Renmoney Loan: Is It Real Or Fake? Full Review

Whether you are taking out a loan from Renmoney or any other fintech company, it is important to do your research about such a company before proceeding, especially at a time like this when fake loan apps and loan sharks are on the rise.

Renmoney is a financial technology company in Nigeria that became popular due to its loan offerings, but are they real? The loan they offer, is it legal? Is Renmoney licensed by the CBN? These and many more questions will be answered by B4loan today so that you will be well-armed with the right information as you prepare to engage with them.

Understanding Renmoney and its background

Renmoney was founded in 2012 by Mr. Stephen Jennings. The goal was to see to it that individuals and small businesses in Nigeria get easy access to financial solutions. The founder brought his expertise and vision to create a platform that leverages technology to offer loans, savings, and investment products to customers.

What product does Renmoney offer?

Renmoney offers a range of financial products and services tailored to the needs of its customers. Some of the key offerings include:

1. Loans: Renmoney provides personal and business loans to eligible individuals and small businesses. These loans are designed to meet various financial requirements such as education expenses, medical bills, home improvements, working capital, and more. Renmoney’s loan products typically offer flexible repayment terms and competitive interest rates.
2. Savings and Investments: In addition to loans, Renmoney offers savings and investment products to help individuals grow their wealth. Customers can open savings accounts and benefit from competitive interest rates, allowing them to save for future goals and emergencies. Renmoney also provides investment opportunities to explore higher yield options.
3. Fixed Deposits: Renmoney offers fixed deposit accounts where customers can deposit a specific amount of money for a fixed period and earn interest on their investments. This product provides a secure way to save and grow funds over time.

How to know if a financial institution is legal

To find out the legitimacy of a loan company, you need to look at several factors. With these factors, you can gain correct insights into their credibility, regulatory compliance, transparency, and customer satisfaction. Here are some crucial factors to evaluate:

1. Licensing and Regulatory Compliance:

• First things first, check if the lender is licensed and authorized to operate by the appropriate regulatory authorities, such as the Central Bank of Nigeria (CBN) or relevant financial regulatory bodies.
• Ensure that the lender follows regulatory guidelines and complies with industry standards, protecting your rights as a borrower.

2. Reputation and Track Record:

• Research the lender’s reputation and track record in the financial industry.
• Look for information on the lender’s history, stability, and any past issues or controversies.
• Consider factors such as the number of years in operation and the lender’s standing among customers and industry professionals.

3. Transparency in Terms and Conditions:

• Look closely at the lender’s terms and conditions, loan agreements, and other relevant documents.
• Make sure that the terms are very clear and understandable to you, and that they provide comprehensive information about interest rates, fees, repayment schedules, and any potential penalties.
• Transparent lenders will have no hesitation in providing complete details about their offerings.

4. Online Presence and Customer Reviews:

• Explore the lender’s website, social media presence, and online platforms to assess their digital presence.
• Look for customer reviews, testimonials, or feedback regarding their experiences with the lender.
• Evaluate the overall sentiment and satisfaction levels of customers who have utilized the lender’s services.

By considering these factors, you can make sound decisions and mitigate potential risks when evaluating the legitimacy and credibility of a lender like Renmoney.

Is Renmoney loan real and legit?

Renmoney is a reputable financial institution that complies with the relevant regulatory requirements in Nigeria. It is not just a loan company, but a microfinance bank that has been licensed for operations by the Central Bank of Nigeria (CBN).

So are Renmoney loans legit? Absolutely! Renmoney offers legitimate loans to eligible working-class Nigerian citizens and small businesses at very competitive interest rates.

What are the requirements to get a loan from Renmoney?

After establishing the fact that Renmoney is a legit loan company, you may now wonder what it takes to apply. What are Renmoney’s loan requirements? How do I apply for a Renmoney loan? You have these questions? Alright, let’s see the answers together.

To be eligible for a loan from Renmoney, you must meet the following requirements:

• You must be older than 22 and younger than 59 both at the time you are applying, and when you are repaying the loan.
• You must be gainfully employed, earn a salary, or own a business.
• Live and (or) work in Nigeria.
• Not owing any registered financial institution.
• Have a savings or current account with any commercial bank in Nigeria.

How to apply for a Renmoney loan?

Once you are certain that you meet the requirement above to get a Renmoney loan, the next is to actually apply. You can either visit the Renmoney official page and enter the required information or use their mobile app to apply. You will also need to submit some documents to enable Renmoney to process your application. Some of these documents include:

• A valid government-issued ID card (driver’s license, passport, national ID card).
• Bank statement (6 months).
• Utility bill (3 months) to verify your home address I.e. PHCN, waste management  (LAWMA, etc), water bill, cable bills (DSTV), rent agreement, etc.
• Passport photographs.
• Bank Verification Number (BVN).

Renmoney app download and login

Renmoney is on both the Google Play store and the Apple App Store, so to download the app, launch your mobile device’s app store according to its OS and search for “Renmoney” in the search bar, hit enter, and then install when the app pops up. After installing, log in with your details or sign up if you do not have an account yet.

Renmoney loan calculator

To use the Renmoney loan calculator, simply visit the Renmoney official page, select your employment status and your monthly income, and hit the “Get Started” button. Renmoney will direct you to sign up or log in to finish calculating your loan offer.

Renmoney loan tenure & interest rates

Renmoney provides loan options with varying tenures ranging from 3 to 24 months. The interest rate applied to your loan is determined by the repayment period you choose and the amount borrowed. As a general rule, longer loan tenures come with higher interest rates. The Annual Percentage Rate (APR) for Renmoney loans ranges from 32% to 132.02%. You can rest assured that there are no hidden fees or extra charges involved in the loan application process.

Renmoney loan default fees

If you fail to pay back your loan at the agreed period, Renmoney will keep adding a certain percentage to your repayment amount daily until you pay up. This fee will depend on the amount of loan you took and the duration it is supposed to last.

Renmoney customer care details

If for any reason you need to reach out to Renmoney customer care agents, you can do so using their contact details below:

Email: hello@renmoney.com

Phone: 0700 5000 500

Whatsapp: 0818 8889 750

Frequently asked Renmoney loan questions

How long does a Renmoney loan review take?

Renmoney loan review usually takes around 24 hours to complete, however, some users have complained that they had to wait for up to a week before Renmoney was able to get back to them.

What is Renmoney loan USSD code?

Renmoney’s USSD code is *723#, while the quick loan code is 723*73001#. Note that your phone number needs to be registered on Renmoney to use these codes.

How much can I borrow from Renmoney at the start?

At the start, you can likely be eligible to borrow up to #50,000 but that will depend on your financial records and your capacity to pay back.

What is Renmoney’s bank name?

Since we established the fact that Renmoney is not just a loan company, but also a microfinance bank, the question of what their bank name is may arise. However, the name remains unchanged and their bank name is simply Renmoney Microfinance Bank.

Is Renmoney legit? (Final verdict)

Renmoney is a reputable financial institution that has been operating in Nigeria since 2012. It offers a range of loans and financial products to individuals and small businesses. While Renmoney is currently a licensed financial institution by the Central Bank of Nigeria (CBN), it is important to note that licensing and regulatory information can change over time. So you will need to always stay updated with their legitimacy status if you are going to keep using them. But not to worry, as we’ll be updating this post with any changes that take effect.

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