Customer Services

What is the penalty for defaulting on a loan?

The penalty is a daily default charge of N300 including public holidays and weekends. Continuous defaulting on a loan also adversely affects your credit rating with the Credit bureau agencies and your ability to apply for a loan in the future from RenMoney or any Financial institution.

How do I repay if I don't want my cheques to be presented?

You can make:

  • Cash payments directly at our Head Office on 89, Awolowo road Ikoyi.
  • Payments via POS machines at any of our outlets(except Opebi branch).
    Online transfers to any of our accounts:

Bank: Guaranty Trust Bank Account
Name: RenMoney MFB Limited
Account number: 0120829621

or

Bank: Skye Bank Account
Name: RenMoney MFB Limited
Account number: 1771340451

Please state your name clearly as the depositor and ensure you notify us on help@renmoneyng.com 72 hours before your due date for your cheque retrieval.

Can I extend my loan tenor?

Yes, but this will be subject to additional interest charges and review of documents showing ability to repay over extended period. A written instruction is mandatory.

How can I stop the standing instruction placed on my account after liquidation?

You should write a letter through us to your bank to effect the cancellation of the standing instruction. The format will be sent to you on request via cash@renmoneyng.com.

Can I have a top up on my existing loan?

Yes. You can top up on your existing loan after you have made 2 payments on your existing 3 month loan, 4 payments on your existing 6 month loan and 6 payments on your 9 month loan without a default. You will also need to provide your updated bank statement and issue new postdated cheques.

How can I reapply after I have liquidated my loan?

You can reapply after liquidation if you had no returned cheque throughout the tenor of your loan. You will also need to provide only your updated bank statement and postdates cheques.

Why is the direct debit on my account not working?

Please note that placing a standing instruction on your account is subject to availability of funds for both the bank charges and the amount to be debited from your account. Kindly visit your bank to ensure the standing instruction properly setup or send email to cash@renmoneyng.com.

My salary will not be paid on the date given what do I do?

Ensure you notify us 72 hours before your due date to retrieve your cheque. We can only hold the cheque for 3days, otherwise a N300 daily default charge will be applied to your account after this date if payment is not made.

I lost my job/ I travelled out of the country. Can I change my repayment date?

Yes you can change your repayment date, but it will be subject to review of proof of change of job. Additional charges will be applicable.

I have been wrongly debited after crediting your account.

Please send an email to cash@renmoneyng.com stating the details of the payment made. A reversal on your payment will be applied on confirmation of a double payment. This usually takes up to 24hrs.

How do I get confirmation that my loan has been approved?

You will get a text message confirming funds have been disbursed into your account. If you don’t receive this text within 24hrs, Please send an email to cash@renmoneyng.com.

Can I liquidate my loan before it matures?

Yes you can but a 2.5% liquidation fee will apply. You would pay your outstanding principal and interest up until the time when you are liquidating.

Can I pick up my cheques after liquidation?

Yes you can pick up your cheques after liquidation within 24 hours.

Can I change my mode of payment from direct debit to cheques?

Yes you can. You will need to visit our Head Office at “89 Awolowo road Ikoyi” to issue the cheques and stop the direct debit on your account.

Is your interest a flat rate or on a reducing balance?

Our interest rate is a flate rate charged monthly.

Are there any fees or hidden charges on your loan?

There are no hidden charges however our Management fee, insurance and VAT make up 4.65% of the principal and has been capitalzed in the repayment amount.

  1. In Cash Visit our head office (89 Awolowo road, Ikoyi) to pay cash to teller
  2. POS Machines Via our POS machines at all our outlets (except Opebi branch)
  • Head office: 89 Awolowo Road, Ikoyi
  • Surulere: Kings Plaza, 80 Adeniran Ogunsanya Street, Surulere
  • Lagos Island – 50 – 52, Broad Street, Lagos in CSS Bookshop House
  • Apapa: 1, Point Road, Polysonic Mall, Apapa.

