Renmoney is a digital lending platform that provides personal loans, business loans, and fixed deposit investments in Nigeria. They offer loans with flexible repayment options and have physical branches for customers to access their services. It is a microfinance bank that prides itself as Nigeria’s most convenient lending company with innovations that deliver outstanding service experiences. They grant both personal and micro-business loans ranging from N50,000 to N6 million.
Renmoney microfinance bank has a team of diverse executives with experience from multiple industries who work together to deliver the best to its customers.
Renmoney loan calculator
Table of Contents
The best part about applying for loans nowadays is the fact that you can do the math first to determine the interest you’ll get on the loan. You can understand this first even before applying for your loan through the Renmoney loan calculator. It is free to use, and when you do, it doesn’t mean that you have committed to taking the loan. It’s important to use this to know exactly how much you’ll pay back, the interest charged, and the duration in which the payment is to be made. Once you’re up for it, you can go ahead and apply for the loan.
What are the Renmoney Loan Requirements?
Renmoney covers a variety of loans to suit each individual’s needs. The loans can be for school fees, smartphone funding, point of sale and loans at work. It is open to self-employed and employed individuals. In orders to qualify for the loan, you must meet some criteria some of which include:
- You must fall between the ages of 22-59 years.
- You must have an existing and active bank account with a commercial bank in Nigeria.
- Must be well paid as an employee or own a thriving business
- The employee and business owner must verify their monthly income and must have a clean credit bureau.
- Your statement of account for up to six months is required, and there must be no issues with a returned cheque.
- Have a recent passport photo and an identity card to prove that you’re a staff of your organization.
If you’re certain that you meet the above criteria and more which are available on their website, you can fill out the Renmoney loan application form, upload your document and submit. It is most likely that your loan request will be granted, but you must wait for this approval, and it usually happens within 24hrs.
How can I repay the Renmoney Loan?
Paying back a loan is never as exciting as getting the loan request granted. Most people would struggle at this point, especially if their investments or business venture with the loan yielded zero to no returns. Regardless of your emotions, once you receive a credit from RenMoney, you also choose a process for repayment. You can choose to repay in a month, or you can spread the loan across 12 months.
Renmoney Interest Rate/Loan Features
Your Renmoney interest rate varies with the choice of loan repayment. The longer the duration for repayment, the more the interest rate. For instance, a full year repayment can attract up to 33.9% interest rate, but this will be lesser if the loan is paid back within 3-6 months. It is probably a method used to make its customers eager to pay back their loans. This is not just peculiar to Renmoney. It’s also the case with other loan companies like Palmcredit, Branch loan, FairMoney, and so on.
- Loan Amount: ₦6,000 to ₦6,000,000
- Interest Rate: 2.4% – 9.33%
- Loan Tenure: 3 – 24 months
- Requirements: Personal details, BVN, Email & Phone number
- Repayment Methods: Bank transfer, Account balance & Debit Card
Here are some of the FAQs of Renmoney
Is my personal and financial information safe with Renmoney?
It takes data security and privacy seriously. They have measures in place to protect users’ personal and financial information. However, it is important to ensure that you provide information only through the official Renmoney app or website to avoid potential scams or fraud attempts.
What should I do if I have issues or questions regarding Renmoney?
Customers are provided with support through various channels, including in-app chat support, email, and social media platforms. If you have any questions, encounter issues, or need assistance, you can reach out to their support team for help.
Can I extend the loan duration if I’m unable to repay on time?
It may offer loan extension options in certain cases. However, it’s essential to contact their customer support or explore the app for specific details and instructions regarding loan extensions. Keep in mind that additional fees or interest charges may apply for extending the loan duration.
Can I apply for multiple loans simultaneously with Renmoney?
Renmoney may allow individuals to have multiple loans, depending on their creditworthiness and repayment capabilities. However, it is important to borrow responsibly and consider your ability to manage multiple loan repayments. Taking on too many loans simultaneously can increase the risk of overburdening your finances.
Does Renmoney offer loans for businesses?
Yes, Renmoney provides loans to both individuals and small businesses. The specific loan products and terms for businesses may differ from those for individuals. It’s advisable to check their website or contact their customer support for more information on business loans.
Can I apply for a loan with Renmoney if I have a bad credit history?
Renmoney considers various factors when assessing loan applications, including creditworthiness. While having a bad credit history may affect your eligibility, Renmoney also looks at other factors such as your repayment capability and affordability. It’s worth applying and providing accurate information during the application process.
How can I contact Renmoney?
If you’re all set to get that loan but need more guidance, you can reach their customer care representatives through these Renmoney contact numbers 0700 5000 500 or 0700 73666639.
In conclusion, Renmoney offers both online and offline application options. Also, you can apply for a loan through their website or visit one of their branches to complete the application process in person.
The loan application usually involves submitting personal and financial information, such as identification documents, proof of income, and bank statements.