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 LoanShepherd 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:
- 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.
- 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.
- 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 signup 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: [emailprotected]
Phone: 0700 5000 500
Whatsapp: 0818 8889 750
Frequently asked Renmoney loans questions
How long does 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.
FAQs
Can Renmoney be trusted? ›
Your investment is safe with Renmoney. We are regulated by the Central Bank of Nigeria (CBN) and insured by Nigeria Deposit Insurance Corporation (NDIC).
How long does it take to review Renmoney loan? ›If you're certain that you meet the above criteria and more which are available on their website, you can fill out the Renmoney loan application form, upload your document and submit. It is most likely that your loan request will be granted, but you must wait for this approval, and it usually happens within 24hrs.
What is Renmoney all about? ›Renmoney was founded in 2012 and operates on a microfinance banking license in Nigeria. Our team combines traditional and alternative data sources through statistically driven models and we leverage technology to deliver convenient credit, savings, deposit and banking solutions to our users.
How much can I borrow from Renmoney? ›RenMoney offers customers unsecured cash loans of up to NGN2. 5 million for up to 9 months to salary earners or self-employed as long as they can provide a verifiable source of income. The penalty is a daily default charge of N300 including public holidays and weekends.
Which bank is Renmoney in under? ›Central Bank of Nigeria | All Financial Institutions | RenMoney (Rencredit) Microfinance Bank Limited.
Who is Renmoney owned by? ›L-R. Stephen Jennings - Founder & Chairman of Renmoney, Gbenga Oyebode MFR - Founder of Aluko & Oyebode, Charlie Roberston - Global Chief Economist of Rennaissance Capital, Apekhade Idogho - Executive Director at Renmoney.
Who is eligible for Renmoney? ›Be older than 22 and younger than 59 at both the application and loan repayment times. Be a salary earner or business owner (or have a steady and verifiable source of income) Live and (or) work in a city where Renmoney operate. Have a good record with the credit bureau.
How do I know if a finance company is legit? ›Check our Financial Services Register to find out if the firm is authorised. Check that the firm's contact details match the details on the FS Register. Always use the contact details on the FS Register, rather than a direct line or email you've been given.
How long is the loan review process? ›The process for loan approval generally takes 2-3 months after the application is submitted.
Where is Renmoney located in Nigeria? ›23, Awolowo Road, Ikoyi, Lagos.
How much is Renmoney worth? ›
The RenMoney MFB LTD annual revenue was $65 million in 2021.
What happens if loan is not paid? ›Default payments on loan is not a crime, thus the borrower cannot get arrested, however the lender can file a case against the borrower under section 138 in case of a cheque bounce or ECS bounce and then as per the RBI rules the borrower can be punished.
Can I save money on Renmoney? ›You could either save your funds with the Save Easy plan or the Smart Goal plan. With Save Easy, you can choose to save at your convenience, starting from a minimum of 500 naira. Whatever you save appreciates over time with the interest rate added on to the plan.
What is the maximum borrow limit? ›A maximum loan amount describes the total sum that one is authorized to borrow on a line of credit, credit card, personal loan, or mortgage. In determining an applicant's maximum loan amount, lenders consider debt-to-income ratio, credit score, credit history, and financial profile.
What is borrow limit? ›A borrowing limit is the amount of money that individuals could borrow from other individuals, firms, banks or governments. There are many types of borrowing limits, and a natural borrowing limit is one specific type of borrowing limit among those.
How do I pay my Renmoney loan? ›Auto-debit is the first repayment option that Renmoney loan app/company offers. The auto-debit method works in a way that on your loan due date, the loan repayment will be deducted automatically from your bank account via the ATM card you initially connected to your Renmoney account while applying for the loan.
Is Renmoney an app? ›The Renmoney app gives you instant access to quick loans, savings and investments with competitive interest rates. The loan process is simple. Want to save? You can set up a Smart Goal and save towards milestones that matter to you or set up a Save Easy plan and save what's convenient.
Can I borrow from PalmPay? ›In simple terms, the PalmPay platform provides loans to people in need. On this app, you can receive an instant loan within 5 minutes of approval. Also, you do not need any paperwork or collateral before borrowing. This makes the borrowing process a lot easier and seamless.
