Renmoney: How To Apply And Quick Loans Without Collateral – Renmoney is a Nigerian-specific Fintech behemoth that focuses on providing competitive loan offers, savings programs, and viable investments. Renmoney is licensed as a full-fledged microfinance institution. Therefore, they are permitted to offer the various services and goods they do. Renmoney offers consumer, overdraft, and term loans to individuals and small and medium-sized businesses via their national network of online portals and physical branches.
Renmoney’s reputation for providing loans without collateral has won over the hearts of Small and Medium Enterprises (SMEs) and startups in the country. Individuals have also taken a liking to the brand. As Nigerians, we concur that this is a difficult task, given the high proportion of dishonest people in this region. It is astounding that they still found a way to ensure the safety of their assets.
Since its inception in 2012, Renmoney has completed more than two hundred thousand loan transactions for various customers. In this article, we will discuss all of the products offered by Renmoney.
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Why should you obtain a Renmoney Loan?
Renmoney loans are intended to provide clients with convenience, prompt intervention, and maximum value. The loan products are available to salaried individuals, business owners, and corporations.
- Credibility and viability
- Rapid and accommodating
- No collateral or guarantor needed
- Flexible repayments
- Competitive rates of interest
- Minimal requirements
- Conditions for a Renmoney Loan
To qualify for a Renmoney loan, you must meet the following criteria, depending on your profile and request type:
- It would be advantageous if you were between 22 and 59 years old.
- You must hold an account at one of Nigeria’s 22 commercial banks.
- Have a Staff ID and a verifiable stable monthly salary (this serves as security for your loan)
- Maintain a viable business.
- A clean Credit Bureau (CRMS) report
- Six-month account statement (Must show your stable monthly salary in the correct narrations)
- No cheques returned within six months
- A current passport picture
- A Tax ID (optional for individuals, mandatory for businesses)
- A valid government-issued identification card (voter’s card, international passport, driver’s license, or national ID).
- A consent letter from your HR (for individuals)
- A recent utility bill, such as a PHCN bill, DSTV bill, or LAWMA bill, or a receipt for house rent (to show proof of address)
- It would be ideal if you lived, worked, or conducted business in Lagos.
Ten Step-by-Step Procedures for Requesting a Renmoney Loan
With the rise in internet usage over the past decade, this process has been digitalized for years.
- Visit the website for Renmoney
- Fill out the registration form
- Employed or an Entrepreneur? Choose
- Specify your age
- Respond with your state and local government
- Enter your monthly compensation
- Enter your details
- Mobile number
- Email\sBVN\s* Below your screen will be a representative or tentative offer.
This is an instance:
Representative example: A loan of two million yen for twelve months. Interest Rate: 35.76 percent . Total amount due: 2,715,200 yen Maximum Annual Percentage Rate (APR): 35.76 percent . There are no other fees.
The loan term is between 3 and 24 months.
Configure and reconfirm your PIN
Provide further clarification
Residential status, such as owner, tenant, family, etc.
Status conjugal Number of children
Object of the loan
Enter your Address details
Upload a copy of your passport photo
Enter your employment/business details
Provide your six-month bank statement and complete your banking information.
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Until your loan is disbursed, you must wait. Typically, the waiting period should range from 1 to 24 hours. This time is spent reviewing and validating the entered information.
Alternatively, if you prefer not to apply online, you can visit any Renmoney location. Below is a list of Renmoney outlets:
Headquarter Address 23, Awolowo Road, Ikoyi, Lagos, Nigeria
Marina 27-29 Odunlami Street, Marina Ikeja Pentagon Plaza, 23 Opebi Road, Ikeja.
Lekki F61 & F62 Road 3, Ikota Shopping Complex, Ikota, Lekki-Ajah.
Surulere Kings Plaza, 80, Adeniran Ogunsanya Street, Surulere.
Loan FAQ for Renmoney
How much can I borrow through Renmoney?
Renmoney can provide you with N50,000 to N6,000,000 within 24 hours. Without security.
What is the interest rate on their Renmoney?
The interest rates of Renmoney depend on your repayment options. A longer repayment period will result in a higher interest rate, while a shorter repayment period will result in a lower interest rate. Interest rates can reach 35.76 percent over a full 12-month repayment period (as seen earlier).
How long does the Renmoney loan last?
Renmoney provides loans for terms between 3 and 12 months. Twelve weeks is the minimum for businesses (3 months) 24-week maximum tenor for business owners (6 months).
Can I contact customer service at Renmoney via phone, email, or social media?
Yes. The contact center for Renmoney can be reached by calling 0700 7366 6639 or 0700 5000 500. Email: [email protected] Twitter, Instagram are examples of social media
How do I repay the loan from Renmoney?
You have a variety of repayment options to choose from.
- Log into your bank’s mobile banking and select the ‘Bills Payment’ option to make a payment.
- Use QuickTeller
- Utilize the payment option Remita