RenMoney loan requirements and application procedures



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RenMoney loan requirements and application procedures
Posted on: August 10, 2018, 09:04:27 PM
Loans are common term nowadays in the country. This is as everybody are complaining about the scarcity of marketable money. Despite all this, loans are not easy to come by as  loaners makes sure their money are given to the right people.

The dictionary defines a loan as a sum of money or other valuables or consideration that an individual, group or other legal entity borrows from another individual, group or legal entity (the latter often being a financial institution) with the condition that it be returned or repaid at a later date (sometimes with interest). Those who have loaned money before can disclose how tedious it may have seem to acquire. This doesn't mean getting loan is as near impossible as it may sound, but because these money lender tries to make their money certainly returns back with profit in return for profit.

Small and medium scale enterprises (SMEs) are currently either trying to awake from their staggering or fixing pieces together from their fall. In order to keep to pace, it is necessary they try to pick up some loan. Disappointedly, not all banking firms has easy terms. Proffering money solutions to Nigerians, Renmoney Microfinance Bank with its major strength in the provision of simple financial aid states its commitment to offering Nigerian this financial goods.

The integrity of this financial firm isn't overstated as its licence to operate in Nigeria was awarded on October 17, 2012 with ots head office at 89, Awolowo Road, Ikoyi Lagos. Their long stay in the market has awarded them with their over 20,000 Customer Base.
They operates three product lines – Unsecured Loans, Fixed Deposits and Target Savings.

RenMoney possesses certain unique features. Their interest rates can be inquired of by contacting them through their different contact lines and offices. RenMoney allows having only one loan at a time. If they know you have another one in another place, you will not be allowed to have a loan from them. If you want to repeat the loan, you can take it again after making making payment for the current loan. Situations do occur inwhich it’s allowed to make another RenMoney loan application while the current one is still being paid back. It is known as top-up loan and can only be given to you when you complete paying back one-third part of the current one.

Their offices are located at →

1. Head Office: 89, Awolowo Road
Ikoyi, Lagos, Nigeria.
2. Surulere: Kings Plaza, 80,
Adeniran Ogunsanya Street,
3. Opebi: Pentagon Plaza, 23 Opebi
Road, Ikeja.
4. Lagos Island – 50 – 52, Broad Street, Lagos in CSS Bookshop House
5. Apapa: No. 13, Park Lane,
6. Ikota: F61 & F62 Road 3, Ikota Shopping Complex,Ikota,

Ren money basic eligibility for loans

These are the basic requirements needed to be in the same side with the law. These basics should be adhered to before budding any desire of getting a loan from Ren money – as getting a loan also comes with its requirements. They are:

→ Borrower must be living and working in Lagos State
→ The age of the borrower must be between 22 and 55
→ Borrower must have a regular paying job and sufficient salary

Other important requirement for Ren money loan include:

You need to have a valid document, which can prove your identity
→ Upon request, you need to be able to provide RenMoney with the history of your bank account. [This is to make sure there are no returned cheques]
→ At least one recent passport photo of you (colored, taken no earlier than 6 months back from the present date) to attach to your file
→ You need to have a working bank account in any commercial bank in Nigeria
→ Upon request, you need to be able to provide a verification of your monthly incomes
→ Upon request, you need to be able to provide a report on your previous loans from a credit bureau. → Upon request, you need to be able to provide a statement from the bank where you receive your salary (the statement should cover the recent 6 months and bear a bank stamp).
→ Upon request, you need to be able to provide RenMoney with your recent utility bills and show that you have no debts.
→ A staff identification card from your place of work
→ Your tax or pension identification number
→ The HR of the company where you work should compose and provide you with a letter, which will confirm your employment and certain specific details like salary, and so on

How to apply for a RenMoney loan

They are two easy ways to get this loan as far as all the necessary documents are ready. You can register for a loan by visiting any of their branches which was listed above. Online Applications are accepted through

When all the documents are verified, they will send you an email with all the necessary details of your new RenMoney loan. You will also receive a text message that will inform you know immediately your loan is approved and when it is sent to your bank account.

To obtain a loan from Ren Money easily, make sure you fulfill all eligibility options tendered accurately. The more trusted your document appear, the more chance of getting a loan.


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