RenMoney Loan App Review 2024

Renmoney Lending Platform provides targetted micro-credit loans for individuals, start ups and other Small and Medium Scale Businesses (SMEs) to help shore up their working capital and consequently expand their business productive capacity.

The app also provides loans for individuals in Nigeria who are gainfully employed and have a verifiable salary accounts. Renmoney 24 Hours SMEs Loan is a special financial product from this emerging digital lender you may want to examine and explore if you run a small business.

How Renmoney Loan App Started?

In December 2013, RenCredit MFB Limited was re-branded to RenMoney MFB Limited – the name by which they are now called. The company operates under a microfinance banking license in Lagos, Nigeria, providing quick loans to individuals, SMEs and small businesses.

In the past traditional banks in Nigeria has been quite supportive to small business (SMEs) loans’ funding. With your basic business plan, collateral security, bank statements to support your turnover requirement for the loan, cash flow statement to determine liquidity and feasibility studies to determine viability of the business, it’s almost certain you would get your loan request approved ceteris paribus conditions.

As an accountant and financial consultant myself, I have seen several loan requests through in my over 20 years of professional practice.

Once you have an averagely good relationship manager to ‘defend’ your request and you satisfy what’s usually called the 3 Cs of credit: Credit, Collateral and Character, you are likely to get your loan request executed.

Traditional banks often evaluate risk, collateral security, and reputation of the borrower, past payment history, availability of capital, and the amount of time required to complete and manage the transaction. Modern lenders simply sum these up as the 3 Cs of credit: Credit, Collateral and Character.

I know of several business investors and entrepreneurs who have being able to expand their business scope and reach for the singular reason they were able to access loans from commercial banks.

However obtaining loans in the last four years from any Nigerian bank especially by (SMEs) has become very difficult if not impossible. Many people with viable ideas to start a business have been unable to do so due to lack of working capital.

And many businesses have been unable to expand for lack of support from banks. Some of the reasons adduced to this are due to high default rates, liquidity squeeze of banks by the Central bank of Nigeria, (CBN) and poor credit ratings. It has also been discovered that most banks in Nigeria now find government bonds more attractive and risk free and opt for it rather than taking the ‘risk’ of executing SMEs loans.

It should be noted that over 90% jobs from Nigeria come from SMEs accruing almost 50% of our GDP results from same, so abandoning this critical sector will limit the nation’s growth, but that is a topic for another day.

Fortunately, the advent of digital banking from Financial Technology companies (FINTEC) and preponderance of many microfinance banks in Nigeria have changed the landscape of credit issuance at the advantage and rescue of SMEs and loan execution.

Many of these FINTEC companies and instant cash digital lending apps have been able to provide very short term loans (12 months and below) to small businesses and salary advance to salary earners.

Most of the times, with a relatively good credit rating without collateral security, many small businesses and SMEs and individuals are able to access these digital loans within a very short period of time, some boast within a few hours. Even though the interest rate are apparently and understandably higher, the timing, documentations and processes are especially simplified.

Renmoney Loan Platform is a fintech offering digital banking solution in Nigeria, providing loans of up to ₦6,000,000 through its online app, in addition to offering interest on your savings, bill payments, airtime & money transfers via the Renmoney app.

How To Get A Quick Funding From Renmoney Loan App

Renmoney Loan App and organization operates with a microfinance banking license, regulated by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC).

Whether you’re employed or run your own business, Renmoney loan offers you convenient lending. Just simply provide some basic information about yourself, Renmoney Loan app gives you a decision within a few monets and if your loan is approved, you’ll get money in your bank account very quickly.

Renmoney loan is available up to ₦6,000,000, with additional offer of great interest on your savings, bill payments, airtime & money transfers via the Renmoney loan app.

What Type Of Loan Does Renmoney App Provide?

