Renmoney Loan: How to get a Loan from Renmoney (Requirements & Interest Rate)

Last Updated on May 9, 2023

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.

See: How to Qualify for an ALAT Loan

About Renmoney Loan Review

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Renmoney loan gets 4 out of 5  for overall performance.

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 is a lending company that 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 their website and on their mobile app.

How to Get a Loan from Renmoney

There are two ways to get a loan from Renmoney. Through the Renmoney website or through the Renmoney app:

Here’s how to get a loan through Renmoney’s website using these steps:’

•  Visit the Renmoney 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 Renmoney loan app to apply for the loan.

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 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.

Also See: How to Apply for a Quickteller Loan

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.

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 from the Google Play store.

See: List of Fake Loan Apps in Nigeria

How to Pay back 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.

Also See: How to get a Migo Loan in Nigeria