RenMoney Microfinance Bank formerly called Rencredit started operations in 2012 in Ikoyi Lagos state. The name was changed to RenMoney MFB limited in December 2013 when it gained operational license and opened multiple locations in Lagos state. RenMoney MFB limited is widely known to be a consumer financial organization with expertise in providing small money solutions to individuals and businesses (Small and medium scale enterprises). It operates under a microfinance bank license and currently has a staff base of over 400 employees and a customer base of over 25,000. RenMoney is a unique and truly innovative bank, it is the first MFB to launch cloud technology with minimal fixed asset investment in Nigeria.
RenMoney operates three different loan product lines.
- Unsecured loans
- fixed deposits
- Target savings
How To Apply For RenMoney Loan
An eligibility check will be carried out before a person can be deemed qualified for RenMoney Loan. These include the following:
- Applicant must be between 22-59 years old
- Applicant must run an account with any commercial bank operating in Lagos, Nigeria
- Applicant must live and work in Lagos
- Applicant must have a verifiable monthly income
- Applicant must have a clean bureau report
- Applicant must not have a history of returned cheques in your account.
- Applicant must have an Employment/Confirmation/Promotion/Deployment letter or Introduction letter from his or her employer’s HR to RenMoney
- Applicant must have a pension or tax ID no
- Utility bill (PHCN/Rent/LAWMA) receipt
- Valid means of identification (National ID card/Driver’s license/International or ECOWAS passport).
- Applicant must have salary bank statement for the last six months stamped by your bank
To apply for loans, you can apply online at www.renmoneyng.com or visit any of the branches listed below.
– Head office: 89, Awolowo Road, Ikoyi, Lagos
– Surulere Office: Kings plaza, 80 Adeniran Ogunsanya street, Surulere
– Opebi Office: Pentagon plaza, 23 Opebi Road, Ikeja
– Lagos Island Office: 50-52 Broad street, CSS Bookshop.
– Apapa Office: No 13 Park Lane Avenue Apapa.
– Ikota Office: F61 & F62 Road 3, Ikota Shopping complex, Ikota.
How To Apply For A School Fees Loan
You can apply for a school fees loan through these means:
- You can apply through your child’s school and thereby enjoy lesser rates. The school must be in partnership with RenMoney MFB limited before you can do this and if the school has not partnered with RenMoney, you can still apply for the loan.
- If the school is not in partnership with RenMoney, you can get an invoice from the school, fill the invoice and visit any of the branches listed to apply.
- You can also visit the website and fill in your details in the school fees loan form and wait to be contacted by a RenMoney representative.
- You can also call the contact center line on – 0700RENMONEY 070073666639.
You will be notified once your application has been submitted and approved and the required documents have also been submitted and approved before the money will be deposited in your bank account within 24 hours or less.
RenMoney charges interest rates between 3-5% monthly on loans received. The maximum repayment period is twelve months and the minimum repayment period is three months. A finance fee of 3% which is a one time cost spread over the entire loan repayment period is also paid upon the principle sum.
Benefits of RenMoney Loan
- Fast, simple and convenient.
- No collateral or guarantor needed
- Flexible repayment plans
- Competitive interest rates
- Provides a means of getting funds when you need it.