Renmoney loan app’s expertise is in the provision of digital instant loans without collateral, guarantor and minimal documentation among other simple money solutions it offers. With the loan app, you can unlock loans of up to ₦6,000,000, earn great interest on your savings, pay bills, buy airtime and make payments – all on your Renmoney app.

Which Type of Customers Are Entitled To Renmoney Loans?

Customers are who either employed or run their own business are entitled to Renmoney Loan app credit facilities. Just share some information with the app, and a decision will be taken in minutes. If your loan is approved, you’ll get money in your bank account very quickly.

Renmoney Loan: Features

• – If you pay on time, you get lower rates and longer time to repay on your next loan
• – No paperwork, collateral or guarantor needed
• – No hidden charges, you always see your loan terms before you commit
• – Minimum loan repayment period is 3 months
• – Maximum loan repayment period is 12 months
• – Monthly interest rates range from 2.65% – 9.89% and the maximum Annual Percentage Rate (APR) is 35.76%. No other fees are charged.

Renmoney Loan Customer Information Security And Privacy

The Renmoney app has been developed using the best security and privacy standards to ensure absolute data security. When you download the Renmoney App, we will ask for your permission to verify your personal and financial information. Our app is secure to use, and we will not share your information with third parties without your consent.

RenMoney Contact Details In Nigeria

RenMoney head office is located at 89 Awolowo Road, Ikoyi, Lagos. They also have offices at Surulere, Opebi and Okota. The company also offers up to 17% interest when you invest your funds with them. It claims to have provided over N50bn in loans since inception and boasts of over 140,000 customers.

One of such fastest growing FINTEC digital lender and Microfinance banks in Nigeria is RenMoney. RenMoney was established in 2012 as RenMoney MFB Limited (formerly RenCredit). In December 2013, RenCredit MFB Limited was re-branded to RenMoney MFB Limited – the name by which they are now called. The company operates under a microfinance banking license in Lagos, Nigeria, providing quick loans to individuals, SMEs and small businesses.

Renmoney Loan expertise is in the provision of digital loans without collateral, guarantor and minimal documentation among other simple money solutions it offers. With the loan app, you can unlock loans of up to ₦6,000,000, earn great interest on your savings, pay bills, buy airtime & make payments – all on your Renmoney app.

Applications are usually done directly either through their website, contact center, agent network and branches all over Lagos or indirectly online through their loan app.. RenMoney is Regulated by the CBN and insured by the NDIC, and also offer market leading rates on Fixed Deposits and Savings accounts.. The Microfinance bank says it has given out over 240,000 loans to Nigerians and empowered over 10,000 small businesses nationwide.

The digital lender claims to provide quick and instant 24 hour loan of up to N6,000,000. RenMoney further says: “If all documentations are ready and submitted, we can execute loan processing in less than 24 hours”. According to the bank, it works through 3-pronged process. 1. Completion of an online application form 2. Uploading of Government approved ID Card, proof of address and bank statements. 3. Receipt of money within 24 hours, if approved.

How Do I Apply for an Instant Loan From Renmoney Loan App?

To get an instant Renmoney loan, you must fall between the ages of 22-59 years. You must have an existing and active bank account with a commercial bank in Nigeria.  You must be earning a salary as an employee of an organization or you should own your own thriving business with verifiable turnover. Both the employee and business owner must verify their monthly income through their salary account and bank sttement respectively. Finally you should have a clean bill of record with the credit bureau.

With Renmoney, you can get quick and instant 24 hour loan of up to N6,000,000 once your documentations are ready and submitted. The process is 3-pronged: 1. Completion of an online application form 2. Uploading of Government approved ID Card, proof of address and bank statements. 3. Receipt of money within 24 hours, if approved.

How To Get Your loan Approved by Renmoney

To get your loan approved by Renmoney, do the following:

1. Visit the website

The fastest and easiest route to get a loan from Renmoney is to visit their website and apply for a loan there.

2. Complete the application form

You will be required to fill out an online application form before you can access the loan. Ensure you are as accurate as you can with the application.

