FAQs

APPLYING FOR A NEW LOAN

WHAT DO I NEED TO BE ELIGIBLE FOR YOUR LOANS? (EMPLOYED)
  • You should be between 22 and 59 years old.

  • You must run an account (Current or Savings) with a commercial Bank in Nigeria.

  • Applicant must live and or work in Lagos State.

  • You must have a verifiable monthly income.

  • You must have a clean Credit Bureau Report.

  • You must not have a history of returned cheques in your account.

  • One recent passport photograph (within the last 6 months)

  • Salary bank statement for the last 6 months (must be stamped by the bank). Your bank can send it directly to us at bankstatement@renmoneyng.com

  • NUBAN Cheque leaves for the duration of Loan (agreed at branch) OR Filled Direct Debit Form

  • Staff Identification card

  • Letter of Employment, Confirmation, Promotion, Redeployment, Salary Increase OR Introduction Letter from Employer’s HR to RenMoney

  • Utility Bill (PHCN, Water bill, LAWMA bill OR Rent Agreement) not older than 3 months

  • Valid Proof of Identification (current ECOWAS Passport, National Identification, Driver’s License or Voters ID)

WHAT DO I NEED TO BE ELIGIBLE FOR YOUR LOANS? (SELF EMPLOYED)
  • One recent passport photograph

  • Valid proof of government identification (International passport, National Identification card, Driver’s license, Voter’s card and National Identity Management Commission card).

  • Valid work identification card/Business card.

  • Most recent 6 months bank statement (Corporate and personal) signed and stamped by the bank or sent by your bank to: bankstatement@renmoneyng.com

  • Proof of tax registration or receipt of payment.

  • Mean of repayment (NUBAN cheques only)

  • Memorandum and articles of association.

  • Certificate of incorporation.

  • Recent utility bill (within the last three (3) months). (Lawma bill, Recent Rent Agreement, Water bill, Electricity bill) (business and home)

  • A guarantor

Guarantor requirements:

  • Guarantor must be a staff of the RenMoney approved guarantor list.

  • One recent passport photograph

  • Most recent 3 months bank statement signed and stamped by the bank or sent by your bank to: bankstatement@renmoneyng.com

  • Nuban cheque leaves

  • Letter of employment, confirmation, promotion, redeployment or salary increase.

  • Valid work identification card.

  • Valid proof of government identification (International passport, National Identification card, Driver’s license, Voter’s card and National Identity Management Commission card).

  • Recent utility bill (within the last three (3) months) (Lawma bill, Recent Rent Agreement, Water bill, Electricity bill).

  • Official email address.

  • Filled guarantor’s form

HOW DO I APPLY?
  • Online – www.renmoneyng.com

  • In a Branch -

    89 Awolowo Road Ikoyi ( Head Office)

    Kings Plaza mall, Adeniran Ogunsanya

    Pentagon Plaza, 23 Opebi Road Ikeja

    Lagos Island – 50–52, Broad Street, Lagos in CSS Bookshop House

    Apapa Mall, 13 Park Lane, Apapa, Lagos  

    F61 & F62 Road 3, Ikota Shopping Complex, Ikota, Lekki-Ajah

  • By Telephone – 0700RENMONEY (0700 73666639)

WHAT IS THE MINIMUM AND MAXIMUM AMOUNT I CAN BORROW?
You can take loans to a maximum of N4,000,000.00
DO I HAVE TO BE IN PAID EMPLOYMENT TO GET YOUR LOANS?
Yes, you must be gainfully employed to benefit from our loan products.
DOES RENMONEY REQUIRE A CREDIT CHECK?
Yes this forms a major part of our loan criteria, we use it to verify information provided in your loan application form.
RenMoney will obtain it directly, our customers do not need to get this for us.
DO I NEED TO COME TO THE BRANCH TO APPLY FOR A LOAN?
No, you do not need to visit the branch at the initial stage of your application. You can make an interim application on our website and by calling 0700RENMONEY (0700 73666639) to speak to our sales team.
WILL THE DETAILS OF MY LOAN BE DISCLOSED TO A THIRD PARTY
In a bid to collect on our loans disbursed, we reserve the right to contact your employers or next of kin about details relating to your loans with us.

EXISTING LOAN ENQUIRY

CAN I MAKE A PART PAYMENT BEFORE MY LOAN REPAYMENT DATE?
Yes, a customer can part liquidate and have the facility restructured.
CAN I PAY DOWN MY OUTSTANDING LOAN BEFORE THE END OF THE LOAN TENURE?
Yes you can but a 2.5% liquidation fee will apply. You would also pay your outstanding principal and interest up until the time when you are liquidating.
HOW DO I GET CONFIRMATION THAT MY LOAN HAS BEEN APPROVED?
You will get an SMS once your loan has been approved based on your document verification. An email will also be sent to you with details of your Loan and account number. Please make sure you provide all your correct contact information to make this possible for us. If you have received an SMS, the funds would have been credited into your account.
HOW LONG DO I HAVE TO WAIT AFTER REPAYING A LOAN IN FULL BEFORE I CAN REAPPLY FOR A NEW ONE?
You can get a new loan as soon as you repay your existing loan.
CAN I HAVE MULTIPLE LOANS?
You cannot apply for more than one loan at the point of your application, but you can apply for a top up loan after making some payment installments on your current loan. A top up loan is an additional loan request that is added to your existing loan.
For more information on this, please send an e-mail to cash@renmoneyng.com
IF I WANT TO CHANGE THE AMOUNT I APPLIED FOR, CAN I DO THIS?
No, this cannot be done after the loan contract has been executed. A top up can be considered, but this will be at the sole discretion of RenMoney. Please call 0700RENMONEY (0700 73666639) for more information.
I WANT TO BORROW MORE MONEY TO MY EXISTING LOAN, HOW CAN I DO THIS?
Yes. You can top up on your existing loan after you have made 2 payments on your existing 3 months 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.
CAN I EXTEND MY LOAN TENURE?
Yes, but this will be subject to additional interest charges and satisfactory review of documents showing ability to repay over an extended period. A written instruction from you is mandatory
DOES PRE-LIQUIDATION REDUCE MY OUTSTANDING PRINCIPAL?
Pre-liquidation does not reduce principal repayments to RenMoney, but can reduce interest due depending on the point of liquidation

REPAYMENT ENQUIRY

HOW DO I MAKE A PAYMENT ON MY LOAN?

