Renmoney Loan: 2020 Review for Newbies


Renmoney Loan

Renmoney loan gives you quick and instant loan in Nigeria without collateral to repay at your convenience and it comes with an affordable interest rates. So if you are in need of a loan for a personal needs, then think Renmoney.


About Renmoney Nigeria

Renmoney, formerly Rencredit is a fintech lending company operating under a microfinance banking license in Lagos, Nigeria. They offer loans to individuals and small businesses through their website, contact center, agent network and branches.

Regulated by the central bank of Nigeria (CBN) and insured by the Nigeria deposit insurance cooperation (NDIC). They also offer market lending rates on fixed deposit and savings account.

Table of contents
  • Requirements
  • Pros and Cons
  • How to apply
  • Interest rate
  • Repayment channel
  • Customer care number
  • Head office/branch
  • How Loans Nigeria rates Renmoney loan
  • Conclusion

Renmoney Loan Requirements

Before applying for a loan on renmoney, make sure to provide these following requirements:
  1. Bank statement
  2. A government issued ID card
  3. Utility bill (optional)
  4. Bank account
  5. A verify source of income
  6. Live and/ or work in cities where renmoney operate
  7. Must be between 25 - 59 years old.

Pros and Cons of Renmoney Loans

Before applying for a loan with Renmoney, it's important to assess the benefits and drawbacks of this company

The Pros

  • Renmoney now offer loans up to 6 Million
  • No hidden charges
  • No collateral/ documentation  or guarantor needed everything is pure paperless
  • Good customer support
  • All Renmoney loan application is absolutely very easy to fill.

The Cons

  • Renmoney only offer loans to individuals who lives and/ or works in the cities they operate
  • Your interest rates is not fixed, thus, can differ from one another
  • Currently, Renmoney has no loan app, they online gives loans through online (website) or via phone call.

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How to apply for a loan with Renmoney

Renmoney Loan

You can apply for a renmoney loan either through it's website or by dialling +2347005000500. To access for a loan through it's website, follow these steps:
  • Visit renmoney.com with your mobile device and click on "apply"
  • Choose either "employ" or "business owner" and fill out a form
  • Choose your loan amount and it's repayment term
  • Fill in your personal details (name, phone number, bank details etc) and upload your government issued ID card
  • Accept it's terms and conditions
  • Receive your loan within 24 hours if being accepted.
Note: You might be offered less than what you applied for, because, your debt-to-income ratio may not be able to accommodate your loan request.

Renmoney Loan Interest Rate

Renmoney uses a risk based pricing model which estimates the risk of lending to each applicant and prices accordingly. Your renmoney loan interest rate is calculated based on your credit history and trust score.


Lending Terms


Renmoney Loan

Renmoney loan limit ranges from N5,000 - N4,000,000 with a repayment term ranges from 3 - 24 months tenor.


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How to pay Renmoney Loan


Renmoney loan

There are 3 ways you can use to repay your loan, namely: cash deposit/internet transfer; online and through cheque.


1. Cash deposit/Internet transfer

repay your debt through any of these renmoney account:
  • Gtbank - 0120829621
  • Polaris bank - 1771340451


2. Online

You can repay your debt online either through GTCollect or Paystack


3. Cheque

The cheque deposited as part of your loan documentation will be presented to your bank on your loans due date.


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Renmoney Loan Customer Service Number

For issues or help, email renmoney at hello@renmoney.com or call +2347005000500

Head office/Branch

  • 23, Awolowo Road Ikoyi, Lagos, Nigeria
  • Pentagon Plaza, 23 Opebi Road, Ikeja
  • Kings Plaza, 80, Adeniran, Ogunsanya Street, Surulere
  • 27-29 Odunlami Street, Marina
  • F61/F62 Road 3, Ikota Shopping Complex, Ikota, Lekki-Ajah.

How Loans Nigeria Rates Renmoney Loan

  • Overall Score - 4.5
  • Customer Support - 4.1
  • Affordability - 3.8
  • Availability - 5.0


Please note: All reviews are prepared by loansnigeria.com, opinion expressed therein are solely based Loansnigeria.com and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review.

Conclusion

Renmoney is not just a loan platform, but also an investment platform that allows you to earn up to 13% per annum with their flexible savings and investment solutions. Click here to learn more and have an insight knowledge of how it's investment options works.