Renmoney Microfinance Bank was established in 2012, and since then, it has benefited from the widespread use of smart mobile devices to connect with a variety of target customers in Nigeria.
After changing its name from RenCredit to Renmoney in 2013, the bank has since embraced the banking industry’s rapid development. Short-term loans, deposits, and savings are the main products offered by Renmoney Microfinance Bank.
Even so, it has a unique loan structure that can accommodate the urgent requirements of its intended clients. At the moment, Renmoney Microfinance Bank has concentrated more on providing loans without a guarantee or any form of collateral.
This is the managerial approach used by Renmoney to achieve its rapid growth in the financial sector. Given Renmoney’s technological advancement, policies, and standards, it will soon become the microfinance institution that Nigerians can depend on for personal loans.
A group of enthusiasts for technology and finance founded Renmoney Microfinance Bank. The company is extremely passionate about providing the general public with useful financial products and services. What you need to know about microfinance banks is covered in this article.
Also, check out All You Need to Know about Ibile Microfinance Bank.
Renmoney Loan Structure
It is possible to classify the loans provided by the Renmoney Microfinance Bank as either individual loans for urgent needs or loans for small business development.
By early 2020, the company had a customer base of 25,000 thanks to the progress of the loan advances. Here are some of the explanations why Renmoney can lend money to its clients:
Renmoney Microfinance Bank Limits, Maximum Amount, and Accompanying Interest Rate
It is stated that Renmoney Microfinance Bank has the resources to provide a customer without collateral and a guarantor with a minimum advance of 6,000 naira and a maximum advance of 6,000,000 naira.
However, this is dependent on a few key elements that are solidly based on the data provided by the client. Before approving a loan, the bank consults the loan calculator to determine the borrower’s capacity to repay the loan plus accrued interest.
The first two questions that are strong determinants are listed below:
- What is the status of your employment?
- How much do you make each month?
The maximum amount a customer may borrow from the loan’s requested amount is determined by the factors listed above and additional background checks.
One of the more relaxed interest rates offered by lending institutions in the nation is offered by Renmoney Microfinance. The bank offers interest rates ranging from 2.4% to 9.33% per month. They even go so far as to offer a loan with a 35.76% annual interest rate and no fees for paperwork.
Also, check out Loans for Salary Earners in Nigeria.
Ways to Apply For a Loan at Renmoney Microfinance Bank
Renmoney has created straightforward processes for requesting loans and receiving them as quickly as possible. Customers can use the two methods listed below to access the loan request platform:
How To Get A Loan Through The Website
- Search out the Renmoney website.
- Fill out the form and click the continue button. The following page displays the maximum amount you can borrow based on your previous information, as well as the loan’s purpose.
- Click the Apply button.
- Enter your email address.
- Click the button to Get Started
- To create an account for you, fill out the form below with your personal information and answer some security questions.
- An OTP will be sent to your provided mobile number to verify your Renmoney account.
- The next step is BVN verification, which assists Renmoney in verifying the customer’s identity in accordance with CBN guidelines.
- The next field is the Account Number that the customer wants Renmoney Microfinance Bank to credit.
- A customer is credited before the end of 48 hours.
How to Apply For A Loan Through Renmoney App
- Search out the Renmoney website.
- Fill out the form and click continue.
- Click here to download the Renmoney App for your smartphone or computer.
- Fill out some personal information and click on register to register with the Renmoney mobile app.
- Renmoney Application will request your location, which you must accept if you want to proceed.
- Choose a security question and provide a simple answer that you won’t forget.
- Your mobile phone number will receive an OTP.
- The following step is the BVN verification, which is part of the CBN’s requirements for financial institutions.
- The names in the bank details must match the names in the BVN number.
- If the verification process is successful, the provided account will be credited.
Requirements For Renmoney Loan Application
To apply for a loan through Renmoney, you must meet a portion of the following requirements:
- In Nigeria, an active bank account with any commercial bank payment.
- A consistent source of income.
- You should be at least 22 years old and no older than 59 years old.
- Be able to prove your monthly expenses and other sources of income.
- Before you can apply for a credit advance from Renmoney, your credit bureau report must be up to date and accurate.
- You must be able to show your bank account details for the last six months, as well as proof of any returned checks.
- To proceed, you must provide a recent passport photo.
- Typically, you’ll require a Staff Identity from your employer.
- If you are in possession of a tax or pension identification number, your application is more likely to be accepted.
- You must have a current government-issued photo ID in order to enter the country.
- If you are employed by a company, request a letter from your human resources representative attesting to your employment.
- Utility bills are required if you want to be approved for a loan.
Also, check out Personal Loans in Nigeria.
Renmoney Loan Calculator
The best thing about requesting loans today is that you can calculate the interest you’ll pay on the loan beforehand. Through the loan calculator provided by Renmoney, you can first comprehend this even before applying for your loan.
It is free to use, and by doing so, you are not committing to taking the loan. The best way to use this is to know exactly how much money you will need to repay, how much interest will be charged, and when the payment must be made. Once you feel ready, you can submit an application for the loan.
Renmoney Microfinance Bank Customer Care
You can always get in touch with Renmoney Microfinance Bank’s customer service if you have any questions about its goods and services.
- Phone number: 0700 5000 500. You can call between 9 am to 9 pm.
- Head office: No. 23, Awolowo Road Ikoyi, Lagos State, Nigeria.
- Ikeja Office: No. 23, Opebi Road, Opebi, Ikeja, Lagos State.
Final Notes on All You Need to Know about Renmoney
Renmoney provides a second chance to people who have given up home. With this service, you can now start the business you’ve always wanted or pay your house rent with little to no collateral.
Do you have any questions? Let us know in the comments section below.
Before you go, check out Car Financing Basics.