Renmoney is one of Nigeria’s leading digital microfinance banks, licensed by the Central Bank of Nigeria (CBN).
Over the years, they have built a strong reputation for providing quick, unsecured loans to both salary earners and business owners without the need for collateral just like there competitors including Lapo MFB and AB MFB.
If you’re looking to borrow from Renmoney, this guide explains everything you need to know, from eligibility to application steps and repayment.
Renmoney Background
Renmoney, founded in 2012, is a leading Nigerian fintech company operating under a microfinance banking license issued by the Central Bank of Nigeria (CBN).
Headquartered in Lagos, Renmoney specializes in digital-first financial services, offering personal and business loans, savings accounts, and seamless transfers through its mobile app and website.
As an NDIC-insured institution, it ensures customer deposits are protected, reinforcing trust in its services. Since its inception, Renmoney has processed millions of loans, serving thousands of customers and establishing itself as a key player in Nigeria’s financial inclusion landscape.
Types of Loans Offered by Renmoney
- Personal Loans – For individuals who need quick cash for bills, emergencies, or personal needs.
- Business Loans – For entrepreneurs and SMEs to expand operations or cover working capital.
- Salary Advance – Designed for salary earners to access funds before payday.
- Micro Loans – Smaller, short-term loans for traders and low-income earners.
Loan Features
- No Collateral Required – You don’t need property or assets to borrow.
- Loan Amounts – From ₦6,000 to ₦6,000,000 depending on your profile.
- Tenure – Flexible repayment periods from 3 months up to 24 months.
- Quick Processing – Applications are reviewed within minutes on the app.
- Direct Disbursement – Approved funds are paid straight into your bank account.
Eligibility Criteria
To qualify for a Renmoney loan, you need:
- A valid BVN.
- A bank account in Nigeria.
- A verifiable source of income (salary or business cash flow).
- Age between 22 – 59 years.
- A valid means of identification (NIN, driver’s license, voter’s card, or international passport).
How to Apply for a Renmoney Loan
1. Download the Renmoney App
- Available on Google Play Store and Apple App Store.
- Sign up with your email, phone number, and BVN.
2. Select “Apply for Loan”
- On the app dashboard, tap the loan section.
- Enter the loan amount you need and choose repayment duration.
3. Provide Required Information
- Personal details.
- Employment or business info.
- Bank account details for disbursement.
4. Review and Submit
- The app will run an automated credit check.
- Once approved, your loan terms will be displayed for acceptance.
5. Receive Your Loan
- If accepted, money is sent directly to your account within minutes.
Loan Repayment
- Repayment is done through direct debit from your bank account.
- You can also repay via the app or through bank transfer.
- Early repayment is allowed, and it reduces your interest burden.
Interest Rates
Renmoney interest rates vary depending on your credit profile and loan amount. Rates usually fall between 2.5% – 4% monthly. The app will always show you the exact interest before you accept a loan.
FAQs on Renmoney Loans
1. Can I apply for a loan without the app?
No, Renmoney loans are strictly processed via the app.
2. Do I need collateral?
No. Renmoney loans are unsecured.
3. How fast will I get the money?
In most cases, approved loans reflect within minutes.
4. What happens if I miss repayment?
Late repayment attracts penalties and may affect your credit score with credit bureaus.
5. Can I reapply after repaying a loan?
Yes. Successful repayment increases your loan limit for future requests.
Conclusion
Renmoney Microfinance Bank makes loan applications simple, fast, and stress-free through its digital platform.
Whether you’re a salary earner, business owner, or trader, you can get quick access to funds without collateral.
All you need is the Renmoney mobile app, a valid BVN, and a source of income and you’re set to access flexible loans tailored to your needs.
