Do you want to learn more about the Renmoney loan app and how you can use it to get a loan in Nigeria? Then read on because not only will we show you that, but we will also share other vital information about the Renmoney loan app.
What is Renmoney?
Renmoney is a Nigerian financial service company that offers savings, loan, and investment services to both individuals and businesses.
They can give out loans up to the tune of 6 million naira for up to 2 years. You can use their free loan calculator to calculate the exact interest rate, duration, and repayment period for a specific loan amount.
Renmoney loan requirements
To be approved for a loan, you will still need to meet certain conditions. These are the requirements to be eligible to borrow a loan.
- You must be between the ages of 22 to 59 years.
- A savings or current bank account number must be active.
- You must be employed or own your business.
- Good credit scores (report) are essential.
- A statement of account is required for up to six month. You should also not have any returned cheques.
- You will need a passport photo and an employee identification card.
- You must live in a city where they operate.
Renmoney Loan Interest rate
Your repayment plan will determine the Renmoney loan interest rates. A longer repayment term can result in a higher interest rate. On a full-year loan, they charge 33.9% interest. You can expect a loan with a term of 1-3 months to have a lower rate.
How to obtain a loan from Renmoney
Whether you use the Renmoney app or visit their website, you can still apply for a loan using any of these mediums.
To get a loan from the Renmoney website:
- Register on the site to apply for a loan
- Please complete the online loan application form.
- Upload all required documents
- If your loan application is approved, you will get your loan within 24hrs.
Alternatively, you can apply for the loan using the Renmoney app
To apply using the Renmoney loan app:
- Download the Renomey app on Google playstore. As of now, Renmoney app is only available on android devices.
- Register or login to the app and apply within the dashboard.
How to repay Renmoney loans
You will also be asked for your preferred method of repaying the loan when you request a Renmoney loan. You can either pay the loan back in 6 weeks or over 12 months. They will debit your bank account automatically with your accumulated monthly loan repayment due.
Renmoney customer service contact details
Renmoney Customer service phone number is 0700 73666639. Their support email address is [email protected], and their physical address is 23 Awolowo Road Ikoyi, Lagos.
Is my BVN safe with Renmoney?
Your BVN is required by the CBN as a KYC (Know Your Customers) requirement for all financial institutions, including Renmoney. Your data is protected by the latest encryption methods.
How much is Renmoney interest rate?
Renmoney allows you to apply for loans of N6,000-N6,000,000 with no collateral. You can repay the loan in three to 24 months. Monthly interest rates are between 2.4% and 9.33%, with a maximum Annual Percentage Ratio (APR) of 35.76%. There are no other fees.
Is Renmoney legit?
Is Renmoney a legit loan? Renmoney is a legit loan app in Nigeria that allows you to get an instant online loan with no collateral or paperwork. This loan app is fast and one of the best in Nigeria.