When you visit our website or one of our branches to apply for a loan. You’d usually complete an application form and provide information about yourself or your business. This is usually followed by a loan approval or decline.
Here’s what we learn about you during this process.
Are you a real person?
We determine this by verifying identification information you have provided during your application e.g. your ID card, BVN, etc. We request government issued ID cards such as driver’s license, voters card, international passport or national ID card (NIMC).
What does your credit profile look like?
We’ve shared all the details you need to know about where we get your credit report from, what it contains and how we use the information in your credit profile in this article — Your credit profile/report & what it says about you. There are tips on how to improve your credit profile there too!
Can you conveniently afford to pay a loan?
We’ll review your bank statement and analyze your income (or if you are a business, your cash flow) to estimate your ability to make your loan repayments conveniently.
Why do we request your BVN
We make this request because it is a KYC (Know Your Customer) requirement by the CBN for all financial institutions including Renmoney. We need it to process your loan request as well as to open a Savings or Fixed Deposit account in your name. We take data security and privacy very seriously and employ best in class information security measures across all our processes.
Sending good vibes,
The Renmoney Team