If you’re looking for a reliable loan that doesn’t require you to submit collateral, or find a guarantor then Renmoney is worth your attention.
Renmoney is a digital bank and microfinance institution that was founded in 2012. They give access loans services including, savings, and other financial services.
They are fully licensed by the Central Bank of Nigeria (CBN), the customer deposits are insured by the NDIC and Federal Competition & Consumer Protection Commission (FCCPC).
Renmoney has been for long with over ₦2 trillion in total loans disbursed and more than 500,000 customers served.
This article covers how Renmoney works, the requirements, loan interest, loan calculator, and how to apply for their loan.
What Makes Renmoney Different From Other Loan Platforms
When you walk into most banks in Nigeria for a loan, the first thing they’ll ask you for is collateral but Renmoney changes that completely.
Renmoney loans are unsecured, meaning you don’t need to provide any collateral or guarantor to get their loans.
They make it so easy that you need no documents, no co-signer, just your BVN and a Renmoney account and you are good to go.
Another thing that makes Renmoney better than most loan apps in Nigeria is the loan amount they give.
While most loan apps in Nigeria cap their loan at ₦300,000 to ₦1,000,000 for most users, Renmoney gives significantly higher amounts.
They give loans ranging from ₦5,000 for personal loans and up to ₦6,000,000 for business loans and high-value personal loans can even go from ₦100,000 to ₦20,000,000 for some users.
Types of Loans Renmoney Offers
Renmoney has different types of loans for each needs. Below are their loan options:
1. Personal Loan
Their personal loan is most popular. This loan is for individuals who need money for personal reasons. Their repayment terms for personal loans ranges from 3 to 24 months with monthly interest rates starting from 2.49%.
2. Business Loan
This loan is suitable for small business owners and entrepreneurs who need working capital or funding for their businesses.
Before they give this loan, they assess your business income and cash flow to determine how much loan you can receive.
3. Education and Lifestyle Loans
The education and lifestyle loans are designed for needs like tuition fees, educational bills, hospital bills, utility bills, or other common expenses.
The three loan options are accessible through the Renmoney app. All of them follow the same process but their requirements differ. See Also: How to Apply for NELFUND Student Loan: Eligibility, Documents, and Steps
Renmoney Loan Requirements
To get a loan from Renmoney, you must be between 18 and 59 years old. You must live in Nigeria, have a source of income, have a BVN, and have a good credit history.
Some of the documents that you will need to access their loan include:
- BVN
- NIN
- A valid government-issued ID
- A recent utility bill as proof of address
Renmoney Loan Interest Rates
Renmoney loan interest rates depend on the loan terms. This terms take the following into consideration:
- loan amount
- loan duration
- repayment option
- loan type
Interest for Personal Loans
| Loan Feature | Details |
|---|---|
| Interest Rate (Monthly) | 2.12% – 2.65% |
| APR / Yearly Interest Rate | 25.44% minimum – 31.8% maximum |
| Loan Amount | ₦6,000 – ₦6,000,000 |
| Loan Tenure | 3 – 24 months |
| Management Fee | 1% |
| Hidden Charges | No hidden charges reported |
Interest for Business Loans
| Loan Feature | Details |
|---|---|
| Monthly Interest | 6.3% monthly (reports indicating 3.12% – 9.18% monthly) |
| Loan Amount | ₦100,000 – ₦5,000,000 |
| Loan Tenure | 3 – 9 months |
Note: Flat rate is not equal to APR. For example, a 3% monthly interest is not equal to 36% yearly, rather, a 3% monthly interest is equal to 43% APR. APR is higher because of compounding amount and fees.
Interest varies by user. So all users may not see the same interest rate.
To put that in plain terms: if you borrow ₦500,000 at a 2.49% monthly rate over 12 months, you’re looking at approximately ₦12,450 in interest per month, with a total repayment of around ₦649,400. The exact number depends on your specific rate and loan duration — which is exactly why the loan calculator exists.
