RenMoney Loan App Review: Legit or Scam?

Renmoney Loan app is obviously one of the first loan applications you probably came across or referred to in your quest to secure a substantial loan for yourself/business. With over one million downloads (1M+) on Google play store and an average rating of 4.2 (over 5) out of over 19,000+ reviews on Google play, it’s quite difficult not to admit that Renmoney is legit.

Like I always say, the future of finance is deeply embedded in technology. This is clearly evident in Nigeria today as many banks and financial institutions are going digital in service provision. 

There are a myriad of banks and other financial service providers who operate full time on the internet today. One of such banks is RenMoney. In this article we will be talking extensively on RenMoney and its exciting features. 

What Is RenMoney App? 

RenMoney app is an app belonging to the microfinance bank ‘RenMoney’. RenMoney as an organisation was launched in 2012 with the name ‘RenCredit’ and the next year the microfinance bank had a rebranding that prompted their name being changed to ‘RenMoney’. 

RenMoney is a loan app that provides personal and business loans to workers and entrepreneurs between the ages of 22 to 59 years. This is to say that the lending app does not give loans to unemployed persons and persons below the age of 22 and above 59. RenMoney also limits its operation to selected cities within Nigeria. 

How Does RenMoney Work

RenMoney provides collateral free loans with low interest rates and quite ample repayment periods. Their loans are however limited and not everybody can get them. The most important criteria for determining your eligibility to apply for loans on Renmoney is your country of residence. Renmoney offers loans to only people living in Nigeria and even in some selected cities within the country. These selected cities include cities where they have at least an office. This is to say living in Nigeria is not enough to make you  eligible for Renmoney loans, you have to be living in a city where they have an office.

Another criteria Renmoney uses to judge eligibility is your employment status. To be eligible to borrow money on Renmoney, you must either be employed by an organisation or be self-employed and earning. Also, you would have to be between the ages of 22 to 59 years to be eligible for Renmoney loans

Renmoney’s interest rate depends on your chosen repayment period and the particular amount borrowed, note that the longer your loan tenure, the higher the interest rate. The Annual Percentage Rate (APR) ranges from 32% – 132.02%.

Apart from loans, Renmoney offers other financial services like savings and deposits. This means that apart from borrowing, you can equally save your  money on the app.

Is Renmoney Loan App Legit Or Scam?

A big yes to that one, Renmoney loan app is legit and has been in the business of disbursing loans for over 11 years now, that’s quite a long time, right? The app has garnered positive reviews and feedback from users on Google play store and is considered a go-to  loan  for entrepreneurs in Nigeria. 

How To Get The Renmoney App

RenMoney app is available for download on both Android and iOS devices. To install the app, open your Google / Apple play store, search “RenMoney” and when it pops up on your search results, hit the “install” button. 

How To Get Started On RenMoney

After you have installed the RenMoney app on your phone, set it up and sign up to become a registered user of the app. 

Here is how to sign up on RenMoney; 

1. Open the app on your phone

2. On the response box, enter your valid email address and click on the black arrow at the bottom right to continue 

3. Enter the country where you currently live in and create a good password; agree to their terms and conditions then continue by clicking the arrow at the bottom right.

4. Enter your BVN (You will be redirected to Nigeria Interbank Settlement system Settlement PLC to verify your identity), Click continue 

5. An OTP will be sent to the number linked to your BVN, enter the OTP in the appropriate box and click the continue button 

6. Take a selfie, make sure your surrounding is well lit so your face can be visible

7. After successfully taking the selfie you will be required to choose a security question and provide your answer. Security questions and answers help you unlock your account if you forget your password. 

8. Next up create a pin that will be used for transactions. And there you have it! You now have an account with Renmoney! 

