The Renmoney app is a loan app in Nigeria that fast-tracks credit disbursements and loan applications. It gathers information seamlessly, confirms and verifies loan applications, and disburses money within 24hours. The app is available on Android only, customers can easily download the Renmoney loan app from the play store.
The Renmoney microfinance teams are experienced personnel, from multiple industries that work together to deliver the best to their customers.
Renmoney is a group of finance and technology-driven individuals who are passionate about making financial inclusion count.
Mission and vision of Renmony
Renmoney strives to understand its customers and leverage data, technology, and innovation to provide extraordinary service experiences.
Renmoney is Nigeria’s most effective lending company – providing excellent service experiences.
Remmoney is very committed. It is constantly studying and reinventing the solutions built, how it works and how it serves customers to align with its values.
As a loan application, it has some requirement rules and guidelines that enable it to run smoothly. Users can apply for a conventional loan to meet their various needs, like growing their small business, renovating their home, buying a new car, paying rent, school fees, medical bills, etc.
RenMoney extends unsecured cash loans of up to NGN2.5 million to customers for up to 9 months, to either salary earners or self-employed as long as they can provide a verifiable source of income.
The interest rate of Renmoney varies depending on the method of loan repayment. If the applicant takes a longer time to repay the loan the interest rate will be higher. For instance, an annual repayment can attract up to a 33.9% interest rate, but it will be lower than that if the loan is paid back within 3-6 months.
This method is adopted by Renmoney to make its customers eager to pay back their loans quickly. This is not just only for Renmoney. It’s also a similar case with other loan companies like palm credit, C24 loan, Branch loan, Fairmoney, Okash loan, Page Financials, Pay later, and so on.
The penalty is a daily regular charge of N300 including weekends and public holidays. They might also be forced to alert employers and next of kin of the customer who takes a loan without paying at an agreed time when they are unable to reach the said Customer.
Consecutive defaulting will affect the credit rating with the Credit bureau agencies which will prevent Customers from accessing loans from other financial institutions.
Loan ELIGIBILITY CRITERIA
• Applicant should be between ages 22 – 59 years.
• Applicant should have a steady source of income that is verifiable and Reliable.
• Applicant must have an active current or savings bank account.
•Applicant must be confirmed staff in present employment.
• Applicant must have a recognized identification – International Passport, Driver’s License, National ID Card.
• Applicant must live and or work in Lagos State.
• Applicant must not have a history of returned cheques to their account.
• Applicant must have a clean Credit Bureau Report.
• A recent passport photograph (should not be later than six months)
• Applicant Salary bank statement for the last 6 months ( it must be stamped by the bank).
• Utility Bill ( Water bill, PHCN, LAWMA bill OR Rent Agreement)
0700 5000 500
23, Awolowo Road Ikoyi, Lagos.
Customer care Email