In Nigeria, are you seeking a loan? Do you require rapid money to fund your business, cover unforeseen expenses, or deal with an emergency? Renmoney might be the right lender for you if so. A Nigerian fintech company called Renmoney lends money to both people and small companies. Since its founding in 2012, the business has developed into one of Nigeria’s leading lenders.
RenCredit, the previous name of Renmoney, is a company that provides various microfinance bank services. You can do a number of other transactions on the Renmoney app in addition to loan applications. You may send and receive money using the app, save money, invest it, pay bills, get airtime and data, and do a lot more.
How to use the USSD code for Renmoney?
Customers can access loans from Renmoney using their mobile phones by using the USSD code for Renmoney. Regardless of the mobile network operator, any mobile phone can access the Renmoney USSD code by dialing *723#.
The loan code for Renmoney is *723*73001#. Any mobile phone that has this code can be utilized for borrowing money from Renmoney. After dialing, simply choose the “Loan” option and complete the application instructions. Renmoney loans come in amounts ranging from 6,000 to 15,000,000 and can be used for a variety of things. You can use Renmoney’s mobile app or website to submit an application for a loan.
Before getting into the specifics of the loan application, let’s have a look at the many kinds of loans Renmoney provides. To satisfy the various demands of its consumers, Renmoney provides a variety of loans. the following loan kinds
1. Personal loans
Personal loans from Renmoney are unsecured loans that you are free to utilize in any way you see fit. For a maximum of 24 months, you may borrow between 6,000 and 6,000,000. There is no need for a guarantor, documentation, or collateral for this loan type. To access this loan, all you need is a BVN (Bank Verification Number).
2. Commercial Loans
Small and medium-sized firms can grow with the aid of Renmoney business loans. For a maximum of 24 months, you may borrow up to 15,000,000. Compared to personal loans, renmoney loans for enterprises demand more forms of identification. To be given a loan offer in this case, you’ll need collateral, a guarantor, and some paperwork.
Benefits of Renmoney Loans
Renmoney loans have a number of characteristics and advantages, such as:
- Loan Interest Rate Calculator: The interest rate calculator is one of the most useful elements of the Renmoney loan app. This function allows you to estimate your loan repayment even before you apply.
- Renmoney personal loans are unrestricted therefore you are not obliged to put up any collateral in order to obtain one.
- Quick approval and payment: Renmoney loans are granted in 24 hours, and 24 hours following approval, the money is paid out.
- various loan kinds On Renmoney, there are loans available for everyone, whether to start or build your business or simply for personal use.
- Repayment options that are versatile: Renmoney loans include repayment options that are flexible, allowing you to select a repayment schedule that works with your budget.
- Renmoney provides competitive interest rates when compared to other lenders in Nigeria.
Requirements for Renmoney Loans
You must fulfill the following conditions in order to be qualified for a Renmoney loan:
- You must be between the ages of 22 and 59.
- You need to be able to prove your income.
- It’s necessary to have a Bank Verification Number (BVN).
- You need a reliable form of identity.
- A functioning bank account is required.
- Live in a city where Renmoney does business or works.
- possess savings or current accounts with a commercial bank.