Renmoney Review: What You Need to Know

Renmoney has carved a niche as a provider of comprehensive financial solutions in Nigeria's dynamic economic landscape. Established in 2012, it operates under a microfinance banking license, enabling it to offer quick and convenient loans to individuals and small businesses. However, Renmoney's reach extends beyond just lending. It understands the diverse nature of financial needs, and its suite of services aims to simplify access to a wide range of financial products.

This review delves into the various Renmoney offerings available on nairaCompare . We'll explore their loan options, designed to cater to different borrowing needs, and their savings plans. By dissecting each service, we'll equip you to decide if Renmoney aligns with your unique financial aspirations.

Products

Renmoney provides simple and convenient banking services that put its customers at ease. You can find a range of Renmoney’s products on nairaCompare; from fixed deposit accounts to business loans.

1. Fixed Deposits

Renmoney's Fixed Deposit lets you lock away your money for a set period (1 to 12 months) and earn a competitive interest rate of 12% per year. This is a good option if you have a specific savings goal and are comfortable not touching the money for a set timeframe.

Here's a quick breakdown:

• Minimum deposit: ₦100,000
• Maximum deposit: ₦5,000,000
• Interest rate: 12% per year
• Term options: 1 to 12 months
• Fees: No additional fees mentioned

Remember: Early withdrawals may come with penalties, so be sure about your timeline before investing.

The account opening requirements include:

• Valid school or NYSC identity card
• Utility bill
• One passport photograph
• Fixed Deposit account Opening form
• Bank Verification Number (BVN)
  

To open a Renmoney Fixed Deposit account, click here. 

2. Loans

A. Personal loan

Need a financial boost to cover unexpected costs, consolidate debt, or finally tackle that dream project? Renmoney's loan might be the solution you're looking for. They offer quick access to cash to help bridge short-term financial gaps or jumpstart your plans. Let's delve into the key features to see if a Renmoney personal loan aligns with your needs.

Features:

• Loan amount: ₦100,000 minimum to ₦20,000,000 maximum
• Repayment: Monthly instalments
• Loan term: 3 to 24 months
• Interest rate: 3.50% monthly 
• Fees: 1% management fee (with a minimum deduction of ₦1,000)
• Sample repayment: ₦37,833 monthly instalment for a ₦100,000 loan over 3 months (total repayment of ₦113,500)
  

Remember: This is just a sample repayment scenario. The actual interest and total cost will vary depending on the loan amount and term you choose. Make sure you understand all fees before applying.

To access the loan, borrowers are expected to provide:

• Six months bank statement
• Govt-issued ID card
• Utility bills
• Employment letter (contract staff)
• Work ID (Military and Paramilitary staff)"
• Requirements for loan
• Bank Verification Number (BVN)

To apply for a Renmoney Personal Loan, click here. 

B. Self-Employed Loans

Being your boss comes with a lot of freedom, but it can also mean facing financial hurdles. Renmoney's Self-Employed Loan aims to bridge that gap.  This loan is specifically designed for entrepreneurs, offering quick access to cash to cover unexpected business expenses, invest in inventory, or seize growth opportunities. Let's delve into the key features to see if a Renmoney Self-Employed Loan can be the flexible financial solution your business needs.

Features:

• Loan amount: ₦100,000 minimum to ₦5,000,000 maximum
• Repayment: Monthly instalments
• Loan term: 3 to 9 months
• Monthly interest rate: 6.3%Fees:
• Fees: 1% management fee (with a minimum deduction of ₦1,000)
• Sample repayment: ₦37,584.15 monthly instalment for a ₦100,000 loan over 3 months (total repayment of ₦112,752)
  

Requirements for the loan include

• BVN (Owner/shareholders)
• A valid ID
• Proof of residence (Home/or Business for corporate account and non-corporate account customer loan above 200k)
• Six months’ Bank Statement
• CAC Documents (required for registered businesses only)

To apply for a Renmoney Self Employed Loan, click here. 

Accessing Renmoney products on nairaCompare

1. Select ‘Renmoney’
2. Read through the information provided on the Renmoney page to learn more about the provider, and its products.
3. Select a product.
4. Click on “Apply” to begin the application process.
5. Fill in your details and provide all the necessary documents.
6. Submit your application form for review and processing.
7. After a successful review of your application, you will receive an email notification confirming that your application has been approved!

Benefits of using Renmoney MFB

As a microfinance bank, Renmoney is on a mission to make financial inclusion count for millions of under-banked individuals and small business owners across Africa. Some of the benefits of using the platform include.

• Easy and Fast Application: Renmoney's application process is straightforward and swift, with a quick turnaround time for loan approval and disbursement.
• Flexible Repayment Terms: The bank offers flexible repayment terms, allowing borrowers to choose a repayment schedule that suits their financial needs.
• Minimal Documentation: It also requires minimal documentation, making it easy for borrowers to access loans without unnecessary paperwork.
• Competitive Interest Rates: Renmoney's interest rates are competitive with other digital lenders, making it a viable option for borrowers.