How to Borrow Money from Renmoney in Nigeria: If you’re in Nigeria and considering a fast, collateral-free loan between ₦5,000 and ₦6,000,000, Renmoney is one of the most trusted options. Known for flexible repayment terms ranging from 3 to 24 months and competitive monthly interest rates starting at 2.49%, Renmoney offers digital loans without the need for guarantors or deposits.
But how does Renmoney actually work? What are the true costs, requirements, and risks involved? This in-depth guide answers all your questions based on verified information, practical examples, and user experience—not just the surface-level details most blogs recycle.
Table of Contents
What Is Renmoney or Renmoney Loan?
Renmoney is a licensed digital financial institution operating under a microfinance banking license issued by the Central Bank of Nigeria (CBN). The platform provides collateral-free loans to individuals and small business owners, along with savings and investment services.
Unlike many apps that target only low-income segments, Renmoney is structured to serve both salaried employees and entrepreneurs, making it one of the most flexible lenders in the market.
Renmoney’s loans are accessible via its mobile app or website, and the application process is 100% online—from registration to approval and fund disbursement.
How Much Can I Borrow from Renmoney?
Renmoney offers loan amounts starting from ₦5,000 up to ₦6,000,000, making it suitable for a wide range of needs, from emergency expenses to capital for business growth.
Repayment periods are also flexible, ranging from 3 months to 24 months, depending on the loan type and borrower’s profile.
This flexibility is particularly useful for individuals who want manageable monthly repayments instead of short-term, high-pressure deadlines.
Renmoney Loan Interest Rate Explained
Renmoney’s interest rates are tiered based on your loan size, credit profile, and repayment duration. Here’s a breakdown of what to expect:
- Monthly interest rates start at 2.49% and can go up to 9.33%
- This translates into an Annual Percentage Rate (APR) of 29.88% on the low end.
Real Example:
If you borrow ₦2,000,000 for 12 months at a 2.49% monthly rate, the total repayment will be around ₦2,338,275, including a 1% management fee.
No upfront application fees are charged by Renmoney. However, loans above a certain amount may include a management or processing fee, which is clearly disclosed.
Before taking any loan, use their online calculator (explained below) to preview your repayment schedule and total cost.
Renmoney Loan Calculator: Know Before You Borrow
To promote transparency, Renmoney offers a loan calculator tool on its official website. This tool allows you to simulate your loan based on:
- Desired loan amount
- Employment status
- Preferred repayment duration
What is in the calculator?
- Estimated monthly repayment
- Total repayment amount
- Breakdown of interest and fees
Keep in mind, the figures are estimates. Final terms may vary slightly depending on your credit score and Renmoney’s internal assessment.
How to use the calculator:
- Go to www.renmoney.com
- Scroll down to the loan calculator section
- Input loan amount and select your employment type
- Review results before applying
Renmoney Loan Requirements: Who is Eligible?
To qualify for a Renmoney loan, applicants must meet the following:
- Age Range: 18 – 59 years
- Location: Must reside and work in Nigeria
- Bank Verification Number (BVN): Mandatory for identity validation and credit scoring
- Bank Account: Must be active and capable of receiving payments
- Valid ID: A government-issued identity card (NIN, Voter’s Card, Passport, or Driver’s License)
- Proof of income or business activity: Salaried workers may be required to upload a payslip; entrepreneurs may need basic documentation or account statements
How to Apply for renmoney Loan (Step-by-Step Guide)
- Download the Renmoney App: Get the app from Google Play Store (for Android) or Apple App Store (for iOS). You can also apply directly via Renmoney’s website.
- Register an Account: Create your account by entering personal details and verifying your mobile number and email.
- Provide KYC Documents: Submit your BVN, upload a valid ID, and link your bank account. You may also be asked for a selfie and employment/business verification documents.
- Choose Loan Details: Select your desired loan amount and preferred repayment period. Review the system-generated repayment breakdown.
- Submit Application: Renmoney will evaluate your creditworthiness and employment or business status. This typically takes less than 24 hours.
- Receive Your Loan: If approved, the funds are disbursed directly to your bank account. You’ll receive a notification with repayment dates and instructions.
USSD Code for Renmoney Loan and Repayment
- Loan Application: Currently, there is no USSD code for applying for a Renmoney loan. You must use the app or website.
- Loan Repayment USSD: You can repay your loan using the USSD code:
*723*73001*AMOUNT#
Make sure this code is dialed from the same number linked to your Renmoney profile.
Renmoney Loan Repayment Options
Repaying your loan on time improves your credit score and eligibility for higher limits. Renmoney supports the following methods:
- Auto-Debit: The most common option. Loan repayments are automatically deducted from your linked account on the due date. Ensure your account has sufficient balance.
- Manual Transfer: You can make a bank transfer and log into the app to mark it as paid using the ‘Repay Now’ feature.
- Early Repayment: Allowed and encouraged. It may reduce your total interest and improve your loan history.
- Missed Payments: Renmoney reports missed payments to credit bureaus and may charge late penalties. If you anticipate a delay, contact customer service before the due date.
Is Renmoney Safe and Legit?
Yes. Renmoney is:
- Regulated by the Central Bank of Nigeria (CBN)
- Insured by the Nigeria Deposit Insurance Corporation (NDIC)
- Operates legally as a microfinance bank, not just a loan app
This guarantees accountability, user protection, and regulated lending practices. Avoid impersonators by only using their official website or app store listings.
Renmoney App Stats
- Downloads: Over 1 million installs
- User Ratings: 4.3+ stars on Google Play
- Reviews: More than 36,000 user reviews
Renmoney Customer Service Details
- Phone: 0700 500 0500
- Email: app@renmoney.com
- Office Address: 23 Awolowo Road, Ikoyi, Lagos, Nigeria
Frequently Asked Questions
- Can I apply for a Renmoney loan without a BVN?
No. A BVN is required for identity verification and credit assessment. - Does Renmoney require collateral or a guarantor?
No. All loans are unsecured and don’t require collateral or third-party guarantees. - How much can I borrow from Renmoney?
You can borrow as little as ₦5,000 and as much as ₦6,000,000 depending on your income and credit profile. - What is the interest rate on Renmoney loans?
Monthly interest starts at 2.49% and can go up to 9.33%, depending on your repayment term and credit score. - Can self-employed individuals use Renmoney?
Yes. Renmoney accepts applications from both salaried workers and business owners with proof of income. - How long does it take to get approved?
Loan decisions are typically made in under 24 hours, and disbursement is often same-day. - How can I contact Renmoney?
You can reach them at 0700 500 0500, email app@renmoney.com, or visit 23 Awolowo Road, Ikoyi, Lagos. - Is Renmoney safe to use?
Yes. Renmoney is licensed by the Central Bank of Nigeria (CBN) and insured by the NDIC, making it a secure and regulated lender.
Conclusion
Renmoney stands out in Nigeria’s digital lending ecosystem by offering large, unsecured loans with longer tenures, competitive interest rates, and professional customer support. Unlike some shady loan apps that flood borrowers with hidden charges and harassment, Renmoney operates under full regulatory compliance.
It’s ideal for both salaried individuals and business owners looking for reliable financial support without hassle. Just remember—borrow only what you can repay comfortably and use the loan responsibly to maintain a strong credit history.
Be sure to check out our other related articles for more insights.