Ever tried the Renmoney loan website to borrow money online?
As a Nigerian citizen, considering the economy today, sometimes you need a little extra cash to finish that job, get that deal over the line or get a new device.
Where do you turn?
Many people turn to bank loans, but high-interest rates and a temptation to spend more and grow your balance means bank loans may not be the best choice.
If you are in a situation related to this, you should consider opting for a personal loan like Renmoney loans, one of the best websites for loans in Nigeria.
In situations where you are in the market to obtain a personal loan, it is advisable to borrow just the amount that you need and that you will be able to easily repay any funds borrowed.
Your next big choice is going to be where to get your personal loan from. Our advice, Renmoney loan.
And that is what we are going to be discussing through this article. We will inform you about how to obtain loans from Renmoney, their requirements, interest rates, and loan tenor.
What Is Renmoney?
Renmoney is one of the leading Microfinance banks in Nigeria with its headquarters located in Lagos. You can read more about all banks in Nigeria, and find information about Microfinance banks.
This Microfinance Bank offers financial services especially to the employed, self-employed and entrepreneurs In Nigeria.
Renmoney loan is well known in Nigeria due to the fact that it is one of the few Microfinance banks in Nigeria that issue out loans to its customers without the need for a Guarantor or collateral.
The bank also has a flexible loan repayment program for its customers to make it easier for loans taken to be repaid.
Established in 2012, Renmoney loans has b helped a lot of Nigerians achieve their dreams through their loans which have helped many to grow and expand their businesses.
To date, the bank can boast of giving out over 300,000 loans to Nigerians since it’s inception. This situation is evident in the testimony of some of their beneficiaries.
Also through the bank, you can get up to N4, 000,000 which can be repaid in over a year with incredibly low-interest rates. Awesome, right?
Who Is the Owner of Renmoney Loans?
Not much is known about a seasoned banker, Keiran Donnelly, who assumed office as the Acting CEO of Renmoney.
He has over 30 years of global banking and consumer finance experience. He served as Chairman of the Board of Directors at Renmoney.
He also has previous experience as Chairman Board of Directors, 4Finance Group – 2015 to 2017
Timmy Obaseki is the Head of corporate services at Renmoney. He is also a Certified Project Management professional, Process Improvement (six sigma).
Stanley EHIEMERE is a Financial Sales Analyst at Renmoney.
He also has previous work experience as Business Development Manager at Fleet Masters Limited and Sales Executive Berger Paints Nigeria Plc.
How Does Renmoney Loans Work?
Through Renmoney, you can obtain loans in the range of N50,000 – N6, 000,000.
Before you can obtain these loans however, you have to satisfy their requirements.
The first thing to know is that you have to be employed or self-employed with a constant stream of income. After then you can check of you meet these requirements.
- You must be up to 22-59 years of age.
- You must have an active account (current or savings) with a commercial bank in Nigeria.
- Also, provide verification of your monthly income.
- You should provide a clean Credit Bureau Report of your previous loans (if any).
- Applicant must not have any history of bank returned cheque while applying for this loan
- Also, provide a recent colored passport photograph (within the last 6 months).
- Your last 6 months bank statement (stamped by the bank).
- You must possess a staff identification card from your place of work.
- The HR (Human Resources) department where you work should provide a letter which will confirm your employment, salary increase, redeployment and so on.
- Provide your utility bills (not older than 3 months). Make sure you are debt-free.
- You must possess a valid ID card (National ID card, current ECOWAS passport, Voter’s ID card).
If you are self-employed, here are your Renmoney requirements.
- A recent passport photograph.
- Provide a valid proof of identification.
- Also, you will also need a valid work identification card/business card.
- A recently signed bank statement (Corporate and Personal) within the last 6 months and stamped by the bank.
- Proof of tax registration or receipt of payment.
- Also, provide a means of repayment (NUBAN cheque only).
- You will need a certificate of incorporation.
- A recent utility bill within the last 3 months (business and home).
How to Download Renmoney App for iPhone and Their Website
If they, however, launch their products through an app as time goes on, we’ll be the first to let you know.
How Do I Apply For a Loan From Renmoney?
After satisfying all the requirements listed earlier in this article, you can proceed to follow the instructions we will give you here to successfully apply for Renmoney loans.
There are three types of loans that can be obtained through the Renmoney website. They include:
- RenMoney School fees loan
- RenMoney Cash loan
- RenMoney @work loan
Each of these categories has different ways of applying for their loans. We will put you through how to apply for each category of loan listed above.
RENMONEY SCHOOL FEES LOAN
- Visit the Renmoney website to fill the online Renmoney loan application form.
- Use the Renmoney CALCULATOR to know how much you will pay at the end of loan period.
- Fill in the required details in the school fees loan form and wait while a Renmoney representative contacts you.
RENMONEY CASH LOAN
- Visit the Renmoney website and use the Renmoney loan calculator
- Choose the amount you wish to borrow as well as the time range that you wish to pay back.
- The amount you will pay back at the end of the loan will be displayed
- Click on “CONTINUE” to get to the next page.
- After you have finally completed your application, wait for a representative to contact you. If the loan is approved, you will drop your bank details for immediate disbursement.
RENMONEY @WORK LOAN
Complete the Renmoney application pdf form and fill out the necessary information.
Provide all the necessary documents.
Submit the application to your company’s Human Resources. This is so that the Renmoney Relationship Manager can pick it up there.
You will then receive notification of approval or otherwise
If finally approved, the loan amount will be deposited in the account provided.
Renmoney Loan Repayment
Loans from Renmoney can easily be repaid through a lot of platforms provided by the Microfinance Bank.
The loans can be repaid through their quick teller, POS terminal, Cheque, direct payments to their head office or online using bank transfer.
Their account details are given below:
- RenMoney MFB Limited 0120829621 Guarantee Trust Bank
- RenMoney MFB Limited 1771340451 Skye Bank Account
Before any payments are made, you are required to notify the bank 72 hours prior. While doing any loan repayment, ensure your full name is explicitly written as the depositor.
How Much Can You Borrow From Renmoney?
You can borrow within the range of N50,000 – N6, 000,000 to be repaid within a year.
How Much Is Renmoney Interest Rate?
RenMoney interest rate varies according to the loan amount, loan tenor, loan risk, credit history and so on.
Representative Example: a 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.
How Long Does It Take Renmoney to Process a Loan?
After a successful Renmoney loan application, you will receive a notification of approval within 24 hours and you will be subsequently disbursed.
What Happens When You Don’t Pay Your Loan?
It is basically not advisable to be a loan defaulter.
It ends up in bad credit history, meaning that you will find it hard to borrow from them again or any other online loan platform. It could also result in a lawsuit which is worse.
RenMoney Contact Details
You can visit Renmoney offices through the address below
- 23, Awolowo Road Ikoyi, Lagos, Nigeria
- Pentagon Plaza, 23 Opebi Road, Ikeja.
- Kings Plaza, 80, Adeniran Ogunsanya Street, Surulere.
- 27-29 Odunlami Street, Marina
- F61 & F62 Road 3, Ikota Shopping Complex, Ikota, Lekki-Ajah.
You can also contact their customer service at 0700 5000 500 or send an email to firstname.lastname@example.org.
RenMoney Loan Summary Notes
RenMoney loan is one of the best loan sites you can find in Nigeria today. Their unique flexible repayment option is great, making it easier to obtain loans without the fear of being unable to repay.
It is also one of the few lending platforms online with a physical office where you can make inquiries or any complaints.
Information on this article about Renmoney is all you need to successfully obtain your own loan to reach that goal you have set for yourself.
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