Renmoney is a well-known microfinance institution in Lagos, Nigeria. Individuals and small-medium businesses can obtain loans from Renmoney with flexible repayment terms and without providing any security or guarantors. This has made the brand popular among the nation’s Small and Medium-Sized Enterprises (SMEs) and startup business owners. And for those in need of personal loans, Renmoney has been a reliable source.
RenMoney Microfinance Bank (formerly RenCredit), is under the CBN regulation having been certified and licensed as a fintech business to conduct financial services to customers. RenCredit, which launched in 2012, changed its name to RenMoney in December 2013. They have grown significantly, and they now have a state license to run many outlets in Lagos. They have offices in Apapa, Ikota, Ikeja, Surulere, Lagos Island, and Ikoyi.
The loan facilitating company moved its headquarters from 89 Awolowo Road, Ikoyi, Lagos to No. 23, Awolowo Road, Ikoyi, Lagos on November 7, 2018. Few blocks separate the two offices.
Renmoney Loan Overview
- Loan amount: ₦50,000 to ₦6,000,000
- Loan Tenure: 3- 24 months
- Maximum Annual Percentage Rate (APR): 35.76%
- Additional fees: No extra fees, no hidden fee
- Who can apply: Small business owners and salary earners.
Renmoney Loan Provision
RenMoney provides fixed deposit accounts, savings accounts, and loans for small businesses and individuals. The deposits and savings on RenMoney are insured by the NDIC (Nigeria Deposit Insurance Corporation). Therefore, you may relax knowing that your money is secure.
In addition to empowering more than 10,000 small enterprises, the company has given over 240,000 loans to Nigerians.
RenMoney offers personal loans in addition to small company loans, making it possible for customers to finance home improvements, purchase a car, smartphone, and household appliances, as well as pay for medical expenses, tuition, rent, and other expenses.
Through its [email protected] program, the company enables its partner companies to affordably finance their employees’ salaries.
Renmoney Loan Requirements
To get a loan from RenMoney, you have to meet the following requirements:
- Be between 25 to 59 years of age.
- Hold a savings or current account with any commercial bank in Nigeria.
- Have a stable income from a verifiable source.
- Live and (or) work in a city where RenMoney operates.
- Have a good record with the Credit Bureau.
You also have to provide the following documents when applying for a loan:
- A government-issued ID card.
- Your bank statement.
- A recently paid utility bill (Optional).
Loan Amount, Term and Interest Rate
The loan amount is determined by your capacity as a borrower. RenMoney makes this assessment after taking into account the data you supplied during the application procedure. ₦6,000,000 is the maximum loan amount, whereas ₦50,000 is the minimum amount you can borrow. However, you might receive a smaller loan than you anticipated; y our debt-to-income ratio has a significant impact on the amount of credit you qualify for.
The loan term varies from three months to twenty-four months, and the interest rate is determined by the amount borrowed and the payback time you choose.
And therefore, the longer the loan term, the greater the interest rate. 35.76% is the highest possible annual percentage rate (APR) and there are no additional costs involved.
How to Apply for a Renmoney Loan
Getting a loan from RenMoney is simple and straightforward. All you have to do is to:
- Visit their website at www.renmoney.com.
- Complete the registration by providing all the required details.
- Then log in to your dashboard
- Choose a loan amount and tenure; the loan calculator automatically displays the interest rate and the amount to repay per month.
- Once your application is successful, you can get the funds within 24 hours.
What Happens if I Default on My Loan?
If you don’t pay back your loan on time, you’ll be charged a default cost of ₦300 every day (including weekends and holidays) until you do. If RenMoney is unable to reach you, they may also get in touch with your employer or next of kin. As a result of the default being reported to credit bureaus, you will not be able to obtain a loan from any financial institution in the future.
Why Renmoney Loan?
RenMoney is the place to go if you are a salaried individual or owner of a small business and require an unsecured loan that will be paid back within 24 hours. The service is quick, practical, and created to satisfy your financial requirements. No collateral or guarantor is required. The repayment schedule is customizable, and best of all, there are no additional fees.
RenMoney Office Address
Renmoney Head office is located at 23, Awolowo Road Ikoyi, Lagos, Nigeria.
Branches are as follows:
|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.|
Customer care number: 0700 5000 500 or 0700 73666639
Email contact: [email protected]
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