Renmoney is one of the most popular, and arguably also one of the top 30 best loan apps and digital lending organizations in Nigeria. However according to this special review by MONEY CABAL, customers and users of the digital lender do not agree with public opinion and argue that the organization is overrated and its app works very slowly, frustrating and its loan do not execute in 24 hours s claimed.
Renmoney is arguably one of the leading loan apps and fastest growing Microfinance banks in Nigeria. The digital lender was established in 2012 as RenMoney MFB Limited (formerly RenCredit).
How Renmoney 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.
Renmoney’s 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.
Whether you’re employed or run your own business, the loan app and micro-finance bank says you can get a loan conveniently. Just share some information with us, we’ll give you a decision and if your loan is approved, you’ll get money in your bank account very quickly.
The loan platform makes the following claims on their website, “We’re a fintech offering digital banking solutions in Nigeria. We provide loans of up to ₦6,000,000, great interest on your savings, bill payments, airtime & money transfers via the Renmoney app. We operate with a microfinance banking license, regulated by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC).
Features Of Renmoney Loans
- – 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 Application And Loan Processing
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 claims 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.
Renmoney 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.
Is RenMoney Able To Meet Up With Its 24 Hours SMEs Loan Claim?
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.
Damning Feedbacks And Reviews From Renmoney Customers And Users
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 goodwill it gets in terms of loan requests that is a result of their massive publicity with output, 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.
Read a few of the review we garned together from Renmoney customers and users.
14 April 2022
When you need money for emergency this 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
16 July 2022
It would have been good but there is nothing I can do with the 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
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
1 July 2022
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.
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.
27 June 2022
This new update it’s 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
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!!!.
21 June 2022
This face recognition worked after I uninstall and reinstalled…. 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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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
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
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
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.
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!
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.
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.
20 June 2022
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
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.
19 July 2022
Your ads were 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
23 June 2022
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
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
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
5 June 2022
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
17 July 2022
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
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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