On this page, you will be presented with the following terms;
- Renmoney loan review
- Is Renmoney Legit
- Renmoney USSD Code
- Renmoney Application method
If you are searching for a loan in Nigeria to cover urgent expenses or grow your business? You might want to check out Renmoney.
In our in-depth review of the Renmoney loan app, we’re going to break down everything you need to know.
From the kinds of loans they offer, to the requirements, how to apply, and even the interest rates and fees involved.
But that’s not all! We’ll also show you how to use the Renmoney USSD code to get a loan with ease.
So, let’s dive right in and explore what Renmoney loans have to offer.
Before we dive into Renmoney loan, let’s quickly answer the question which based on whether Renmoney loan is legit or not.
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Is Renmoney legit?
Absolutely yes, Renmoney is a bona fide financial company that’s up and running in Nigeria. It operates under the watchful eye of the Central Bank of Nigeria and is also a part of the Consumer Credit Industry Association.
So, you can trust that you’re dealing with a legit lender. It does not fall in the list of fake loan apps in Nigeria.
Renmoney Loan Types
Renmoney has got a variety of loan options tailored to fit the unique needs of its customers. Here’s a quick rundown:
With Renmoney’s personal loans, you’re not restricted on how to spend the money.
You can borrow from as little as ₦6,000 to a whopping ₦6,000,000, and you have up to 24 months to pay back. The best part?
No need for collateral or a bunch of paperwork. Your Bank Verification Number (BVN) is all you need.
For business owners, Renmoney’s got you covered too. These loans are targeted at small and medium-sized businesses, allowing you to borrow up to ₦15,000,000.
Now, these do come with extra requirements like collateral, a guarantor, and some documents.
Why Choose Renmoney Loans?
So what makes Renmoney loans special? Here are some of the perks:
Low Interest Rate
Calculator Before you even apply, you can figure out your repayment amount using Renmoney’s interest rate calculator. Pretty neat, right?
No Collateral? No Problem!
For personal loans, you don’t have to worry about putting up any assets as collateral.
You’ll know if you’re approved in 24 hours, and once you are, that cash hits your account just as fast.
Loans for Every Need
Whether you’re eyeing business growth or have personal needs, Renmoney’s got a loan for that.
Flexible repayment options
Repayment is a breeze with flexible options that can be tailored to your budget.
So, whether it’s for personal use or for your business, Renmoney offers a range of loans that could be just what you’re looking for.
Renmoney Loan Requirements
To qualify for a loan from Renmoney, there are certain criteria you need to meet:
- You need to be between the ages of 22 and 59.
- You must have a steady income source that can be verified.
- A Bank Verification Number (BVN) is a must-have.
- A valid ID is also required.
- You need to have an active bank account.
- You should either live or work in a city where Renmoney is operational.
- Having a savings or current account with any commercial bank is also needed.
Now that you’re clued in on the requirements to get a Renmoney loan, let’s move on to how you can actually apply for one.
How to Apply for Renmoney Loan in 2023-2024
Follow the steps below to register for a loan at Renmoney;
Visit the Renmoney’s Website or Grab the App
The first thing you have to do is to go to Renmoney loanwebsite at www.renmoney.com and hit the “Apply Now” button right on the homepage.
This takes you to the sign-up page. Alternatively, on your mobile apps, go to your app store and download the Renmoney app.
Create Your Account
Once you’re on the sign-up page, plug in your email and other necessary details to set up your account.
After you’ve successfully created your account, click on “Apply Now,” and you’ll be led to the loan application form.
Select Your Loan Amount
On the loan application form, you’ll see sliders. Use these to choose how much you want to borrow.
The interest rate and the total payback amount will be displayed right there for you to see.
Fill in the Details
The next step is to fill out the application form with your personal and financial info.
This will include your Bank Verification Number (BVN), phone number, home address, birth date, job status, and how much you earn.
Upload Any Required Documents
This step is mostly for business loans. If that’s what you’re going for, you’ll have to upload some supporting docs.
This documents are a valid IDs like your national ID, driver’s license, or passport, a recent utility bill, and your bank statement.
Submit and Wait
You’re almost there! Review all the information you’ve entered to make sure it’s accurate, then press the submit button.
Renmoney will take it from there, reviewing your application and letting you know the outcome within 24 hours.
If you get the thumbs-up, the cash will be in your bank account in another 24 hours.
Renmoney USSD Code
The quick dial code for Renmoney is *723#. This ussd code lets you apply for loans with Renmoney right from your mobile, no matter which network you’re on.
Simply dial in *723# and follow the steps that pop up on your screen.
This is a real timesaver if you want to snag a loan without diving into a pile of paperwork or making a trip to a physical branch.
Looking for another easy-to-remember option? Try *723#. This code also lets you borrow cash from Renmoney using any phone.
Just hit the “Loan” option after you dial and go along with the on-screen instructions.
Renmoney Loan Interest Rates and Fees
Interest rates with Renmoney can fluctuate based on what kind of loan you’re taking and how much you’re borrowing.
The monthly rates can span from 2.4% to 9.33%, which usually works out to about 33.9% on a yearly basis.
To give you a better idea, let’s say you decide to borrow ₦500,000 from Renmoney but at a 3.5% monthly interest rate this time.
If you opt for a 12-month repayment plan, each month you’d need to shell out ₦17,500, bringing your total payment over the course of the loan to ₦210,000.
Fee-wise, Renmoney keeps it transparent. You won’t find any sneaky charges for loan applications, processing, or disbursement.
However, do note that if you miss a payment, you’ll be hit with a ₦300 daily penalty fee on the outstanding amount.
So it’s super important to make timely payments and steer clear of extra costs.
Customer Support at Renmoney
Renmoney offers strong customer service, accessible via multiple platforms like phone, email, and social media.
We found their support team to be both quick to reply and genuinely helpful. We also really like how upfront and detailed they are about loan options and conditions on their website.
FAQs: Renmoney Loan Review 2023-2024: Is Renmoney Legit, USSD Code, & Interest Rates
How Do I Get a Loan from Renmoney?
Getting a loan from Renmoney is pretty straightforward. Just head to their website at www.renmoney.com or snag their app from the app store.
Then, pick the amount you want to borrow and how long you’ll take to pay it back. Complete the application form, upload any docs they ask for, and hit ‘Submit.’
If all goes well and you get approved, you should see the money in your account within a day.
Do I Need a BVN to Get a Loan from Renmoney?
Yes, you absolutely need a BVN, also known as a Bank Verification Number. Renmoney uses this to check who you are and whether you’re good for the money.
How to Borrow Money from Renmoney?
The process to borrow from Renmoney doesn’t have many twists and turns.
Simply go to their website or use their app, select the amount you want and the repayment term that works for you.
Fill in the application form and upload any required docs. Once you hit ‘Submit,’ if you’re approved, the cash should land in your account in 24 hours or less.
How Much Can I Borrow Using the Renmoney Loan USSD Code?
You can borrow up to ₦400,000 with the Renmoney loan code, but that’s going to depend on how creditworthy you are and what you’re eligible for.
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Wrapping Up Renmoney Loan
When it comes down to it, Renmoney is a solid option for folks and small businesses in need of some quick cash.
They offer a range of loan types, competitive interest rates, and they’re pretty fast about getting you your money. Their repayment plans are flexible, too.
But watch out for the late payment fees; they can add up. Make sure you pay back on time to avoid any extra charges.
If you’re in the market for a reliable lender in Nigeria, and you want good customer service, solid interest rates, and flexible payment options, Renmoney is definitely worth a look.
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