Renmoney is a financial services company in Nigeria that offers savings, loan and investment services. Renmoney offers both personal and business loans to people in Nigeria. You can get up to N6 million from a Renmoney loan and as low as N50,000. Renmoney also has a free loan calculator that allows you to know the exact interest rate and loan duration you’ll get on a particular loan amount.
Review of Renmoney loan
4.0 Koboline Rating
Renmoney loan gets 4 out of 5 for overall performance. This lending company offers loans for personal and business use to Nigerians. From as low as N50,000 to N6 million. Renmoney loan interest rate is usually around 33.9% annually. They also offer a loan calculator on its website and on its app.
Ratings at Koboline are determined by taking into account pricing, discounts, ease of use/filing a claim, website transparency, Appstore data, financial strength, and complaint data from social media.
Renmoney loan requirements
While a Renmoney loan can be used to meet a wide range of needs. You still have to meet certain requirements if you are to be given a loan. The requirements you’ll need to meet for to be eligible for a loan are:
- You must be between age 22-59 years.
- You need an active bank account number
- You need to be employed or own a business
- You need a good credit score (report).
- A statement of account for up to six months is required, you should also have no issues of a returned cheque.
- You need a recent passport photo and an employee ID card.
Renmoney Loan Interest Rate
Renmoney loan interest rate depends on how you choose to repay your loan. If you choose to repay your loan over a longer period of time, then you can expect a higher interest rate on your loan.
They usually charge a 33.9% interest rate on a full year loan. So you can expect a loan duration of 1-3 months to have a lower interest rate.
How to get a loan from Renmoney
There are two ways to get a Renmoney loan. Through its website or through its app:
To get a loan through its website follow these steps
- Visit the website and apply for a loan
- Complete the online loan application form
- Upload all the required documents
- If your loan application is successful, you will receive your loan within 24 hours.
Alternatively, you can use the Ren money loan app to apply for the loan.
Using the Renmoney loan app
The Renmoney loan app is available on android only. The app allows you to quickly get access to a Ren money loan all within 24 hours. You can download the app on play store.
How to repay a Renmoney loan
While you request for a Ren money loan, you’ll also be asked to choose your preferred process of repaying the loan. You can choose to pay a loan back in 6 weeks or pay it back in 12 months.
They will automatically deduct your monthly loan repayment from your bank account.
Renmoney customer care
If you’re having issues with getting a Ren money loan or you just need to have a fuller picture you can contact Renmoney Customer care through these numbers; 0700 5000 500 or 0700 73666639.