RenMoney Microfinance Bank
(also known as “RenMoney MFB Limited) is a consumer finance organization which
aims at making loans application and procurement easy as getting loans from
banks can be stressful and frustrating.
In this post you will learn
about the various loans provided by RenMoney, the requirements needed to get
these loans and how to get your loan application with RenMoney approved within
24 hours.
RenMoney MFB Limited (formerly
RenCredit) was founded in Lagos in 2012 under a unit Microfinance Banking with
expertise in the provision of simple money solutions especially to Small Medium
Enterprises SME. They received their operating license on October 17, 2012 and
started rolling out cash loans to customers out from their head office on 89,
Awolowo Road, Ikoyi Lagos.
They received their operating
license on October 17, 2012 and started rolling
out cash loans to customers out
from their head office on 89, Awolowo Road, Ikoyi Lagos.
RenMoney has a flexible and convenient
repayment system aims at making loan repayment easy for customers. Customers
are able to apply for loans between N50,000 to N2,000,000 payable up to 9
months for new customers.
Also, RenMoney does not require
you to open a new account as the loaned cash will be transferred to your
existing account. Other features it promises includes, flexible repayment, no
collateral needed, no need to wait as loaned cash is paid in 24 hours after
verification of documents.
RenMoney has several products –
Cash Loan, Fixed Deposits, Target Savings, Smartphone Financing, Loan@Work,
School Fees Loan and Point-of-Sale (POS) Loan.
General Eligibility Requirements For Renmoney Loan
Application
Below are the general
requirements to meet before you can get loan from Remoney.
Eligibility Check: Every
Potential Customer must meet up with the following criterial to be eligible.
- You should be between 22 and 59 years old.
- You must run an account (Current or Savings) with a commercial Bank in Nigeria.
- Applicant must live and or work in Lagos State.
- You must have a verifiable monthly income.
- You must have a clean Credit Bureau Report.
- You must not have a history of returned cheques in your account.
- One recent passport photograph (within the last 6 months)
- Salary bank statement for the last 6 months (must be stamped by the bank). Your bank can send it directly to us at bankstatement@renmoneyng.com
- NUBAN Cheque leaves for the duration of Loan (agreed at branch) OR Filled Direct Debit Form
- Staff Identification card
- Pension OR Tax Identification number
- Letter of Employment, Confirmation, Promotion, Redeployment, Salary Increase OR Introduction Letter from Employer’s HR to RenMoney
- Utility Bill (PHCN, Water bill, LAWMA bill OR Rent Agreement)
- Valid Proof of Identification (current ECOWAS Passport, National Identification, Driver’s License or Voters ID)
How RenMoney Works
CASH LOAN
RenMoney offers customers loans
without collateral of up to NGN4 million for a tenor that ranges from three (3)
to nine (9) months for new customers, while a returning customer enjoys a
longer tenor of twelve (12) months.
Customers are required to have
a verifiable source of income before being eligible for this loan. As a
customer you can either be salary earners or self-employed.
To Qualify For Cash Loan
- Be between ages 22 – 59 years.
- Have a steady source of income that is verifiable.
- Must be confirmed staff in present employment.
- Have a functional current or savings bank account.
- Have valid means of identification
SMARTPHONE FINANCE
RenMoney in partnership with
select service providers offers smartphone financing; a product that enables
interested persons to purchase their favourite phones and payback in convenient
instalments of twelve (12) months.
With just your Debit Card,
RenMoney can help you own the latest smartphone without having to break the
bank.
How It Works
Each month, a certain portion
of your monthly subscription is used as repayment for the phone by RenMoney.
For example, if the monthly subscription
costs N1,000 monthly, N600 can go to RenMoney as repayment for the phone while
the balance N400 goes to the network provider for the data costs.
RenMoney has a proprietary
algorithm to determine which customer will be eligible.
Over the period of the
subscription, RenMoney will collect the monthly bundle fees and remit to the
network providers, the portion for the Data, Voice and SMS charge
LOAN@WORK
RenMoney Loan@Work package is
designed for registered organisations in partnership with RenMoney.
This package allows employees
of organization to access loans at reduced interest rates.
How Loan@Work Works
Loan@Work is designed for
organizations with a sizeable amount of staff (at least 30).
The company must be duly
registered with the Corporate Affairs Commission (CAC) and running a thriving
business to be eligible for this package.
SCHOOL FEES LOAN
RenMoney school fees loan is
aimed at enabled adults and kids finance their school education with reduced
interest rates through RenMoney.
Renmoney School Fees loan
disbursement is made directly to the educational institution on behalf of the
applicant while applicant repays to RenMoney in convenient monthly
installments.
Customers can access up to
NGN4,000,000 under the School Fees Loan without collateral
What You Need To Apply For
Renmoney School Fees Loan
- You must be between ages 22 – 59 years.
- Have a steady source of income that is verifiable.
- Must be confirmed staff in place of present employment.
- Have a functional current or savings bank account.
- Have valid means of identification – International Passport, Driver’s License or National ID Card.
POINT OF SALE (POS) LOAN
RenMoney introduced this scheme
to enable customers purchase household appliances through them with repayment
made in monthly instalments through RenMoney’s Point-of-Sale (POS) Loans.
Appliances that can be
purchased at partner shops (e.g. Samsung) include television, air conditioners,
freezers, washing machines, microwave ovens, etc.
FIXED DEPOSIT
The Fixed Deposit scheme is for
constumers who desire high returns on their investment.
With a minimum of NGN250,000
investment, the Fixed Deposit product from RenMoney offers competitive interest
rates over an agreed tenor. All investments are insured by the NDIC.
TARGET SAVING
Target Savings plan offers
customers a smart way to save towards specific goals such as a wedding, buying
a house, buying a car etc. The Target Savings plan offers 10% interest rate per
annum.
To Start a Target Savings Plan:
RenMoney requires you to save
monthly with a minimum of N20,000 , so determin how much how much you want to
save
Go to any RenMoney branch near
you and request and fill the application form.
Choose the tenor of your
savings plan (minimum tenor is 6 months).
Issue post-dated cheques or set
up a direct debit mandate with your bank.
Send a mail to the Investment
team on deposit@renmoneyng.com or call 016310723.
How to Apply For Loans With RenMoney
There are three ways to apply
for Loans with RenMoney, it is advisable to use one which is most convenient
for you.
Method 1
You can submit an online
application by logging into their official website https://www.renmoneyng.com/apply/
Method 2
You can apply by calling their
contact center lines 0700 RENMONEY (0700 7366 6639)
Method 3
Visit the RenMoney branch
nearest to you
-
After successful
application, you will receive immediate approval or - disapproval.
-
Get the necessary
documents across to any of their branches for verification.
-
When verified, you will
receive cash in your preferred bank account in less than 24 hours.
RenMoney Microfinance Bank Branches In Lagos And Contact
Details
Head Office : 8g, Awolowo Road
Ikoyi, Lagos, Nigeria
Surulere : Kings Plaza, 80,
Adeniran Ogunsanya Street, Surulere.
Opebi : Pentagon Plaza, 23
Opebi Road, Ikeja.
Lagos Island : 50 – 52, Broad
Street, Lagos in CSS Bookshop Hourse
Apapa : No. 13, Park Lane,
Apapa.
The process is made very easy
and simple, but you can reach them through this process in their helpdesk if
you encounter any challenges or want to make enquires.
Telephone : 0700 RENMONEY (0700
7366 6639)
You can also contact them on
their social media pages