Do you want to borrow money online in Nigeria but not sure which instant loan app in Nigeria is worth it? Take a chill! We have reviewed the RenMoney instant loan app in Nigeria, answering the most important questions you will need to know before borrowing money on the platforms. At the end of this review guide, you will have understood the interest rates of RenMoney mobile loan app, repayment period, and the loan limit they offer.
In case you need more options of loan apps in Nigeria to consider in case RenMoney doesn’t meet your expectations, feel free to check out a list of some of the best and credible financial apps in Nigeria we have reviewed recently. So, without any further ado, let’s get started with our review.
| Loan limit | ₦6 to ₦6,000,000 |
| Repayment period | 1 month to 12 months |
| Interest rates | 2.9% to 34.17% monthly |
| Loan Requirements | Download RenMoney loan app |
What is RenMoney mobile loan app in Nigeria?
RenMoney is a financial services company based in Nigeria that offers loans and other financial products through its RenMoney mobile app and website. They offer personal and business loans in form of short and long-term offers. With their easy to access loan services, RenMoney is one of the most preferred loan providers in Nigeria.
Is RenMoney mobile loan app in Nigeria legit?
Yes, RenMoney is one of those credible and trusted loan apps in Nigeria. This money lending company is approved, authorized and regulated by the Central Bank of Nigeria (CBN) and insured by Nigeria Deposit Insurance Corporation (NDIC). Hence, you can trust them while borrowing money online through their mobile loan app.
Does RenMoney have an app in Nigeria?
Yes, RenMoney has a mobile application which makes loan applications and approval easier for borrowers in Nigeria. The app is available for download for both Android an iPhone users on Google play store and app store respectively. Many clients claim its one of the most secure loan apps available to Nigerian users.
How many days does it take for Renmoney to approve loan?
RenMoney mobile loan app is one of those credit apps in Nigeria that offer instant loan approval guaranteed to happen immediately. So, when you apply for a loan with RenMoney, your loan request will take a few hours, which means that you will receive approval within the same day of submitting your loan request.
What is the interest rate offered by RenMoney loan app in Nigeria?
RenMoney offers instant and easy to access loans in Nigeria at an interest rate of 2.9% to 34.17% monthly, in a repayment period ranging from 1 month to 12 months depending on your loan amount. However, note that the longer the repayment period, the higher the interest rate you’ll have to pay. Additionally, if you are borrowing money for a full year, expect your interest rate to reach up to 33.9%.
Who is the owner of RenMoney loan app?
RenMoney mobile loan app is owned by L-R. Stephen Jennings, Founder and Chairman, Renmoney and managed by Charlie Roberston – Global Chief Economist of Rennaissance Capital, Apekhade Idogho – Executive Director at Renmoney.
Why many people prefer borrowing from RenMoney loan app in Nigeria
- Easy Application Process: The application process for a RenMoney loan typically involves filling out an online application form through the mobile app or website which is easy and convenient.
- Fast Approval: RenMoney provides quick approval on loan applications. Once the application is submitted, RenMoney reviews the information provided and assesses the applicant’s creditworthiness to determine eligibility for the loan.
- Disbursement of Funds: If the loan application is approved, RenMoney disburses the funds directly to the borrower’s bank account quickly and instantly.
- Repayment Options: RenMoney offers flexible repayment options for its loans. Borrowers can typically choose from various repayment terms and schedules, including monthly installments, to suit their financial circumstances.
- Accessible Customer Support: RenMoney provides customer support services to assist borrowers with any inquiries or issues they may encounter during the loan application process or throughout the duration of the loan.
What is the loan limit offered by RenMoney app in Nigeria?
Personal & Business loans for ₦6 for starters and up to ₦6,000,000 for continuing borrowers with up to 24 months to repay. You can choose to split your repayment plan in up to 24 months with installments as much as you can afford. However, we recommend that you check out their loan terms and conditions to understand them better before signing any loan agreement.