3. Upload your documents

Before Renmoney will give you a loan, they have to be sure of the identity of the person they are dealing with. This is where your documents will come into play.

You will be required to upload some important documents which include your ID card, proof of your home address, and your bank statements. These documents will help Renmoney verify the kind of person they are dealing with.

4. Wait for your loan

Once you have provided all the necessary details required, the next thing will be for you to wait for approval of the loan. If your loan gets approved, you will get it within 24 hours or even lesser. You can check the mail address you provided during the application process for any important information.

5. Make use of the app

Just like the website, Renmoney has a mobile app on android devices that can help you access loans faster. Although, if you have an apple device, you would have to stick with the website. The app just like the website collects information seamlessly, verifies your applications, and disburses your funds within 24 hours. You can download the app from your Google Playstore.

6. Visit any of the branches

If you don’t want to go through the hassle of registering online and you would rather have a support staff ease you through the application process, then, you can visit any of Renmoney’s branches. They will assist you with your loan application there.

Are my data and Customer information secured with Renmoney?

The Renmoney app has been developed using the best security and privacy standards to ensure absolute data security. When you download the Renmoney App, you will be asked for permission to verify your personal and financial information. The app is secure and safe to use, and won’t share your information with third parties without your consent.

Renmoney Loan Calculator

The best thing about applying for loans nowadays is the fact that you can easily do the math on your own to know how your repayment will be and how much you will be paying back. With the Renmoney loan calculator, you can understand this first even before running through the application.

The loan calculator is something that is easy to use, so you should not have issues navigating your way around it. It is also free to use and it does not mean that you have committed to taking the loan by using the calculator.

It is a wise decision to use this calculator to know how much you will be paying back, the interest that you have been charged and when your loan duration will elapse so you can know if it is something you are up to or not. Once you’ve decided to go for it, then, you can easily apply.

How Fast is RenMoney Loan Application and Approval Process?

RenMoney repayments are flexible usually spread over 12 months. The organization also claims that its loan processes are fast, simple and convenient requiring no collateral or guarantor while guaranteeing competitive interest rates. However it would seem Renmoney is unable to provide capacity to meet its flurry of customer loan demands from the massive publicity it invests in. Customers say Renmoney 24 hour loan turnover claim is not true.

Is RenMoney Able To Meet Up  With Its 24 Hours SMEs Loan Claim?

RenMoney repayments are flexible usually spread over 12 months. The bank also claims that its loan processes are fast, simple and convenient requiring no collateral or guarantor while guaranteeing competitive interest rates.

However feedbacks and comments from customers and end users who have applied for their loan suggest that some of these attractive features of the loan may not be altogether true. It also seem that the organization have not been able to match the flurry of SMEs loan request that is a result of their massive publicity with output and many customers have one or few complaints about the slow processes of their loan and in some cases believe the bank is not genuine.

Who are the owners of Renmoney?

Stephen Jennings, Renmoney’s founder and chairman, and Mr. Gbenga Oyebode MFR, an investor, philanthropist, and founder of Aluko & Oyebode.

Does Renmoney require BVN number?

Renmoney require your BVN because it is a KYC (Know Your Customer) requirement by the CBN for all financial institutions (including Renmoney). The lending platform uses the most advanced encryption techniques to ensure the security of data provided to them by you is secure.

Who is Renmoney Current Chief Executive Officer (CEO)

Renmoney’s current CEO is Elizabeth Okonji, Chartered MCIPD..

What Company Owns Renmoney?

The owner, founder and chairman of Renmoney is Mr Stephen Jennings. Renmoney as a finnacial service company has been in Nigeria for 15 years in a very big way. The platform is one of the emerging market pioneers. The shareholders’ level of ambition, commitment, and resilience has been described as impressive.

Is Renmoney Loan App Genuine or is it fake?

