FAQs

APPLYING FOR A NEW LOAN

What do I need to be eligible for your loans?

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

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

     

    Polysonic Mall, 1 point Road Apapa

     

    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 N2,500,000.00

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.

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.

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 renew your loan immediately you finish repaying an 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 one third installments on your current loan. A top up loan is an additional loan request that is added to your existing loan.

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.

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

orBank: 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 on 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?

Once your loan has been liquidated. A form will be sent to you to fill to stop your standing order instruction.

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 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 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 by sending an email to cash@renmoneyng.com or calling 0700RENMONEY (0700 73666639) 72hours before your due date to retrieve your cheque. We can only hold unpresented but due cheque for 3days after which a N300 daily default charge will be applied to your account if payment is not received.

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 additional charges will be applicable.

I have been wrongly debited after crediting your account

Please send an email to cash@renmoneyng.com stating the incident. Once confirmed you will receive an email and the excess payment will be returned into your account.

Why is the direct debit on my account not working?

It could be as a result of any of the following:

  • Non availability of funds (both the bank charges and the amount to be debited from your account)
  • Direct debit not set up properly

You would need to visit your bank to manage failing standing order instructions

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.

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.

LOAN APPROVAL ENQUIRY

How will I know if my loan request has been approved, on review of my documents?

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 we 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.

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 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?

The penalty is a daily default charge of N300 including public holidays and weekends. We may also be forced to alert employers and next of kin when we are unable to reach you about your loan. Continuous defaulting will have adverse effect on credit rating with the Credit bureau agencies which will prevent you from accessing loans from other financial institutions.

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.