RenMoney: Get Loan Credited In 24hrs – In the past, traditional banks in Nigeria have been beneficial in providing funding for loans to small and medium-sized enterprises (SMEs). Suppose you have a basic business plan, collateral security, bank statements to support your turnover requirement for the loan, a cash flow statement to determine liquidity, and feasibility studies to determine whether or not the business will be successful. In that case, it is almost certain that you will approve your loan request, with all other conditions remaining the same.
The Best No-Collateral Small and Medium-Sized Business Loans in Nigeria for 2022
During my more than 20 years of experience working as an accountant and financial consultant, I have personally been involved in the processing of several applications for loans. Suppose you have an averagely good relationship manager to ‘defend’ your request, and you satisfy what is typically referred to as the “3 Cs of credit,” which are Credit, Collateral, and Character. In that case, you have a good chance of having your loan request carried out. The risk, reputation, and availability of the borrower, the past payment history, the amount of capital readily available, and the amount of time required to complete and manage the transaction are typically evaluated by traditional banks. Modern lenders typically sum these up as the “3 Cs of credit,” which are Credit, Collateral, and Character. I know of a few business investors and entrepreneurs who have been able to broaden the scope and reach of their companies for the sole reason that they have been able to gain access to loans from commercial banks. This has allowed them to expand their businesses.
However, in the past four years, getting loans from any Nigerian bank, especially for small and medium-sized businesses (SMEs), has become difficult, if not impossible. Due to a lack of available funds, many individuals who possess workable concepts for new businesses have been unable to implement those concepts. In addition, many companies have been unable to expand due to the lack of support from financial institutions such as banks. Poor credit ratings, high default rates, and liquidity restrictions imposed on banks by the Central Bank of Nigeria (CBN) are some of the reasons that have been put forward to explain this phenomenon. It has also been found that most banks in Nigeria now consider government bonds to be more alluring and free of risk, and they choose to invest in these bonds rather than take the “risk” of extending loans to small and medium-sized businesses. You should note that more than 90 percent of jobs in Nigeria come from SMEs, and almost 50 percent of our GDP results from the same; consequently, abandoning this essential sector will limit the nation’s growth; however, that is a topic for another day.
The introduction of digital banking by Financial Technology companies (FINTEC) and the proliferation of many microfinance banks in Nigeria have, thankfully, altered the landscape of credit issuance to the benefit of small and medium-sized enterprises (SMEs) and have facilitated the execution of loans. A good number of these FINTECH companies and instant cash digital lending apps have been able to offer very short-term loans (those with twelve months or less) to small businesses and salary advances to people who earn salaries. Most of the time, small businesses, SMEs, and individuals can access these digital loans within a brief period, with some boasting that they can do so within a few hours. This is possible with a relatively good credit rating but does not require collateral security. Even though it seems like and makes sense that the interest rate will be higher, the timing, documentation, and processes are significantly simplified.
How Did Everything Get Started With the RenMoney 24-Hour SME Loan?
RenMoney is one of these FINTEC digital lenders and Microfinance banks in Nigeria that is growing at one of the fastest rates. RenMoney was initially founded as RenMoney MFB Limited in the year 2012. (formerly RenCredit). Its specialty is in the provision of straightforward solutions to monetary matters. Their last name, RenCredit MFB Limited, was changed to RenMoney MFB Limited in December of 2013, which is the name they are known by today. The company operates under a microfinance banking license in Lagos, Nigeria, to make short-term loans to individuals, small and medium-sized businesses, and other small entities.
Applications are typically submitted directly through the company’s website, contact center, agent network, or one of their many branches in Lagos, or indirectly through the company’s loan app. RenMoney is not only supervised by the Central Bank of Nigeria (CBN) and guaranteed by the National Deposit Insurance Corporation (NDIC), but it also provides the most competitive interest rates for fixed deposits and savings accounts. According to the Microfinance bank, it has provided over 240,000 loans to citizens of Nigeria and facilitated the growth of over 10,000 small businesses across the country.
The digital lender asserts that it can provide quick and instant loans of up to N6,000,000,000 in just 24 hours. RenMoney continues by saying, “We can execute loan processing in less than 24 hours if all documentations are ready and submitted.” The bank explains that it operates through a three-step process. 1. 1. Completion of an application form available online 2. The uploading of a government-issued identification card, a proof of address document, and a bank statement are required. 3. If the request is accepted, payment will be received within the next day.
Is RenMoney Capable Of Meeting Its 24 Hours Small And Medium-Sized Enterprise Loan Claim?
