Fintech

Renmoney Loan App Review – Fintech and financial services made easy

The Renmoney app is more than just a loan app, it gives you instant and quick access to savings and investments opportunities with competitive interest rates.

The Renmoney app is everything a money conscious person would love. It doesn’t stop there, its designers are constantly evolving and adding more interesting features to this fintech tool.

The app is a part of the new crop fintech apps that helps Nigerians manage and improve their finances by providing employed or self-employed people as well as business owners with a loan of up to ₦6,000,000 to be repaid in 3 to 24 months.

Renmoney is fully licensed by the CBN as a microfinance fintech, deposits in its high-yield fixed-deposit account are also insured by the NDIC.

How to get a loan from Renmoney?

Getting a Renmoney loan can be done easily online by:

  • Download and install the Renmoney mobile app from the Google play store or Apple store if you’re on iOS.
  • Share some information about yourself, including your employment, ID card, BVN number etc
  • Verify the information you have provided
  • Get money in your bank account once you’re approved. The whole process should not take more than 10 minutes.
  • Only applicants with a verifiable source of income will be considered for the loan.

RENMONEY INTEREST RATE AND LOAN REPAYMENT

Monthly interest rates range from 2.4% – 9.33% and the maximum Annual Percentage Rate (APR) is 35.76%. No other fees are charged.
example:

  • Loan Amount: ₦2,000,000
  • Loan Tenure: 12 months.
  • Number of Repayments: 12
  • Monthly Interest Rate: 2.4%
  • Monthly repayments: ₦214,667.00
  • Total amount payable: ₦2,576,000.00
  • APR: 28.8%.


Note: expect both your loan amount and loan tenure to be significantly lower as individual interest rate, loan amount and loan tenure are calculated based on the applicant’s credit score and credit worthiness. Keep a good credit score and repay your loan on time to qualify for higher amounts.

What you get with a Renmoney loan

  • Fast and convenient loans from ₦6k to ₦6m
  • Flexible repayments from 3 – 24 months
  • Money in your bank account in minutes
  • Lower rates and longer tenure on your next loan
  • No paperwork
  • No collateral or guarantor needed
  • No hidden charges – you always see your loan terms before you commit
  • We keep it simple, no confusing language
  • Support team always available to help
  • Secure processes

Renmoney savings account

Because the Renmoney app is a microfinance fintech, you can also set up a Smart Goal and save towards milestones that matter to you or set up a Save Easy plan and save what’s convenient. Whatever plan you choose, you’ll earn attractive interest on your money. Their high-yield fixed-deposit account offers up to a 10% interest rate per annum that can be calculated upfront before making a deposit.

Renmoney investment

Make your money work for you with a Renmoney Fixed deposit account. Invest your money for a fixed duration and earn attractive interest.

What you get with Renmoney Savings and Fixed Deposit

  • Earn up to 12% interest per annum
  • Save and invest securely and on your own terms
  • Build a savings habit
  • Set up automatic periodic savings

Is Renmoney legit?

Yes, Renmoney is legit. There are no scam complaints on their Google play store reviews. Renmoney is a Lagos based fintech lending company operating under a Microfinance Bank license. They are fully regulated by the Central Bank of Nigeria (CBN), and your savings and deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC).

Customers information security and privacy

Note that The Renmoney app uses artificial intelligence to collect and analyse your financial records to determine your credit worthiness. When you download the Renmoney App, they will ask for your permission to verify your personal and financial information, including SMS and contact list.

Renmoney customer care number and contact

If you have any issue with any of their services, you can reach out to them via:
Email: hello@renmoney.com
Call: 0700 5000 500
Visit: www.renmoney.com
Like on Facebook: https://web.facebook.com/renmoney
Follow on Instagram: https://www.instagram.com/
Follow on Twitter: https://twitter.com/home
Follow on Medium: medium.com/@renmoney

Visit any of Renmoney office addresses

  • Ikoyi: 23, Awolowo Road Ikoyi, Lagos, Nigeria
  • Opebi: Pentagon Plaza, 23 Opebi Road, Ikeja, Lagos, Nigeria
  • Surulere: Kings Plaza, 80, Adeniran Ogunsanya Street, Surulere, Lagos, Nigeria

FAQs

Is Renmoney real?

Renmoney is a real and legit microfinance fintech licensed by the CBN, it gives loans to Nigerians with a verifiable source of income. Employed or self-employed people as well as business owners can get a loan of up to ₦6,000,000 to be repaid in 3 to 24 months.

how long does it take to get a loan from renmoney?

After verification of application details, the loan will be disbursed into the applicant’s bank account within 24 hours. The loan is only given to applicants that live within their service area.

How do I pay back Renmoney loan?

The loan repayment will be automatically deducted from the ATM card details submitted during registration.

What is the interest rate on a renmoney loan?

Renmoney calculates its interest at Monthly Interest Rate: 2.9%, which amounts to an Annual Percentage Rate APR: 34.17%. 
Representative example: Loan amount of 2,000,000 borrowed for 12 months. Monthly Interest Rate: 2.9%. Total amount payable: 2,683,430. APR: 34.17%. No other fees.

Renmoney loan requirement?

To qualify for a loan, you must be:
Between 22 – 59 years old
Have a verifiable source of income
Live and/or work in cities where they operate
Have a savings or current bank account with any commercial bank

Does Renmoney give loan to customers outside Lagos?

Yes, customers in Abuja, Port Harcourt, Osogbo and other cities where they have verification agents can apply.

Ismaeel

Statistician with interests in finance, risk management, loan products and market surveys. I also write on crypto currencies, Forex and a variety of financial instruments.

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