There are times when we need money quickly because of the financial strain we encounter. Almost everyone at one point in their life experience such, how to overcome such financial stress becomes the next step.
Renmoney loan is all you need when things are not going exactly as planned. Avoid walking into the bank because the process can be tiresome and the likely chance of success is less than 50%.
A loan from banks, lenders or from the government could take some days or even weeks but with renmoney loan, know your fate in less than 24 hours. The best part of renmoney loan is there is no need for collateral or guarantors to obtain a loan.
In this article, I am going to provide you with all you need to know about renmoney loan in Nigeria. Know how to apply and get funded for school fees, new gadget, cars or for all that pending matters.
Renmomey loan Nigeria requirements to take a loan
To qualify for a loan on renmoney, you must satisfy the following requirements:
- You must be in the age bracket of 25 to 59 years old.
- Bank statement, government-issued identity card, and a utility bill, not more than 3 months are necessary. A utility bill is optional in some cases.
- Your BVN is one of the keys to getting a loan.
- A current or saving bank account with any of the commercial banks in Nigeria.
- Good cash flow or a healthy revenue.
- A source of income that is easily verifiable is important to obtaining a loan.
- Live and work in a city where any of the renmoney offices are situated.
Benefits of Renmoney loan Nigeria
- No collateral or guarantors required to get a loan.
- It leverages technology to provide loans for white-collar persons, self-employed and business persons.
- Take up to NGN6m as loan in not more than 24 hours.
- Earn up to 17% per annum when you invest your fund on renmoney.
- It is quick, easy, convenient and secure.
How to get started on renmoney?
The leading requirement is to have a traceable source of income. Need I remind you that everything is done online, thanks to the advance in technology.
Nevertheless, you have a role to play. It is what you can easily do on your mobile phone without having to visit it a cyber cafe.
- Open your browser and enter https://www.renmoney.com/
- On the opening of the website, you will click APPLY NOW to start your registration process.
- Use the slider to select the amount you need and the tenor. The longer the tenor, the higher the amount you are paying back as interest.
- After you have made the proper adjustment on the page, click Continue to go to the next phase.
- Enter your full names, mobile number, email and BVN. Accept terms and conditions, privacy policy by tapping on the box beside each of them. On to the next.
- You will need to provide a bank statement, utility bill, and government-issued ID card. You can use your smartphone camera to take it and trim it with any good photo app.
- After you have completed the renmoney loan application form, submit and wait. You will be contacted within 24 hours.
How does renmoney loan work?
Although about N250,000 to NGN6,000,000 can be accessed on renmoney loan Nigeria, cash loan criteria can vary with lenders, almost all loan apps will study your credit pattern using the data from your phone.
It is the same for renmomey, it uses the various data from mobile number and BVN to study if you can be granted a loan request, and if yes, how much loan you should get. You can not be earning N100,000 monthly and expect to be granted a loan of N4m. The credit limit depends on your regular income.
It reads through your financial details and others as may be required. On the issue of sharing data, don’t worry, your personal information is encrypted and protected due to using the same technology that commercial banks use.
A quick cash loan is mostly personal loan, financial institutions do not normally operate on a fixed interest rate based on the nature of the loan. Mostly, it is dependable on the tenor like we have seen with renmoney.
There are things you should also know about this type of loans, commonly termed, “personal loan.” It always has a bigger cost compared to others. Take a look at someone who took a loan of N70,000 with a 30 days tenor and charged interest on loan at 15%. He is expected to pay back N80500 plus management charges which could amount up to N83,000.
Here is the renmoney loan representative:
- Principal: N1,000,000
- Interest on principal: 33.9%
- Tenor: 12 months
- Management fees: N35,700.
- Total amount to be paid back: N1,386,467
Let me work it out for you. The management fees are charged upfront, add N1,000,000 to management fees which will give you N1035700. 33.9% of the principal and management fees will amount to N351,102.3.
N351102.3 + principal + management = 1,386,802.3.
It is that simple to get loan from renmoney, all you just need is to have a healthy revenue and provide the needed documents along with your details. The account officer will get back to you once your request is approved.
If you had a history of defaulting payments or not much can be read from your data, getting loan will be very difficult.
How to pay back renmoney loan
There are several ways available to make the payment. I know at least 4 but I will only provide you with 3 ways to pay back the loan.
- Cheque is one of the ways renmoney get their money back. If you had deposited a cheque as part of your loan documentation, renmoney tenders it to your bank on the due date. Ensure you have enough in your account to cover the loan amount.
- Transfer or cash deposit to renmoney account. GTB 0120829621 and Polaris bank 1771340451.
- You can also pay using paystack payment system https://www.paystack.com/pay/renmoney, On paystack you can pay with your debit or credit card.
If you would prefer to pay through cash deposit or bank transfer, inform renmoney 5 working days before the due day. This ensures that your cheque will not be presented to the bank on the due date.
You can contact them by sending a message to hello@renmoney.com
Renmoney contact details
- Facebook: https://www.facebook.com/renmoney/
- Twitter: https://twitter.com/RenMoney
- Phone number: 07005000500
- Ikoyi Address: 23 Awolowo Road, Ikoyi, Lagos.
- Lagos Island address: 27-29 Odunlami St, Marina, Lagos.
- Lekki address: Ikota: F61 & F62 Road 3, Ikota Shopping Complex, Ikota, Lekki-Ajah., Ibeju Lekki, Lagos State
- Surulere address: Kings Plaza, 80 Adeniran Ogunsanya St, Surulere, Lagos
- Email: hello@renmoney.com
- Website: www.renmoney.com
Wrapping up
Getting a huge loan does not have to come with strict procedures, it can be this simple, more like page financials loan that offer up to NGN5m loan. The difference is that page financials has a dedicated app on both android and ios devices.
When you are new on renmoney, you might find the loan amount limited, it will take a while to find their good grace as they will need to confirm if you are a responsible borrower. If you prove to be so, the amount may increase as you pay back in time, better if it is even before the due date.
