RenMoney Loan Apps for Personal & Business Loan, including Interest Rates
Find everything you need to know about RenMoney loan app download for Android, iPhone and how to download the RenMoney loan app form, compare requirements and apply for loan using the interest rate calculator.
Grace works with Mila Gold Business Services, a start-up in Ikeja, with five employees, Her dreams are to become a Certifed Information System Auditor and as such, she has enrolled for ISACA professional examination, to hold in November. However, her passion for the highly sort after IT certifications require cash far above her monthly payment. Grace biggest challenge is that she has no idea on where to source for a low-cost loan. Her N120,000 salary has been overstretched by the rising cost of living.
One of her colleague, Adeola Segun advised her to apply for a loan from one of the top banks that offer Payday loans and salary advances, a short term facility which lets verified employees of stable companies access a certain percentage of their monthly payments before they receive their next salary. Segun himself had already enjoyed this cash advance a few weeks earlier when he needed to pay his house rent and help his wife sort her shop rent. But Grace’s bank does not have any salary advance scheme, so she completely took the idea of her mind.
That was till Segun told her about RenMoney, a flexible and fast loan disbursement company, for which she only had to fill in a short application form and BVN to instantly qualify for up to N4,000,000 cash payable in 12 months at competitive rates.
Pre-qualification for a loan is based on the following:
- Be between 25 – 59 years old
- Have a verifiable source of income
- Live and / or work in cities where we operate
- Have a function account any commercial bank
RenMoney Microfinance Bank
Renmoney is a leading fintech lending company that operates under a microfinance banking license in Lagos, Nigeria. The company helps employed, and self-employed individuals access quick loans to for small business working capital or personal emergency needs through their online platforms website, contact centres and retail loan branches in major cities.
RenMoney is regulated by the CBN and insured by the NDIC. For those looking for high yielding opportunities outside the traditional bank, RenMoney offers one of the market-leading rates on Fixed Deposits and Savings accounts.
How Do I Request a Loan from RenMoney Loan App Download?
You need to confirm that you are eligible before you can ask for instant cash on the loan platform. But this isn’t a complex process, it’s all available on the mobile app which means that you don’t have visit RenMoney office or contact address to verify your status.
Requirements for RenMoney Instant Personal Loan:
Accessing quick cash from RenMoney isn’t complex, all you need to do is select the category of borrower you are: self-employed or an employee. This is because there are varying terms and conditions that apply to these categories and you need to meet the condition stated therein.
For employees like Grace seeking quick cash for personal emergencies like tuition fees, house rent, etc, here are key criteria to access RenMoney loan:
- You must have a working current or savings account domiciled with one of the commercial banks in Nigeria.
- A proof of how much you earn should be provided; your pays
- A detailed history of your credit histories from the Credit Bureau.
- Ensure you don’t have previous histories of rejected of dishonoured cheque while applying for a loan
- For identity purpose, you need to provide your recent coloured passport photograph.
- A stamped statement of account for the last 6 months is required.
- As an employee, you need to provide your company ID card as proof of where you work.
- The HR (Human Resources) department where you work is also expected to provide a letter that confirms your employability in the company, shows proof of salary increase and any other information deem necessary for qualification.
- Provide at most 3 months of utility bills showing your level of consistency in the payment of outstanding bills.
- You must also tender your National ID card, current ECOWAS passport, Voter’s ID card or any other acceptable valid ID.
For self-employed borrowers seeking a business loan for expansion, working capital needs or asset acquisitions, here are key requirements to note:
- Provide recent passport photographs.
- Provide your valid ID; National identity card, Drivers’ license and International passport.
- Your company or work identity card.
- A recently signed personal and business bank statement within the last 6 months, which should also be stamped by your bank account officer/manager.
- You must also show proof of tax payment/TIN number.
- Also, provide a means of repayment (NUBAN cheque only).
- You will show a proof that your business is registered; CAC certificate of incorporation.
- A recent utility bill, of the address where you run your business, within the last 3 months.
- You guarantor must fall within the approved categories approved by RenMoney.
What Is RenMoney Interest Rate on Loan Calculator:
The loan calculator lets you estimate how much you will repay, based on a pre-determined payback period, including the interest rate and charges applicable. Using this tool doesn’t automatically imply that you have applied for a loan, it helps you compared different loan options and choose the one that is convenient for you.
According to RenMoney loan calculator, A loan amount of ₦1,000,000 borrowed for 12 months. Annual Interest Rate: 33.9%. Management fees (charged upfront): ₦35,700. Total amount payable: ₦1,386,467. Fees are subject to change and will be affected by customer risk.
But based on the screenshot below, we arrived at a higher annual interest rate (with charge inclusive) of 48.2%. The monthly repayment of N123, 535.22 amounts to N1,482, 422.64 at the end of 12 months.
This might have been covered under the caveat; fee is subject to change.
If you feel the rate is high, you can as well compare different loan apps in Nigeria for the most competitive rates in Nigeria.
How to Download RenMoney App For Google Play and App Store:
Does Renmoney have app? As of this review, you can only download RenMoney app to access instant loan of up to N4 million for your personal needs, from the official mobile loan application on Play store and Apple app store is yet to be released. Before you install personal loan or quick cash app from RenMoney, ensure you do it from the company’s official platform.
RenMoney Customer Care Number:
For inquiries, questions and suggestions, you can contact RenMoney on 0700 5000 500 or send a mail to firstname.lastname@example.org.