Renmoney is a fintech company operating in Nigeria, offering a range of financial services including personal and business loans, savings, and investment products. Founded in 2012, Renmoney operates under a microfinance banking license and is licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC).
The company leverages technology to provide convenient credit, savings, deposit, and banking solutions to its users. Renmoney's mission is to make financial inclusion accessible to millions of under-banked individuals and small business owners across Africa by simplifying finance and increasing options for its users.
Renmoney offers flexible repayment periods for its loans, ranging from 3 to 24 months, and provides instant loans of up to N200,000 for emergency needs. The company also offers loans for planned expenses such as home renovations or starting a small business.
Renmoney emphasizes transparency and user experience, ensuring that customers are well-informed and supported throughout the loan process. The company is committed to making banking easier and more accessible, as evidenced by its high number of satisfied customers and the volume of loans it has issued, which currently stands at ₦132 billion.
About Renmoney Loan
The key features of the Renmoney Loan app include quick and simple loan application processes, online loan approval, and instant disbursements. You can apply for loans ranging from ₦5,000 to ₦1,000,000 with repayment periods from 91 days to 12 months.
The legit online loan app also offers flexible loan options to suit individual needs, with no paperwork, collateral, or guarantor required. Additionally, you can also earn competitive interest rates on your savings and fixed deposits, track and access your money anytime, and make bill payments, buy airtime, and transfer money all within the Renmoney app.
In a nutshell, Renmoney's loan services are designed to be stress-free and convenient. The app allows users to apply for loans with just a few taps, and the money is disbursed directly to their bank accounts. The company emphasizes transparency, ensuring that users always see their loan terms before committing.
Infact, if you can meet up with the loan repayment schedule and pay your loans on time, you'll definitely get lower rates and longer repayment periods on your next loan application. The Renmoney Loan app also provides secure and encrypted personal information protection, ensuring that borrowers data is safe and not shared with third parties without consent.
How to apply for Renmoney Loan
Renmoney Loan application processes are simple and can be submitted easily via mobile app. However, it's important to note that the Renmoney Loan amounts range from ₦5,000 to ₦1,000,000 with repayment periods from 91 days to 12 months, monthly interest rates range from 2.12% to 2.65%, with a maximum APR of 31.8% and there's no paperwork, collateral, or guarantor is required to obtain the Loan.
Here is how you can apply for a Renmoney loan through their mobile app; applying for a Renmoney Loan via the App:
- Download the Renmoney Loan App from the Google Play Store or Apple App Store.
- Open the app and select "Apply for Loan" and the Loan application form will be displayed on the screen.
- To begin with the Renmoney Loan application, provide the required personal and financial information, such as your full legal names, contact details such as phone number and email address, employment status, home address, bank verification number (BVN), National Identification Number (NIN) and income details.
- Next, the Renmoney Loan App will check your credit score for eligibility and loan amount to be disbursed as a first timer. The app makes this process quick and simple, typically taking around 4 minutes.
- Now, you can submit your loan application form. Renmoney will review it and if approved, the funds will be disbursed directly to your bank account immediately.
Renmoney Loan Eligible Requirements
Here are the necessary requirements, criteria and documents needed to apply for a Renmoney loan through their mobile app:
- Age: Applicants must be between 18 and 59 years old.
- Residency: Must live or work in the cities where Renmoney operates (Almost all cities in Nigeria are eligible).
- Employment: Must be employed, either in the government or private sector.
- No collateral or guarantor needed.
- Full legal names, contact details, employment status, and source of income.
- Means of National Identification such as National ID Card, National Identification Number (NIN).
- Bank Verification Number (BVN).
- Demonstrate a stable source of income that can be verified (e.g. pay slips, bank statements). Although, it's option but it can give you a chance to higher loan disbursement.
- Meet Renmoney's debt-to-income ratio requirements to ensure affordability.
Renmoney Loan Interest Rate
Renmoney offers personal and business loans with flexible repayment terms and competitive interest rates. For personal loans, the monthly interest rates range from 2.4% to 9.33%, with a maximum Annual Percentage Rate (APR) of 35.76%. There are no hidden charges, and customers can see the full loan terms before committing.
For example, a ₦2,000,000 personal loan with a 12-month repayment period would have a monthly interest rate of 2.4%, resulting in monthly repayments of ₦214,667 and a total amount payable of ₦2,576,000 with an APR of 28.8%.
Renmoney also offers SME loans of up to ₦100 million with similar interest rates and repayment terms. The company emphasizes transparency, ensuring customers understand the cost of borrowing before applying for a loan.
Renmoney Loan Calculator
The Renmoney Loan Calculator is a free tool that allows customers to quickly determine how much they are eligible to borrow and estimate the repayment terms, including interest rate and monthly payments. The Loan calculator prompts users to input their employment status and monthly income, which then calculates the maximum loan amount they can qualify for based on Renmoney's lending criteria.
However, you should note that using the calculator does not commit you to taking out the loan, but rather provides you transparency into the potential costs upfront before applying. The calculator helps you make informed decisions about the best loan option for your needs and budget by providing a clear breakdown of the estimated interest and repayment details.
In a nutshell, the Renmoney Loan Calculator is an "essential tool" and "valuable resource" that simplifies complex financial tasks and promotes smart borrowing decisions from Renmoney Loan App.
Conclution: Is Renmoney Legit?
Renmoney, as a financial company, is licensed by the Central Bank of Nigeria and insured by the Nigeria Deposit Insurance Corporation (NDIC). These indicate that Renmoney is a regulated and legitimate financial institution.
Secondly, Renmoney's focus on making financial services more accessible and convenient for underbanked individuals and small businesses in Africa. This mission aligns with Renmoney's status as a legitimate microfinance provider.
Furthermore, the eligibility criteria and loan details provided on third-party sites like StartCredits further demonstrate that Renmoney operates within the regulatory framework for financial services in Nigeria. In addition, the Renmoney mobile app is available on the Google Play Store, which suggests it is a legitimate and functional product offered by the company.
Reviews from customers on the app and other platforms are generally positive, praising Renmoney's services and customer support. In a nutshell, Renmoney is a legitimate fintech company licensed and regulated to provide financial services in Nigeria. There is no evidence suggesting Renmoney is an illegitimate or fraudulent operation.