News Update

10/recent/ticker-posts

Header Ads Widget

Renmoney: Loan App Awful, Keeps Crashing — Customers Share Frustrating Experiences By Femi Adeoya.

The team.

Renmoney is one of the most popular, and arguably also one of the top 30 best loan apps and digital lending organizations in Nigeria. However according to this special review by MONEY CABAL, customers and users of the digital lender do not agree with public opinion and argue that the organization is overrated and its app works very slowly, frustrating and its loan do not execute in 24 hours s claimed.

Renmoney is arguably one of the leading loan apps and fastest growing Microfinance banks in Nigeria. The digital lender was established in 2012 as RenMoney MFB Limited (formerly RenCredit).

[caption id="attachment_4317" align="alignnone" width="450"]

How Renmoney Started?

In December 2013, RenCredit MFB Limited was re-branded to RenMoney MFB Limited – the name by which they are now called. The company operates under a microfinance banking license in Lagos, Nigeria, providing quick loans to individuals, SMEs and small businesses.

Renmoney's expertise is in the provision of digital loans without collateral, guarantor and minimal documentation among other simple money solutions it offers. With the loan app, you can unlock loans of up to ₦6,000,000, earn great interest on your savings, pay bills, buy airtime & make payments - all on your Renmoney app.

Whether you're employed or run your own business, the loan app and micro-finance bank says you can get a loan conveniently. Just share some information with us, we'll give you a decision and if your loan is approved, you'll get money in your bank account very quickly.

The loan platform makes the following claims on their website, "We're a fintech offering digital anking solutions in Nigeria. We provide loans of up to ₦6,000,000, great interest on your savings, bill ayments, airtime & money transfers via the Renmoney app. We operate with a microfinance banking license, regulated by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC).

Features Of Renmoney Loans - If you pay on time, you get lower rates and longer time to repay on your next loan, - No paperwork, collateral or guarantor needed - No hidden charges, you always see your loan terms before you commit - Minimum loan repayment period is 3 months - Maximum loan repayment period is 12 months

Applications are usually done directly either through their website, contact center, agent network and branches all over Lagos or indirectly online through their loan app.. RenMoney claims it has given out over 240,000 loans to Nigerians and empowered over 10,000 small businesses nationwide.

The digital lender claims to provide quick and instant 24 hour loan of up to N6,000,000. RenMoney further says: "If all documentations are ready and submitted, we can execute loan rocessing in less than 24 hours". According to the bank, it works through 3-pronged process. 1. Completion of an online application form 2. Uploading of Government approved ID Card, proof of address and bank statements. 3. Receipt of money within 24 hours, if approved.

Renmoney Customer information security and privacy

The Renmoney app has been developed using the best security and privacy standards to ensure absolute data security. When you download the Renmoney App, we will ask for your permission to verify your personal and financial information. Our app is secure to use, and we will not share your information with third parties without your consent.

Is RenMoney Able To Meet Up  With Its 24 Hours SMEs Loan Claim?

RenMoney repayments are flexible usually spread over 12 months. The organization also claims that its loan processes are fast, simple and convenient requiring no collateral or guarantor while guaranteeing competitive interest rates. However it would seem Renmoney is unable to provide capacity to meet its flurry of customer loan demands from the massive publicity it invests in. Customers say Renmoney 24 hour loan turnover claim is not true.

Damning Feedbacks And Reviews From Renmoney Customers And Users

[caption id="attachment_4320" align="alignnone" width="450"]

Whether you're employed or run your own business, the loan app and micro-finance bank says you can get a loan conveniently. Just share some information with us, we'll give you a decision and if your loan is approved, you'll get money in your bank account very quickly.

The loan platform makes the following claims on their website, "We're a fintech offering digital banking solutions in Nigeria. We provide loans of up to ₦6,000,000, great interest on your savings, bill payments, airtime & money transfers via the Renmoney app. We operate with a microfinance banking license, regulated by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC).

Features Of Renmoney Loans

Renmoney Application And Loan Processing

Applications are usually done directly either through their website, contact center, agent network and branches all over Lagos or indirectly online through their loan app.. RenMoney claims it has given out over 240,000 loans to Nigerians and empowered over 10,000 small businesses nationwide.

The digital lender claims to provide quick and instant 24 hour loan of up to N6,000,000. RenMoney further says: "If all documentations are ready and submitted, we can execute loan processing in less than 24 hours". According to the bank, it works through 3-pronged process. 1. Completion of an online application form 2. Uploading of Government approved ID Card, proof of address and bank statements. 3. Receipt of money within 24 hours, if approved.

Renmoney Customer information security and privacy

The Renmoney app has been developed using the best security and privacy standards to ensure absolute data security. When you download the Renmoney App, we will ask for your permission to verify your personal and financial information. Our app is secure to use, and we will not share your information with third parties without your consent.

Is RenMoney Able To Meet Up  With Its 24 Hours SMEs Loan Claim?

RenMoney repayments are flexible usually spread over 12 months. The organization also claims that its loan processes are fast, simple and convenient requiring no collateral or guarantor while guaranteeing competitive interest rates. However it would seem Renmoney is unable to provide capacity to meet its flurry of customer loan demands from the massive publicity it invests in. Customers say Renmoney 24 hour loan turnover claim is not true.

Damning Feedbacks And Reviews From Renmoney Customers And Users

[caption id="attachment_4320" align="alignnone" width="450"]
 

Post a Comment

0 Comments