What You Need to Know Before Applying for Renmoney Loan

renmoney loan

Hello good friends of informationhood. Welcome to my article page where i want to share with you some few things to know before applying for renmoney loan in Nigeria. As you already known informationhood goes the maximum length to get you accurate information that will be helpful and not just to get it around.

renmoney loan

For the sake of those who doesn’t know much about Renmoney, it a company in Nigeria that offer easy loan to both individuals and business or companies owners unlike banks that gives loan to only known established politicians or companies, renmony cut the line short and made it easy to get loan without having to provide anything as collateral or providing guarantors. It will suprice you that renmoney goes beyong offering business loan but went as far to save tenants from house rent embarrassment, which is to say renmoney gives loan to take care house rent. It goes just beyond that to unworkable distance to offering loan for health and educational purposes.

For many people renmoney is an opportunity for poor Nigerians to have access to loan without having to go a whole lot of stress looking for guarantor or collateral. Though all this is true and the fact that renmoney made loan possible for individuals you need to know how things are done and what you must do to acquire loan from remoney loan providing company.

If you care asking, remoney wants to give loans without providing guarantor or useful collateral, what is their security in here, ain’t lenders going to run with their money?. Well if you are hearing about how this company put it straight on their advert or website, everyone will wants to know why they want to do that and how they can secure people from running away with their money. Well a huge company as huge as renmoney is not fool enough not to make provision of their loan security. This is the reason i titled this post what you need to know before applying or registering for renmoney loan. I will be speaking on this below, just keep reading on.

  • Remoney gives you money without quarantor
  • Renmoney gives loan without collateral
  • Renmoney gives loan for house rent payment
  • Renmoney doesn’t gives everyone loan
  • Renmoney has though requirement to be able to get loan
  • You cannot run away with renmoney loan
  • Renmoney gives educational loan
  • You pay interest on loan collected from renmoney
  • You start paying back every money immediately after acquiring loan
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What you need to know

As stated earlier, this company has good reputation over their years of operation and one of the motive is to help Nigerians however it doesn’t ends there. You must know that they are in business and their goal of more interest is to make money. When you collect loan from renmoney there is interest involve when paying back. It most times depend on the pay back duration you selected on your form when requesting loan. Previously i apply to get a loan of 600,000 and i selected 1 years payment duration which means i will have to pay the whole money including the interest in one month. I was charge interest payment of extra 300,000 naira which made the whole money i will pay back 900,000. This is to say if you wants 600k loan in one year, you are to pay back 900 in total.

Renmoney doesn’t gives the opportunity to pay back the whole money once. If you successfully obtain loan from this company, you are to be paying back to the company every month and that includes the first month of collecting the money. On my 600k loan which i wanted to get from the company, i was made to understand that my monthly pay back is 75,000 naira which will last for 1 year.

Aside that, before you can get a loan from renmoney, you must be a be a salary earner who receive money directly to their account from their company monthly. For business owners, you must have you company name registered with the Nigeria Governement means you must have you business name or company registered with CAC Corporate Affairs Commission and as well have your company account. without any of this option, sorry renmoney is not your loan option.

Note that renmoney will evaluate your account history to decide how much loan to be giving to you. This is to say if the cash coming into your account money is not much renmoney will not be able to render you a high amount loan.

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According to their statement on their website, they don’t need guarantor however that seem like fake information used for their marketing. I find that one needs a guarantor to be able to access loan. You can find that below on their requirements list.

The maximum amount of loan to get obtain from renmoney is 4 million naira. In order to get this amount of loan, you must be a high salary earner of a company owner with high monthly income. The process of applying for renmoney loan is done online, some cases you may contact their customer care if you are having trouble the online process.  Opun application for loan the company will require you to enter your bank verification number known as BVN. This is a unique number used in tracking individual accounts in Nigeria.

Also read Renmoney custome care contact details here.

Below is complete guide and steps as listed on their website.

