Frequently Asked Questions

Frequently asked questions

There’s a really high chance we already answered the question you have below. Choose a category to see.

Frequently asked questions

There’s a really high chance we already answered the question you have below. Choose a category to see.

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?

We request for your BVN to verify your identity and confirm that the account you registered with is yours. It is also a KYC requirement for all financial institutions by the Central Bank of Nigeria (CBN).

How do I know my BVN?

To know your BVN, dial *565*0# from the phone number linked to your bank account. Please note that your provider may charge N20 for each check.

I don’t know my security question?

That happens, there’s so many passwords to remember! If you send us an email at [email protected] or DM our social media handles, we’ll sort this out ASAP.

Do I need to visit your office to create an account?

Nope. To create an account with us, just visit renmoney.com or download the app and register. You can also call us on 0700 5000 500 so we can guide you through the process.

Do you have a branch outside Lagos?

We have 3 branches in Lagos. Our addresses are;

Head office: 23, Awolowo Road, Ikoyi
Surulere: King's plaza 89, Adeniran Ogunsanya street, Surulere
Ikeja: 23, Opebi road, Ikeja

However, our Field Teams may reach out to you individually. If you’re unsure of who you’re speaking with, please message [email protected] to verify their identity.

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?

Not long at all. You’ll have your money in your bank minutes after you provide information that has been successfully reviewed and approved.

How much can I borrow and for how long?

You can borrow up to ₦6 million and repay in up to 24 months.

What kind of loan can I apply for with Renmoney?

You can apply for a personal or business loan.

Can I apply for more than what the system is showing me?

We will make you multiple offers which you can adjust and select which amount and tenure best suits your needs.

How can I increase my chance of getting my loan approved?

We use the information you provide to make a lending decision. To increase your chances of getting your loan approved, ensure you provide accurate details about yourself.

Can I get a higher offer if I provide collateral or a guarantor?

Our loans are collateral free and you don't need a guarantor to get a loan from us. We’ll make you a convenient loan offer and once you fully repay, you can get a higher loan amount from us.

Why was my loan application rejected?

We evaluate all the information you provide using a statistically driven lending model and your application most likely didn’t meet our current lending criteria. You can always apply again in the future as we update our algorithms regularly.

How long do I wait before reapplying?

You can apply again in 15 - 30 days, we’ll usually tell you how long to wait and remind you when you can reapply

Can I access a loan from anywhere in Nigeria?

Yes, download the app to access our loan from anywhere in Nigeria.

I receive my salary in cash, can I apply for a loan?

For you to apply for a loan from us, we’ll require evidence of income via your bank statement to process your application.

I am a student/corp member, can I get a loan?

As long as you’re over 18 years old, with a reliable source of income, you can get a loan with us.

If my loan expires and I haven't seen the reminder, can I assume that the repayment is complete?

No, the repayment isn’t void and you should get an email reminder. If you don’t, you can reach out to us so we fix that. Making repayments on time helps you build your credit profile and makes you eligible for better loan offers.

What fees do you charge?

We don’t charge any fees before giving you a loan. The loan application process is free and online.

How can I pay back?

Our repayment method is automated and will be deducted directly from your Renmoney account on your due repayment date. To repay early, please go to your dashboard and type ‘repay now’

Can I change my repayment from weekly to monthly?

Your repayment method depends on your loan type. If you’re applying as a business owner, your repayment will be scheduled weekly or monthly while your repayment as a salary earner will be monthly. We evaluate the best repayment frequency based on your income.

Do you buy back loans?

Yes! We can buy over your loans with other financial organizations at an even lower interest rate or longer tenure. This depends on your income and the maximum amount you can get from us.

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?

The information on your BVN must match the profile you create with us. Please confirm that your name and date of birth match what’s registered on your BVN. Retry your application after checking these data and let us know the outcome. We're always here to help!

What should I do if I can’t validate my phone number?

