Have you heard about renmoney but don’t know how to get a loan from renmoney? if so, then relax. We all know that getting a loan in Nigeria is not always easy, but that doesn’t mean only a few people can be given a loan in Nigeria.
In fact, almost everybody with a smartphone can get a loan without leaving his/her comfort zone. How? I guess that is what you want to ask.
Well, it is simple, you only need a mobile lending app like renmoney to achieve that. However, there are many lending apps out there (Legit and scam ones), but in this post, we are going to discuss only about renmoney.
So let’s get in.
What is renmoney all about?
Renmoney is an online lending app that gives different loans that offer little interest and no collateral. If you are familiar with popular loan apps like Fairmoney, renmoney won’t be hard to use or understand.
Also read: Carbon Loan Requirements and How to Get a Loan From Carbon App
However, there are some requirements and steps you need to follow in other to get a loan from renmoney. Well, you don’t need to worry about that, we have already explained everything in this post.
Requirements to get a loan from renmoney
Knowing how to get a loan from renmoney does not guarantee you a loan until you know the requirements which are explained below;
- Create an account: it is a must to have an account on renmoney before you can be given a loan.
- Age: To use the renmoney Loan app, a user must be at least 18 years old.
- Nationality: Only Nigerians have access to renmoney and to borrow money through the site, you must be a Nigerian.
- A valid ID card: Despite having renmoney account, you must still verify your account with a legitimate ID card, such as a national ID card, voter’s card, driver’s license, or any other kind of government-issued identification.
- BVN: One of the key conditions to obtaining a loan from renmoney is to link your BVN when applying for a loan through the Carbon app.
- Personal passport: You will also need to go through the app’s passport-taking process. I.e., you must use the app’s camera prompt to take a live passport photo of yourself.
- A valid ATM card: Another important condition for obtaining a loan from renmoney is an ATM card. A working ATM card that will be used to repay the loan must be linked.
How to get a loan from renmoney
There simple steps you need to follow to get a loan from renmoney. However, we are going to show you two different ways you can get a loan from renmoney which are explained below;
First Step:
- Download the renmoney app from the Google Play or Apple App Store.
- Create an account (Make sure you use the same number associated with your BVN)
- Verify your email/phone number.
- Upload your photo.
- Examine the various loan options, apply, and follow the procedures.
However, in some cases you may be not given a loan even after following the first step. Whenever that happens, follow the second method below;
Second method:
- Install renmopney app
- Create an account and verify it
- Deposit some amount on the app
- leave it there for at least 24 hours
- Withdraw it
- Then apply for a loan
You should not the higher the deposit, the higher the loan offer. If you want to take a loan, you should deposit a higher amount.
Is renmoney legit or a scam
Renmoney is not a scam. Although, their interest rate is higher than some of the loan apps in Nigeria. Yet, their service is worth patronizing. If you are looking for an urgent loan, renmomey may be your best plug.
Renmoney interest rate
Renmoney loan is often from 3 months minimum to 24 months maximum with an interest rate of 2.9% to 35.76% depending on the loan offer and the repayment period. Well, the longer the loan tenure, the higher the interest rate.
How to pay back renmoney Loan
To pay back renmoney loan, there are some steps you need to follow which are listed below;
- Make a direct deposit to your renmoney account
- Login to your renmoney account once you make the deposit
- Navigate the menu and select “Your loans”
- Select your renmoney account as a method of payment
- Click on “Make a repayment”
- It will take a while to process the transaction, and your account will be debited once the transaction is complete
- Contact support if you are having issues completing the transaction.
FAQs – frequently asked questions
Who is the owner of Renmoney?
Renmoney is owned by Elizabeth Okonji Chartered MCIPD. However, since it is not a small brand that one person can manage, Elizabeth Okonji has some team members and brands that contribute to the growth of the platform (Renmoney)
How many days does it take for Renmoney to approve loan?
It often takes 24 hours or less than 24 hours to get a loan from renmoney if you follow all the steps correctly. However, in some cases, your account must be at least 1 month old or with good transaction history. That is why it is good to make a deposit before applying for a loan on renmoney.
Can I borrow money from renmoney?
Yes. you can borrow money from loan renmoney so far you meet the requirements and follow the processes.
Conclusion
Taking a loan from renmoney is not always that hard, but you need to follow the processes and provide valid details. However, it is important to consider the interest rate of the offer available to you.
One of the reasons why some people always find it difficult to repay their loans is the high interest rate. Many of them forget to consider the interest when taking a loan due to the urgent need for the fund.
If renmoney interest is very high for you, you should check other lending apps like carbon and others, so you won’t end up owing more than what you can repay.
Finally, always make use of the number linked to your BVN to register for quick loan approval.
