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high-interest rates on Fixed Deposits & Savings. Our business is regulated by the CBN and Savings & Fixed Deposits are insured by NDIC.
Renmoney Loan Application Requirements
When you visit Renmoney loan website or one of their 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 Renmoney wants to know about you during this process.
Are you a real person?
We determine this by verifying the identification information you have provided during your application e.g. your ID card, BVN, etc. We request government-issued ID card such as driver’s licenses, voters card, international passports, or national ID cards (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.
How to get Renmoney loan best offer
When you want to buy something, you press for the best deal available in the market. Getting a Renmoney loan is no different; you have the power to decide the terms that are convenient for you and your finances.
You can choose and decide:
- How long to borrow for: Choose from a flexible duration of up to 3 to 12 months; you can negotiate 18 or 24 months on your next loan.
- How often to pay: Whether you get to make repayment monthly or weekly depends on you and why you’re taking the loan. Repayment for personal and micro-business loans are made monthly and weekly respectively.
- How much it’ll cost you: You see all the details about rates and repayment clearly stated in your loan offer. We’ll make you an offer once you complete your application.
Your cash flow Determines Loan Offer you get
One of the things we want to know before lending to you is if you can conveniently repay. 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.
Sharing your bank statement with us is online and convenient — all you need to do is log in to your banking platform. This process is safe and your information is secured with the best banking technology.
Your credit profile also has a role a play
Businesses want to know more about you and your financial behaviour before they trust you with money. Asides from banks and lending companies, some employers, insurance companies etc. may consider your credit profile/history to decide if they should offer you things like loans, credit cards, mortgages, insurance, etc.
They may also consider it when deciding loan terms (e.g. rate, tenure, etc.).
Renmoney team will 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.
Check Also; How to Apply For FairMoney Loan Online – www.fairmoney.io