RenMoney Loan:  6 Things You Need To Know Before Taking A Loan From RenMoney

RenMoney is one of the popular digital loan apps that offers loans to its users. The digital lending app is only available for users in Nigeria. Users can borrow huge amounts of money without needing collateral. But the minimum amount that customers can borrow is relatively high when compared to other fintech platforms.

However, if you don’t know the working principle of RenMoney loan app, it will be good if you understand their terms and conditions before using the platform to meet your urgent financial need.

Meanwhile, in order to ensure the continuity of their business, RenMoney, like other loan apps, has basic requirements that a user must meet before becoming eligible for loan. Some of those requirements are what we shall be discussing in the subsequent sections. 

1. Renmoney Loan Range

RenMoney Loan

Users of the RenMoney loan app can borrow from N50,000 to N6,000,000. This means that the maximum amount of money that a user can borrow from this platform is N50,000, while the maximum amount is N6,000,000. But the downside of this platform is that their minimum amount is very high for low-income earners who may wish to borrow smaller amounts.

In all, the amount of money a user can borrow from RenMoney is totally dependent on the user’s credit score and the trustworthiness the customer may have built with the platform. 

2. RenMoney Loan Interest Rate

Ordinarily, the RenMoney interest rate varies though in some instances, it may range from 2.4% – 9.33% for loans repayable in less than a year. But for loans repayable annually (Annual Percentage Rate), the interest rate is up to 35.76%.

3. Requirements For RenMoney Loan

To get a loan from RenMoney, applicants must meet some criteria. This is peculiar with other loan apps. In nutshell, to be eligible to borrow money from RenMoney, the applicant must satisfy the following criteria.

  • The applicant must be between the age bracket of 22 – 59 year
  • The applicant must a verifiable source of income with regular monthly inflow of cash
  • The applicant must be a Nigerian
  • The applicant is expected to have a good ID card like National Identity Card, driver’s license etc for identification
  • The applicant must have a Bank Verification Number (BVN).

4. RenMoney Loan Repayment Plan

The normal repayment plan for loans borrowed from RenMoney ranges from 3 – 24 months depending on the agreed terms. Meanwhile, the interest rate is higher if the loan repayment plan is long and vice-versa.

5. RenMoney USSD Code

The USSD Code for RenMoney is *723#.

This is the code that is used to access loan and other vital services from RenMoney. Meanwhile, if you need instant loan, the code to dial is *723*73001#.

6. What People Are Saying About RenMoney Loan App

From the foregoing, we have seen how RenMoney works and some of their policies. Many users of this platform have different views about this platform. Some users complain about the slow nature of the app while most of the users complain about their minimum loan amount being so high that low income earners can’t afford it. On the other hand, some users have affirmed that the platform has helped them to meet their urgent financial needs.

However, our check on TrustPilot revealed that the RenMoney loan app has a 1.4 star rating. This review is the aggregate of the 58 people whose opinions were sampled. But to be honest, this rating is very poor when compared with their contemporaries in the Fintech sector. Nevertheless, individual experience may differ.

Conclusion

RenMoney loan app has helped some of its users to meet their urgent financial needs but a review from some of their users is not encouraging. Nevertheless, we strongly recommend that you understand their terms and conditions before opting for a loan from their platform.

Leave a comment