A Comprehensive Step-by-Step Guide on Renmoney Loan

Are you thinking of getting a loan to buy a car, fund your business or even travel? Then you are in luck as Renmoney provides you with cash loans up to 2.5 million Naira for payable in nine months. You can be a salary earner or businessperson to enjoy this loan if you can tender a verifiable source of income. Renmoney aims to give financial aids to students, SMEs and salary earners.


Renmoney Loan Interest Rate


The first thing people look out for when planning to get a loan is the interest rate and how favourable it is. Renmoney’s interest rate is quite competitive when compared to similar organisations. Take for instance, when you borrow one million Naira for 12 months you can get as low as 34% interest rate. Also, if you work in an organisation that partner with Renmoney you will get a reduced interest rate


Getting a Renmoney Loan


Getting a Renmoney loan is very easy as long as you meet necessary requirements. Once approved your bank account gets credited within 24hours.
There are two steps to follow to get a Renmoney loan. They are;

  • Fill an application form online on their website.
  • Scan and upload necessary documents. Documents like An identification card, utility bills, proof of address and bank statement.

Who Can Apply?

To be eligible for the Renmoney loan you have to

  • Be 25-59 years old
  • Located in cities where Renmoney operates
  • Have a verifiable source of income
  • Have an active bank account with a commercial bank.

But, the requirements for employed and self-employed loan seekers differ.


Requirements for Employed

  • Have an active bank account with a commercial bank.
  • Staff ID Card
  • Bank statement
  • Recommendation letter from your HR confirming salary and credibility
  • Live and work within Lagos State
  • Transparent Credit Bureau Report
  • Recent passport in a passport format
  • A valid identification document (Driver’s license, a passport and so on)

Requirements for Self-Employed

  • Recent passport photographs
  • Valid Utility bill
  • Authorised guarantor
  • Personal or cooperate signed bank statement (within 6 months)
  • Proof of Tax payment
  • Repayment plan
  • Business Card
  • Government Identification card

Renmoney offers you different loan plans that covers different needs. Their loan types include;

  • Loan at Work
  • School Fees Loan
  • Smartphone Finance
  • Loan at Work: This loan is accessible to employed individuals who have a stable income. Companies can also partner with Renmoney as this would give employees lower interest rates.

Requirements:

  • Company must include 30 employees and above
  • Renmoney and the organisation in question signs a Memorandum of Understanding.
  • The company must be legally registered under Corporate Affairs Commission (CAC).
  • School Fees Loan: Parents can access this loan for their children also, students can do so themselves. The loan can be up to 4 million Naira. The loan once granted goes straight to the educational institution.
  • Smartphone Finance: Most people are not aware of this loan. Renmoney offers you a loan that allows you buy the phone of your choice. Repayment runs through a period of 12 months in instalments.

How It Works

Renmoney deduct out of the monthly allowance of the borrower and converts it to repay the loan. For instance, if the borrowers monthly bundle is N1500, they would remove N600 as repayment.

You can also apply for a loan in any of their branches below,

  • 23, Awolowo Road Ikoyi, Lagos, Nigeria
  • Pentagon Plaza, 23 Opebi Road, Ikeja.
  • Kings Plaza, 80, Adeniran Ogunsanya Street, Surulere.
  • 27-29 Odunlami Street, Marina
  • F61 & F62 Road 3, Ikota Shopping Complex, Ikota, Lekki-Ajah.

or put a call through to 0700 5000 500 also, don’t forget to use the FAQ on the website for more information. So, don’t forget that getting your loan is as easy as filling an application form, providing necessary documents and getting your cash 24hours later!

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