How to apply for renmoney loan

WHAT DO I NEED TO BE ELIGIBLE FOR YOUR LOANS? (EMPLOYED)
  • You should be between 22 and 59 years old.
  • You must run an account (Current or Savings) with a commercial Bank in Nigeria.
  • Applicant must live and or work in Lagos State.
  • You must have a verifiable monthly income.
  • You must have a clean Credit Bureau Report.
  • You must not have a history of returned cheques in your account.
  • One recent passport photograph (within the last 6 months)
  • Salary bank statement for the last 6 months (must be stamped by the bank). Your bank can send it directly to us at bankstatement@renmoneyng.com
  • NUBAN Cheque leaves for the duration of Loan (agreed at branch) OR Filled Direct Debit Form
  • Staff Identification card
  • Letter of Employment, Confirmation, Promotion, Redeployment, Salary Increase OR Introduction Letter from Employer’s HR to RenMoney
  • Utility Bill (PHCN, Water bill, LAWMA bill OR Rent Agreement) not older than 3 months
  • Valid Proof of Identification (current ECOWAS Passport, National Identification, Driver’s License or Voters ID)
WHAT DO I NEED TO BE ELIGIBLE FOR YOUR LOANS? (SELF EMPLOYED)
  • One recent passport photograph
  • Valid proof of government identification (International passport, National Identification card, Driver’s license, Voter’s card and National Identity Management Commission card).
  • Valid work identification card/Business card.
  • Most recent 6 months bank statement (Corporate and personal) signed and stamped by the bank or sent by your bank to: bankstatement@renmoneyng.com
  • Proof of tax registration or receipt of payment.
  • Mean of repayment (NUBAN cheques only)
  • Memorandum and articles of association.
  • Certificate of incorporation.
  • Recent utility bill (within the last three (3) months). (Lawma bill, Recent Rent Agreement, Water bill, Electricity bill) (business and home)
  • A guarantor
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Guarantor requirements:

  • Guarantor must be a staff of the RenMoney approved guarantor list.
  • One recent passport photograph
  • Most recent 3 months bank statement signed and stamped by the bank or sent by your bank to: bankstatement@renmoneyng.com
  • Nuban cheque leaves
  • Letter of employment, confirmation, promotion, redeployment or salary increase.
  • Valid work identification card.
  • Valid proof of government identification (International passport, National Identification card, Driver’s license, Voter’s card and National Identity Management Commission card).
  • Recent utility bill (within the last three (3) months) (Lawma bill, Recent Rent Agreement, Water bill, Electricity bill).
  • Official email address.
  • Filled guarantor’s form
HOW DO I APPLY?
  • Online – www.renmoneyng.com
  • In a Branch –

    89 Awolowo Road Ikoyi ( Head Office)

    Kings Plaza mall, Adeniran Ogunsanya

    Pentagon Plaza, 23 Opebi Road Ikeja

    Lagos Island – 50–52, Broad Street, Lagos in CSS Bookshop House

    Apapa Mall, 13 Park Lane, Apapa, Lagos

    F61 & F62 Road 3, Ikota Shopping Complex, Ikota, Lekki-Ajah

  • By Telephone – 0700RENMONEY (0700 73666639)
WHAT IS THE MINIMUM AND MAXIMUM AMOUNT I CAN BORROW?
You can take loans to a maximum of N4,000,000.00
DO I HAVE TO BE IN PAID EMPLOYMENT TO GET YOUR LOANS?
Yes, you must be gainfully employed to benefit from our loan products.
DOES RENMONEY REQUIRE A CREDIT CHECK?
Yes this forms a major part of our loan criteria, we use it to verify information provided in your loan application form.
RenMoney will obtain it directly, our customers do not need to get this for us.
DO I NEED TO COME TO THE BRANCH TO APPLY FOR A LOAN?
No, you do not need to visit the branch at the initial stage of your application. You can make an interim application on our website and by calling 0700RENMONEY (0700 73666639) to speak to our sales team.
WILL THE DETAILS OF MY LOAN BE DISCLOSED TO A THIRD PARTY
In a bid to collect on our loans disbursed, we reserve the right to contact your employers or next of kin about details relating to your loans with us.

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