Renmoney loan is one of the best to go for if you need some money for personal or business expenses. They have flexible loan options without the requirement of collateral or guarantors.
With Renmoney, you can borrow amounts ranging from ₦5,000 to ₦6,000,000. Repayment periods span from 3 to 24 months, allowing you to choose terms that suit your financial situation. The application process is straightforward and can be completed through their mobile app.
Interest Rate is good compared to the other loan apps, with monthly rates between 2.4% and 9.33%. Renmoney’s commitment to transparency ensures that you are aware of all their loan terms before committing. They do this to ensure you’re making an informed financial decisions.
Interest Rate
Renmoney offers personal and business loans with interest rates and fees that vary based on the loan amount, tenure, and applicant’s credit profile.
The monthly interest rates for Renmoney loans start from 2.49%. For example, a loan with a 2.49% monthly interest rate results in an Annual Percentage Rate (APR) of 29.88%. The total amount payable on such a loan would be ₦2,338,275.
Renmoney does not charge any fees before granting a loan; the application process is free and conducted online.
However, certain loans may include a management fee. For instance, a loan with a 2.49% monthly interest rate and an APR of 29.88% includes a 1% management fee.
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Renmoney Loan Calculator
Renmoney provides a loan calculator on their website to help you estimate your loan repayments. By entering your desired loan amount and selecting your employment status, you can see the estimated monthly repayment, total repayment amount, and other details based on Renmoney’s lending criteria.
To use the Renmoney loan calculator:
- Visit the Renmoney website.
- Scroll down to the loan calculator section.
- Input your desired loan amount.
- Select your employment status.
- Review the estimated monthly repayment, total repayment amount, and other relevant details.
This tool provides transparency on loan terms before applying, allowing you to make informed financial decisions. Please note that the calculator provides estimates, and actual loan terms may vary based on your credit profile and other factors.
How to Apply for Renmoney Loan
To apply for Renmoney loan, follow these steps:
- Download the Renmoney App: Available on the Google Play Store
- Register: Create an account by providing your personal details.
- Select Loan Options: Choose your desired loan amount and repayment tenure.
- Submit Required Documents: Upload necessary documents, including bvn
- Verification: Renmoney will review your application and verify the provided information.
- Approval and Disbursement: Upon approval, the loan amount is disbursed directly into your bank account.
Ussd Code for Loan & Repayment
Code for loan
Renmoney does not have a code for taking out loans. To apply for loan you have to use their app or website. However, they do provide a ussd code for repayment. This allows you to conveniently repay their loans directly from their mobile phones.
Ussd code for Repayment
To make a repayment, dial *723*73001*Amount# on your mobile device. Ensure that the phone number used is registered with your bank and linked to your Renmoney account
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Repayment
It is important to repay your loan on time to maintain a good credit profile and ensure future access to financial services. Here’s what you need to know about the repayment process:.
Payment Methods:
Direct Debit: Renmoney can automatically deduct repayments from your linked bank account on the due dates. Ensure your account has sufficient funds to cover these payments.
Manual Payments: You can transfer funds directly into your Renmoney loan account. After the transfer, use the ‘repay now’ feature on your dashboard to confirm the payment.
Early Repayment
If you wish to repay your loan ahead of schedule, Renmoney allows early repayments. To do so:
Early repayment can save you money on interest and improve your credit score. However, ensure that early repayment aligns with your financial situation before proceeding.
Missed or Late Payments
Failing to make timely repayments can negatively impact your credit rating and limit future loan opportunities. If you’re facing difficulties in meeting your repayment obligations, it’s advisable to contact Renmoney immediately to discuss possible solutions.
Renmoney Loan App Download
To download Renmoney Loan app, click here or go to Google play store and search for Renmoney app. Click on install to download it on your android phone.
If you’re using iPhone, you can follow the same process to download the app from the app store.
As a safety precautions, always avoid downloading loan apps from unofficial sites. Stick to play store and app store. If you cannot find the app on any of these, the next best option is to use the official Renmoney website
Renmoney Apps details
Number of Downloads: 1 million +
Ratings and Reviews: 4+ ratings with over 35k reviews
Frequently Asked Questions
Is Renmoney approved by the CBN?
Yes, Renmoney is regulated by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC).
Is Renmoney a microfinance bank?
Yes, Renmoney operates under a microfinance banking license in Nigeria, offering personal and business loans, savings, and investment products.
Can you borrow money without bvn?
No, You need to link your bvn to get a loan either from their app or from their website
Is Renmoney legit?
Yes, Renmoney is a legitimate financial institution in Nigeria, regulated by the CBN and insured by the NDIC, ensuring the safety of your investments.
Is Renmoney a good loan app?
Renmoney is a reputable fintech company in Nigeria, offering personal and business loans, savings, and investment products
Renmoney Customer Care Contacts
You can contact Renmoney through any of the following means:
Office address: Head office, 23, Awolowo Road Ikoyi, Lagos, Nigeria
Phone number: 07005000500
Email Address: app@renmoney.com
Twitter (X) : @Renmoney
Facebook: @renmoney
Instagram: @renmoneyng
