How to borrow money from renmoney is simple and seamless. Renmoney is one of the digital lending platforms that pride itself on providing top-notch consumer financial services and products to individuals and businesses.
If you are interested in soft and quick loans, we advise you to try Renmoney. Please do not bother about how to go about it because we have exposed everything in this article.
In this article, you will learn how to borrow money from Renmoney online instantly, and we will answer some of the frequently asked questions. Keep reading and pay attention.
Overview Of Renmoney Loan
Renmoney is a Microfinance Bank. A financial technology company that the Central Bank of Nigeria licenses.
It was formerly known as RenCredit before it was changed to Renmoney in 2013 after its inception in 2012.
Their head office is in Lagos, with various offices in Lagos, Nigeria. Renmoney offers financial aid to individuals and businesses that tick the boxes without a collateral, guarantor, or even property documents.
Amazingly, this digital platform offers loans with flexible repayment options and low-interest rates.
In addition, you do not need to visit their head office in Lagos to be able to secure a Renmoney loan. With your smartphone and internet connection, you can apply for Renmoney loans and get paid instantly upon approval.
Eligibility Criteria For Borrowing Money From Renmoney
Renmoney is one platform that offers loans to individuals and businesses with little or no bottleneck. However, it does not insinuate that they offer loans without the borrower being eligible.
Hence, to be able to borrow from Renmoney online instantly, you need to tick the following boxes;
- You must be a citizen of Nigeria. And must live in Nigeria when applying for and repaying your loan.
- You must be up to 22 years and not more than 59 years old.
- You must have a steady and reliable source of income. This way, the platform can ascertain if you can repay the loan or not.
- You must live or work in any of the cities Renmoney operates in.
- Having a good credit score is a plus in facilitating your loan application and approval.
- Ensure that you are not owing any loan platform or being blacklisted by the credit bureau.
- You must have a savings or current bank account with any commercial bank of your choice in Nigeria.
Once you are sure that you are qualified for a Renmoney loan based on the criteria above, we urge you to go ahead and provide the following documents.
Required Documents For Borrowing Money From Renmoney
The documents below are needed to ascertain your creditworthiness before your loan approval;
- A valid government-issued ID card (driver’s license, passport, national ID card).
- Bank statement (6 months)
- Utility bill (3 months) to verify your home address, I.e., PHCN, waste management (LAWMA, etc.), water bill, cable bills (DSTV), rent agreement, etc.
- Passport photographs
- Bank Verification Number (BVN)
Read Also – How to Be Rich Through Loans in Nigeria
How To Borrow Money From Renmoney Online Instantly
To apply for the loan on Renmoney, the steps below will guide you;
- Visit the website
- Complete the application form
- Upload your documents
- Get credited
- Visit any of the branches.
Visit the website
The first step in applying for a loan from Renmoney is to head to their website. At the time this article was written, the Renmoney website is easier and friendlier to loan applicants than the mobile app. On the website, click on the “Apply Now” feature.
Complete the application form
After clicking on the “Apply now” feature, you will be redirected to a page to fill out your application form. You will be asked to choose the amount you want to borrow, your employment status, and other needed information.
Upload your documents
We earlier listed the required documents for applying for a Renmoney loan. After you have completed the application form, the next is to upload your documents for verification.
Once you are done with your application, you have to wait for a few minutes for approval or rejection.
The management team will review and verify your application. If they are satisfied, your loan will be approved and disbursed to your bank account within 24 hours.
Visit any of the branches
If you lack a smartphone or you prefer applying in person, you can also visit any of Renmoney branches in the country, and you will be guided on how to go about securing the loan.
How Much Can I Borrow From Renmoney?
You can borrow between N50, 000 and N6, 000, 000 from Renmoney, provided you are eligible and faithful to the terms and conditions.
What Is Renmoney Interest Rate?
The interest rate of Renmoney depends mainly on the principal amount and the repayment plan.
However, the average interest rate for a Renmoney loan is 33.9% per year.
What Is Renmoney Loan Tenure?
Renmoney offers flexible repayment options. The repayment plan is usually between 1 month and 12 months.
How To Repay Renmoney Loan
Repaying your loan is a great way to boost your credit score and avoid unnecessary drama and threats from most loan apps. Hence, repaying your loan when due is part of the terms and conditions of the Renmoney loan application.
To repay the loan borrowed from Renmoney, you use the Quickteller portal.
What Is Renmoney USSD Code?
The Renmoney USSD code is 723#. For a quick loan on Renmoney, dial 723*73001# on your phone. Meanwhile, ensure that your phone number is registered with Renmoney as an active payment method.
Where Is Renmoney Head Office?
Renmoney’s head office is at 23 Awolowo Road, Ikoyi, Lagos, Nigeria.
Frequently Asked Questions
How long does it take Renmoney to approve the loan?
It takes about a few minutes to 24 hours for Renmoney to approve your loan application upon verification and review by the management team.
How much can I borrow from Renmoney?
You can borrow a minimum of N50, 000 and a maximum of N6, 000, 000 from Renmoney.
Why does Renmoney require BVN?
Renmoney requires your BVN because it is an excellent prerequisite for KYC (Know Your Customer) by Renmoney as stipulated by the Central Bank of Nigeria to all financial institutions.
Is Renmoney legit?
Remoney is legit because they are registered under CAC (cooperate affairs commission of Nigeria). and they speed up loan process instantly after registrtion.
We have come to the end of this article. We believe that you know how to borrow money from Renmoney online instantly.
You do not have to submit any property document or collateral to qualify for Renmoney personal and business loans.
Do you have any burning questions about this platform? Feel free to share in the comments section. We shall respond swiftly.