Renmoney Loan Application| Interest Rate| Repayment

Renmoney Microfinance Bank is a financial service company that provides money lending, savings and deposit services to individuals, small and medium enterprises (SMEs).

Renmoney has three product offerings and they are Loan, Savings and Deposit; of all these 3, they are popularly known for giving out loans compared to the other product offering, they give loans of up to 6 million Naira when their requirements are met.

Want to know more about RenMoney loan requirements, application, interest rate and repayment?

You’re at the right place, let’s dive in.

See also: How To Apply, Repay & Extend Migo Loan

Renmoney Loan Requirements

To get a loan from RenMoney, they are certain requirements that should be met and these requirements are different for an employed and a self-employed borrower.

Requirements for an employed borrower:

1. Must be between the age of 22 to 59

2. Recent passport photograph

3. Valid means of identification

4. Proof of monthly income

5. Identification card from current place of work

6. Utility bill of not more than 3 months 

7. Must have a functional bank account with a commercial bank in Nigeria

8. Must either be a salary earner or own a thriving business

9. Must have a clean credit bureau

10. Statement of account of up to 6 months

See also: How To Apply & Repay Xtracash Loan

Requirements for a self-employed borrower:

1. Recent passport photograph

2. Valid means of identification

3. Valid work identification (a business card can pass)

4. Statement of account of up to 6 months

5. Proof of tax registration 

6. Certificate of incorporation

7. Utility bill of not more than 3 months 

See also: UBA Loan For Non-Salary Earners

Renmoney Loan Application

After the above requirements have been met, you can proceed to request for a loan; follow the steps mentioned below to get started:

1. Click here to visit RenMoney loan application portal

2. Choose your employment status (either employed or self-employed)

3. Enter your monthly income

4. Enter your state of residence 

5. Enter your local government area

6. Enter your date of birth and tap the continue button

7. Enter the amount you intend to borrow and your repayment tenor, then click apply

8. Enter your email address and click get started

9. Enter the information required of you to create a RenMoney account

Now await a call from RenMoney representative to tell you if your application was approved or not

See also: How To Get A Loan From Aella Credit

Renmoney Loan Interest Rate

Renmoney interest rate varies with the loan amount, it could be as low as 2.4% and as high as 9.33% monthly; the maximum annual percentage rate is 35.76%.

Renmoney Loan Repayment

Your RenMoney loan can be repaid using several means provided by the bank, some are Quickteller, POS terminal, cheque, direct payment to the head office or transfer to the RenMoney bank accounts mentioned below.

1. RenMoney MFB Limited 0120829621 Guarantee Trust Bank

2. RenMoney MFB Limited 1771340451 Skye Bank Account

See also: How To Repay Migo Loan With Quickteller

Renmoney Customer Care

You can reach RenMoney customer care agent on RenMoney by sending an email to hello@renmoney.com or call 0700 5000 500.

Originally posted on October 14, 2021 @ 6:37 pm