Before you apply for their loan, it is advisable to use the Renmoney calculator below to calculate and know exactly what you will repay.
Renmoney Loan Calculator
Use this free Renmoney loan calculator to estimate your total repayment amount and loan interest before applying.
If you do not know your loan contract interest rate, the calculator will use an estimated monthly interest rate.
How to Use the Renmoney Loan Calculator
- Enter your desired loan amount.
- Enter your monthly interest rate (optional).
- Leave interest rate empty to use the estimated rate.
- Enter repayment duration in months.
- Click on Calculate.
Please, don’t make the mistake that A lot of borrowers usually make. Don’t borrow blindly without calculating and knowing the total amount you will repay.
That is why we provide this Renmoney loan calculator. We provide this loan calculator to help you estimate your loan repayments.
The calculation takes few seconds and the result will give you a clear picture of the estimated interest and the total repayment amount will look like for the specific amount you enter.
Why you should use Renmoney Loan calculator
Let’s say you want to borrow ₦1,000,000 at a 2.49% monthly rate over 24 months, in this case, your total repayment will be different from what it would be over 12 months or 6 months.
This calculator lets you adjust the loan amount over adjusted period and see how different scenarios play out. This generally helps you to pick the best amount and repayment duration that matches with your income window.
Disclaimer: The result you get from this calculator is configured based on estimated possible loan repayment terms. The Actual loan amounts, interest rates, or repayment amount may differ based on your credit profile. So only treat the calculator’s figures as approximate values and use it as your planning tool only, and not as a contract.
How to Apply for a Renmoney Loan
Follow these steps to get their loan app and apply for their loan:
1. Download the Renmoney app
- Go to Google Play Store or Apple App Store and search for “Renmoney.”
- Download and install the app.
2. Create your account
- After installing, open the app and create an account
- Create a secured password
- Verify your phone number through OTP
3. Complete your profile
- When you login, go to your profile and complete your profile by filling in your personal information
- Enter your BVN for verification
Note: Your BVN verification is automatic and it must match with the personal information you provided.
4. Submit your documents
- Upload the required documents directly through the app
5. Check Eligibility
- Go to the loan option and do a credit check. This will check your loan eligibility
6. Select your loan amount and tenure
- Once you are eligible to borrow, the app will show you the amount you’re eligible to borrow.
- Select the amount you want
- Choose a suitable repayment period
7. Review the terms and accept
- The total interest and repayment amount will be displayed
- Read everything and if you’re comfortable with the numbers, accept the offer.
8. Disbursement
- If you accept the offer, the loan will be processed and disbursed directly to your provided account.
- This usually takes few minutes
What Happens If You Miss a Repayment
Late loan payments on Renmoney usually attract penalty fees. This penalty fees are accumulate daily and are added to your existing interest and total repayment amount.
The longer the loan is overdue, the more the late payment fees pile up and if you daily too much, Renmoney may report you to the Nigeria’s credit bureaus which will directly affect your credit score and may affect your ability to borrow loans in the future.
If you find it difficult to repay your loan, the best option is to contact Renmoney customer care and inform them then they can guide you on what to do.
See Also: What Happens If You Don’t Pay Opay, Palmcredit Loan App Loan
Renmoney Contact Details
If you have any issues during or after your application that you need clarification on, you can reach out to them via the following means:
- Phone: 0700 500 0500
- Email: app@renmoney.com
- Website: www.renmoney.com
- Head Office: 23 Awolowo Road, Ikoyi, Lagos
Their customer care line is only available during business hours and your network provider will charge you for the call. It is advisable to use email if your issue is not an urgent issue, but response is always slower.
See Also: Loan Apps Without BVN in Nigeria 2026
Conclusion
Renmoney is one of the best digital loan apps in Nigeria that also provides other financial services, including banking services.
But before you borrow from them, use the Renmoney loan calculator to estimate your monthly repayment amount before you proceed to the app.
Please, always borrow the amount you can comfortably repay without restraint. Repay on time and keep a clean repayment history if you want to continue enjoying their loan services.
