RenMoney Loans App, Interest Rate: All You Need to Know

Renmoney is a consumer finance organization that was founded in Lagos in 2012 under a microfinance banking license providing simple finance solutions. Renmoney was formerly known as Rencredit before it was changed in 2013 and has since then been widely known as RenMoney.


If you are very conversant with the new trends on the internet, then there is a probability that you have heard of RenMoney.
RenMoney loan app enables you to get a loan of up to 4 million naira from the platform. Other than RenMoney, we have other loan apps like Kwik money that are hitting it well in the financial technology.

Read also : Perfect Money in Nigeria
So let get into details of what RenMoney has to offer.’

What is RenMoney?

Renmoney is a fintech company that specializes in loaning money to its users under a microfinance banking license in Lagos, Nigeria. It is widely known for giving out loans in Nigeria without a collateral and  a guarantor.

RenMoney makes the getting of loans simple and easy enough for you to get it within 24 hours of application.

Other than lending of loans, Renmoney also offers an investment service that enables individuals and small business owners to invest and get an annual interest over their capital investment.

RenMoney is not the only app loaning money to people, there are other FINTECH companies like Kwik money,  whose main business is giving out loans on a basis to people.

So this means that you can be assured of getting loans online without having to turn to your local bank.

Read also - How to Make Money Online in Nigeria

RenMoney has been in existence since 2012 and has been providing loans to individuals and business owners. And up to date, RenMoney claims to have given out over 200,000 loans to individuals and entrepreneurs.

The FINTECH industry is ever growing and there has been talk in the industry with statistics showing how well the financial technology industry is kicking the banking industry very well.
So we should not be surprised at that presence of more companies like Renmoney, Kwikmoney, coming out in large numbers.

In order to obtain loans from RenMoney, you need to meetup with their requirements to be eligible for the program.

Who is RenMoney for?

RenMoney is for individuals and small business owners in need of loans from N50,000 to 4 million naira. 

Requirements for RenMoney Loans

Though I have stated above that to obtain RenMoney loan, you do not require a collateral, there are still some requirements that qualifies you for a loan.
Below are the requirements that qualifies you for a loan

• You must have an active bank account with any commercial bank in Nigeria
• You must have a well-paying job or a sustainable business
• You should be between 22 and 59 years
• You should be able to verify your monthly salary with your company
• Your credit report Bureau report should be clean
• You should be able to provide statement of your bank account for up to six months. There should be no issues of returned cheque.
• You should be able to provide a recent passport photo
• You must make sure you have a staff identity from where you work
• Have a tax or pension identification
• Must have a valid ID that can prove your identity
• You must need a letter from the human resource of your company
• You should be able to present utility bills
• Reside and work or do business in Lagos

How do I get a RenMoney Loan?

Okay here is the deal point. So how do you get a loan from RenMoney?

Visit RenMOney Website

You can obtain your loans by filling out a form on RenMoney website. The website also contains other necessary information to guide you.

Fill in the Application Form

On the website sign up page, you will find an application form to fill for the collection of loans

Upload Necessary Documents

After filling your necessary information, you will need to upload your ID, proof of address (NePa bill, or other things), bank statement.

Submit

Upon submitting your application form, all you need to do is wait for your loans which gets to you within 24 hours.

2ND Method

The other method is that you go to any of RenMoney branch and source out your loan instead of applying online. And if you are applying manually, you will need to go with your necessary documents like ID card, proof of address, etc.

RenMoney Interest Rate

Ren Money offers an interest rate up to 35.76% for a full year repayment and is lesser if you are paying your loan back in 6 months or lesser.
With the interest rate, it is clear that this is why Ren Money offers an unsecured loan in exchange, they have a bit higher interest rate compared to other local banks.
That being said, the loan term for RenMoney is between 1 month to 12 months (a year)

Pros and Cons of RenMoney

Pros

• Getting of loans is easy
• Does not require a collateral
• You can get up to 6 million naira in loan
• 24hours loan provision

Cons

• It is limited to Lagosians (people who live in Live or work in Lagos)
• Poor customer system
• High loan interest rate (35.76%)

Who Uses and Recommends RenMoney?

RenMoney has gotten the trust and support of other big companies like CNBC AFRICA, PUNCH, VANGUARD, TheGuardian, and TechPoint.ng and Ventures.

There are a good number of individuals that make use of RenMoney.

Repayment of Loans

RenMoney offers a simple way to repay back loans whenever due or even before its due. You can choose to payback in a month or two and you can also extend your payback to as long as 12 months (which is the limit).

