RenMoney Loan App, Interest Rate, and All you Need to Know

 

Renmoney is a consumer finance organization that was founded in Lagos in 2012 under a microfinance banking license providing simple finance solutions. Renmoney was formerly known as Rencredit before it was changed in 2013 and has since then been widely known as RenMoney.

If you are very conversant with the new trends on the internet, then there is a probability that you have heard of RenMoney.
RenMoney loan app enables you to get a loan of up to 4 million naira from the platform. Other than RenMoney, we have other loan apps like Kwik money that are hitting it well in the financial technology.

Read also : Perfect Money in Nigeria
So let get into details of what RenMoney has to offer.’

What is RenMoney?

Renmoney is a fintech company that specializes in loaning money to its users under a microfinance banking license in Lagos, Nigeria. It is widely known for giving out loans in Nigeria without a collateral and  a guarantor.

RenMoney makes the getting of loans simple and easy enough for you to get it within 24 hours of application.

Other than lending of loans, Renmoney also offers an investment service that enables individuals and small business owners to invest and get an annual interest over their capital investment.

RenMoney is not the only app loaning money to people, there are other FINTECH companies like Kwik money,  whose main business is giving out loans on a basis to people.

So this means that you can be assured of getting loans online without having to turn to your local bank.

Read also - How to Make Money Online in Nigeria

RenMoney has been in existence since 2012 and has been providing loans to individuals and business owners. And up to date, RenMoney claims to have given out over 200,000 loans to individuals and entrepreneurs.

The FINTECH industry is ever growing and there has been talk in the industry with statistics showing how well the financial technology industry is kicking the banking industry very well.
So we should not be surprised at that presence of more companies like Renmoney, Kwikmoney, coming out in large numbers.

In order to obtain loans from RenMoney, you need to meetup with their requirements to be eligible for the program.

Who is RenMoney for?

RenMoney is for individuals and small business owners in need of loans from N50,000 to 4 million naira. 

 

Requirements for RenMoney Loans

Though I have stated above that to obtain RenMoney loan, you do not require a collateral, there are still some requirements that qualifies you for a loan.
Below are the requirements that qualifies you for a loan

• You must have an active bank account with any commercial bank in Nigeria
• You must have a well-paying job or a sustainable business
• You should be between 22 and 59 years
• You should be able to verify your monthly salary with your company
• Your credit report Bureau report should be clean
• You should be able to provide statement of your bank account for up to six months. There should be no issues of returned cheque.
• You should be able to provide a recent passport photo
• You must make sure you have a staff identity from where you work
• Have a tax or pension identification
• Must have a valid ID that can prove your identity
• You must need a letter from the human resource of your company
• You should be able to present utility bills
• Reside and work or do business in Lagos

 

How do I get a RenMoney Loan?

Okay here is the deal point. So how do you get a loan from RenMoney?

Visit RenMOney Website

You can obtain your loans by filling out a form on RenMoney website. The website also contains other necessary information to guide you.

Fill in the Application Form

On the website sign up page, you will find an application form to fill for the collection of loans

Upload Necessary Documents

After filling your necessary information, you will need to upload your ID, proof of address (NePa bill, or other things), bank statement.

Submit

Upon submitting your application form, all you need to do is wait for your loans which gets to you within 24 hours.

2ND Method

The other method is that you go to any of RenMoney branch and source out your loan instead of applying online. And if you are applying manually, you will need to go with your necessary documents like ID card, proof of address, etc.

RenMoney Interest Rate

Ren Money offers an interest rate up to 35.76% for a full year repayment and is lesser if you are paying your loan back in 6 months or lesser.
With the interest rate, it is clear that this is why Ren Money offers an unsecured loan in exchange, they have a bit higher interest rate compared to other local banks.
That being said, the loan term for RenMoney is between 1 month to 12 months (a year)

Pros and Cons of RenMoney

Pros

• Getting of loans is easy
• Does not require a collateral
• You can get up to 6 million naira in loan
• 24hours loan provision

 

Cons

• It is limited to Lagosians (people who live in Live or work in Lagos)
• Poor customer system
• High loan interest rate (35.76%)

Who Uses and Recommends RenMoney?

RenMoney has gotten the trust and support of other big companies like CNBC AFRICA, PUNCH, VANGUARD, TheGuardian, and TechPoint.ng and Ventures.

There are a good number of individuals that make use of RenMoney.

Repayment of Loans

RenMoney offers a simple way to repay back loans whenever due or even before its due. You can choose to payback in a month or two and you can also extend your payback to as long as 12 months (which is the limit).

To payback you make use of the Quickteller portal to make payment back to the system.
Other methods of repayment

1.    Cash deposit or transfer into any of the designated Renmoney accounts (GTBank and Polaris bank). The bank account can be found on the website.

2.    Pay back through Paystack. Click here to payback.

3.    You can also pay back by cheque, if the loan is large.

RenMoney FAQs

How Long Does it Take to Process a Loan?

Your loan process can be completed and your loan given to you within 24 hours provided all documents are valid and presented on application

What Documents do You Need to Apply for a Loan?

You need your bank statement, a government issued ID card and utility bill (this is optional)

Does RenMoney Require your BVN?

Yes. This is a CBN policy applicable to financial institutions as part of KYC requirements.

Don’t leave yet.

Other than provision of non-collateral loans, RenMoney also have an investment product which allows you to invest your money into their company and get an interest over your investment capital.

With the investment, you get to earn up to 13% per annum.
You can start investing as small as 50,000 naira upward.
They offer two investment plans for individuals and small business owners.

They offer the savings account and fixed account.

With the savings account, you get a 10% per annum interest over your savings. And with the Fixed account you get up to 17% per annum interest over your savings.

RenMoney has a calculator that enables you to calculate the interest for your capital investment and vice versa too the interest over your loans.

Download RenMoney Loan App 

Renmoney does not have an app. We will update this when RenMoney launch their mobile app

Conclusion

Here we are at the end of RenMoney review. RenMoney is yet another fascinating FINTECH startup that is the way people obtain and source out loans for personal need or business needs.

Though RenMoney isn’t the best out there, they are ever growing and we can always expect better offers for the consumers and users.

That being said, have you used RenMoney before?
What was your experience using RenMoney?

How was their support system, loan obtaining process, and were you able to get your loan within 24 hours as they claim?

Drop a comment and let hear your view and experience with them. I will update this review with your own personal review.
So let keep the comment rolling.