How To Borrow Loan On Renmoney App

To borrow loan on Renmoney, follow the underlisted steps; 

1. Login to the Renmoney App

2. On the home page, click on “loan” 

3. Click “apply now” on the next screen 

4. Agree to terms and conditions then click continue. 

5. Input the amount you want to borrow and your purpose of borrowing then click the arrow at the bottom right

6. Enter the requested information on the next screen and click the bottom right arrow. 

7. Select your employment status and provide the requested information about your job

8. After that, you will be asked to provide your bank details.

When you are done, you will be given a preview of the details you provided, crosscheck for errors before your final submission. Renmoney will fetch your statement of account from your provided bank and will use it to determine your loan limit. 

How To Repay RenMoney Loan 

To repay your Renmoney loan, fund your bank card and link it with your Renmoney account; once your loan is due and you have the equivalent of the amount you borrowed in your bank account, it will be deducted by Renmoney. 

What Else Can I Do On The RenMoney App

The Renmoney app is a multipurpose finance oriented app; this is to say you can do more than just borrowing loans on the app. Below are some other financial services that Renmoney offers; 

1. Savings 

2. Airtime Purchase

3. Transfers 

4. Deposit

5. Payment of utility bills 

Types Of Saving Plans On RenMoney

Renmoney offers three different types of Savings plans to suit your financial plans. The underlisted are the three saving plans available on Renmoney; 

1. RenFlex Saving 

This saving plan allows you to save casually without any serious commitment. You can save whatever amount you wish, whenever you want and can equally withdraw your saved money whenever you feel like. There are no fixed deposit, target or withdrawal restrictions in the Renflex saving. 

2. RenVault 

The RenVault saving plan on Renmoney requires you to lock the funds you wish to save for the period being saved. When you use the RenVault saving plan, you will have your money locked for as long as you specify and will not be able to use it no matter the emergency. 

This particular saving plan ensures discipline and reinforces your commitment to saving no matter the situation.

3. Smart Goal

If you want to save towards a particular goal then the Renmoney ‘Smart Goal’ saving plan is definitely for you. In this plan you will specify the goal you want to save towards, the amount you wish to save and the period your savings will end. You will keep saving until your savings period elapses or your target is met. 

How To Buy Airtime On Renmoney

To recharge your mobile phone through your Renmoney app; 

1. Locate the “Airtime, Data & Bills” tab on your dashboard, then click on it

2. Select your preferred network provider and input your mobile number. 

3. Select/Input the amount you’d like to recharge

4. Input your transaction pin to complete the purchase!

Pros Of Renmoney

Here are the pros of Renmoney; 

1. No guarantors required to access loans

2. Renmoney gives instant loans

3. Loan application process on Renmoney is simple. 

4. Renmoney offers high loan amounts of up to N6,000,000.

Cons Of Renmoney

Some of the cons of Renmoney are; 

1. It is only available in Nigeria for people in selected cities.

2. It gives loan to only employed persons 

3. It does not offer micro loans 

Frequently Asked Q & A 

Q: Who Is Eligible To Apply For Renmoney Loans?

A: You’re eligible to get a loan from Renmoney, if you:

  • Are 18 – 59 years old
  • Have a verifiable source of income
  • Live and / or work in cities where we operate
  • Have a savings or current bank account with any commercial bank

Q: How Much Can I Borrow From Renmoney? 

A: How much you can borrow from Renmoney depends on their evaluation of your information but generally, Renmoney grant loans from N5000 to N6000000 

Q: If My Loan Application Was Rejected By Renmoney, How Long Should I Wait Before Applying Again?

A: You can apply again in 15 – 30 days, Renmoney usually tell you how long to wait and remind you when you can reapply

Q: What Information Do I Need To Present During My Loan Application?

A: Renmoney will request for your 6 months bank statement, a valid government-issued ID card and a utility bill. We’ll collect these conveniently online so please go ahead and start your application now.

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Final Verdict

If you are in need of a loan to start a business then Renmoney should be your go-to loan app. Apart from its advantageous loans, Renmoney also offers individuals and entrepreneurs features that aid in management of finance.

Are you interested in seeing more fin-tech apps that could improve your financial management systems? Then Click HERE to see more useful Applications.

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About Stefan C.

Focused On bringing you the best educational and finance related topics that will impact your life and the lives of millions.
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