RENMONEY NIGERIA

Founded with a focus on emerging markets, RenMoney Limited is a consumer finance organization with expertise in the provision of simple money solutions. RenMoney (formerly RenCredit) started operations in 2012 under a unit Microfinance Banking License in Ikoyi, Lagos. In December 2013, RenCredit MFB Limited was re-banded to RenMoney Limited – the name by which they are known today. It then upgraded to a state license to operate multiple locations in Lagos State. This led to the opening of five additional branches – Ikeja, Surulere, Lagos Island, Apapa and Ikota. RenMoney operates under a microfinance bank (MFB) licence, the closest to a consumer finance banking license available in Nigeria. The company is committed to provision of simple money solutions and currently has a staff base of over 400 employees and a customer base of over 25,000 customers and counting.

LOANS

Cash loan

Whether its money to pay rent, cover school fees or buy a new fridge, RenMoney can help. They offer cash loans of up to N4, 000, 000, conveniently spread over 12 months for new customers, and their flexible repayment pattern is specially designed to meet your needs. No collateral required.

School Fees Loan

Financing education can be financially stressful with payments for school shopping, school fees and all that goes into preparing for school and that is why RenMoney School Fees Loan provides a buffer for you.

Financing you or your children’s desired future by providing the best education should not be difficult. With access of up to NGN4, 000, 000 School Fees Loan, no collateral, and 24 hours cash disbursement after loan approval, RenMoney will make paying school fees much easier.

Requirements

1. Be between ages 22 – 59 years.
2. Have a steady source of income that is verifiable.
3. Must be confirmed staff in place of present employment.
4. Have a functional current or savings bank account.
5. Have valid means of identification – International Passport, Driver’s License or National ID Card.

Note: You will enjoy lesser interest rates if your child’s school is in partnership with RenMoney.

Features

• Minimum Loan Tenure: 3 months.
• Maximum Loan Tenure: 12 months.
• Interest Rate: 3% – 5% monthly.
• Finance Fee: 3% (One time cost spread over the loan repayment tenure).

There are two ways to apply for a School Fees Loan:

1. Apply through your child’s school and enjoy lesser rates. Please note that the school must be in partnership with RenMoney Limited in order for you to take this route.
2. If your child’s school is not already in partnership with RenMoney, you can still get a School Fees Loan if you have an invoice from the school. You can apply through one of the following channels:

• Fill in your details in the School Fees Loan form on their website and a RenMoney representative will contact you promptly.
• Call our Contact Center line – 0700RENMONEY (0700 73666639)
• Visit the closest RenMoney branch to you

Once the application for School Fees Loan is successfully submitted through any of the routes above, you will receive notification of instant approval (or disapproval).

Get required documents across to any of our representatives or offices.

Get cash deposited in designated bank account in 24 hours or less

Smartphone Finance

Now you can purchase your favorite smartphone from RenMoney in partnership with selected network providers at lesser rates. This is as long you subscribe to a special monthly voice, SMS and data bundle plan for a minimum of 12 months.

How it Works

With just your Debit Card, RenMoney can help you own the latest smartphone without having to break the bank.

Each month, a portion of the monthly bundle paid by the customer is used as repayment for the phone which is financed (paid for or funded) by RenMoney. The rest is a charge for the data, voice and SMS service provided by the network provider.

For example, if the monthly bundle costs N1, 000 monthly, N600 can go to RenMoney as repayment for the phone while the balance N400 goes to the network provider for the data costs.

RenMoney has a proprietary algorithm to determine which customer will be eligible.

Over the period of the subscription, RenMoney will collect the monthly bundle fees and remit to the network providers, the portion for the Data, Voice and SMS charge.

Simply provide the documents listed below for smartphone financing at approved locations and walk away with your very own smartphone.

1. Debit card valid for at least 12 months.

Debit card will be registered as primary instrument for payment of the monthly bundle. In addition, the card will be charged for the first month bundle payment.

2. 4 cheque leaflets. Customer to sign at least 4 post-dated cheques as a back-up to the registered debit card
3. Valid proof of ID – National ID Card, Permanent voters card, Driver’s license or International Passport
4. Proof of address – Utility bill listing your home address
5. Two (2) months recent bank statement – Account should be the same linked to the debit card and cheque being presented
   NOTE: Their partners are Airtel Nigeria

Loan at Work

Loan at Work is a specialized way for confirmed employees of pre-screened organizations to access RenMoney loans at lesser rates and reduced documentation while still enjoying benefits of convenience.

How it Works

Loan at Work is designed for organizations with a sizeable amount of staff (not less than 30). They ensure that the company is duly registered with the Corporate Affairs Commission (CAC) and running a thriving business. RenMoney and the organization then sign a Memorandum of Understanding which permits RenMoney to grant employees of the pre-qualified organizations loans at reduced interest rates.

The repayment structure is very easy and seamless as it can either be Payroll deduction at source or via any of their repayment methods – Direct Debit Mandate or Post-dated Cheque

Benefits

• Loan at Work loans offers lower interest rates than Cash Loans.
• Dedicated Relationship Manager per organization that will attend to every request and liaise with the company HR representative.

How to Apply

1. Fill the appropriate forms for Loan at Work.
2. Attach all required documents.
3. Submit application to the designated HR representative at your office for the RenMoney Relationship Manager to pick up.
4. Receive instant approval (or disapproval).
5. Get cash in your preferred bank account (within 24 hours).

Point of Sale (POS) Loan

Their POS Loan is a credit facility offered to buyers of household items such as electronics, appliances and furniture. They have partnered with a number of retailers to provide this facility online or at various retail outlets across Lagos State.

Benefits

• Get goods being financed via POS loan on the same day (this is subject to the submission of all required documents).
• Simple and transparent process.
• Instant decision while you wait.
• Straight forward repayments with no hidden charges.

How to Apply

1. Identify product of choice.
2. Complete credit application for POS loan at retail store or website.
3. Get instant decision.
4. Submit relevant documents.
5. Get goods in 24 hours.