If you’re looking for a quick and hassle-free way to borrow money, Renmoney has you covered. Renmoney, a prominent Nigerian fintech company, offers a straightforward process to access loans through its user-friendly platform. In this guide, we’ll walk you through how to borrow money from Renmoney, including the convenience of their USSD code, making loan applications accessible from any mobile phone. Whether it’s for personal or business needs, Renmoney provides a range of loan options to suit your requirements. So, let’s explore the steps to secure the financial assistance you need with Renmoney’s loan services and USSD code
What is Renmoney
Renmoney, a prominent Nigerian fintech firm established in 2012, has become a leading lender in Nigeria. Originally named RenCredit, it offers a wide range of microfinance banking services. Renmoney’s mobile app provides a multifaceted platform beyond loan applications, enabling users to send and receive money, save, invest, pay bills, purchase airtime, and more. Their loan offerings span various needs and amounts, ranging from ₦6,000 to ₦15,000,000. They offer Personal Loans, which are unsecured and require only a Bank Verification Number (BVN). Business Loans are tailored for small and medium-sized enterprises, necessitating collateral, a guarantor, and documentation.
Renmoney Loan Requirement
- You Must Be An Adult Between the age of 22 and downward
- You Must have a Reliable Source Of Income
- You Must Have A Bank Verification Number (BVN)
- A Valid Means of Identification
- You Must Have A Active Bank Account
How to borrow money from Renmoney
To borrow money from Renmoney, follow these straightforward steps through their website or mobile app:
- Visit Renmoney’s website at www.renmoney.com or download their app from your app store. Click on “Apply Now” on the website’s homepage.
- Register an account by providing your email address and required information. Once your account is set up, click “Apply Now” to access the loan application form.
- Choose your desired loan amount using the provided sliders. The interest rate and total repayment amount will be displayed.
- Complete the application form with your personal and financial details, including your Bank Verification Number (BVN), phone number, address, date of birth, employment status, and income.
- Uploading supporting documents is only necessary for business loans. If applying for a business loan, submit required documents like a valid ID (national ID, driver’s license, or international passport), a recent utility bill, and your bank statement.
- Review your application details for accuracy, then submit your application. Renmoney will review it and respond within 24 hours. If approved, the funds will be transferred to your bank account within the same timeframe.
What is Renmoney USSD code?
Renmoney has a simple way to get loans through your mobile phone. by just dialling *723# on any network and following the instructions on the screen, you can apply for a loan without needing paperwork or visiting their offices. There’s an even easier way to go about it without the need to navigate through the prompts; you can achieve this by simply dialling *723* then entering the amount you wish to borrow, then #, after dialling you would be able to choose your repayment terms and see their interest rate on the particular amount you opt for.
See Also: Renmoney Loan Calculator
Renmoney Loan Interest Rates
Renmoney charges different interest rates for its loans, depending on the type and how much you borrow. These rates range from 2.4% to 9.33% per month, roughly 33.9% per year.
For example, if you borrow ₦500,000 from Renmoney at a 2.7% monthly interest rate and choose to pay it back over 12 months, you would have to pay ₦13,500 monthly. In total, you’d pay ₦162,000 over the year. The interest rate you get depends on your loan type and amount, and this example shows how it works in simple terms.
Renmoney Debt Management Tips
When you borrow from Renmoney, be careful. Only borrow what you need to avoid getting into too much debt. Before you borrow, plan how you’ll repay it and stick to that plan. Make a budget that includes your loan payments. Pay on time to keep a good credit score, which can help you get loans in the future.
It is essential to note that if you don’t pay your loan on time, Renmoney will charge you ₦300 per day for any unpaid loan amount. So, it’s essential to be responsible with your loans to avoid extra fees.
How do I borrow money from Renmoney?
To borrow money from Renmoney, you’ll need to provide personal and financial information, such as your name, address, and bank statement. Renmoney usually does not require collateral for their loans, making the process straightforward and accessible.
How long does it take for Renmoney to approve a loan?
The approval time for a Renmoney loan can vary. It typically ranges from a few minutes to up to 24 hours for your loan request to be fully processed. If your loan is approved, you’ll receive a credit alert in the bank account linked to your profile.
How do I check my loan balance on Renmoney?
To check your loan balance and due date, log in to your Renmoney dashboard, either through their website or mobile app. This will provide you with all the necessary details regarding your loan.
What is the maximum loan amount for Renmoney?
Renmoney offers loans of up to ₦6 million, with the flexibility to repay over a period of up to 24 months. You can apply for either a personal or business loan to suit your specific needs.
What is the WhatsApp number for Renmoney?
You can reach Renmoney on WhatsApp at 08188889750 to start your loan application and inquire about their services.
Does Renmoney have a USSD code?
Yes, Renmoney has a USSD code, *723#, which allows you to access their loan services directly from your mobile phone, regardless of your network operator.
Which bank is Renmoney in under?
Renmoney operates as a microfinance bank under the supervision of the Central Bank of Nigeria.
What happens if I don’t pay my Renmoney loan?
Failure to repay your Renmoney loan can have negative consequences, including an adverse impact on your credit rating with credit bureau agencies. This can make it challenging to secure loans from other financial institutions. Additionally, Renmoney may contact your employer and next of kin if you default on your loan payments.
How old do you have to be to get a Renmoney loan?
To be eligible for a Renmoney loan, you must be between the ages of 22 and 59. Additionally, you should possess a valid government-issued ID, such as a Driver’s License, National Identification Number (NIN), National ID Card, Voters Card, or International Passport. You will also need to provide a bank account statement covering the previous six months.
How long does it take to get money from Renmoney?
Renmoney’s loan application and disbursement process is swift and efficient. Typically, they collect and verify the required information seamlessly and aim to disburse the approved loan within 24 hours. The Renmoney loan app, available exclusively on Android, facilitates this streamlined process, allowing users to download it from the Google Play Store.