QUICKTELLER:

You can make quick and convenient repayments through the Quickteller platform. Follow this link to pay – www.quickteller.com/renmoney

CHEQUES:

The cheques deposited as part of your loan documentation will be presented to your Bank on your due date please make sure you have enough funds on your due date.

CASH:

You can make cash payments directly at our Head Office on 89, Awolowo road Ikoyi

POS:

you can pay using your debit card at any one of our locations

ONLINE:

make 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 and Account Number clearly as the depositor and ensure you notify us by e-mail to cash@renmoneyng.com 72 hours before your due date for your cheques to be retrieved.

HOW CAN I STOP THE STANDING INSTRUCTION PLACED ON MY ACCOUNT AFTER LIQUIDATION?
You are required to send a request in writing to cash@renmoneyng.com to effect the cancellation of the standing instruction. This can also be terminated automatically on completion of payments of the loan
I MADE CASH PAYMENT INTO YOUR ACCOUNT, I HAVE LOST MY DEPOSIT SLIP AND I HAVE NO EVIDENCE OF MY PAYMENT?
Please send an e-mail to cash@renmoneyng.com stating your name, loan ID and the bank through which you made the repayment and you will get a call from a service representative.
We request that all payments into our account is referenced with your name or account number for easy identification.
HOW CAN I REAPPLY AFTER I HAVE PAID UP ON MY EXISTING 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 a new set of postdates cheques.
MY SALARY WILL NOT BE PAID ON THE DATE GIVEN WHAT DO I DO?
Ensure you notify Customer Services 3 business days before your due date with documentary evidence to support your claims. We will strive to retrieve your cheque in this instance from the clearing Bank, if the evidence is satisfactory.
However, this might not guarantee non-presentation of your cheque.
We can only hold the cheque for 3 days, otherwise penal charges will be applied to your account after this date if payment is not made.
You can reach us by sending an e-mail to cash@renmoneyng.com
I CHANGED 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 and salary dates. Additional charges may be applicable.
I HAVE BEEN WRONGLY DEBITED AFTER CREDITING YOUR ACCOUNT
Please send an e-mail to cash@renmoneyng.com quoting your loan ID and stating the details of the payment made as well as evidence that a debit occurred on your account. A reversal on your payment will be applied on confirmation of a double payment. This can usually take up to 48 hours.
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 is properly set up or send an e-mail to cash@renmoneyng.com
CAN I PAY UP MY LOAN BEFORE IT MATURES?
Yes you can but a 2.5% liquidation fee will apply. You would also pay your outstanding principal and interest up until the time when you are liquidating.
WHAT HAPPENS TO MY REMAINING CHEQUES WITH YOU ONCE I HAVE FINISHED PAYING ON MY LOAN?
Cheques on all loans that have been paid can be picked up from our head office @ 89 Awolowo road, Ikoyi, 24 hours after liquidation.
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 give an instruction to stop the direct debit on your account.
HOW DP I REPAY IF I DON'T WANT MY CHEQUES TO BE PRESENTED?
You can make payments via

QUICKTELLER:

You can make quick and convenient repayments through the Quickteller platform. Follow this link to pay – www.quickteller.com/renmoney

ONLINE:

make 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 we are notified vie e-mail to cash@renmoneyng.com 3 business days before your due date to confirm your payment and for your cheque retrieval.

CAN I PAY CASH TO MY ACCOUNT OFFICER?
RenMoney staff are not allowed to collect cash repayments on behalf of customers under any circumstances. Please take note and be guided accordingly. If in doubt please send an e-mail to cash@renmoneyng.com or call 0700RENMONEY (0700 73666639) 

LOAN APPROVAL ENQUIRY

HOW WILL I KNOW IF MY LOAN REQUEST HAS BEEN APPROVED, ON REVIEW OF MY DOCUMENTS?
You will get an SMS from Quickteller confirming funds have been disbursed into your account. If you don’t receive this text within 24 hours, send an e-mail to cash@renmoneyng.com
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. You would also need to send us a written instruction. This is a mandatory requirement.
I MADE CASH PAYMENT INTO YOUR ACCOUNT, I HAVE LOST MY DEPOSIT SLIP AND I HAVE NO EVIDENCE OF MY PAYMENT?
Please send a mail to e-mail to cash@renmoneyng.com with details of the payment into our account. You will get a call from a service representative. We request that all payments into our account are properly referenced with you name or account number for easy identification.

PENALTIES AND FEES

WHAT IS THE PENALTY FOR DEFAULTING ON A LOAN?
A Penal charge is applied to your account and accrues on a daily basis until it is settled. It is also important to note that continuous default 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 other Financial institution.
IS YOUR INTEREST A FLAT RATE OR ON A REDUCING BALANCE?
Our interest rate is a flat 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 capitalized in the repayment amount.
I DON’T UNDERSTAND HOW I AM BEING CHARGED, WHO CAN I TALK TO?
Please call our trained advisors on 0700RENMONEY (0700 73666639)  for more information on our interest rates.

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