Frequently Asked Questions
Find answers to common questions about Renmoney, our products, applications, repayments and savings.
Sign up / Onboarding stage
Are my details safe with you?
Your details are safe with us: we use advanced encryption to keep your information secure, and every document we ask for is needed to provide you with the best services, recommendations and decisions.
Why do you need my BVN?
How do I know my BVN?
I don't know my security question?
Do I need to visit your office to create an account?
Do you have a branch outside Lagos?
Loans
What are the criteria for getting a loan from Renmoney?
You're eligible to get a loan from us, if you: Are 18 – 59 years old; Have a verifiable source of income; Live and / or work in cities where we operate; Have a savings or current bank account with any commercial bank.
How long does it take to complete a loan application?
How much can I borrow and for how long?
What kind of loan can I apply for with Renmoney?
Can I apply for more than what the system is showing me?
How can I increase my chance of getting my loan approved?
Can I get a higher offer if I provide collateral or a guarantor?
Why was my loan application rejected?
How long do I wait before reapplying?
Can I access a loan from anywhere in Nigeria?
I receive my salary in cash, can I apply for a loan?
I am a student / corp member, can I get a loan?
If my loan expires and I haven't seen the reminder, can I assume that the repayment is complete?
What fees do you charge?
How can I pay back?
Can I change my repayment from weekly to monthly?
Do you buy back loans?
Application process
Why does it tell me my BVN is already in use?
You're getting this error message because the BVN you're registering with may already be associated with a different email address. Please log back into your account using the previous email address and reset the password to regain access to your account. If this is not you, please reach out to us to get it sorted.
Why am I not able to validate my BVN?
What should I do if I can't validate my phone number?
Why am I not getting the verification code / OTP?
I'm unable to sign the offer letter, why?
Does Renmoney perform a credit bureau check?
Why can't I add my card details?
What information do you need to approve my loan?
What type of IDs do you accept?
What is a utility bill and what type do you accept?
Why can't I validate my ID card?
I can't continue my application due to an error message - please help
Why are you asking for my internet banking details?
I'm trying to link my bank statement but I'm getting an error message, why?
My loan application has been in review for days, what's going on?
Why has my loan been pending for so long?
Loan repayment
How can I repay my loan?
If you've set up card payments or direct debits, all you have to do is make sure your account is funded on your due date and we'll collect your repayment. You can also transfer directly into your Renmoney account and click on 'repay now'.
How do I check my loan balance and due date?
How do I make early repayments?
Do I have to pay my Renmoney loan with the same card I used in my loan application process?
What should I do if my repayment doesn't reflect?
Can I extend my loan duration?
What if I don't pay back my loan?
After a final repayment, when can I apply for another loan?
Why was my account debited twice?
Can I extend my loan tenure?
Can I request for a loan top-up on an existing loan?
My repayment debit card is missing, what do I do?
Why do I have to go through the loan application process again as a returning customer?
Savings
What is a Renmoney Account?
Your Renmoney Account is where you keep savings and money that you're not ready to lock away. You can withdraw and transfer money at any time. however, money left in your Renmoney Account will earn you a 3% interest rate per annum.
How do I create a Reflex account?
What is your interest rate on your savings?
How much interest will I get if I save with Renmoney?
How does Renmoney calculate interest rates for Savings & Fixed Deposits?
What does Renflex Savings Account offer?
What are the benefits of Renvault Savings Account?
Fixed Deposits
What is the RenVault upfront interest investment about?
The RenVault upfront interest is a RenVault Fixed deposit option that allows you to receive your interest earnings at the beginning of the investment term, rather than at the end. This means you get immediate returns on your investment.
How does RenVault upfront interest work?
What are the benefits of receiving interest upfront?
What types of investments are eligible for upfront interest?
How is the upfront interest amount calculated?
What is the maximum investment amount for upfront interest products?
How do I access my upfront interest earnings?
How long does it take to get my money when I liquidate my investment?
Can I increase my investment whenever I want?
Can I liquidate before the end of my investment tenure?
How safe is my investment with Renmoney?
What if I have an enquiry or complaint concerning my investment?
