Frequently asked questions
Frequently asked questions
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Nope. To create an account with us, just visit renmoney.com or download the app and register. You can also call us on 0700 5000 500 so we can guide you through the process.
- Head office: 23, Awolowo Road, Ikoyi
- Surulere: King's plaza 89, Adeniran Ogunsanya street, Surulere
- Ikeja: 23, Opebi road, Ikeja
- Are 18 – 59 years old
- Have a verifiable source of income
- Live and / or work in cities where we operate
- Have a savings or current bank account with any commercial bank
Not long at all. You’ll have your money in your bank minutes after you provide information that has been successfully reviewed and approved.
You can apply again in 15 - 30 days, we’ll usually tell you how long to wait and remind you when you can reapply
- Your card will expire before the loan duration ends. Please use a card that can cover your loan tenure.
- The phone number you’re using isn't the one your bank recognizes. In this case, you’ll have to contact your bank to update your personal information and then notify us when it’s done.
- Your card is not enabled for online transactions. You would have to contact your bank to fix this.
- You have insufficient funds. During registration, we charge you a token to ensure the card is active.
- If any of the above doesn’t apply to you, please retry after a while.
A utility bill is a receipt or bill for services provided to your home - this helps us verify your home address e.g. PHCN, waste management (LAWMA, etc), water bill, cable bills (DStv), rent agreement, etc.
We need your bank statement to make a decision on your application. When you log in, we’re able to - collect your 6 months bank statement, make a quick, informed decision based on your account history, make an instant decision on your loan and send money to your account on approval within minutes.
Please inform us if you decide to make an early repayment. You can repay through:
Paystack: Visit www.paystack.com/pay/renmoney
Transfers: Pay into your Renmoney loan account [Tip: Check your dashboard to see your Renmoney account number]
The repayment date is defined during your loan application process. It's not possible to update it or extend the loan duration. If you become eligible for a top-up loan, we’ll let you know immediately.
Repaying late or missing repayments affects your credit rating and limits your chances of getting another loan - both with us and other lenders - as you’ll be blacklisted by the credit bureaus. Making prompt repayments improves your credit score which means you can get higher loan amounts at lower interest rates and for longer tenures. If you’re having difficulty repaying your loan, please contact us immediately.
You’ll be able to immediately apply for another loan.
Please get a new debit card and send an email to app@renmoney.com to request for a re-tokenization link or inform your account officer.
If your initial documents are still valid, we will only need your recent bank statement to process your loan request
You either requested for the account to be suspended or have a bad loan history with us.
Visit www.renmoney.com/terms to know our terms and conditions.
We evaluate applications using a statistically driven lending model that considers information from you and 3rd party sites e.g. credit bureaus. We also update our algorithms periodically
To retrieve your account, download the mobile app on your new device and sign in with your old details.
When you login to your account, click on the "Account" section on your dashboard, proceed to the "security" tab. Click on it and follow the steps to reset the security questions.
Click on the "Forgot password" icon on the login page and input your email address in the box provided. An OTP will be sent to you which you then input to regain access to your account.
Renmoney is a fintech lending company operating in Lagos, Nigeria. We offer convenient personal & business loans of up to ₦6Million to individuals and small businesses. We also offer
high interest rates on Fixed Deposits & Savings. Our business is regulated by the CBN and Savings & Fixed Deposits are insured by NDIC. Visit www.renmoney.com for more information
Your Renmoney Account is where you keep savings and money that you're not ready to lock away. You can withdraw and transfer money at any time, however, money left in your Renmoney Account will earn you a 3% interest rate per annum.
- Login to your account
- Click on the “Save” tab on your dashboard
- Select the “Renflex” option and follow the steps to complete the process.
| Product | Interest Rate |
|---|---|
| SmartGoal | 10% per annum |
| RenFlex | 16% per annum |
| RenVault | Up to 20% per annum |
You can earn up to 20% per annum.
- Enjoy 16 percent interest rate
- Save with ease every time
- Save and withdraw anytime
- Daily interest payout
- Save and withdraw no penalties
- Invest and earn up to 20 percent
- You can earn your interest upfront
- Your savings is insured by ndic
- Live your dream with a high yield
Upfront Interest On RenVault
Within 24hours, you'll receive your money shortly after you liquidate your investment.
Yes, you can. You can add any amount at any time to your Renmoney account and Smart Goal. If you add more money to a Fixed Deposit, we will re-invest the sum of your old and new investment for the tenure you choose.
Yes, you can. Depending on the plan you're on, some charges may apply. For example, a penal charge of 30% of the total accrued interest will be charged on Fixed Deposit that are liquidated before the tenure ends. We'll inform you of any charges when you make a liquidation request.
Your investment is safe with Renmoney. We are regulated by the Central Bank of Nigeria (CBN) and insured by Nigeria Deposit Insurance Corporation (NDIC). We have a highly skilled team and a 100% payout rate on investments.
Please send an email to deposit@renmoney.com and we'll take it from there
We can deactivate your account and render it inactive, but we’ll not be able to delete your details from the system (if you’ve used any of our products) as the CBN mandates we keep such details for audit purposes.
Payments and Transfers
Enter the “narration” then you input your transaction pin to complete the process!
- Pay directly into your Renmoney account number and send an email to app@renmoney.com with an instruction to debit your savings account and credit your loan account.
- Pay into any of our alternate repayment account details below:
- GTB: 0120829621
- Polaris Bank: 1771340451
On your dashboard, click on the “Airtime, Data & Bills” tab. Select your preferred network provider and input your mobile number. Select/Input the amount you’d like to recharge and then input your transaction pin to complete the purchase!
When you login to your profile, click on your fixed deposit account profile. Select the matured account you’d like to withdraw from, then click on the “withdraw” option. Follow the steps that pop-up and then input your transaction pin upon request. Your funds will be sent to your Renmoney account after which you then transfer to your preferred commercial bank.