Renmoney loan app is very genuine and legit. You can apply for a loan now to meet needs like growing your business, paying rent, buying a car, paying school fees, etc. and if approved your loan will be disbursed to your bank account within 24 hours.

The platform has given out over 240,000 loans to Nigerians and empowered over 10,000 small businesses nationwide. They are listed on the directory of the Corporate Affairs Commission as Renmoney Microfinance Bank Limited and have a registration number of RC – 1031927.

How Many Branches Does Renmoney Have?

Renmoney has its head office located at 23, Awolowo Road, Ikoyi, Lagos, Nigeria. It has four other branches spread across the city of Lagos, making it a total of five office locations. The other branches of Renmoney are:

Marina Branch

27-29, Odunlami Street, Marina.

Ikeja Branch

Pentagon Plaza, 23 Opebi Road, Ikeja.

Lekki Branch

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

Surulere Branch

Kings Plaza, 80, Adeniran Ogunsanya Street, Surulere.

How long does it take to receive loan from Renmoney?

It takes between a few minutes to 24 hours to receive cash disbursement for your Renmoney loan application, after it has been fully processed. If your loan is approved, you will get a credit alert in the bank account provided on your profile.

Under which bank does Renmoney operates in Nigeria?

Renmoney operates under a microfinance banking license in Lagos, Nigeria with the name Renmoney Microfinance Bank duly licensed and regulated by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC) to provide quick loans to individuals and small businesses.

How old is Renmoney App?

Renmoney Microfinance Bank marked its 10th anniversary, with excitement for the next phase of growth last December 2022. That means theplatform has been iin existence for 10 years of building a consumer finance business, impacting individuals and small businesses.

Renmoney App Download

Renmoney Loan App can be downloaded from Google Play Store using your smart phone. We have provide a link to the Renmoney Loan app download here. The platform is very legit and does not embarrass its customers and borrowers like fake loan apps do, which are fond of accessing users’ phone contacts and sending threat and defamatory messages to their friends, family and work colleagues.

Renmoney Loan Defaulters

RenMoney offers customers unsecured cash loans of up to NGN6 million for up to 12 months to salary earners or self-employed as long as they can provide a verifiable source of income.

In every lending platforms, there are always some bad eggs loan defaulters no doubt. Despite the fact that Renmoney loan company do not threaten or defame customers or expose users’ privacies to the social media, they are still some defaulters who blatantly refused to repay their loans within the the expiration period.

The penalty for Renmoney loan default is a daily charge rate of N300 including public holidays and weekends. The platform may also be forced to alert employers and next of kin when they are unable to reach the customer about the loan.

Continuous defaulting will have adverse effect on credit rating of the loan defaulter as Renmoney may report such customer to the Credit bureau agencies which will prevent him or her from accessing loans from other financial institutions.

Renmoney Loan App Review: What Real Customers and Users Are Saying

Feedbacks and comments from real customers and users who have applied for or obtained loan from Renmoney suggest that some of the claimed attractive features of the platform may not be altogether true. It also seem to suggest that the lending company have not been able to match the flurry of goodwill it gets in terms of loan requests that is a result of their massive publicity with output capacity, loan processing and customer satisfaction.

Many of their customers have one or more complaints about their bitter and frustrating experiences using the loan app and extremely slow loan processing contrary to their 24-hour loan execution turnaround.

Renmoney Not App For Emergency Cash – Miracle Benson.

When you need money for emergency, Renmoney is definitely not the app to go to. I have been trying to get a particular loan for two months and deadline for what I needed the money is past, they were still in the process of obtaining My bank statement for two months despite lots of mails sent across….. It’s odd how you’ve done everything required and they don’t seem to deliver on their end. Giving them two stars because of the app platform and the prompt response of the customer service. 418 people found this review helpful.

No Response From Renmoney Customer Care – Viktor A

It would have been good but there is nothing I can do with the Renmoney app I added money but there is no way to use it I can’t set transection pin and there option to set it to change it, and I send mail to costumers Care but no response, I don’t think the renmoney is available for use again. 10 people found this review helpful

Renmoney loan app Update Was Very Poor – Ify Ekechukwu.

