Welcome, Today we’ll be discussing On How to deactivate, close or delete Renmoney Account.
Renmoney is a popular digital lending platform in Nigeria offering quick loans. With over 500,000 app downloads, they provide easy access to financing. However, you may no longer need their service and wish to deactivate or delete your Renmoney account.
This comprehensive guide provides step-by-step instructions on how to easily close your Renmoney account temporarily or permanently via the app or website.
Renmoney, owned by Renmoney MFB, launched in Nigeria in 2016 as an instant lending platform. They offer collateral-free loans, bill payments, funds transfers and other services.
While Renmoney makes accessing loans convenient, excessive borrowing can be detrimental. When you no longer require their service, you can deactivate your account for a break or delete it permanently.
This guide covers how to temporarily or permanently close your Renmoney account using the app or website. We also answer common questions around Renmoney account closure.
Reasons to Deactivate or Close Renmoney Account
Here are some reasons you may want to deactivate or delete your Renmoney account:
- You no longer require loans from Renmoney
- You want to limit over borrowing
- You are struggling to repay active loans
- You don’t use their other services frequently now
- You want to stop receiving promotional communication
- You have security concerns about the app
- You are closing the bank account linked to Renmoney
As your financial needs change, re-evaluating lending apps is prudent. Deactivation offers a temporary break while account deletion provides complete closure.
How to Temporarily Deactivate Renmoney Account
Follow these simple steps to temporarily deactivate your Renmoney account:
- Open the Renmoney app and go to Profile > Settings
- Tap on ‘Deactivate Account’
- Enter your registered phone number and account PIN
- Read the prompt and confirm deactivation
- Your account will now be deactivated temporarily
This easy self-service option lets you instantly deactivate your Renmoney account for a break from their services.
How to Permanently Delete Renmoney Account
To permanently close your Renmoney account, follow these steps:
- Open Renmoney app and go to Profile > Settings
- Tap on ‘Close Account’ option
- Enter your registered mobile number and account PIN
- Select reason for closure from options
- Read prompt and confirm account closure
Once confirmed, your Renmoney account will be immediately and permanently deleted with no option to restore.
Closing Renmoney Account via Website
Apart from the app, you can also deactivate or delete your Renmoney account using their website:
- Go to Renmoney website and login to your account
- Under ‘Settings’ select ‘Deactivate Account’ or ‘Close Account’
- Enter registered phone number and account PIN
- Read the prompt and confirm deactivation or closure
This allows you to conveniently close access to your Renmoney account via web browser as well.
Important Notes Before Closing Renmoney Account
Before closing your Renmoney account, please note:
- Clear any pending loan dues first
- Withdraw available account balance to bank account
- Auto payments set up will be discontinued
- Credit history with Renmoney will be retained
- Deactivated account can be easily reactivated
- Deleted account cannot be restored – closure is permanent
Completing pending transactions and repayments is crucial before closure. While deactivation is temporary, account deletion is permanent.
Benefits of Closing Renmoney Account
Here are some benefits of deactivating or deleting your Renmoney account:
- Control overborrowing – No access to new loans helps prevent debt traps
- Enhanced security – Account closure eliminates risks of misuse or theft
- No promotions – Deactivation stops promotional emails and messages
- Peace of mind – Account deletion provides relief if you no longer want their services
- Financial prudence – Closure enables more mindful management of debts and borrowing
As your financial circumstances evolve, closing lending accounts that no longer suit your needs gives you more conscious control over debts.
Tips for Closing Renmoney Account Securely
Use these tips when deactivating or deleting your Renmoney account for better security:
- Never share account closure details or OTP with anyone
- Delete Renmoney app from your phone after account closure
- Clear browsing data if you closed account online
- Avoid using public networks during closure process
- Change passwords for associated accounts as a precaution
- Keep deactivate/delete confirmation communication
Taking these measures ensures your Renmoney account closure is safe, smooth and permanent.
FAQs On How to deactivate, close or delete Renmoney Account
1. How do I temporarily disable my Renmoney account?
You can easily temporarily deactivate your Renmoney account through the app or website under account settings. This allows future reactivation.
2. What happens when I permanently delete my Renmoney account?
Permanent account deletion terminates your Renmoney account fully and removes all associated data. The closure is irreversible.
3. Can I retrieve my closed Renmoney account?
No, there is no way to retrieve or restore a Renmoney account after permanent deletion either by you or by Renmoney.
4. Do I need to clear outstanding loans before closing my account?
Yes, you need to repay any active or overdue loans first before being allowed to close your Renmoney account.
5. How long does it take to deactivate or delete a Renmoney account?
Deactivation or deletion is an instant process after identity verification. Your account gets closed immediately.
6. Will closing my account impact my credit score?
No, deactivating or deleting your Renmoney account does not directly affect your overall credit profile or history.
7. Can I reactivate a deactivated account later?
Yes, you can easily reactivate a temporarily deactivated Renmoney account anytime through the app or website.
8. Is there a reactivation fee?
No, Renmoney does not charge any fee to reactivate a deactivated account.
9. How is permanent account deletion different from deactivation?
Deactivation is temporary – account can be reactivated. Deletion is permanent – account is closed forever and cannot be restored.
10. Will my data be deleted if I close my account?
For deactivated accounts, data is retained allowing reactivation. For deleted accounts, all personal data is erased permanently.
11. Can I still access my account if deactivated?
No, deactivating your account blocks all access temporarily until you reactivate it again.
Read more: finance how to close delete or deactivate your naira loan account easily
Conclusion
As we have seen, closing your Renmoney account is quick and straightforward whether you want temporary deactivation or permanent deletion. Just access the in-app or website settings to select account closure option.
Make sure to clear any pending dues, withdraw account balances, and take security precautions during the process. Deactivated accounts can be easily reactivated if needed in future.
However, deleted Renmoney accounts are permanently terminated with no option to restore or retrieve data. As your borrowing needs evolve, you have full control to close your Renmoney account following the simple guided steps.
Renmoney’s intuitive account closure procedures allow seamless exit from their services when required. Whether you need a temporary break or want to delete your account forever, the self-service deactivation and deletion options put you in control.
So don’t hesitate to close your Renmoney account if you feel you no longer need it. Just follow the outlined app/website process to swiftly and securely deactivate or delete your account and move on financially.
After reading this article now you know How to deactivate, close or delete Renmoney Account.
