RenMoney Loan: Is the Platform’s 24 hours Promise a Scam?

Renmoney Lending Platform provides targetted micro-credit loans for 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.

RenMoney 24 Hours SMEs Loan And Advent of Digital Lending In Nigeria

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.

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.

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.

What Are The Customers And Users Saying About RenMoney 24 Hours  SMEs Loan Claim

Below are a few reviews and feedbacks from real users of Renmoney Loan App.

RenMoney 24 Hours SMEs Loan Is Not True – Customer

Chigozie Aguolu a young Nigerian based in Lagos says RenMoney delays credit and their advertisement do not reflect their true position. He says he is currently having issues with RenMoney as their 24-hour claim of ‘executing your loan request’ is sadly untrue.

Hear him, “They claim you get your credit alert on or before 24hours, it’s just not true, the customer service is just inconsiderate, and some cases ill mannered.. They have no respect for client time, and they just switch off once the loan has been applied for and the payment mandate is placed on your account… Credit doesn’t come within 24 hours as they advertise and their interest rates are high. I still have an uncredited loan as we speak, with a payment mandate on my account.”

RenMoney Is Not Real – Lagos Customer

Innocent Abutu a worker and salary earner who lives in Lagos believes Renmoney is not real. He said the organization collects your details and after meeting the requirements, go mute even when they claim 24 hours deal rate. He says, “Renmoney is not real. They collect your details. After meeting their requirement they will just go mute. I think they don’t have the financial muscles to attend to customers need. As a salary advance, I met their requirement for specific amount of loan for urgent need, all I got is just phone call, nothing more. If you call customer care, they demand for your details again, ask you to generate bank statement and nothing will happen afterwards. My thought about RenMoney is that they don’t have enough money to meet customers’ loan requests.”

RenMoney, Worst Digital Lender – SME Customer

Grevine Consult owns an SMEs in Lagos and think RenMoney is the worst lender so far. The owner of the business claims, “I requested for an SME loan 0f N500,000. First, I waited for days to get the loan approved and then I figured I’ll have to pay an interest of over 300k – that’s over 50% interest rate as opposed to what they advertised. In total, I’ll be paying over 800k. That’s not all. My account was credited on the 12th and the first loan repayment was scheduled for 1st day of the next month. Now tell me… How do they want me to get approximately 100k with 18days? All efforts to have the loan reviewed fell on deaf ears. Will never use rhem again. I’d rather go for their competitors that offer far better interest rate and more convenient repayment schedule.”

RenMoney Still Gives Quick And Easy Loan – Customer

Ezenwoke however believes RenMoney still gives quick and easy loan when you need it. He says he is recommending the organization to every Nigerian needing a quick and instant loan.

RenMoney Processing is True and Helpful For SMEs Loan – Customer

Ojulari Moshood says loan request processing from RenMoney is real and true and quite helpful but their processes are too slow taking hours and even days! His words, “Even though getting a loan from you guys saves lives and all, your loan processing is way too slow. I mean, what is the purpose if getting a loan when it will be ready after the purpose of the loan is gone.” “You guys are just way too slow”, he adds!

Read more of the reviews we garned together from Renmoney loan customers and users from Google Play Store

Miracle Benson. 14 April 2022
When you need money for emergency Renmoney loan is definitely not the app to go to, 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

Viktor A. 16 July 2022
It would have been good but there is nothing I can do with the Renmoney loan 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

Ify Ekechukwu. 8 July 2022
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

EKEMINI OKON. 1 July 2022
Very awkward experience with the Renmoney loan 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.

Louisa Becca. 8 July 2022
Renmoney is not the go to loan app if you need money. I applied for a loan for over 3 months now ever after proving all the necessary documents they requested for, I received nothing nor heard nothing. 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.

Rock Eternal Model Schools
28 June 2022
I am not sure I can continue to deal with this app. It has really given me a very bad and frustrating experience. I was referred to sending my complaints through your mail, I did that and no response now for about 7 days, I tried to use your customer care service text on the app, that one would even stop responding at a point. I can’t recommend your app to anybody owing to your lack of credibility and poor customer relations. I am leaving you guys for good.

Tobi Namzy. 27 June 2022
This new update of the Renmoney loan app is very hard to process, I can’t log into my renmoney account, it’s keep telling face verification failed, I have tried many times to open the account but it won’t process. Do you have a backup up account I can used to pay back my loan. Because this new update it’s really frustrating me..
3 people found this review helpful

Samuel Christian. 20 June 2022
Sincerely,I really do not even know how or where to start from. Getting a loan is so damn complicated, from we are unable to process your request to we temporarily down try again. I’ve been trying to get a loan for almost 9months now and nothing is forth coming. The app is swift in response but customers satisfaction is key. Would have given a a star but the Finished work on the app is why I’m giving 2stars .. I’m really not happy after submitting all documents required. Still no progress!!!.

Fola Photography. 21 June 2022
This face recognition worked after I uninstall and reinstalled the renmoney loan app…. The problem now is the app keeps crashing. I can’t do anything. It doesn’t last 30secs, it crashes on every start-ups.
8 people found this review helpful
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Olowolagba Omobolaji. 20 June 2022
This is the most useless app under the sun, they breached agreement 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. Send them a message on the and they said, they are away for now. Please don’t take their money they are thieves.
18 people found this review helpful

musari ramat. 13 June 2022
Getting a loan is too damn complicated, been trying to link my card 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
26 people found this review helpful

edwin sunday. 22 May 2022
Waw! 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

GWA EMMANUEL. 28 June 2022
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 while submitting all required documents and information, I even chat with one of the staff, call customer care and emails to not avail. The worst part of it now is that, I can’t access the app again because of facematch or something, I understand. I will soon uninstall the app on my phone, I hate frustration.

Nejeeb Bello. 21 June 2022
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!

Ahmed Hassan. 17 June 2022
Awful app and 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.

Olusegun Adeoye. 11 May 2022
This 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.

steady pay. 20 June 2022
Ever since the update, I can’t open the Renmoney loan 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

Thompson Abdulmateen. 8 July 2022
I initiated a transfer from my Rennmoney account, and I couldn’t find a icon to set transaction password. To worsen the situation, the customer service is not even responding to the messages and calls I put across to them.

Rotimi Bello. 19 July 2022
Renmoney Loan, your ads are everywhere and annoying, that’s why I downloaded. Now, there constant reminder to apply for a loan you’re not ready to provide??? Another useless app meant for the dump.

Collins Amanze. 23 June 2022
Plz i still can’t access this Renmoney loan 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

olumide oluwakemi. 25 May 2022
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

Ayanyemi Lanre. 6 June 2022
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

Adeyemi Adebayo. 17 July 2022
Poor experience for more than 3 to 4yrs I have been applying for Renmoney loan uptil now no response and you 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

Audam Debrah. 15 July 2022
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
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Conclusion