Renmoney is a Nigerian fintech company that operates as a microfinance bank. The bank is a digital bank that offers a variety of financial services (most especially loans) tailored to solve individuals and small businesses' needs, especially those who are underbanked.
Established in 2012 and headquartered in Lagos, Nigeria, Renmoney holds a microfinance banking (MFB) license from the Central Bank of Nigeria (CBN) and is insured by the Nigeria Deposit Insurance Corporation (NDIC).
The fintech company leverages data-driven insights to provide accessible and convenient financial solutions across the country. The company provides unsecured personal and business loans, savings and investments, and mobile banking services.
All these financial services are offered through Renmoney mobile app which is available via GOOGLE PLAY STORE, and APPLE APP STORE, for Android and iPhone users respectively.
In this article, we will provide you with everything you need to know about the Renmoney Loan, its application processes, documents needed, and other criterias that are essential for you to qualify for the loan.
Renmoney Loan: Everything You Need to Know
The Renmoney Loans range from ₦5,000 (personal) to ₦6,000,000 (business), with repayment terms up to 24 months. The loan interest rates range from 2.4% to 9.33% monthly based on factors like loan amount and credit profile.
Meanwhile, to qualify to start the loan application processes, applicants generally need to be 18 to 59 years old, have a BVN, verifiable income (business), a bank account, and provide ID and utility bills.
The most seamless service of the Renmoney Loan is that repayment can be made through the app or via USSD code using *723*73001*Amount# short code.
Renmoney Loans Requirements and Criterias
Individual Requirements
- Valid ID Card such as NIN, Voter's Card, International Passport
- Utility bill that carries the applicant's name and address.
- Bank Verification Number (BVN).
- Valid phone number
- Working Email Address
- Six months bank statement
Business Requirements
- Business owner's ID Card such as NIN, Voter's Card or International Passport.
- Business owner's BVN
- Business Address
- Business phone number
- Email Address
General Requirements
Of course, applicants must be 18 years and above. Also, the applicant should not be aged than 59 years. If any of these age policy is violated, the loan application will not be approved. Renmoney account being accessed via its mobile application is also required. Because, with the mobile app, you cannot access the financial service.
How to Apply for Renmoney Loan
Follow the steps explained below to successfully apply for Renmoney Loan:
- Download the mobile app from your app store.
- Install it and open it after installation.
- Click on create an account to register an account with your email address, phone number and choose a unique password.
- A verification code (OTP) will be sent to the registered phone number and email address. You need to confirm these codes to proceed.
- Your BVN will also be required, enter your BVN and complete the facial verification to confirm the BVN is truly yours.
- Next, submit your NIN, Voter's Card or International Passport. This will upgrade your account to tier two.
- To get your account to tier 3, you will need to submit your utility bill to verify your home address. However, once your account is in tier 1, you can apply for loan.
- Now, click on the "Loan" tab that's available at the bottom of the screen to begin the application processes.
- You will be required to give the Renmoney app permission to your device to let it access your contact list, message, location, calendar and camera. This will let the app evaluate your creditworthiness.
- You will be required to fill the details of your employment status.
- Your home address information will also be required.
- A six months bank statement is also required but it's not mandated. Renmoney, in partnership with Mono, will access your bank's online service to get your bank statements.
- Once all these information are submitted, Renmoney will evaluate your creditworthiness and give you a loan offer. If you're satisfied with the offer, click on "Get Loan" and the loan amount will be disbursed into your Renmoney account.
Tips to Qualify for Renmoney Loan
Following the simple application procedures explained above, you will be able to secure a N5,000 loan on the Renmoney app. Meanwhile, there are some tips you can implement to increase your chances of getting high loan amounts. I will break the tips down in this section:
- Try as must as possible to make the auto-bank statement go though: During loan application, Renmoney will try to retrieve six months of your bank statement. This will allow the company to look into your transactions history to determine your creditworthiness. In fact, you can use your OPAY or PalmPay account statement. All that's required is having online access to your bank account. Once Renmoney is able to retrieve your bank statement, your loan amount will increase to the range of N10,000 to N25,000. But if the app can't retrieve your bank statement, you will only be offered a loan amount of N5000.
- Use device that hasn't been used to apply for online loan: Aside from the fact that a device not previously used for loan application ensures a "clean" application process, free from cached data, and cookies, it helps lenders identifier linked to past applications that could cause errors or security concerns. So, if online lenders like Renmoney discover that your device has previously access loan, your application might be rejected.
- Don't delete your messages (SMS): Many online lenders, including Renmoney, access applicants messaging app to see their list of credit and debit alerts. If you've cleared your messages, there will no be anything to rank for your creditworthiness. However, it's important to note that they can also find out other lenders SMS through the messaging app.
- Use old SIM card/number: Using old phone number will also help build your creditworthiness. They'll believe the number will have been known to many relatives compare to new phone number that's just registered. More so, old phone number can't be easily replaced.
If you follow all these tips, I can assure you a loan amount ranging from N25,000 to N50,000 as a first timer on the Renmoney mobile app.
Renmoney Loan Interest Rate
Renmoney's loan interest rates depends on loan terms including loan amount, duration, repayment plans and types. The interest is calculated to range from 2.12% to 2.65% per month, with an Annual Percentage Rate (APR) of 25.44% to 31.8%.
Let's take for instance, you obtained loans up to ₦1,000,000, the monthly interest rates of the loans are typically 2.12% to 2.65%, making it APR to be 25.44% to 31.8%. That is to say, if it's for larger loans, such as ₦2,000,000 and above, it would probably get a 2.49% monthly rate.
Renmoney Loan Calculator
The Renmoney Loan Calculator is an interactive tool integrated within the Renmoney loan application interface, developed to help loan applicants calculate a loan that suit their financial needs. The loan calculator has a user-friendly layout with intuitive input methods that makes it easy for applicants to assess their borrowing options efficiently.
This Loan Calculator let applicants to determine their loan eligibility and terms by inputting key financial details such as loan amount needed, duration they want to repay, employment status, and monthly income. This information will be used to calculate their preference and bring out the outcome.
With the Renmoney Loan Calculator, applicants can have a clear understanding of their repayment obligations. Once satisfied with the outcome, they can proceed to apply for the loan by clicking the "Apply now" button, as it's shown in the image above.
Conclusion
In conclusion, Renmoney Loan is seamless and all the application processes are done online. The lowest loan offer you can get on the app is N5,000. The loan comes with no collateral or guarantor, flexible repayment terms, and a streamlined application processes.