Which state does Renmoney operate? ›About Renmoney
Renmoney is a lending company operating under a microfinance banking license in Lagos, Nigeria.
We'd suggest reaching out to our support team at hello@renmoney.com so we can further look into this.
Is Renmoney a Fintech company? ›
Renmoney is a fintech lending company operating on a Microfinance Banking license in Lagos, Nigeria. We provide convenient loans to individuals and small businesses via our website (www.renmoney.com), contact centre, agent network and branches across Lagos.
Where to get instant loan in Nigeria? ›- Loanspot. Loanspot is one of the leading loan apps in Nigeria that provides users with instant loans. ...
- Renmoney. Renmoney is one of the loan companies in Nigeria that provides micro-business loans up to N4 million. ...
- Carbon. ...
- Branch. ...
- Aella Credit. ...
- FairMoney. ...
- Migo, formerly Kwikmoney. ...
- Lidya.
Give us your email address and instructions to reset your password will be emailed to you.
How do I borrow from FairMoney? ›Download the FairMoney app from the Google Play Store. Sign up with the phone number linked to your BVN, answer a few questions and confirm your identity to receive a loan offer. If you accept it, you will receive your loan instantly in your preferred bank account! What makes FairMoney different from other lenders?
Can a loan companies check your bank account? ›Yes. A mortgage lender will look at any depository accounts on your bank statements — including checking and savings accounts, as well as any open lines of credit.
Do loan companies ask for bank login? ›Yes, if you're applying with a reputable lender. Reputable short-term lenders will not store your login details and should have a secure, encrypted page for you to submit your bank account numbers along with your other personal information. However, this doesn't mean there aren't scams out there.
How do I know if my loan is predatory? ›- High interest rate or rate is not disclosed at all.
- Credit insurance is required with the whole premium paid in advance. ...
- There are high pre-payment penalties. ...
- Non-amortizing loans. ...
- The lender uses aggressive sales tactics. ...
- There are high fees associated with the loan.
This means a segment of the financial institution's loan portfolio is inspected to discover any credit weaknesses that may have arisen. Within the commercial loan category, larger loans usually receive the most scrutiny, since the bank or credit union will be impacted more if one of these loans default.
What is loan review process? ›A loan review provides an assessment of the overall quality of a loan portfolio. Specifically, a loan review: • Assesses individual loans, including repayment risks.
What happens after my loan is approved? ›After the lender approves your loan, you will get a commitment letter that stipulates the loan term and terms to the mortgage agreement. The commitment letter will include the annual percentage rate and the monthly costs to repay the loan. It will also include any loan conditions prior to closing.
Is Renmoney in Ibadan? ›
No 1, Favos Building, Oluyole way Bodija Ibadan.
How authentic is Fairmoney? ›Is Fairmoney Loan App a Scam. The Fairmoney loan app is not a scam. You have to follow the app instructions to avoid any difficulty in getting or repaying a loan. If you notice any illegal debits while using Fairmoney, report to your bank immediately for it to be reviewed.
How many customers does Fairmoney have? ›With over 1.3 million users, Nigerian-based fintech FairMoney wants to replicate growth in India. There are more than 1.7 billion underbanked people globally, the majority of which are from emerging markets.
Can I get a loan from Cowrywise? ›Yes. You can obtain a loan on your equity mutual funds just as you can do with other assets like gold and real estate.
Can you return a loan if you don't use it? ›Once loan proceeds have been deposited into your account (or a check delivered into your hands), there's no real way to give it back. From the moment you sign loan papers, you're a borrower. As such, you're on the hook to respect the terms of the loan, including the repayment plan.
How long can you go without paying back a loan? ›A lender will typically "charge off" your account after six months of missed payments (although some may do this sooner). A charge-off appears on your credit report and indicates that the lender has given up trying to collect the money from you.
How long can a loan go unpaid? ›The statute of limitations is a law that limits how long debt collectors can legally sue consumers for unpaid debt. The statute of limitations on debt varies by state and type of debt, ranging from three years to as long as 20 years.
