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Before Applying For Renmoney Loan, Read This!

Renmoney loan
Written by LynkUPP

So you have heard about Renmoney loan and Renmoney app, and you feel like downloading the Renmoney loan app and applying for a loan, right? While there is nothing wrong with going ahead with that plan, I will advise you to first of all pause and read this article before you apply for that Renmoney loan.

What is Renmoney? Renmoney is a financial company that specializes in giving loans to individuals who need instant loans, either for personal use or for business expansion. They use a very simple metric to evaluate customers inorder to ascertain their eligibility for loan offers.

The company claims to disburse loans to applicants within 24 hours, but the reviews on google playstore clearly states the opposite.

Requirements For Getting Renmoney Loan.

Before we proceed, let’s quickly examine the requirements for getting Renmoney loan. Compared to commercial and Microfinance banks standards, Renmoney loan application process is very easy and straight froward. All you need to do is download the Renmoney loan app, enter your name, email address, Bvn, and phone number. You will be asked to provide other additional information as your employment status, whether self-employed or in paid employment, your monthly salary, next of kin, etc. 

The Renmoney platform also has a calculator known as Renmoney Loan calculator which helps you know in advance just how much you are eligible for. But whether Renmoney actually disburses the exact amount to applicants is a story for another day.

With the proliferation of loan apps in the Nigerian financial scene, it sometimes can be very hard to differentiate the genuine ones from the fake ones out there. You can check out this list of fake loan apps in Nigeria and do everything in your power to stay away from them, as using them will make your life very miserable.

There has been a lot of outcry against Renmoney, both on social media platforms and on google playstore where their loan app is published. 

The customer’s complaints against Renmoney is vast: while some complained about their inability to log into their app, others complained about the length of time it took for their loans to be disbursed. Yet others complained about their high interest rate, and many others cried out against their poor customer service.

Below are some of the reviews by aggrieved and dissatisfied customers:

‘Horrible experience so far. I registered and applied for a loan but was rejected. I didn’t think much of it but decided to save some money on the app for emergency situations, only for me to be blocked from the app even when I entered the right log in details and also used biometric option. To worsen it, my security question has changed automatically. I’ve sent emails and created a complaint ticket but no response. Kindly sort this out so I can collect my money in peace’ – Ramsey Kings

Bad customer service. I applied for a loan. I received a mail for the Loan offer letter. I have not been credited till now. Calling their customer care line is another frustrating thing, an agent would pick up the call and end it forgetting that I am been charged for the call. I sent a mail, no response till date. You spend whole lot of money for advertisement. Yeah! You got the customers but you can’t keep them because the focus is unimportant thing. App flexibility is zero’ – Angela Etugbo

‘I had the worst customer experience ever. It surprises me that a company that spends so much on advertising can be so poor. Agents will hang up and not call you call. When u repay a loan, it takes about 3 days to clear from their system. When you reapply, you will get transferred to a returning customer line – no one will answer the phone. I’ve tried for days. They will take your number and don’t call back. It’s bad…overall I won’t recommend…its bad. No one can say this company is good.’ – Ola Adigun

‘A terrible experience and poor banking service! Imagine on a loan application for over 2 weeks when u have submitted all required documents except for a bank statement that they keep telling me it didn’t upload where as d uploading is always successful at my end and it’s clearly stated that u get d facility in 24 hrs!’ – Shola Awelewa

‘This is one of the most useless apps i have come across. The interest rate is too high yet i paid a week before the due date and i was debited twice. No number to call. Customer care chat doesn’t work. Avoid it likeba plague. Please kindly refund my money back. Thank you’ – Nuhu Haruna

‘App is useless & can’t b reliable especially in times of need, what’s d best 4 anything (when u NEED it). I’ve applied 4 loan at several times with constant rejection, so what use is a loan platform when u need money & it keeps rejecting ur application: just imagine an emergency situation, no this app can’t b rely upon. USELESS APP; I’ve been applying 4 loans 4 months now. It seems like I’ll have 2 delete this app from my phone’ – Paul Jay

Those are just a few of the negative reviews on the google play store about the Renmoney loan app. There are a handful of positive reviews about the app, but they are lost in the sea of the negative reviews.

Renmoney might eventually become a good and dependable loan app if the owners will take into consideration the grievances and complaints from their customers. But until then, we are just watching.

Incase you missed the post on the list of fake loan apps in Nigeria, go over here to read up on it. 

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