Since the inception of Renmoney Microfinance Bank in 2012, they have been taking advantage of the adoption of smart mobile devices in reaching wide target customers in Nigeria. The bank had a change of name from RenCredit to Renmoney in 2013 and has since then embraced rapid development in the banking sector. Renmoney microfinance bank has been in the business of offering short-term loans, deposits, and savings.
Still, it has a distinguished loan structure that stands to meet the immediate needs of its targeted customers. Presently, Renmoney Microfinance bank has focused more on giving loans without collateral or a guarantor. This is the managerial strategy of Renmoney in achieving its vast development in the financial sector within this short time. With the rate of technological progress of Renmoney, policies, and standards, it will be the microfinance bank any individual in need of personal loans can count on in Nigeria.
Loan Structure of Renmoney Microfinance Bank
The type of loan offered by the Renmoney Microfinance Bank can be regarded as an individual immediate need loan and individual business development loan. The progress of the loan advances took the company to a customer base level of 25,000 in early 2020. Below are some of the reasons Renmoney can grant loans to their customers:
- A need to grow your business.
- To pay off your rent.
- To buy a new car.
- To pay school fees.
Renmoney Microfinance Bank Limits, Maximum Amount, and Accompanying Interest Rate
It is specified that Renmoney Microfinance Bank has the funds to offer up to six million naira cash advances and a minimum advance of six thousand nairas to a customer without collateral and guarantor. However, this is dependent on some essential factors which hold firm on the information provided by the customer. The loan calculator guides the bank on a customer’s ability to repay the loan with accruable interest before granting a loan. Below are the first two questions that serve as a strong determinant includes:
- What is your employment status?
- What is your monthly income?
The above determinants and other background checks determine the limit a customer receives from the amount applied for in the loan.
Renmoney Microfinance interest rate is one of the easy-going interest rates in lending financial institutions in the country. The bank runs a monthly interest rate of 2.4% to 9.33%. They also go as far as granting a loan with an annual interest rate of 35.76% and no documentation charges.
Ways to Apply For a Loan at Renmoney Microfinance Bank
Renmoney has developed simple procedures to apply for loans and get them within the shortest possible time. A customer can access the loan request platform by making use of the two options below:
How To Get A Loan Through Their Website
- Visit the Renmoney website by clicking here.
- Fill the provided form and click on continue.
- The next page provides the highest amount your previous information can allow you to borrow and request the purpose of the loan.
- Click on Apply.
- Fill in your email address.
- Click on get started.
- The following form will require your personal information and some security questions to create an account for you.
- Your provided mobile number will be sent an OTP to verify your account with Renmoney.
- The next is BVN verification which helps Renmoney verify the customer’s identity in line with CBN guidelines.
- The next is the Account Number the customer will like to be credited by Renmoney Microfinance Bank.
- A customer gets credited before the end of 48 hours.
How to Apply For A Loan Through Renmoney App
- Download the Renmoney Application through your mobile phone or PC by clicking here.
- Register with the Renmoney mobile app by filling in some personal information and clicking on register.
- Renmoney Application will demand to know your location accept if you wish to continue.
- Select a security question and give a simple answer you won’t forget.
- An OTP will be sent to your mobile phone number.
- The next is the BVN verification, which is part of the CBN requirements for financial banks.
- The bank details must bear the same names as the name in the BVN number provided.
- If successful in the verification process, the provided account will be credited.
Requirements For Renmoney Loan Application
To apply for a loan with Renmoney, you need to meet some of the following criteria:
- An active bank account with any commercial bank payment in Nigeria.
- A reliable source of income.
- It would be best if you were at least 22 years old and no more than 59 years old.
- Be able to verify your monthly expenses and other income sources.
- Before you can obtain a credit advance from Renmoney, it is necessary that your credit bureau report must be accurate and up to date.
- You must be able to show your bank account information for the past six months, and you should be able to provide evidence of any returned checks.
- You need to provide a recent passport photo to proceed.
- As a rule, you’ll need a Staff Identity from the company where you work.
- Your Application will likely get approved if you have a Tax or Pension identification number.
- You will need a government-issued photo ID which should have been updated within the last few years.
- If you work for a company, ask your Human Resource representative to write a letter confirming your employment.
- You need to present utility bills if you are to qualify for a loan.
Contact Information of Renmoney Microfinance Bank
The financial institution provided a series of contact channels for inquiries and immediate solutions to any need. Some may be wondering if Renmoney doesn’t have a physical branch across the nation. Below are some of the locations of Renmoney where customers can access information through the customer service representative:
|Head Office||23, Awolowo Road Ikoyi, Lagos, Nigeria.|
|Ikeja Office||Pentagon Plaza, 23 Opebi Road, Ikeja.|
|Marina Office||27-29 Odunlami Street, Marina.|
|Lekki Office||F61 & F62 Road 3, Ikota Shopping Complex, Ikota, Lekki-Ajah.|
|Surulere||Kings Plaza, 80, Adeniran Ogunsanya Street, Surulere.|
In the above table is the office address for the interest of walking-in customers. A look at the online contact details of Renmoney Microfinance Bank:
- Customer Care mobile numbers are 07005000500 and 070073666639.
- Email Contact detail for inquiry in Renmoney is [email protected]
- Twitter: https://twitter.com/renmoney
- Facebook: https://m.facebook.com/renmoney
- Linkedin: https://www.linkedin.com/company/renmoneyng