Confirm that you’re using the same number linked to your BVN for your loan application and input the number in the correct format.

Why am I not getting the verification code/OTP?

Please check that you do not have DND enabled on your device as this could interfere with delivery of your code/OTP. If the issue persists, please call 07005000500 or email [email protected]

I’m unable to sign the offer letter, why?

Please clear the cache on your device's browser and retry the process. If the issue persists, please call 0700 5000 500 or email [email protected]

Does Renmoney perform a credit bureau check?

We run a credit bureau check on all our potential customers, to determine how credit worthy you are and help us make informed decisions on your application.

Why can’t I add my card details?

There are various reason why you won’t be able to add your card details, some of them are;

Your card will expire before the loan duration ends. Please use a card that can cover your loan tenure.
The phone number you’re using isn't the one your bank recognizes. In this case, you’ll have to contact your bank to update your personal information and then notify us when it’s done.
Your card is not enabled for online transactions. You would have to contact your bank to fix this.
You have insufficient funds. During registration, we charge you a token to ensure the card is active.
If any of the above doesn’t apply to you, please retry after a while.

What information do you need to approve my loan?

We need your 6 months bank statement, a valid government-issued ID card and a utility bill. We’ll collect these conveniently online so please go ahead and start your application now.

What type of IDs do you accept?

We accept any government-issued ID card e.g. driver’s license, national ID card, voter’s card, and international passport.

What is a utility bill and what type do you accept?

A utility bill is a receipt or bill for services provided to your home - this helps us verify your home address e.g. PHCN, waste management (LAWMA, etc), water bill, cable bills (DStv), rent agreement, etc.

Why can’t I validate my ID card?

I can’t continue my application due to an error message - please help

We’re sorry you’re having this experience and thank you for bringing it to our notice. Please share a screenshot of the error message with us via [email protected] so we can resolve it and help you complete your application.

Why are you asking for my internet banking details?

We need your bank statement to make a decision on your application. When you log in, we’re able to - collect your 6 months bank statement, make a quick, informed decision based on your account history, make an instant decision on your loan and send money to your account on approval within minutes.

I’m trying to link my Bank statement but I’m getting an error message, why?

Could you please try again? We find that sometimes an unstable internet connection may interfere with the process. If the issue persists, please call 0700 5000 500 or email [email protected]

My loan application has been in review for days, what’s going on?

We’re sorry about this - there could be several reasons why, please send an email to [email protected] and we’ll fix it immediately.

Why has my loan been pending for so long?

We’d love to get your loan in your account ASAP. Please could you verify that you’ve signed your offer letter and successfully set up repayment? If you’ve ticked these boxes and the issue persists, please call 0700 5000 500 or email [email protected]

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?

Please log in to your Renmoney dashboard either via our website or mobile app to view all details concerning your loan.

How do I make early repayments?

Please inform us if you decide to make an early repayment. You can repay through:
Paystack: Visit www.paystack.com/pay/renmoney
Transfers: Pay into your Renmoney loan account [Tip: Check your dashboard to see your Renmoney account number]

Do I have to pay my Renmoney loan with the same card I used in my loan application process?

If you previously registered a card and would like to change it, please send an email to [email protected] with your details and we’ll sort that out for you.

What should I do if my repayment doesn’t reflect?

Repayments may take up to 24 hours to reflect sometimes. If it has been over 24 hours since you made repayment and it hasn't reflected, send an email with the transaction confirmation message to [email protected]and we’ll update your account.

Can I extend my loan duration?

The repayment date is defined during your loan application process. It's not possible to update it or extend the loan duration. If you become eligible for a top-up loan, we’ll let you know immediately.

What if I don’t pay back my loan?

Repaying late or missing repayments affects your credit rating and limits your chances of getting another loan - both with us and other lenders - as you’ll be blacklisted by the credit bureaus. Making prompt repayments improves your credit score which means you can get higher loan amounts at lower interest rates and for longer tenures. If you’re having difficulty repaying your loan, please contact us immediately.

