How To Borrow Money From Renmoney- Renmoney Loan USSD Code
Renmoney Loan is one of the best platforms to collect loans or credit facilities in Nigeria. They have one of the best interest rates when dealing. Also, the most beautiful thing is that Renmoney does not embarrass you for them to collect their loans. Regardless of the time you collect the loan, the repayment plan of the platform is very good. Renmoney Loan USSD code is *723#. This article talks about the importance, types of the Renmoney Loan app, requirements, and most importantly How to borrow money from Renmoney using Renmoney Loan USSD
What is Renmoney Loan App?
Renmoney Loan app is a mobile app that enables users to apply for managed loans in Nigeria. To use the app, users must first open an account and include basic information such as a name, address, and others. Users can apply for a loan by inputting the amount they need.
If the loan application is approved, the amount would be transferred to the owner’s bank. Also, with the calculator, users can use the app can track loan repayment and so on.
Types of Renmoney Loan
1. Business Loan
Business loans are aimed at assisting existing enterprises to get funds. These funds would help them grow and expand their business. The business rate for loans is friendly. These funds can help businesses to improve these funds in the different departments in an organization. Also, these loans can help them produce more quality goods on a large scale.
2. Personal Need
Personal loans are loans that are not secured by Collateral. This loan can be used for any purpose. These loans given to people can be repaid at anytime. It is given without a time frame for repayment. Also, they possess adaptable periods for repayment making them an attractive choice for debtors.
3. Help in Salary Advance
A salary advance is a type of short-term fund that must be repaid using your regular monthly salary. They provide fast access to cash and might be a good option for customers to meet emergencies that may come up.
4. Renmoney Flex
Renmoney Flex is a line of credit to borrow loans up to a maximum amount that has been approved by Renmoney. Borrowers who continuously need funds may use the options very well. It provides conditions where loans must be repaid.
READ THIS: How To Use The Renmoney Loan Calculator
Requirements for Renmoney Loan
There are some fundamental requirements for you to apply for Renmoney loans. Here are some of them:
1. You must be at least 18 years of age. You must not be a minor.
2. The person must be a citizen of Nigeria
3. You must be employed and remuneration at intervals
4. You must have an active bank account.
5. You must be residing in Nigeria.
6. The person must have a Bank Verification Number
7. You must have a good credit score.
How to borrow money from Renmoney Using the Website
To apply for Renmoney loans, you need to follow the steps shown below:
Step 1: Visit the Renmoney website at www.renmoney.com
Step 2: Tap on the ‘Apply Now section on the home page
Step 3: Register an account with them. However, you would be asked to fill your email address.
Step 4: Tap on the ‘Apply Now’ option again and fill out the loan application form. You would be asked to fill in information such as BVN, date of birth, and other details.
Step 5: However, if you’re applying for a business loan, you would be required to Verify your business such as Bank Statement, Utility Bill, and ID card.
Step 6: Submit your application.
How to borrow money from Renmoney Using the mobile app
Step 1: Install the app from your Play Store or App Store
Step 2: Register your account by inputting your details
Step 3: Tap on the ‘Apply Now’ option. You would be asked to input your details and personal information such as BVN, home address, and employment status
Step 4: Support your information with evidence. Your evidence would include submitting your documents such as bank statements, utility bills, and others.
Step 5: Submit your application.
How to borrow money using Renmoney USSD Loan code
The Renmoney USSD code is a very convenient way to apply for a loan from the company via a mobile network. For Nigerians using the four major network lines (MTN, Airtel,9mobile, Glo) you can use the USSD code *723# to access the Renmoney service.
Also, to apply for a loan, it can be accessed using the code *723*73001#.
FAQs
What are the qualifications criteria for Renmoney loans?
You must be well paid as an employee or a business owner. Both the employee and business owner must verify their monthly remuneration income and must have a high credit bureau. A statement of account for up to six months of activities is required, and there must be no problems with a returned cheque.
How much can I get on Renmoney?
As a Renmoney customer, you can get up to N6 million from Renmoney. Also, you can obtain as low as N50,000.
Which bank is Renmoney Loan?
RenMoney Microfinance Bank (formerly RenCredit) is a CBN-registered fintech company that carries out operations under a Microfinance banking license in Nigeria.
What happens if I don’t pay my Renmoney loans?
Renmoney may be forced to alert employers and next of kin if they are not able to reach you about the loan you collected. Continuous defaulting will hurt credit rating with the Credit bureau agencies. This will result in preventing you from obtaining loans from other financial institutions in Nigeria
What is the Renmoney USSD code?
The Renmoney USSD code for a loan is *723#.
Conclusion
To conclude, Renmoney offers one of the best interest rates in Nigeria. Irrespective of who collects the loan amount, Renmoney offers you a calculator that you can use to get your repayment schedule and interest rate over some time. This article also touched on how you can access How to borrow money from Renmoney- Renmoney Loan USSD. This is one of the best loan platforms out there. Do well to use these steps and get rewarded whenever you want.