Renmoney loan app had a very poor app update. I clearly sent my bank statement and even debited 580 naira, yet the app refused to acknowledge this as it keeps saying failed to upload statement. Have sent various mails to them, no one is really helping out. This is sickening. I can’t even go further with the loan application. I’m beginning to regret this. 3 people found this review helpful

I Had A Very Awkward Experience with Renmoney app – EKEMINI OKON.

Very awkward experience with this app. I funded my account two days ago. I got a successful deposit into my renmoney account message but when I opened the app, I didn’t see my fund. I emailed them, no one has given me an explanation of what the issue was. It’s been three days now oo. This app is a scam. Even to get a loan is a problem. Upon submitting my bank statement, it will still tell me I haven’t submitted. Very bad experience.

Renmoney Not the App To Patronize When You need Instant money – Louisa Becca.

Renmoney is not the go to loan app if you need money. I applied for a loan for over 3 months now ever after providing all the necessary documents they requested for, I received nothing, nor heard any feedback from the platform. I spoke with the customer service a couple of times, they assured me that something will be done but nothing was done. They don’t work as promised.

Renmoney has given me a very bad and frustrating experience – Rock Eternal, Model Schools

I am not sure I can continue to deal with the Renmoney app. It has really given me a very bad and frustrating experience. I was referred to sending my complaints through a mail, I did that and no response now for about 7 days, I tried to use their customer care service text on the app, that one would even stop responding at a point. I can’t recommend Renmoney app to anybody owing to their lack of credibility and poor customer service relations. I am leaving them for good.

Renmoney App New Update is very hard to process – Tobi Namzy.

Renmoney new update is very hard to process, I can’t log into my renmoney account, it keep telling me face verification failed, I have tried many times to open the account but it won’t process. Do you have a backup account I can use to pay back my loan? Because this new update is really frustrating me.

Getting a loan from Renmoney is so Complicated – Ge Samuel Christian.

Getting a loan from Renmoney is so so complicated. I’ve been trying to get a loan for almost 9 months now and nothing is forth coming. I have been unable to process the request to fill the forms and then the system keeps shutting down temporarily. The app is swift in response but customers satisfaction is key. I’m really not happy after submitting all documents required and still no progress!

Renmoney App Keeps Crashing – Fola Photography.

The face recognition in Renmoney worked after I uninstalled and reinstalled, however the problem now is the app keeps crashing and I am unable to process any request for loan. The app doesn’t last 30 seconds before it crashes. It is so frustrating.

Renmoney is the most useless app under the sun – Olowolagba Omobolaji.

This is the most useless app under the sun, they breached agreement at will. I took a loan, and the day I returned to pay back, everything had changed. They had changed the terms, increase my payment by about 50% of what I had to pay. I sent a message to them but no response. Please don’t take their money they are thieves.

I am unable to link my ATM Card with Renmoney app – Musari Ramat.

Getting a loan is too damn complicated, been trying to link my card with Renmoney to no avail. The app is telling me cookies are not enabled on my browser which isn’t true, the email activation link tells me successful but doesn’t reflect on the app, have been debited multiple charges for the card linking that’s not successful. Sent emails but no reply, called their customer service no answer. Not as easy as they advertise.

I Recommend Renmoney App To Potential Customers – Edwin Sunday.

I have a seamless experience with Renmoney app. With my required documents and BVN ready, I was able to meet up with their requirements, and within minutes, I was through with my registration. The app was able to connect and confirm my bank statement. Then, in just a minute, I received my first loan. I will recommend renmoney app to you guys. Also the interest rate is quite moderate for a month tenure.
67 people found this review helpful

For 3 Months Now, I Can’t Get Renmoney Loan – GWA EMMANUEL.

