Are you looking for How to Borrow Money from Renmoney easily and the Renmoney Loan USSD Code? Then read this.
Renmoney, a licensed Microfinance Bank and financial tech company authorized by the Central Bank of Nigeria, began in 2012 as RenCredit, changing its name to Renmoney in 2013.
Based in Lagos, Renmoney operates across Nigeria with multiple offices.
Renmoney provides financial assistance to eligible individuals and businesses without the need for collateral, guarantors, or property documents.
Their digital platform offers loans featuring flexible repayment plans and low interest rates.
What’s great is you don’t have to go to their Lagos head office to secure a loan from Renmoney!
Simply use your smartphone and internet connection to apply for their loans, getting instant payment upon approval.
Hence, we will discuss How to Borrow Money from Renmoney and Renmoney Loan USSD Code, in this guide.
Topics To Discuss About
Eligibility Criteria for Borrowing Money from Renmoney
Although Renmoney provides loans with minimal obstacles, it’s essential to understand the criteria applicants must meet to qualify for their instant online loans:
- Nigerian citizenship and current residency in the country are required.
- Age criteria: Applicants must be between 22 and 59 years old.
- A stable, dependable income is necessary to ensure loan repayment.
- Residency or employment in any city where Renmoney operates is necessary.
- A positive credit score enhances the chances of quick loan approval.
- No outstanding loans or blacklist status from credit bureaus.
- Having a savings or current bank account in any commercial bank is necessary.
Documents Required to Get Renmoney Loan
Before we discuss How to Borrow Money from Renmoney and Renmoney Loan USSD Code
Let’s discuss the necessary documents you’ll need to gather for a Renmoney loan application!
To evaluate your creditworthiness and expedite loan approval, Renmoney requires the following documents:
- A valid government-issued ID card like a driver’s license, passport, or national ID card.
- A bank statement covering the last six months.
- A recent utility bill (within the last three months) to confirm your home address. This could include bills from PHCN, waste management agencies (like LAWMA), water bills, cable bills (such as DSTV), rental agreements, etc.
- Passport photographs.
- Your Bank Verification Number (BVN).
How to Borrow Money from Renmoney
Here is the step-by-step process to borrow money from Renmoney
- Visit the Website: Head over to the Renmoney website, which currently offers a more user-friendly experience for loan applicants compared to their mobile app.
Click on the “Apply Now” feature once you’re there.
- Complete the Application Form: Upon clicking “Apply Now,” you’ll be directed to a page where you can fill out the application form.
Provide details like the desired loan amount, employment status, and other necessary information.
- Upload Your Documents: Renmoney requires specific documents for credit verification.
Once the application form is filled, upload these documents for verification purposes.
- Receive Funds: Upon approval, expect the loan amount to be credited to your bank account within 24 hours.
Renmoney offers flexible repayment plans for you to choose from.
- Branch Visit (if needed): For queries or additional assistance, visit any nearby Renmoney branch.
After submitting your application, await approval or rejection, which usually takes a few minutes.
- Review and Approval: Renmoney’s management team will review and verify your application.
If all is well, your loan gets approved, and within 24 hours, the funds will be in your bank account.
Key Takeaway on How to Borrow Money from Renmoney – Renmoney Loan USSD Code
To get a loan from Renmoney is a simple process available both online and in-person at their branches.
The loan amount ranges from N50,000 to N6,000,000, offering a flexible repayment window spanning from 1 to 12 months.
On average, Renmoney’s interest rate stands at 33.9% per year.
Timely repayment is crucial for enhancing your credit score, and the Quickteller portal facilitates convenient payments.
Renmoney emerges as a dependable choice if financial assistance is what you require.
For those without smartphones or preferring in-person applications, visiting any Renmoney branch nationwide allows access to guidance on securing a loan.
Whether opting for online or in-person methods, Renmoney caters to both preferences.
Their easy repayment plans, coupled with low interest rates and a hassle-free application, ensure easy access to the financial aid you need, devoid of unnecessary stress.
We hope this article on How to Borrow Money from Renmoney – Renmoney Loan USSD Code is helpful.
FAQS
How much can I borrow from Renmoney?
You can borrow between N50,000 and N6,000,000 from Renmoney, as long as you meet the eligibility criteria and adhere to their terms and conditions.
What is Renmoney’s interest rate?
The interest rate for Renmoney loans depends on the principal amount and the repayment plan you choose.
However, the average interest rate is 33.9% per year.
What is the loan tenure for Renmoney?
Renmoney offers flexible repayment options, and you can choose a repayment plan that suits you.
The repayment period typically ranges from 1 month to 12 months.
How do I repay my Renmoney loan?
Repaying your loan on time is important for building your credit score and avoiding any unnecessary drama or threats from other loan apps.
As part of the terms and conditions of the Renmoney loan application, you’ll need to repay your loan on time.
To repay your loan from Renmoney, you can use the Quickteller portal.
It’s a quick and easy way to make payments online, so you can focus on other things.
What is Renmoney’s USSD code?
Renmoney’s USSD code is 723#. To apply for a quick loan from Renmoney, simply dial 723*73001# on your phone.
However, make sure your phone number is registered with Renmoney as an active payment method to avoid any issues.
Where is Renmoney’s head office located?
Renmoney’s head office is located at 23 Awolowo Road, Ikoyi, Lagos, Nigeria.
So, if you need to visit Renmoney in person for any reason, you can head to their office at this address.
