No doubt, you must have heard of numerous digital loan apps before. They are all unique in their own ways as each of them has what they bring to the mix. However, very few of these loan apps can boast of giving you a saving or investment opportunity as well as giving you that loan that you desperately want.
One of these digital loan apps that gives you this opportunity is Renmoney. With it, you can save, invest and at the same time get a loan.
What is Renmoney Loan?
Renmoney loan is simply a loan acquired through the Renmoney loan app. Loan seekers who make use of Renmoney loans should be able to fund their needs, establish their businesses and chase their dreams through the Renmoney loan app.
How Does Renmoney Loan Work?
Renmoney, apart from being a loan platform, gives one the chance to invest or save money with Renmoney. However, Renmoney loan is not different from other loan apps.
To get the loan, you have to download and install the app. After this, input important details like your name, phone number, BVN, details of your ATM card, and your date of birth. Like every other loan app, the app has a way of accessing the phone details of the loan seeker. Renmoney makes use of phone contacts, location, and other factors to determine eligibility for a loan.
Once a person is qualified, the cash will be disbursed to your specified bank account in a few minutes and there is also a chance of getting a higher amount if the repayment is done on time.
How Legit is Renmoney?
This is a very important question to ask and to be straightforward with the answer, Renmoney is legit.
How Much Can You Get?
At RenMoney, one can get salary earners, or self-employed can get unsecured cash loans of up to ₦2.5 million for up to 9 months provided you have a verifiable source of income.
Loan Eligibility and Requirements
To be qualified to get a loan from Renmoney, the following are necessary.
- An Android Smartphone to be able to download the app on the Google play store.
- An active bank account and ATM card.
- You must also produce your bank statement to show eligibility or a good credit score.
- It is expected that the phone number you used in registering in the app should be the phone number connected to your bank account and BVN. This is very important.
- You must be 18 years and above.
What is Renmoney’s Interest Rate?
Renmoney’s interest rates range from 2.4% – 9.33% and the maximum Annual Percentage Rate (APR) is 35.76%. Apart from this, no other fees are charged.
How to Apply for Renmoney Loan
To do this follow the guidelines below:
- Go to Google Playstore and download the Renmoney app
- When you are done, open the app and input the necessary personal details. As stated before, it is necessary to use the phone number linked to your BVN for this registration.
- The app will request a statement from your bank to determine your eligibility and upon completing the task, you can now access the loan facility in the app.
- You will need to set up your account i.e. input the details of your ATM pin, card number as well as your bank account number.
After completing the above, you indicate the amount you need and at this juncture, the app runs an eligibility test based on the information you have provided and this will determine the amount of cash that will be sent to your account. If you are still interested, you accept, if not, you decline.
How to Repay Renmoney Loan
This can be done in three ways:
- Through card: You can repay your Renmoney loan with an active and bank card with sufficient fund to cover the amount to be repaid.
- Bank Transfer: Also, there is an opportunity for prepayment through bank transfer. To do this, go to the dashboard and get the account number to make the transfer.
- Through Paystack. To do this, visit www.paystack.com/pay/renmoney.
Just as every digital loan app has its uniqueness and market, so also do Renmoney which is not just giving loans but also has a provision for customers to safe and invest their money as well