After a final repayment, when can I apply for another loan?

You’ll be able to immediately apply for another loan.

Why was my account debited twice?

We’re sorry about this - there could be several reasons why, please send an email to [email protected] and we’ll fix it immediately.

Can I extend my loan tenure?

You can if you’re eligible for a top-up. Please send an email to [email protected] and we’ll attend to your request.

Can I request for a loan top-up on an existing loan?

Yes you can after making some successful repayments. We’ll contact you once you become eligible for a top-up

My repayment debit card is missing, what do I do?

Please get a new debit card and send an email to [email protected] to request for a re-tokenization link or inform your account officer.

Why do I have to go through the loan application process again as a returning customer?

If your initial documents are still valid, we will only need your recent bank statement to process your loan request

Who should I contact to submit a complaint, question or comment?

Please email [email protected] or call us on 0700 5000 500. You can also send us a direct message on any of our social media channels [Facebook, Instagram, and Twitter].

How do I get my letter of non-indebtedness, loan status letter or letter of indebtedness?

Please email [email protected] or call us on 0700 5000 500. You can also send us a direct message on any of our social media channels [Facebook, Instagram, and Twitter].

Why is my account suspended?

You either requested for the account to be suspended or have a bad loan history with us.

What are your terms and conditions?

Visit www.renmoney.com/terms to know our terms and conditions.

Can I call a representative or visit the office to ask questions?

If you experience any difficulty during your loan application, you can reach out to us on 0700 5000 500 or send us a mail [email protected] You can also send a message through any of our social media pages (Facebook, Twitter, Instagram and LinkedIn)

Can I change my personal details or banking details on the app?

You can always change your personal details via your dashboard. If you find it difficult to make any changes, kindly send us an email at [email protected] with your personal details and why you want to make the changes.

How does Renmoney make a lending decision?

We evaluate applications using a statistically driven lending model that considers information from you and 3rd party sites e.g. credit bureaus. We also update our algorithms periodically

What happens if I lose my phone?

If this happens, send an email to [email protected] or call us on 0700 5000 500. You can also sign in on another device as long as you recall your login details.

How do I retrieve my account if I misplace my device?

To retrieve your account, download the mobile app on your new device and sign in with your old details.

How can I unblock my account?

Blocked account? No worries! Simply send an email to [email protected] or call us on 0700 5000 500 to chat with us and provide the necessary information. Your account will be unblocked when these details have been verified.

How can I reset my security questions?

When you login to your account, click on the "Account" section on your dashboard, proceed to the "security" tab. Click on it and follow the steps to reset the security questions.

How do I reset my password?

Click on the "Forgot password" icon on the login page and input your email address in the box provided. An OTP will be sent to you which you then input to regain access to your account.

How do I edit my information with Renmoney?

When you login to your account, click on the "Account" section on your dashboard, proceed to your "Profile" tab. You can edit your personal information as long as your BVN has not been verified by the system. However, if you've verified your BVN and would like to edit your information, please send an email to [email protected] or call us on 0700 5000 500 to chat with us and provide the necessary information.

About Renmoney

Renmoney is a fintech lending company operating in Lagos, Nigeria. We offer convenient personal & business loans of up to ₦6Million to individuals and small businesses. We also offer
high interest rates on Fixed Deposits & Savings. Our business is regulated by the CBN and Savings & Fixed Deposits are insured by NDIC. Visit www.renmoney.com for more information

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 Renflex account?

You can save on the website or directly your mobile app by following these simple steps

Login to your account
Click on the “Save” tab on your dashboard
Select the “Renflex” option and follow the steps to complete the process.

What is your interest rate on your savings?

Product	Interest Rate
SmartGoal	16% per annum
RenFlex	16% per annum
RenVault	Up to 26% per annum

How much interest will I get if I save with Renmoney?

