If you are planning to get a loan to fund your business, travel, or get a car Renmoney provides a simple, fast, and convenient way to get one without collateral. Renmoney loan is managed by Renmoney Microfinance Bank (MFB) formerly known as Rencredit.
Renmoney aims to provide financial assistance via loans to SMEs, salary earners, and students. Renmoney only approves loan requests of individuals or business with a verifiable source of income.
Renmoney Loan Interest Rate
For a loan amount of ₦1,000,000 borrowed for 12 months, the interest rate can go for about 34%. Total amount to be repaid would be about ₦1,386,467. However, rates are subject to change and will be affected by your risk profile.
You can calculate interest rates with its loan calculator. That way you can calculate ahead of time the supposed interest rate for the amount you desire to take.
Getting a Loan from Renmoney
The process of accessing Renmoney loan is quite easy as long as all the necessary requirements are provided. You get credited directly to your bank account within 24hours of approval.
The two basic steps for getting Renmoney loan are:
- Complete an online application form which you would find on their website.
- Scan and upload the following documents: Any recognized government identification card, bank statement and proof of address.
Who Can Apply for Renmoney Loan?
- Applicants must be aged between 25-59 years
- Business or applicants must be located in cities where Renmoney operates
- A verifiable source of income
- Active bank account, current or savings account with a commercial bank.
Renmoney loan is applicable to both employed and self-employed.
Requirements for the Self-employed
- Any recognized government Identification card
- Recent passport photographs
- Business card or work identification card
- Signed bank statement (either personal or cooperate within 6months)
- Receipt or proof of tax payment/registration
- Repayment plan (preferred)
- Valid utility bill (optional)
- An authorized Renmoney guarantor
Requirements for the Employed
- Recent passport photographs
- Staff Identification card
- Any government recognized Identification card
- Bank statement (preferably salary account) within 6 months
- Proof of past Credit Bureau Report (if any)
- Recommendation letter from your office HR as a confirmation of salary and credibility.
- Utility bill (optional)
Renmoney offers a variety of loan plans to cover all kinds of needs. The major loan types are:
- School Fees Loan
- SmartPhone Finance
- Point of Sale Loan
This type of loan is accessible by employees with a stable monthly income. Businesses can partner Renmoney to provide employees with loans at lower interest rates.
- Organizations must have a workforce of about 30 employees and above
- The company must be a current functioning business legally registered with the Corporate Affairs Commission (CAC).
- Both parties i.e Renmoney and the said organizations will sign a Memorandum of Understanding clearly stating the agreement between both parties.
The repayment plan is usually a deduction from monthly payroll or as preferred by the employees.
School Fees Loan
In this case, students and parents can access up to 4 million naira loans. Once all the necessary requirements are made the loan principal would be transferred directly to the school or educational institution within 24 hours of application. Repayment can be done through monthly instalments.
Same as general Renmoney loan requirements listed above.
Not many people are aware of this type of loan. With the Renmoney Smartphone Finance, you can purchase your desired smartphone at your convenience. Renmoney in collaboration with some selected service providers make this kind of loan available to interested applicants. Repayment is done in instalments within a duration of 12 months.
How it Works
Renmoney and service providers deduct a portion of the borrower’s monthly bundle which is then converted to loan repayment. If the borrower’s monthly bundle is N1,000 or N1,500, Renmoney would deduct about N600 as repayment while the rest is left to the network provider.
As other Renmoney loans, a borrower can only access Smartphone Finance if eligible. This is usually determined by the company itself.
To know more about getting loans, read our complete guide to online loans in Nigeria.