This article will be giving you a brief Renmoney Loan Review. Every information conveyed via this post has been sourced from trusted means. However, anyone reading this has the right to agree or disagree with the writer’s opinion. It is just a review!
Looking for a loan to upgrade that your business to the next level? Or you wanna buy your dream car? Ohh welcome. I will be introducing to you one of the best platforms for borrowing money in Nigeria.
It is known as Renmoney. This Renmoney loan review will be telling you everything you need to know about Renmoney, before going ahead to take a loan. Read on.
Established in 2012, Renmoney helps in providing personal and micro-business loans without any form of collateral or guarantor.
Also, Renmoney claims to be Nigeria’s most convenient lending institution, with very low interest rates and super cool repayment terms and conditions. But is that really true? Well, there’s only one way to find out, continue reading this post to know.
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Do you know you can get as much as 6 million naira on Renmoney? Oh yes, you can. You can receive a loan up to N6 million without stepping out of your home or location.
However, the least amount you can borrow is fifty thousand naira. You cannot receive a loan less than this amount.
Also, there is no need for collateral or guarantor during the application process.
After receiving your loan, you will be required to refund it within 3-24 months. Failure to do so might increase the interest on the loan, or the company might decide to take up legal actions.
Annual Interest Rate:
No matter the amount of money you are borrowing, the yearly interest rate is at least 35.76%. So for example if you are borrowing the least amount which is N50,000, you will be required to pay an interest of (35.67% × N50,000) N17,880.
Therefore, you get to pay Sixty seven thousand, eight hundred and eighty naira(N67,880) at the end of one year.
Requirements to take a Renmoney Loan
To take a loan at Renmoney, you;
- Must be between 22-59 years of age.
- Will be prompted to upload your Government ID, proof of address and at least a 6 month recent bank statement.
- Will be required to provide your contact details/information.
- Must provide your email address and Bank Verification Number.
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How to apply for a Renmoney Loan
To apply for Renmoney loan is very easy, fast and convenient. All you need is your mobile device/computer and an internet connection.
The application does not take up to 10 minutes but you receive your funds within 24 hours.
Follow this procedure to apply for a loan on Renmoney;
- Visit the application page here
- Select if you are employed or you are a business owner.
- Enter your age, the state and local government you live in.
- Input your estimated monthly income.
- Select the amount you want to borrow and the tenure that suits you.
- Fill in the necessary details I’m the subsequent pages.
- Get the application approved, and expect a credit alert in less than 24 hours.
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My thoughts on Renmoney
We have come to the juncture where truth must be told onwards. No hypes! We keep everything real.
Firstly, if you are borrowing on Renmoney for the first time, keep it at the back of your mind that you won’t get a loan more than 1.5 million naira. Subsequently, after repaying the first loan on time, you will qualify for higher loans.
Also, first time borrowers get a maximum loan tenure of 24 weeks to repay their loan. Irrespective of the amount you have borrowed, you must make sure that the repayment process is complete on or before 24 weeks.
Further, Renmoney promises cool interest rates, but they aren’t cool at all. I believe any interest rate greater than 20% per annum isn’t really a good one. Renmoney interest rates range from 30% – 50%. That’s too much! Especially for a growing business.
Also, the age restrictions are tiring. Renmoney believes you can only take a loan when you are 22 years of age or above. However, above 22 years of age also has a limit.
Look at this, if you are 60 years or above and need a loan, Just forget about Renmoney. Your loan application won’t get approved. Search elsewhere!
In addition, you cannot get a quick loan on Renmoney. Getting a loan on Renmoney takes about 24 hours, although the application takes just a few minutes. So, if you need a loan in 5-10 minutes, do not consider Renmoney amongst your options.
Above all, a reason I like Renmoney is that you do not need a collateral or a guarantor to stand for you when applying for a loan.
Even commercial banks require collateral for loans of N500,000, but Renmoney doesn’t need all that for a loan of 6 million naira. Now, that’s cool!
Renmoney Contact Information
Address – 23, Awolowo road, Ikoyi, Lagos, Nigeria.
Email – [email protected]
Phone – 0700 5000 500
Have a question about Renmoney? Ask us in the comment section below. We’ll reply you as soon as we see your message.
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