By online Bank Transfer or at any of these Banks

Make payments via internet banking, stating your name and account number clearly as the reference. Our account details are as follows:

Bank Name

Account Number

Skye Bank

1771340451

GT Bank

0120829621

Things to Remember

Please fill in your Names and Account Numbers

No staff is allowed to collect repayments in cash on your loan

In the event of a Default:

RenMoney reserves the right to contact your employers or next of kin about details relating to your loans with us.
A N300 daily fault charge will be applied on the account of the borrower till payment is made. Continuous defaulting on a loan also adversely affects your credit rating with the Credit bureau agencies and your ability to apply for a loan in the future from RenMoney or any financial institution.

EARLY LIQUIDATION ADVICE

Please note: Our loan repayments are flexible, and you can choose to pay off (liquidate) at any time during the life of the loan.
a. At liquidation, the bank charges the following: (2.5% on the outstanding principal, Interest to Date, Outstanding principal)
b. Our fees (4.65%) are capitalized on the loan amount. Hence the principal amount is the actual loan amount plus the fees.
c. Upon liquidation please remember to retrieve your outstanding cheques so as to avoid double payment.
d. If you have placed a direct debit instruction on your account, you would be required to fill a form to terminate same.
e. Liquidation figure can be advised either by our branch advisors when you visit any of our branches or by sending an email to cash@renmoney.com
Thank you for making RenMoney your first choice in providing simple money solutions. Following your loan application please be reminded that approval of your application is subject to further verification with the relevant department and application status will be communicated via text message.

Terms and Conditions

1. The Borrower may terminate the loan agreement and repay back all or any part of the borrowed amount on any day before the scheduled maturity date by paying to the Bank, all interest, fees and other monies then accrued or due under the loan agreement to the date of early payment (whether or not payable). The Borrower should further be aware that the Bank shall add a 2.5% charge on the remainder of the outstanding principal as at the date of early repayment.

2. To make payments on your loans at any time, use the following ways and please ensure you notify us via email at cash@renmoneyng.com 48hours ahead of your due date in order to withhold cheque from being presented.

Survey Form

  • Welcome to our customer satisfaction survey for 2014. Your feedback is important to us, please rate us as honestly as possible by giving accurate feedback to improve our products and services. All feedback is confidential and will have no recourse to your loan application at RenMoney.
  • Please read each of the statements below and tick the box that describes your level of satisfaction under each section.
  • General Satisfaction
  • Applications and payments/repayments
  • Staff , communications and professionalism
  • Rates and fees
  • Business Environment
  • Thank you so much for taking time out to participate in this customer satisfaction survey. The information we receive from this forum is critical to our improving our product and service offering to you. If you have additional feedback please send it without prejudice to cash@renmoneyng.com or call 0700 RENMONEY (0700 73666639) to be directed to our customer service team.

We promise to be guided by the following core service principles:

a. Accountability

i) All our products and services comply with relevant laws and regulations of Nigeria.
ii) We will explain and help you understand the financial benefits of our products and services that you are interested in, how they work and the risks involved.

b. Privacy

i) We will treat all your personal information as private and confidential and ensure the safety and security of the usage of your information. Your personal information will not be revealed unless otherwise authorized by you or required by law to do so.
ii) We will not use your personal information for our own marketing purposes if you inform us that you object to this practice.

c. Fairness

i) We will act fairly and reasonably towards you in a consistent and ethical manner.
ii) We will as far as possible not discriminate against age or gender and will make available products and services based on clearly defined market segmentation of our target market which directs all our communications as an organization.
iii) We will establish a clear set of procedures to ensure that any dispute between us will be resolved fairly and quickly.

d. Relaibility

i) We will cooperate as an industry so that you enjoy secure and reliable services and payment systems you can trust.
ii) If you are a supplier, payments due to you will not be unduly delayed and will be paid in line with the terms and conditions in your offer letter from us.

e. Transparency

i) We will provide you with clear, relevant and timely information to help you make an informed decision about our products and services. Where applicable, a set of terms and condition relating to each product or service will be made readily available to you with all the fees, charges, penalties and relevant interest rates, your liabilities and obligations relevant to the loan with us.
ii) We will inform you through various channels of available products and services. With which you can contact us for information or provide feedback.