How to get up to N4,000,000 Loan from Renmoney, everything you need to know about the Renmoney loan for SME and large businesses in Nigeria.
What is Renmoney?
Renmoney is a leading Microfinance bank in Nigeria formerly known as Rencredit. They are known for giving loans to Nigerians without collateral or any guarantor with a good repayment plan.
The company have been in existence since 2012 and have recorded over 200,000 successful loans disbursed to there customers.
The Microfinance Bank provides loans for employed individuals and businessmen and women (Small and big business owners).
There are some important requirements you need to put in place before you think of applying for a loan.
It seems like Renmoney does not have any official loan app instead visit their website @ Renmoney.com for your loan application.
Renmoney loan requirements
Below are the necessary requirements for getting a Renmoney loan.
- You must have an active bank account with any commercial banks in Nigeria.
- You must be between the age of 22-years to 59-years which is considered to be the working-class age.
- You must a well-paid job or a good income business.
- Be ready to verify your monthly income.
- You must have a good record on the National Credit Bureau.
- A statement of your bank account for the past six-month NOTE: There should be no issue of a returned cheque.
- A recent passport photo.
- A staff ID card from your workplace(If you are employed).
- A tax or Pension identification number.
- A valid ID card that proves your identity.
- A letter from the Human Resource of your company (If you are employed).
- A current utility bill.
- Most importantly, you must reside or work in Lagos state.
If you are self-employed (Business owner), here are your Renmoney loan application requirements.
- A valid proof of identification.
- A recent passport.
- A valid work identification card or your business card.
- A signed bank statement either cooperate and personal for the past six months and must be stamped by the bank.
- Proof of tax registration or a payment receipt.
- You must provide a means of repayment of the loan (NUBAN Cheque only).
- You must have a certificate of incorporation.
- A recent utility bill within the past three months either business or home.
- A guarantor, he or she must be a Renmoney approved staff guarantor.
Haven met with all these requirements listed above, you are qualified for a Renmoney loan.
If you are employed below are your Renmoney loan requirements.
- An active bank account, it can be a current or savings account with any commercial bank in Nigeria.
- Verification of your monthly income.
- You must have a good record with the Credit Bureau Report of your precious loan ‘If you have ever gotten a loan from a money lending company in Nigeria or outside Nigeria.
- You shouldn’t have any history of bank returned cheque.
- Provide a colored passport within the last six months.
- Your last six months bank statement stamped by the bank.
- A letter from the Human Resources department where you work to confirm your employment.
- A utility bill within the last three months is sure you are debt-free.
- You must have a valid identification card either National ID card, current ECOWAS passport or a voter’s card.
Furthermore, Renmoney provides three different types of loan which are;
- Renmoney school fees loan.
- Renmoney cash loan.
- Renmoeny work loan.
Renmoney school fees loan
Renmoney has made it easy for parents or guardians who find it difficult to pay for there children’s school fees by providing a school fees loan.
- How to apply for Rnmoney school fees loan
There are two major ways in which you can apply for a Renmoney school fees loan.
- If your child/children school is partnered with Renmoney MFB Limited, it will be more easy for you to go through the school and enjoy lesser rates. You can download the Renmoney loan application form pdf, fill the form and send it to [email protected]
- If your child/children school is not partnered with Renmoney, you can apply using the steps listed below;
- Visit the official website; fill the online application form.
- Make use of the Renmoney loan calculator.
- Fill in the required details in the school fees loan form and exercise a little patience, a Renmoney loan representative will call you.
The following will happen once you have successfully submitted your Renmoney school fees loan application.
- They will send you a notification.
- You may be asked to provide some documents’ to any Renmoney loan representative office.
- Renmoney will deposit the money into your bank account within 24 hours only if your application was approved.
2.Renmoney cash loan
Here, it has to do with pressing and urgent needs like paying house rent, buying a car or medical treatment.
How to apply for a Renmoney cash loan
- Login to the Renmoney website and make sue of the Renmoney loan calculator.
- Choose the amount that will meet your immediate problem and the period of time you wish to pay back the loan.
- You will see your expected monthly Rnmoney loan repayment, proceed if it’s okay by you.
- Once you have completed your Renmoney loan application, wait for a representative to contact you.
Once they approve your loan, you will have to provide some necessary documents for your loan to be sent to your bank account.
3.Renmoney @work loan
This particular loan is designed for organizations and before you can access this loan, your organization must have the following;
- The organization must have more than 30 staff.
- The organization must be registered with the Corporate Affairs Commission (CAC).
Employees of such an organization can borrow money from Renmoney at a very good interest rate.
How to apply for Renmoney loan @work
- Fill out the Renmoney loan application pdf format your workplace.
- Make sure you provide all necessary documents
- Submit the application to your company’s Human Resources Department the loan relationship officer will pick it up from there.
- Wait for an approval or rejection message.
- If you finally get approved, Renmoney will deposit the money into your bank account within 24 hours.
Other ways you can apply for the Renmoney loan.
They are many other ways in which you can apply for a loan apart from the ones listed above, they are;
- Telephone call – 070073666639
You can as well visit any Renmoney branch/office listed below.
- Head office: 89 Awolowo Road Ikoyi.
- Surulere office: King Plaza mall Adeniran Ogunsanya.
- Opebi office: Pentagon Plaza, 23 Opebi Road Ikeja.
- Lagos Island office: 50-52, Broad Street, Lagos in CSS Bookshop House.
- Apapa office: Apapa Mall, 13 PARK Lane Apapa, Lagos.
- Lekki office: F61 and F62 Road 3, Ikota Shopping Complex Ikota, Lekki-Ajah.
Renmoney loan interest rate
Their interest rate totally depends on credit score, amount requested and period of time the loan offered will last, they are so many other factors that can affect loan interest, for instance, there is a plan called ‘target saving plan’ which comes with an interest of 10% per annum/per year.
NOTE: Your interest rate must be different from others for instance, in a situation whereby your company or the company you work doesn’t partner with Renmoney, your interest rate tends to be higher and also if you have a bad credit score, you should expect a higher interest rate.
Renmoney loan repayment
Your question may be how can I repay my Renmoney loan, note that there several ways in which you can make a repayment of your loan.
- QUCIKTELLER: Visit Quickteller to make a repayment.
- CHEQUE: The cheque you deposited as the part of documents will be present to your bank by Renmoney on the agreed repayment.
- CASH: You can as well make a direct repayment to any Renmoney office listed above.
- POS: They POS is another way of making a repayment of your loan. I.e. you can make a repayment using your debit card to any listed offices above.
- ONLINE: You can make a repayment by online transfer to any account numbers listed below.
Bank: Guarantee Trust Bank (GTB).
Name Renmoney MFB Limited.
Account Number: 0120829621.
Bank: Skye Bank.
Account Name: Renmoney MFB Limited.
Account Number: 1771340451.
NOTE: You should state write your name and account number clearly as the depositor. And also make sure you send an email to [email protected] exactly 72 hours before your due date.
The company is worth working but always have it at the back of your mind that the is not for you once you are employed or if you don’t own a business, you can try other money lendings like Carbon (Paylater), FairMoney, and Branch.
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