Last Updated on September 9, 2022 by
How do I get the Renmoney Loan Application and How to Apply? This is one of the frequently asked questions we encounter on our website by most of our clients. Well, this Renmoney loan application guide is for you.
So, the Renmoney app is a lending app in Nigeria that allows fast loan applications and credit payments. It smoothly collects information and confirms loans.
In light of this, Limastech has provided you with a well comprehensive guide to help you apply for these loans.
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Renmoney Loan Overview
Renmoney was established in Lagos state as a microfinance bank with a registration number RC: 1031927. It has since then operated as a consumer finance organization.
Before anyone may be granted such a loan, every borrower must be eligible, have a bank account, and fulfill their bank requirements.
As a matter of fact, each loan issued by Renmoney microfinance bank is aimed at assisting small and medium-sized enterprises. This is to develop and grow their operations while also increasing the nation’s economy.
Indeed, in Nigeria, the Renmoney loan app is a lending application that allows both quick loan applications and credit payments.
So, it quickly gathers information and confirms loans.
In addition to providing loans to SME enterprises, Renmoney Microfinance Bank also provides additional services, such as savings and withdrawal options that are similar to those given by commercial banks.
What are the Requirements for a Renmoney Loan?
Before applying for loans, you need to fulfill some of the bank’s standards, such as:
- You must be an eligible adult, between the ages of 22 and 59
- You must have a bank account with other commercial banks in Nigeria
- The applicant must be working or self-employed
- You must have an active and profitable business that is existing for more than 6 months
Additionally, you will have to present the proper documents, such as:
- A proof of your monthly Income
- The staff identification card of your workplace
- A passport photograph
- Tax Identification Number
- A report of your previous loan from a credit bureau
Note: Make sure you’ve cleared any outstanding debt from other mobile loans
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How to Apply for a Renmoney loan?
You can apply for a Renmoney loan online by using the Renmoney Mobile Application ( iOS or APK) or by visiting their official website. To apply using the Renmoney mobile Application, follow these step by step guide below;
- Download the Renmoney mobile app from the Google Play Store or Apple Store if you’re an iPhone user.
- Launch the application on your mobile device
- Apply by choosing your loan amount
- Share necessary information needed by the app about yourself ( Your Bank verification number, Passport photograph if in need, Commercial bank account number, details e.t.c)
- Then wait for verification
- Upon verification, you will receive the loan in your commercial bank account within 24 hours of verification
How to Apply for a Renmoney Loan Through the Official Website?
- The shortcut to it is by visiting the Renmoney website
- Click on the application form and fill in the necessary details. Make sure they are correct
- Create an account
- Sign in to your account then upload the necessary document then verify your loan application
- Check back for approval
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How to Repay Renmoney Loan?
During the application process, you will have to choose a repayment plan usually within an extended period of 6 to 24 months depending on the amount borrowed.
This repayment plan was designed to help business owners maximize the loan and gather enough profit before paying it back. It also creates time for borrowers who got the loan but couldn’t refund it immediately due to business crises.
Unfortunately, the interest rate increases with the duration of the repayment plan. For instance; the longer the repayment plan, the higher the interest rate.
In fact, this sounds like a tactic to make borrowers pay back in time. Well, it sounds like a good one.
So, the earlier a borrower repays the Renmoney loan, the lower the interest rate.
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Where Can I Find Renmoney Local Branch in Nigeria?
The Renmoney microfinance bank headquarters is situated at No 23, Awolowo Road Ikoyi, Lagos, Nigeria
Other branches are located below;
- Lekki: F61 and F62, Road 3, Ikota shopping complex, Lekki Ajah, Lagos State.
- Marina: No 27/28/29 Odunlami Street, Marina, Lagos state.
- Ikeja: No 23 Opebi Road, Pentagon Plaza, Lagos State.
- Surulere: No 80 Adeniran Ogunsanya Street, Kings Plaza, Lagos state.
The Renmoney loan application gives a clear chance when candidates follow the proper steps and meet the bank’s requirements.
Despite the fact that these requirements could be met, this does not mean that your loan application will be approved immediately.
Microfinance organizations are careful in their dealings, and even the tiniest mistake or act of ignorance may result in loan denial.
Renmoney Loan Application and How to Apply: Frequently Asked Questions (FAQs)
How much is the Renmoney interest rate?
The interest rate of RenMoney depends on the loan an individual wants to borrow. It could be as low as 2.4% and high as 9.33% per month. And a maximum of 35.76% interest per year.
How long does it take for Renmoney to approve the loan?
Renmoney Microfinance bank seems to follow a due protocol when giving out loans to borrowers. However, if you have a strong credit history and satisfy the standards, you may have a chance.
Does Renmoney have an app?
Yes, the Renmoney loan app is only available for Android, and you can easily get it from the play store.
Which bank is Renmoney?
RenCredit was the company’s first name when it began operations in Lagos in 2012 with a microfinance banking license.
Can I borrow money from Renmoney?
If a customer can provide a valid source of income, RenMoney will grant them an unsecured cash loan of up to NGN2.5 million for a period of up to 9 months.