Renmoney review – [Before you process this loan, take a look at this…]
September 1, 2020
Renmoney review – Are you an employee, business owner, need money to undertake certain projects, may be pay school fees, rent, health bills and considering taking this loan for the time being?
If the above sounds like you, then this renmoney review is for you.
In this guide, I will show you everything you need to know about Renmoney loan, having done that, you’ll then decide if to go ahead with the loan or not.
Let me state categorically that I do not stand to gain or lose anything by writing a Renmoney review, that being said, you are sure of getting an honest review void of any of ambiguity.
With that out of our way now……. Let’s hit this renmoney review in earnest…..
What is Renmoney?
This is a group of technology and finance enthusiasts who claimed to be passionate about making financial inclusion count.
With a vision to becoming the most convenient lending company in Nigeria while delivering outstanding service experience.
For the record, financial inclusion is the practice in which the unbanked and under banked are targeted with financial services using modern and advance technological equipment like POS, phone, card reader etc.
It could also be referred to making financial services available to the rural poor who ordinarily may not be able to access them considering distance they may travel to access such services.
Not only that, they will access this service at all times.
This is what Renmoney intends to say by the word “Financial Inclusion.”
Aside other needs, Renmoney claimed you could apply for loan to meet needs like; growing a small business, renovating your home, buying a new car, paying rent etc
Loan, Savings and Fixed deposit
By this arrangement, it means that aside loan syndication, Renmoney offers users ample opportunity to imbibe a saving culture to enable them raise funds they may need to execute future projects without having to borrow.
This can be achieved by either using the “Smart goal or Save easy features.”
Renmoney offers a fixed deposit platform which they pride in;
High interest ratesBeing insured by the NDICBeing regulated by the CBN andSimple online process.
Features of Renmoney loan
Min – Max loan amount
N50,000 – N6,000,000
Approval and payment time
24 working hours and above
35.76% APR max
3 – 48 months
Web, branch office
Applicants should be between the ages of 25 to 59You must have a bank account with a commercial bankObtain a six months bank statement of account duly stamped and signed or an employment letter. Either of the two can serve the purpose number 3.Colored passport photograph, recent copy advisableA proof of address which could be a utility bill not later than 3 months/90 days.Valid bank card with at least N50 or N100 for authentication.Valid and verifiable government ID cardStaff ID card and a letter from HR confirming your employmentA clean Credit Bureau Report.
Their loan amount is a bit huge to help meet your short term financial goals
Their interest rate is a bit on the high side, this may not be ideal for all borrowersTheir turn-around-time (TAT) is a bit above normal, which means to say your loan process could be longer than necessary, this shortfall rules it out for emergency funds.They have a relatively poor customer service, this may frustrate the loan process and a waste of time unnecessarily.Renmoney loan is mostly for borrower’s residence in Lagos from indication, you may not get to know about this, until your application is reviewed and declined, which is not too good for emergency.
Read what people are saying about Renmoney review as found on “Trust Pilot.”
Mariam Oshin on Jul 16, 2020
Well, that one star actually means Terrible and Childish.
I visited the site to apply for a loan and in order to fill my details, it only gave the option to navigate upwards or downwards to indicate your age and income.
The age input wasn’t that bad, but imagine how long it took for me to input my income, that’s in tens of thousands!!!
And after finally getting it in, it refreshes. I just simply stopped. I try to find out why it was set that way through reviews and after reading all I read, I’m really grateful it didn’t work out.
So many schemes trying to default people. It’s well – Mariam Oshin on Jul 16, 2020.
Covani Square on May 2, 2020 on renmoney review
I wish there was no star option, that’s the best to describe the type of horrible service that this company dishes out to her customers.
I have been a customer for over 14 months and everything was going fine but just before the corana pandemic, I have financial crisis which then was worsened by the shutdown of the nation.
Throughout the lockdown I keep getting calls from different agents with various threats as if threats will yield money.
I tried severally to know if those agents were calling from another planet other than earth, cause I believe everyone on earth knows what is going on, when the world was completely shut down.
They told me they are on earth and in fact in Lagos, to me that shows the level of wickedness of a company whose only interest is how to recoup their money not even taking into consideration the payment history of the customer.
It’s extremely sad that a time every corporate organization is looking for ways to impact the people by means of spreading hope, all that matters to Renmoney is their money.
Let me emphasize that threat doesn’t bring about money, compassion does. I will be unfair if I do not single out a particular lady who was exceptionally different “Ester” she spoke well and kept on encouraging me that things will get better.
And yes it’s getting better and I’ve since began paying, by God’s grace I will soon finish my repayment and I will warn even the worst of my enemy not to near anything that starts with REN…..
It’s been hell of an experience, I will nominate RENMONEY for an award for the company with the most heartless set of customer care team, I am confident that you will surely have no rival for the award – Covani Square on May 2, 2020.
