount and repayment period, fill out the application form, upload the required documents, and submit your application. If your loan is approved, the funds will be disbursed to your bank account within 24 hours.
How much can I borrow using the Renmoney loan USSD code?
You can borrow up to N500,000 using the Renmoney loan code, depending on your eligibility and creditworthiness.
Overall, Renmoney is a reliable loan app for individuals and small businesses looking for quick and easy access to cash. The company offers a variety of loan types with competitive interest rates, quick approval and disbursement, and flexible repayment options.
However, Renmoney’s loan late payment fees can be costly, so it’s essential to pay your loan on time.
If you’re looking for a reputable lender in Nigeria with a strong customer service and support system, competitive interest rates, and flexible repayment options, the Renmoney loan app is an excellent choice.