Welcome today we’ll talk about How to borrow money from Renmoney – Renmoney Loan USSD Code.
Renmoney is a popular finance company in Nigeria that offers quick, convenient loans. Many Nigerians use Renmoney when they need to borrow money quickly through their easy USSD loan code. Here is a guide on how to borrow from Renmoney using their USSD code.
Renmoney first launched in Nigeria in 2016 and has grown to become one of the largest lending companies. They simplify lending by utilizing technology and offer loans from ₦3,000 to ₦150,000.
Benefits of Borrowing from Renmoney
Key benefits of getting a Renmoney loan include:
- Fast approval decision within hours
- Receive loan disbursement quickly
- Flexible repayment terms of up to 12 months
- Competitive interest rates
- No need for collateral
Renmoney can increase the scope of its services as the offers available are still localised to some parts of Nigeria and not everywhere in the country. This is a major area that needs improvement as every Nigerian needs access to the services on offer by Renmoney.
The minimum loan amount for Renmoney can be reduced as most of the loan packages from competitors have lesser minimum limits that allow Nigerians to take advantage of it.
Eligibility Criteria
To qualify for a Renmoney loan you must:
- Be a Nigerian resident aged 18-55 years
- Have a personal bank account and valid ID
- Have verifiable source of income
- Provide personal details like employment info
- Agree to credit checks and affordability assessment
Some simple pros are:
- No collateral or guarantors required
- Fast loan processing times
- Convenient repayment schemes
Some simple cons are:
- High minimum loan amount (₦50,000 NGN) as compared to other lenders with similar packages
- Loans are only available to Nigerians in selected cities in Nigeria
- Loan offers are primarily dictated by Renmoney
Steps to Borrow Money from Renmoney
You can borrow from Renmoney through their USSD code using these simple steps:
- Dial *9393*60# on your mobile phone to access the Renmoney loan USSD portal
- Follow menu prompts to enter your BVN number
- Input your loan amount needed and preferred tenor
- Provide additional personal information as requested
- Receive and enter the OTP sent to your mobile number
- Await decision on approval and potential disbursement
USSD Code Details
- USSD code is:*723*73001#
- Works on all networks – MTN, Glo, Airtel, 9Mobile
- Provides direct access to apply for Renmoney loan
- Easy steps prompting for required information
- Check loan eligibility without needing internet
Other Ways to Apply for Loan
Aside from USSD, you can also borrow from Renmoney by:
- Downloading Renmoney app on your smartphone
- Visiting website www.renmoney.com to apply online
- Calling customer support or visiting branch locations
Tips for Getting a Renmoney Loan
Helpful tips when borrowing from Renmoney:
- Apply only what you can afford to repay
- Provide accurate personal and employment details
- Have required documents ready like ID, payslips, etc
- Pick comfortable repayment duration you can manage
- Build good credit rating by repaying on schedule
FAQS About How to borrow money from Renmoney – Renmoney Loan USSD Code
What is the maximum loan amount?
Renmoney offers loans between ₦3,000 to ₦150,000 based on applicant eligibility.
How quickly is the loan disbursed?
Loan disbursement is usually between a few hours to 3 business days once approved.
What costs or fees are involved?
Renmoney charges an interest rate plus administrative fees. Total costs disclosed before loan approval.
Can the loan tenure be increased later?
Yes you can request to increase loan repayment tenure if having difficulty paying on originally agreed schedule.
How do I pay my Renmoney loan?
Repayment done automatically by direct debit from your bank account on scheduled due dates.
What if I miss my payment date?
Contact Renmoney immediately if unable to pay on your repayment due date to avoid late fees or penalties.
Can the loan be repaid early?
Yes, Renmoney allows for early repayment without penalties. Just notify them beforehand.
How can I check my loan balance?
Login to your Renmoney account on website or app to check outstanding amount and other loan details.
Is collateral required for the loan?
No collateral required. Renmoney offers unsecured loans.
Can I apply again after repaying loan?
Yes, you can apply for another loan after successfully repaying existing loan so long as you remain eligible.
Is there a penalty for early closure?
None, you will only need to repay the outstanding principal plus any interest accrued till closure date.
Will my credit rating be affected?
Loan activity with Renmoney and your repayment track record will impact your overall credit profile.
Can I use USSD menu in any language?
Currently, Renmoney’s USSD menu and prompts are only available in English language.
Conclusion
Renmoney offers a convenient way for Nigerians to access short-term personal loans by dialing *9393*60# USSD code. This allows you to borrow between ₦3k to ₦150k without collateral through fast mobile phone-based application.
Ensure you only apply for what’s affordable, provide accurate details, and repay on time to maintain good credit.
Renmoney loans can provide needed funds for personal or family needs, unexpected expenses, urgent bills, or opportunities.
With responsible borrowing and repayment, their quick loan facility can provide a useful financing option for Nigerians requiring temporary access to money.
After reading this article now you know How to borrow money from Renmoney – Renmoney Loan USSD Code.