You can earn up to 26% per annum.

How does Renmoney calculate interest rates for Savings & Fixed Deposits?

The interest on your investment is calculated per annum and pro-rated to your selected tenure.

What does Renflex Savings Account offer?

Enjoy 16 percent interest rate
Save with ease every time
Save and withdraw anytime
Daily interest payout
Save and withdraw no penalties

What are the benefits of Renvault Savings Account?

Invest and earn up to 26 percent
You can earn your interest upfront
Your savings is insured by ndic
Live your dream with a high yield

Upfront Interest On RenVault

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?

When you invest in RenVault , you will be offered the option to either receive your interest now or at maturity. If you choose to receive your interest now your interest would be credited to your Renmoney account within 24 hours. Please note that when you choose this option and receive your interest upfront, your investment is locked till maturity and the exact amount you receive upfront is determined by the tenure you choose.

What are the benefits of receiving interest upfront?

Receiving interest upfront has several advantages. It provides you with immediate liquidity and cash flow, which you can use for various purposes, such as covering expenses, or enjoying the fruits of your investment without waiting for the investment term to end.

What types of investments are eligible for upfront interest?

The upfront interest feature is available for RenVault only.

How is the upfront interest amount calculated?

The upfront interest amount is calculated based on the principal amount of your investment and the agreed-upon interest rate.

What is the maximum investment amount for upfront interest products?

The maximum investment amount for a single investment is 5 million naira. However, you can have multiple investments

How do I access my upfront interest earnings?

Your upfront interest earnings will be deposited into your Renmoney account. You can access these earnings through the Mobile App or Web channel.

How long does it take to get my money when I liquidate my Investment?

Within 24hours, you'll receive your money shortly after you liquidate your investment.

Can I increase my investment whenever I want?

Yes, you can. You can add any amount at any time to your Renmoney account and Smart Goal. If you add more money to a Fixed Deposit, we will re-invest the sum of your old and new investment for the tenure you choose.

Can I liquidate before the end of my investment tenure?

Yes, you can. Depending on the plan you're on, some charges may apply. For example, a penal charge of 30% of the total accrued interest will be charged on Fixed Deposit that are liquidated before the tenure ends. We'll inform you of any charges when you make a liquidation request.

How safe is my Investment with Renmoney?

Your investment is safe with Renmoney. We are regulated by the Central Bank of Nigeria (CBN) and insured by Nigeria Deposit Insurance Corporation (NDIC). We have a highly skilled team and a 100% payout rate on investments.

What if I have an enquiry or complaint concerning my investment?

Please send an email to [email protected] and we'll take it from there

How do I delete my account?

We can deactivate your account and render it inactive, but we’ll not be able to delete your details from the system (if you’ve used any of our products) as the CBN mandates we keep such details for audit purposes.

Payments and Transfers

How do I make a transfer?

On your dashboard, click on the “Send money” tab. Select your preferred transfer option and input the account details of the receiver.

Enter the “narration” then you input your transaction pin to complete the process!

How do I repay my loan?

Your loan is scheduled to be debited automatically on your due repayment date. However, if you’d like to repay manually, you can use any of the repayment options below;

Pay directly into your Renmoney account number and send an email to [email protected] with an instruction to debit your savings account and credit your loan account.
Pay into any of our alternate repayment account details below:
- GTB: 0120829621
- Polaris Bank: 1771340451

How do I buy airtime?

On your dashboard, click on the “Airtime, Data & Bills” tab. Select your preferred network provider and input your mobile number. Select/Input the amount you’d like to recharge and then input your transaction pin to complete the purchase!

How do I liquidate my matured deposit?

When you login to your profile, click on your fixed deposit account profile. Select the matured account you’d like to withdraw from, then click on the “withdraw” option. Follow the steps that pop-up and then input your transaction pin upon request. Your funds will be sent to your Renmoney account after which you then transfer to your preferred commercial bank.