How do I invest with Renmoney? ›- Start a Fixed Deposit: Choose how much you want to invest and for how long.
- Share your details: Share some information about yourself.
- Start Earning: Fund your Fixed Deposit and start earning more on your money.
| Money-Saving App | Best For | Features |
|---|---|---|
| Qapital | Saving for goals | Unlimited savings goals Rule-based transfers Investing Lending |
| Digit | Budgeting | Budgeting Saving Investing |
| Qoins | Paying down debt | Debt repayment Link up to five accounts |
- Eliminate Your Debt. ...
- Set Savings Goals. ...
- Pay Yourself First. ...
- Stop Smoking. ...
- Take a "Staycation" ...
- Spend to Save. ...
- Utility Savings. ...
- Pack Your Lunch.
How much would a 5000 loan cost per month? ›
Based on the OneMain personal loan calculator, a $5,000 loan with a 25% APR and a 60-month term length would be $147 per month. The loan terms you receive will depend on your credit profile, including credit history, income, debts and if you secure it with collateral like a car or truck.
Is it hard to get a 100k loan? ›It can be difficult to get a $100,000 loan. With a loan of this size—especially an unsecured personal loan—you can expect lenders to have much stricter requirements than if you were only borrowing $100.
What is the approved loan amount? ›Approved Loan Amount means the total amount that you may draw down from your Loan Account and is shown in your Disclosure Letter. Approved Loan Amount means the maximum amount the Lender is willing to fund the Loan.
What is the lowest amount of money you can loan? ›For the most personal loan lenders, $1,000-$5,000 is the lowest amount you can borrow. But the minimum loan amount can vary substantially from one lender to another.
How do I increase my borrow limit? ›- Save for a bigger down payment. ...
- Show lenders you can save. ...
- Review your credit report. ...
- Stay current on bills. ...
- Pay off debt. ...
- Extend your loan term. ...
- Take advantage of homebuyer programs. ...
- Shop for a better interest rate.
Most lenders base their home loan qualification on both your total monthly gross income and your monthly expenses. These monthly expenses include property taxes, PMI, association dues, insurance, and credit card payments.
What loan websites are legit? ›- SoFi: Best for online loans for excellent credit.
- LightStream: Best for online loans for good credit.
- Happy Money: Best for online loans for credit card consolidation.
- Upgrade: Best for online loans for fair credit.
- Universal Credit: Best for online loans for bad credit.
They have a relatively poor customer service, this may frustrate the loan process and a waste of time unnecessarily. Renmoney loan is mostly for borrower's residence in Lagos from indication, you may not get to know about this, until your application is reviewed and declined, which is not too good for emergency.
How do I know if my loan is secure? ›Secured debt is backed by collateral, or assets that you have in your possession. Mortgages, home equity lines of credit, home equity loans and auto loans are four examples of secured loans. Put simply, your lender will ask you what type of collateral you'll "offer up" to back the loan.
What is the easiest loan to get approved for? ›The easiest loans to get approved for are payday loans, car title loans, pawnshop loans and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're available to people with bad credit.
How do I not get scammed by a loan? ›
- Thoroughly research the lender. ...
- Don't pay money upfront for a loan. ...
- Question lenders that guarantee approval. ...
- Pay attention to how the lender is reaching out to you.
- Construct a narrative. Start by writing down your story. ...
- Report the crime to the FTC. ...
- File a complaint with the IC3 (Internet Crime Complaint Center). ...
- File a complaint with the Consumer Financial Protection Bureau (CFPB). ...
- Call the Police. ...
- Write your credit bureaus.
- 23, Awolowo Road, Ikoyi, Lagos.
- hello@renmoney.com.
- 07080672077.
- Whistleblower.
We are live on WhatsApp and we are waiting to chat with you. Start your loan application on WhatsApp today at 08188889750.
What is the USSD code for Renmoney? ›The Renmoney loan app does have a ussd code that you can easily use to apply for a loan on your mobile phone. The renmoney loan ussd code is *723#. However, for you to quickly apply for a loan using the Renmoney ussd code, simply dial *723*73001# and follow the prompts.