The advert is everywhere and you can’t help matters. I registered on this app for more than three months now, I can’t get a loan even after submitting all required documents and information. I even chatted with one of the staff, call customer care and emails to no avail. The worst part of it now is that, I can’t access the app again because of facematch or something, as I was told. I will soon uninstall the app on my phone, I hate frustration.

Renmoney App has extremely high interest rate – Nejeeb Bello.

The Renmoney application is the most useless app I have seen on mobile. Aside their extremely high interest rate whereby they can give you N200k and want you to pay back N500k, the worst part is operating the app itself. This mobile app works well up till the point where they’ve extracted your personal information. After that, you start meeting major glitches which seem to have been put there to frustrate you from getting the loan after submitting all your personal details. It’s terrible!

Renmoney: Awful app and poor service delivery – Ahmed Hassan.

Renmoney has an awful app and poor service. I installed app, created an account and applied for loan but application was rejected. Then I tried to delete account and found there was no option to delete account. My personal and bank information including BVN were collected, and app was authorised to access my bank account via internet banking. I have contacted the company to delete my account and remove my personal/bank information from their database, but they claim they can only do that after 5 years.

Renmoney has been Reviewing My Loan Request for 5 days – Olusegun Adeoye.

Renmoney is the worst loan app I have ever seen. After stressing me to fill forms and connect my internet banking, with 6 month bank statement of over 3 million. I applied for a loan of 100k. It’s been more than 5 days, they are still reviewing. Thank God it’s not to settle emergency. Their customer care is zero. I have sent tickets, no reply. Called the phone number on their site, doesn’t exist. And later they will go to the media and be lying that they give loan in 5mins.

Ever since the update, I can’t open Renmoney – Steady Pay

Ever since the update, I can’t open the app. It always point to play store, you see the open link in play store and it’s an endless loop. Abeg make e work, make I do transactions. 2 people found this review helpful

I Can’t Access The App After Taking a Selfie- Collins Amanze.

Plz i still can’t access this App even after going to a well lighted environment to take a selfie. The response i have been receiving is that the parameters specified as non – null is null. This App wasn’t like dis before until after the last update. Please work on this problem it’s hindering alot of business on this App. Thank you

App Delays For more than 24 hours – Olumide Oluwakemi.

What is the point of doing a quick loan if the app is going to delay you for more than 24 hours saying loan is not complete even after paying the 10.1 and you have been debited and prove of payment as been sent to your mail by ren money. It makes no sense how many times do i have to pay the 10.1 naira before the app gets it and even after calling the customer care. Do not use this app if you want quick money it will frustrate you

Renmoney Not Ready To Give loan – Ayanyemi Lanre.

If there is zero star I would have given to them, they are not ready to give loan, they just love advertising everywhere that, they gives loan in 5 minutes. Even other apps that doesn’t advert like them give better and faster loan. It’s true saying that an empty noise makes a louder noice. After several applications for more than three years they don’t give me a dime even with my good credit record. They always made me to waste my money in sending my bank statement to them always. Useless App

Renmoney App Is very Good – Adegbola Moses.

The Application is very good and serve as a helping hand for the needy. Forward ever, backward never. But in the area of loan processing, Iet me suggest that the Company should let it be more faster because of emergency situation and the urgent needs of the people. Thanks and more blessings

I have been applying for loan for more than 3 years – Adeyemi Adebayo.

Poor experience for more than 3to 4yrs I have been applying for loan uptil now response and you they keep linking your account every time I don’t know if they want to be scamming by asking for it all the time. The loan app is very bad after generating bank statement the app still requesting for bank statement uptil now I don’t really understand you people tired of applying Everytime

No Response from Renmoney Team – Audam Debrah.

I have been sending mail and chats. Yet , no response from your team. I am having issue paying off my loan. But I have been unable to . I just needed to reach your support team for help. But till now, no response from you guys. Too bad…..such a bad experience.

Conclusion