Renmoney Review
VerifiedCBN LicensedHigher loan limits with competitive rates for salaried Nigerians
₦50,000 - ₦6,000,000
Loan Amount
2.8-5%
Monthly Interest
90-730 days
Repayment Term
24-48 hours
Approval Time
Pros & Cons
Pros
- ✓Very high loan limits (up to ₦6M)
- ✓Lower monthly interest rates
- ✓Longer repayment periods (up to 24 months)
- ✓Licensed microfinance bank
- ✓Professional customer service
Cons
- ✗Strict eligibility requirements
- ✗Slower approval than instant loan apps
- ✗Requires bank statements
- ✗Minimum loan amount is ₦50,000
How to Apply for Renmoney Loan
- 1
Download Renmoney app or visit website
- 2
Complete online application with personal details
- 3
Upload required documents (ID, bank statements)
- 4
Wait for verification call and approval
- 5
Sign loan agreement
- 6
Receive funds in your bank account
User Reviews
Chukwuemeka I.Verified
Lagos
January 2025
Got ₦1.5 million for my business. Rate is 3.5% monthly which is excellent for Nigeria. Very professional.
Amaka N.Verified
Abuja
December 2024
Good for large loans. Process takes 2-3 days but worth it for the amount and rate.
Ibrahim S.Verified
Kano
November 2024
They actually verify everything properly. Took 48 hours but got ₦500k at reasonable rate.
Frequently Asked Questions
Is Renmoney a bank?
Yes. Renmoney is a licensed microfinance bank regulated by the Central Bank of Nigeria. This makes them more reliable than unregulated loan apps.
Why does Renmoney need bank statements?
Bank statements help verify your income and spending patterns. This allows them to offer larger loans at lower rates because they can assess risk accurately.
Can I get Renmoney loan without salary?
It's difficult. Renmoney primarily serves salaried workers. Self-employed individuals need very strong income documentation and may face stricter requirements.
How long does Renmoney approval take?
Typically 24-48 hours for verification and approval. Disbursement is usually same day after approval.
Quick Info
- Founded
- 2012
- Headquarters
- Lagos, Nigeria
- CBN Licensed
- Yes
- Disbursement
- Same day to 48 hours
- Last Updated
- 2025-01-18
Requirements
- •Valid BVN and government ID
- •Nigerian phone number
- •Age 22-59 years
- •Minimum 6 months employment
- •Monthly salary of ₦50,000+
- •Bank statements (3-6 months)