Renmoney is another Top-rated and reputable loan providing company in Nigeria that gives business loans to enterpreneurs for the purpose of upscaling their business. Unlike other loan companies that does not give loans to start ups, Renmoney provide loan or capital for people with feasible business plans to bring their business ideas into reality. So, if you have an amazing business idea that will no doubt be successful and you have no where to get the capital to actualize it, you should consider patronizing Renmoney. They operate as a Microfinance bank and they pride themselves in giving loan to business people. Although they give out personal loans, but they mainly give out loan for businesses.
To be eligible for the Renmoney loan, you need to meet some criteria:
You must be a salary earner working at a government institution or well-recognized private organization. If you are a business owner, your business must be registered with the Corporate Affairs Commission (CAC).
You must have no record of debt with any financial institution or loan provider
You can apply for the Renmoney loan through two different media. You can either apply using the Renmoney mobile App or you apply through their official website. The mobile app is available for iOS users on the App store while it is available for Andriod users on google play store.
To apply for the loan you first need to create an account with them using the app or website. On these platforms, you will have to compute your personal information and do some documentation to verify and process your loan application. Some of the documents that you will provide include:
No, they are not the same. There are some features available on the mobile app that are not available on the website.
You can borrow as low as ₦50,000 and as much as ₦6M. But more importantly, the amount you can borrow in reality depends on your ability to pay back. Your ability to be able to pay back will be determined using your BVN, transaction volume or you credit record.
It can also be calculated up to 5X the amount you earn monthly. For instance, if you earn ₦100,000 monthly, you will be eligible to earn as high as ₦500,000.
The repayment period is 12 months (1 year). Whether or not the repayment period is good is subjective. Paying back a business loan within this short period might be difficult.
The interest rate varies and depending on the how the loan is repaid. If the loan is repaid fully at the end of the repayment term which is 1 year, the interest rate will be 34%. However, if the loan can be paid back within 3 months to 6 months, the rate will reduce.
Defaulting a loan is not good for you as your debt will keep accumulating. In fact, the interest rate will also increase beyond normal. It will also affect your credit score with Credit Bureau. In extreme situations, you will be reported to relevant authorities to be blacklisted.
How Do I Contact Loan Money?
They have a customer service support that is accessible on phone call. And in case you have inquiries, you can reach out to them on 07005000500.
If you are seeking for a loan providing platform that can always have your back, think of Renmoney. The cost of obtaining the loan is customer friendly and the loan is always timely and quick.
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