The repayment schedule for RenMoney is typically spread out over a year. In addition, the financial institution asserts that its application procedures for loans are lightning-quick, uncomplicated, and hassle-free and do not require collateral or a guarantor while still ensuring competitive interest rates. However, comments and feedback from customers and end users who have applied for their loans indicate that some of these enticing aspects may not be entirely accurate. It also appears that the organization has not been able to match the flurry of SME loan requests resulting from their massive publicity with output. Many customers have one or few complaints about the slow process of their loan. In some cases, they believe the bank is not genuine. This is another indication that the organization has not been able to match output with the flurry of SMEs loan requests that have resulted as
What Do Customers And Users Say About The RenMoney 24 Hours Small And Medium-Sized Business Loan Claim?
The Customer exposes the Myth About the RenMoney 24 Hours SME Loan.
Chigozie Aguolu, a young Nigerian in Lagos, claims that RenMoney makes customers wait for their credit and that the company’s advertising does not accurately reflect their actual position. He is presently having problems with RenMoney because their claim that they can ‘execute your loan request’ within 24 hours is, unfortunately, not valid.
Listen to what he says: “They claim you get your credit alert on or before 24 hours, but it’s just not true. The customer service is just inconsiderate and, in some cases, ill-mannered. They have no regard for their Customer’s time, and once the loan has been applied for and the payment mandate has been placed on your account, they stop communicating with you… As they advertise, credit is not provided within twenty-four hours, and their interest rates are quite high. I currently have a loan that has not been credited to my account, and there is a payment mandate placed on my account.”
Lagos Customer Claims That RenMoney Is Not Real
Innocent Abutu, a laborer and salary earner who resides in Lagos, is under the impression that Renmoney is a hoax. He stated that the organization would collect your details, and once the requirements are met, they will go mute even though they claim to offer a deal rate for 24 hours. He claims that renown is not a real currency. They are gathering information about you. After you have satisfied their requirement, they will become silent. In my opinion, they do not have the financial wherewithal to cater to the requirements of their clients. I was able to satisfy their requirement for a particular sum of money as a loan to cover an unexpected expense; however, the only thing I was given was a phone call and nothing else. If you call customer service, the representatives will ask you for your information once more and request that you generate a bank statement, but after that, nothing will happen. My impression of RenMoney is that they do not have sufficient capital to fulfill the loan requests made by their customers.
RenMoney, the Worst Digital Lender for Small and Medium-Sized Business Customers
Grapevine Consult, which owns a small and medium-sized enterprise (SME) in Lagos, believes RenMoney to be the worst lender available. The company’s proprietor asserts, “I applied for a small business loan in the amount of N500,000.” First, I had to wait for days to get the loan approved, and then I figured out that I’ll have to pay an interest of over 300,000 – that’s over a 50 percent difference between what they advertised and what the actual interest rate was. Over 80,000 Naira will be the total cost to me. That’s not the end of it. You deposited the money into my account on the 12th, and the first installment of the loan was to be paid back on the first of the following month. Now tell me how they expect me to make approximately 100,000 dollars in 18 days. The efforts that you made to have the loan reviewed were utterly fruitless. I will never again make use of them. I’d much rather go with one of their rivals who has a significantly lower rate of interest and a repayment plan that is more flexible.”
Customers can still get loans quickly and easily through RenMoney.
Ezenwoke, on the other hand, believes that RenMoney can still provide convenient and speedy loans whenever required. He says he will recommend the organization to any Nigerian looking for a loan you can obtain quickly and immediately.
RenMoney Processing is Real and Useful for Small and Medium-Sized Businesses Loan – Customer
According to Ojulari Moshood, the processing of loan applications by RenMoney is authentic and genuine and can be of great assistance; however, their procedures take too long and can take as long as several days. The following are his exact words: “Even though getting a loan from you guys saves lives and all, your loan processing is way too slow.” “You guys are just way too slow,” he continues. “I mean, what is the purpose of getting a loan when it will be ready after the purpose of the loan has gone?”
Information on how to get in touch with RenMoney in Nigeria
The main office of RenMoney can be found at 89 Awolowo Road, in the Ikoyi neighborhood of Lagos. Additionally, they have offices in the cities of Surulere, Opebi, and Okota. When you invest your money with the company, you are eligible to receive an interest rate of up to 17 percent. It brags that it has more than 140,000 customers and has provided loans totaling over N50 billion since it was founded.
How Do I Apply For A RenMoney 24 Hours Small And Medium-Sized Business Loan?
If you click this link, it’ll take you to the Google Play Store, where you can download the RenMoney app. and submit an application for their “24-hour loan.”