In the wake of a challenging post-COVID-19 depression, many individuals and businesses in Nigeria are facing significant financial struggles. The impact of the economic downturn has made it difficult for people to keep their financial affairs in order, leaving them grappling to stay afloat. However, amid these difficulties, Renmoney loan, a ray of hope has emerged in the form of instant cash loans provided by various financial institutions and tech companies.
These loans offer a simplified and hassle-free approach, allowing Nigerians to access much-needed funds without the burdensome bureaucracy and paperwork associated with traditional bank loans. Let’s explore how these innovative lending solutions are empowering individuals and businesses during these trying times.
How Renmoney has come to fill that gap
Renmoney, a prominent fintech company, has been a key player in the Nigerian microfinance banking sector since its inception in 2012. Dedicated to empowering individuals and small businesses, the company offers a wide array of financial services, with a particular focus on providing loans.
As a company regulated by the Central Bank of Nigeria, Renmoney ensures compliance with industry standards and maintains a reputation for reliability and transparency. Their commitment to safety and security is further underscored by their affiliation with the Nigeria Deposit Insurance Corporation (NDIC), offering customers peace of mind in their financial dealings.
One of the standout features of Renmoney’s services is their attractive rates on Fixed Deposits and Savings accounts. This allows customers to grow their savings while enjoying competitive returns on their investments.
Renmoney’s lending prowess is equally impressive, catering to a diverse clientele with loan amounts ranging from N50,000 to N6 million. Whether it’s to meet personal needs or fuel the growth of small businesses, the company’s flexible loan options ensure that individuals and entrepreneurs have access to the financial support they require.
What are the available channels to apply for a Renmoney loan?
Renmoney gives out loans to individuals and small businesses through their:
- Website
- Mobile application
- Agents
- Contact centre, and
- Branches across the country.
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What are the advantages of Renmoney Loan?
Some of the advantages of Renmoney loan include:
- They offer options to business owners and salary earners
- They offer quick and accessible loans
- They offer flexible repayment methods and duration
- You do not need to provide guarantors or collateral
What are the requirements that qualify me for a Renmoney loan?
The following are a few of the requirements you must meet to access a Renmoney loan. They include:
- You must provide details of an existing bank account in one of the commercial banks in Nigeria.
- You must be between 22 to 59 years of age.
- You must have a required level of monthly income that qualifies you for your type of loan.
- You would also be asked to provide details of your monthly income as an employee or as a business owner.
- You need to provide a valid means of identification proving that you are an employee of your workplace and recent passport photographs.
- Also, you must provide the details of your account statement in the last six months; ensuring that you have no issues with them nor any returned cheques.
If you can safely meet up with these requirements, you can then go ahead to apply for the loan on their website.
How do I apply for a Renmoney Loan on their website?
While logged on to the Renmoney website, you would first need to input your personal information. You will need to submit the following documents including
1. Your bank statement shows transactions on your account dating back to the last six months.
2. Your valid government-issued Identity Card which could be a driver’s license, National ID card, or International passport.
3. Utility Bills like your electricity bill, water bill, waste management bill, cable TV bills, rent agreement and so on.
4. Your Bank Verification Number (BVN) is also needed.
5. Finally, electronic copies of your passport photographs.
6. In some cases, you will be required to provide your Tax ID or Pension ID number.
7. You must also ensure that you do not offer any other loan platforms any outstanding loans.
8. You may need to get a letter from your company’s Human Resources manager to access a Renmoney loan.
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How long does it take Renmoney to approve your loan?
Renmoney takes between a few minutes to 24 hours to process and approve or reject your loan after application. Depending on their decision, the sum will be credited to your account if approved or you will receive a rejection message.
How do I borrow money through the Renmoney app?
To borrow money through the Renmoney mobile app, all you need to do is follow these easy steps:
a) Download the mobile app from your Google Play store for Android or your Apple App store for iPhone.
b) Register your profile and sign up if you are a new user; sign in if you are an old user.
c) Input your information as a new user.
d) Apply for the loan and wait for Renmoney to give you feedback or credit your account.
NOTE: There are some loan packages that can be found on the website which are not accessible on the mobile app.
How much can one borrow from Renmoney?
Renmoney offers a minimum amount of N50,000 and a maximum of N6 million. The amount made available to you is dependent on your capacity to repay the loan as well as factors like your debt-to-income ratio and the amount of personal information you can provide during your application.
The earlier you repay borrowed loans also gives you the opportunity to access bigger loans than your last one and get longer repayment times.
What are Renmoney loan repayment fines and penalties for defaulters?
Renmoney has a default fine if you fail to pay back your loan within the agreed duration or period. This fee compounds and increases every day after the loan repayment period has expired.
What is Renmoney USSD loan code?
The USSD loan code for Renmoney is *727#. Dail *723*73001# to request a quick loan and follow the prompt. However, note that your phone number must be registered as an active payment method for Renmoney.
How much is Renmoney’s interest rate?
Your repayment choice affects your interest rate on Renmoney loans. The longer your repayment period is, the higher your interest is. Your interest rate can shoot up to 33.9% if you are to repay a loan for one year and 15% if you are repaying a loan for a month.
You can use the Renmoney loan calculator to calculate your interest rate before applying; it is free.
In conclusion,
In case you have any doubts or need more clarification on issues concerning Renmoney loans, you can call their customer care numbers on 0700 5000 500 or 0700 7366 6639. You can also email them at hello@renmoney.com.
