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.
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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.
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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?
Requirements for RenMoney Loans
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?
Visit RenMOney Website
Fill in the Application Form
Upload Necessary Documents
RenMoney Interest Rate
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
- Getting of loans is easy
- Does not require a collateral
- You can get up to 6 million naira in loan
- 24hours loan provision
- 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?
Repayment of Loans
Other methods of repayment
How Long Does it Take to Process a Loan?
What Documents do You Need to Apply for a Loan?
Does RenMoney Require your BVN?
Yes. This is a CBN policy applicable to financial institutions as part of KYC requirements.
Don’t leave yet.
You can start investing as small as 50,000 naira upward.
They offer two investment plans for individuals and small business owners.
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
What was your experience using RenMoney?
So let keep the comment rolling.