MzBella Collections March 18, 2020.
They only collect personal information cunningly and sell it to the highest bidder…. Be careful – MzBella Collections March 18, 2020.
Henry Eziefule Feb 25, 2020
Renmoney seems to be gathering account details of people and I didn’t know what futuristic exposure of such in the wrong hands can cause..
They are not ready for their claim and are putting a lot of people depending on them in trouble, they can’t offer you any loan.
They are story tellers and should be reported to consumer rights protection agency, I’m sure there’s no customer information policy guide as it is, bar in mind they have our BVN and with that alone your accounts are as porous as anything, fake fake fake – Henry Eziefule Feb 25, 2020.
Fadiora Folakemi Feb 6, 2020
Hello my name is Mrs. Folakem, I filled out all of my information and on the final stage to get approved they went numb, waiting for the so called code up till now to finalize my activation and still haven’t had anything.
I just hope these guys aren’t fraudsters because I have given all of my information to them. – Fadiora Folakemi Feb 6, 2020.
Esther Francis Ndubueze Nov 15, 2019
Renmoney what is the need of collecting one’s details knowing fully that you can’t lend money to someone outside Lagos, that means you don’t have what it takes as a financial institute – Esther Francis Ndubueze.
Suny Mike Nov 11, 2019
I want to loan money but based on the bad review I have read am scared – Suny Mike Nov 11, 2019.
Yetunde Opatokun Oct 30, 2019
Unprofessionalism at its peak!!!
I have never seen such in my life! Bad English and no courtesy! Please work on communication and your staff! Thank you. – Yetunde Opatokun Oct 30, 2019.
Suleiman Abubakar Oct 9, 2019
Poor customer service, name of the agent who attended to me was Khadija Adeniran, and after going through all the hassle to provide my details, I was told the system rejected my loan request, can you imagine.
I just hope I am safe as I have provided a lot of personal details to them, but Renmoney is an absolute joke – Suleiman Abubakar Oct 9, 2019.
Chigozie Aguolu May 11, 2019.
Bad customer service and delayed credit, not as good as it advertised.
Currently even having issues with renmoney, they claim you get your credit alert on or before 24 hours, it’s just not true. The customer service is just inconsiderate and some cases ill mannered.
They have no respect for client time and they just switch off once the loan has been applied and payment mandate is placed on your account.
Credit doesn’t come within 24 hours as they advertise and their interest rates are high, I still have an uncredited loan as we speak, with payment mandate on my account – Chigozie Aguolu May 11, 2019.
MK NB May 3, 2019
I have vow never to use renmoey again, it’s bad enough that the interest rate is stupidly high.
But the staff that make communication by email or call are so inconsiderate. I have struggled to keep up with the repayment after a robbery incident I experienced that is slowing down my repayment.
Which I have almost completed, I have made several requests to revisit my repayment plan or offer guidance on best steps so that I can pay up with less stress.
But not only have my emails been ignored but the callers are robotically rude as hell.
I will never use this platform or encourage or recommend to anyone…. I was warned not to go ahead, but I do not know they would be this unprofessional – MK NB May 3, 2019.
Disclaimer on Renmoney review
The above Renmoney review/comments represents that obtained from previous borrowers as found on “Trust Pilot.” It does not represent the view of financengr.com, rather being captured to show what user experience had been prior now.
With that said, there’s no bitterness whatsoever between financengr.com and renmoney loan, just on the course of discharging our professional duty.
Frequently asked questions on Renmoney
Q1. Am I eligible for Renmoney loan?
To qualify for a loan, you must be between 25 – 59 years old.Have a verifiable source of income.Live and work in city (ies) where they operateHave a savings or current account with any commercial bank
Q2. How much you can borrow?
You can get up to N6milion for up to 24 months.
Q3. Documents required for loan application
Bank statementGovernment issued ID card andUtility bill which is optional
Q4. Why does Renmoney want my BVN?
This is a CBN policy applicable to financial institutions as part of KYC requirements
Q5. Why you may be offered amount less than you applied for
Your debt-to-income ratio may not be able to accommodate your loan request.
Q6. Renmoney customer care number and email
0700 5000 500 or 0700 73666639Email: [email protected]
This is a Renmoney review, aimed at arming you with first class information that’ll decide your choice of action.
As a loan institution in Nigeria, Renmoney has done tremendously well, but will have to improve in areas being criticized by previous borrowers, a good customer service is directly proportional to good business.
It appears certain terms and condition are binding on borrowers as qualification to source loan which they are not privy to, these things should be well spelt out in clear terms.
Going numb on an intending borrower who apparently has fulfilled and met your loan requirements is the most certain unpleasant thing to do, considering what a borrower could need the money for.
Which often times are tied around emergency.
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