Renmoney is a Nigerian-tailored Fintech giant focused on offering competitive loan offers, savings programs, and viable investments. Renmoney operates under a license meant for a full-blown microfinance bank, hence they are permitted to provide the varying services and products they offer. Renmoney provides consumer, overdrafts, and term loans to individuals, small and medium scale businesses through their online portals and physical branches nationwide.
Famed for giving loans without collateral, Renmoney has found the hearts of Small and Medium Scale Enterprises (SMSEs) and startups in the country. Individuals too, have endeared to the brand. As Nigerians, we would agree that this is a hard feat to achieve considering the large percentile of dishonest people in this clime. How they still found a way to ensure security for their assets anyway is just astonishing.
With over 200,000 completed loan transactions to varying types of clients since starting out in 2012, Renmoney stands at the top of the pile. Renmoney have an array of products, we are going to be looking at all of them in this article.
Why take a Renmoney Loan?
Renmoney loans are designed to offer their clients convenience, timely intervention, and ultimate value. The loan products are available to the employed, entrepreneurs, and corporate bodies.
- Trust and viability
- Fast and convenient
- No collateral or guarantor needed
- Flexible repayments
- Competitive interest rates
- Minimal requirements
Requirements for Renmoney Loan
To get a Renmoney loan, you need to be able to tick off the following requirements depending on your profile and your request type:
- You must be between the ages of 22 and 59 years old
- You must be an account holder in any of the 22 commercial banks in Nigeria
- Have a verifiable stable monthly salary and a Staff ID (this serves as security for your loan)
- Have a sustainable business
- A clean Credit Bureau (CRMS) report
- Six months statement of account (Must show your stable monthly salary in the correct narrations)
- No returned cheques in six months
- A recent passport photo
- A Tax ID (optional for individuals, mandatory for businesses)
- A valid government-issued ID card (Voters’ card, international passport, driver’s license, or national ID)
- A consent letter from your HR (for individuals)
- A recent utility bill e.g PHCN bill, DSTV bill, LAWMA bill, or house rent receipt (to show proof of address)
- You must reside/work/do business in Lagos
10 Step-by-Step Procedures on How to Apply for a Renmoney Loan
With the increased usage of the internet in recent years, this process, too, has been digitalized over the years.
- Visit the Renmoney Website
- Complete the application form
- Employed or a Business Owner? Choose
- State your age
- Answer what state and local government you live in
- Enter your monthly salary
- Enter your personal details
- Mobile number
* You will see a representative/tentative offer below your screen. This is an example:
Representative example: Representative example: Loan amount of ₦2,000,000 borrowed for 12 months. Interest Rate: 35.76%. Total amount payable: ₦2,715,200. Maximum Annual Percentage Rate (APR): 35.76%. No other fees.
Note: Loan tenure: 3 – 24 months.
- Set and re-confirm your PIN
- Provide additional information
- Residential status e.g owner, tenant, with relatives, with friends, etc
- Marital status
- Number of children
- Educational level
- Purpose of loan
- Enter your Address details
- Upload your passport photograph
- Enter your employment/business details
- Provide your 6-month bank statement and enter your bank details
- Wait for the disbursement of your loan. Typically the waiting time should be between 1-24 hours. This time is spent reviewing and verifying your inputted details.
Alternatively, you can visit any of Renmoney outlets should you prefer not to apply online. See a list of Renmoney outlets below:
|Head office||23, Awolowo Road Ikoyi, Lagos, Nigeria|
|Marina||27-29 Odunlami Street, Marina|
|Ikeja||Pentagon Plaza, 23 Opebi Road, Ikeja.|
|Lekki||F61 & F62 Road 3, Ikota Shopping Complex, Ikota, Lekki-Ajah.|
|Surulere||Kings Plaza, 80, Adeniran Ogunsanya Street, Surulere.|
FAQ on Renmoney loan
How much loan can I get from Renmoney?
You can get N50,000 – N6,000,000 within 24-hours from Renmoney. Without collateral.
What is their Renmoney’s interest rate?
Renmoney;’s interest rates depend on your repayment options. A longer period of repayment will mean higher interest, while a shorter period of repayment means a reduced interest rate. For a full 12-month repayment period, your interest can reach 35.76% (as seen earlier).
What is the tenor for the Renmoney loan?
Renmoney offers loans for a minimum of 3 and a maximum of 12 months. For businesses, minimum is 12 weeks (3 months) Maximum tenor for business owners is 24 weeks (6 months).
Can I contact Renmoney’s customer service via phone, email, or social media?
How do I repay the Renmoney loan?
You have an array of options for repayment to choose from.
- Log in to your bank’s mobile banking and repay via ‘Bills Payment’ option
- Use QuickTeller
- Use the Remita payment option