Renmoney review (Is renmoney legit?)

Read all about Renmoney in this Renmoney review.

There are times in life when we urgently need money to solve a pressing issue, and maybe we can’t quite seem to get it from friends or family. The next best option is to get a loan.

Taking loans from commercial banks is a very stressful process, the paperwork and also the fact that you will need a collateral just puts off most people.

In the past few years, there has been an increase in the number of apps that offer small loans to students, entrepreneurs and business owners.

Renmoney is lending app that can grant you loans from 50,000 naira up to 6 million naira. Whether you need a loan for starting a business, for paying school fees etc. Renmoney can grant you such a loan provided you meet their conditions.

In this Renmoney review, I am going to be writing about all you will need to know about this platform under the following sub-topics “Is renmoney legit?”, “How to get a loan on renmoney”, “Renmoney loan requirements”, “Renmoney customer care”, “Renmoney products”, “Renmoney calculator” and more.

Remember to leave us a comment after you finish reading and also share with your friends on social media.

Let’s get into it then…

NOTE: Coinistnigeria is in no way associated with renmoney, and is not being paid to write this review.

Read my Kudabank review

What is Renmoney?

Renmoney is lending app that can grant you loans from 50,000 naira up to 6 million naira. Whether you need a loan for starting a business, for paying school fees etc. Renmoney can grant you such a loan provided you meet their conditions.

According to its website “Renmoney is a microfinance bank that prides itself as Nigeria’s most convenient lending company with innovations that deliver outstanding service experiences”.

How does Renmoney work?

Renmoney is a loan/lending app that can grant you up to 6-million-naira loan. When you download the renmoney app from Google playstore, you can then register and apply for a loan.

Before you apply for a loan on renmoney, you will need to check if you meet up with the renmoney loan requirements. You should also use the renmoney loan calculator to determine the interest you are to pay on your loans.

After you must have done the above, you can then fill in the renmoney loan application form and wait for approval. Approval is usually done in 24 hours, if you meet the requirements.

Renmoney loan calculator

The renmoney calculator is used to determine the amount of interest you will get on a loan, before you request for it.

The calculator is free to use, that means you don’t have to take a loan before you use it. Once you are able to determine the interest you will pay on loans, you can then decide to apply for a loan.

Renmoney app

The renmoney app is only available on Google playstore. The renmoney app fast tracks loan application & credit disbursements. It collects information seamlessly, verifies loan applications, disburses money within 24hours.

Renmoney products

Apart from granting you loans, renmoney also offer savings and fixed deposit. Renmoney offers its users the opportunity to imbibe a saving culture to enable them raise funds they may need to execute future projects.

Renmoney loan requirements

Renmoney offers loans to individuals for a variety of reasons. It is open to both self-employed and employed individuals.

There are certain criteria you must reach before renmoney will grant you a loan:

1. You must be between the age of 22-59 years.
2. You must have an existing and active bank account with a commercial bank in Nigeria.
3. Must be well paid as an employee or own a thriving business.
4. Both the employee and business owner must verify their monthly income & must have a clean credit bureau.
5. Your statement of account for up to six months is required, and there must be no issues of a returned cheque.
6. Have a recent passport photo and an ID card to prove that you’re a staff of your organization. If you’re certain that you meet the above criteria, you can fill the renmoney loan application form, upload your document & submit. Approval usually happens within 24 hours.

Renmoney loan repayment

After taking a loan, you will need to repay renmoney back with the agreed interest on said loan. Failure to do so will bring up all sorts of problems, that I’m sure you will not want.

Your renmoney interest rates varies with the choice of loan repayment. The longer the duration for repayment, the more the interest rate.

For example, if a full year repayment can attract an interest of 30%, then a repayment for just a few months will have a lesser interest rate.

Read my Piggyvest review

Renmoney customer care

If you want to get in touch with renmoney customer support, then you can do that via the following phone numbers:

0700 5000 500

0700 7366 6639

Is Renmoney legit?

Renmoney loan app has been reliable in giving out loans, the app has over 300,000 downloads on Google playstore. It also has some quality reviews by users of the app, who consider it a great platform to get small loans from.

The interest rate offered by renmoney is pretty high, this might put off some people, but there is no doubting that they offer short term loans.

If you would rather not use renmoney, then there are plenty of alternatives to use like Branch app, Sokoloan etc.

Frequently asked questions (FAQs)

Is renmoney legit?

Yes, Renmoney is legit and has been giving out loans for a while now. Although their interest rate is kind of high, but you can easily get a loan of 50,000 to 6 million, as long as you meet their requirements.

How much can I borrow on Renmoney?

You can get loans from 50,000 naira to 6 million naira.

Documents required for renmoney loan?

Bank statement, Government issued ID card and utility bill.

Read my Gocash app loan review

Conclusion

Thank you for reading my Renmoney review. If you have any question or comment, you can leave it in the comment section below.

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Thank you once again for reading.

 

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