How to Apply for Renmoney Loan

By: Branditechture /
 September 20, 2021
  / 4 min read
Categories: Finance
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Renmoney is a Microfinance Bank based in Ikoyi, Lagos, Nigeria. Founded in 2012, Renmoney has built a reputation for giving loans without collateral or guarantors to both Nigerian business owners and employees alike.

Regardless of your employment status, you can also count on Renmoney for quick personal loans.

It is estimated that over 200, 000 loans have been provided by this Microfinance bank alone.

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Requirements For Renmoney Loan Application

For a successful loan application on Renmoney, you need to meet the following requirements;

  1. You should have your Bank Verification Number (BVN)
  2. You should be between the age of 22 and 59 years.
  3. Have a Valid Government-issued ID (e.g Driver’s License, NIN, National ID Card, Voters Card, International Passport).
  4. You should be able to provide a Statement of your Bank Account for up to six months. There should be no issues with returned cheques and whatnot.
  5. You should be able to provide a recent passport photograph.
  6. You should be able to present a recent copy of your utility bill.
  7. You must have an existing bank account with any commercial bank in Nigeria.
  8. You must have a sustainable and verifiable source of income.
  9. If you are an employee, make sure you have a Staff Identity Card from where you work.
  10. You may need a letter from the Human Resource department of the company where you work.
  11. You must have a Tax or Pension ID Number.
  12. Reside and/or operate a business in Lagos.
  13. You must have settled your debts with any other loan apps.
TIP: In some cases, you do not need to meet all the requirements above — For example, when requesting a personal loan. 

Step by Step On How to Apply For Loan On Renmoney

Follow these steps to get a loan from Renmoney:

1. Visit the website

The fastest and easiest way is to visit the loan section of their website.

2. Complete the application form

On the website, make sure you fill and complete the loan application form.

3. Create an Account or Sign In

You’ll be prompted to either create an account (if you don’t have an account with Renmoney) or sign in with your Renmoney account.

Upon creating an account, you would automatically receive a Renmoney MFB Account Number. You’ll need to fund the account number with at least ₦100.

TIP: You might be tempted to send more than ₦100, but don't do that. Only send what is required to get your Renmoney account number activated (i.e ₦100).  

4. Upload Documents and Confirm Loan Application

You may need to upload your documents, which should include, your ID, proof of address and bank statement.

5. Wait for Loan Approval

At this stage, you would need to wait a bit. Your loan application is manually reviewed.

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It can take between a few minutes to 24 hours for your loan request to be fully processed. If your loan is approved, you will get a credit alert in the bank account provided on your profile. You can also check your email for confirmation.

TIP: You can visit any of Renmoney's branches if you prefer not to apply online. Kindly see a list of branches below;

RenMoney Branches

Here are the branches of Ren Money:

Branch Address
Head Quarters 23, Awolowo Road Ikoyi, Lagos, Nigeria
Lekki F61 & F62 Road 3, Ikota Shopping Complex, Ikota, Lekki-Ajah.
Ikeja Pentagon Plaza, 23 Opebi Road, Ikeja.
Marina 27-29 Odunlami Street, Marina
Surulere Kings Plaza, 80, Adeniran Ogunsanya Street, Surulere.

Is Renmoney Legit?

Renmoney is legit. They are listed on the Corporate Affairs Commission directory as RENMONEY MICROFINANCE BANK LIMITED, with the registration number: RC – 1031927.

How Much Loan Can I Get From Renmoney?

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According to Renmoney, you can get a loan amount ranging from ₦20, 000 to ₦6 million within 24 hours.

Renmoney Max Loan

Renmoney Loan terms

Renmoney approves loan terms ranging from 1 to 12 months

What is Renmoney’s Interest Rate

The interest rate depends on your repayment choice. Generally speaking, the longer your repayment term is, the higher the interest rate becomes. For a full year repayment term, the interest rate can shoot up to 33.9%. But the interest rate can go down to as low as 15% if you are paying back in 1 month.

Repayment of loan

The repayment of your loan depends on your loan term. However, you may choose to prepone your payment so that you can rest assured that you are not going to default on the loan.

Paying back a Renmoney loan is easy; You can either pay by transferring funds into your personal Renmoney account number or pay using Quickteller.

Renmoney loan calculator

You can use the Renmoney Loan Calculator (https://onboard.renmoneyng.com/)  to calculate your loan interest rates before applying. It is fast and free to use. Using the calculator does not mean you commit to taking any loan.

Renmoney website

You can access the Renmoney website by visiting renmoney.com

RenMoney Head office Address

Renmoney’s Headquarters is situated at 23, Awolowo Road Ikoyi, Lagos, Nigeria.

RenMoney Contact Details

Renmoney customer care number is 0700 5000 500 or 0700 73666 639

The email contact is [email protected]

 

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