To payback you make use of the Quickteller portal to make payment back to the system.
Other methods of repayment

1.    Cash deposit or transfer into any of the designated Renmoney accounts (GTBank and Polaris bank). The bank account can be found on the website.

2.    Pay back through Paystack. Click here to payback.

3.    You can also pay back by cheque, if the loan is large.

RenMoney FAQs

How Long Does it Take to Process a Loan?

Your loan process can be completed and your loan given to you within 24 hours provided all documents are valid and presented on application

What Documents do You Need to Apply for a Loan?

You need your bank statement, a government issued ID card and utility bill (this is optional)

Does RenMoney Require your BVN?

Yes. This is a CBN policy applicable to financial institutions as part of KYC requirements.

Don’t leave yet.

Other than provision of non-collateral loans, RenMoney also have an investment product which allows you to invest your money into their company and get an interest over your investment capital.

With the investment, you get to earn up to 13% per annum.
You can start investing as small as 50,000 naira upward.
They offer two investment plans for individuals and small business owners.

They offer the savings account and fixed account.

With the savings account, you get a 10% per annum interest over your savings. And with the Fixed account you get up to 17% per annum interest over your savings.

RenMoney has a calculator that enables you to calculate the interest for your capital investment and vice versa too the interest over your loans.

Download RenMoney Loan App 

Renmoney does not have an app. We will update this when RenMoney launch their mobile app

Conclusion

Here we are at the end of RenMoney review. RenMoney is yet another fascinating FINTECH startup that is the way people obtain and source out loans for personal need or business needs.

Though RenMoney isn’t the best out there, they are ever growing and we can always expect better offers for the consumers and users.

That being said, have you used RenMoney before?
What was your experience using RenMoney?

How was their support system, loan obtaining process, and were you able to get your loan within 24 hours as they claim?

Drop a comment and let hear your view and experience with them. I will update this review with your own personal review.
So let keep the comment rolling.

PropellerAds Review: How to Make $500 Per Month Blogging

Propeller Ads is an ads network that allows you to make money from your website by displaying some ads.

It is one of the best AdSense alternatives that can complement your monthly income.

This is the second post I will be writing under the series of how to make money through ads network.

If you are willing to find out more on this, you can visit the link here.

Making money through ads has been so difficult due to the way many start their blog unprepared.

Some starting on a free platform, others seeking audience and not being able to convert them to email subscribers.

Converting your blog readers into email subscribers is very important, if you are willing to earn big.

I made that mistake while starting a blog that is why I have decided to help you with it.

After discovering that a lot of pro bloggers are over emphasizing the need to have an email subscriber list, I decided to find another way around it:

Ads Network
I started displaying ads from different ads network to increase my ads earnings.

The Result:

I had a positive reply using two ads network and I was able to make a reasonable earning.

Though this is nothing big compared to what others make but it only showed that it can always get better.

So, if you are looking for how to make money blogging, then I suggest you join an ads network; AdSense preferably or Propeller Ads, and start displaying ads.

In this post I will be discussing how you can join propeller ads and start making money from your blog if you haven’t.

I would also be giving answers to some frequently asked questions that can be bothering your mind.

P.S. I have not really used Propeller ads on my blog but have an account with them.

This post is based on other bloggers experience on the platform.

What Is Propeller Ads?

Propeller ads is an ads network that display direct ads, pop up ads, etc on your blog.

It is one of the best AdSense alternatives, if your application to AdSense was not accepted or you were banned from the program.

If you have been banned from Google AdSense program, then you can make a living from your blog by joining propeller ads program.

Propeller Ads program has various types of ads format you can display on your blog including Pop under ads, Native subscriptions and smart links.

How Does it work?

Propellerads is a Cost Per 1,000 Impressions ads network. You earn per every one thousand ads impression on your blog.

This is totally different from AdSense which is a cost-per-click ads network.

Propellerads display ads on your blog and pays you per 1,000 impressions on the ads daily. This implies that to join this ads network, your blog must receive more than 1,000 page views daily for better profit.

Your Propeller ads earning is dependent on other things other than your traffic: Your CPM, demographic of visitors, and niche.

CPM

Your propellerads matters a lot when it comes to your earnings. You can have a large number of daily page views and still earn less. This is totally due to your CPM.

Your CPM refers to the amount you earn per 1,000 ads impression on your blog. If you have a CPM of $2, this implies that you will make $2 of every 1,000 ads impression.

Having a blog with daily page views of 5,000 implies you will make an average of $10 per day from your blog and an estimate of $300 from your blog monthly.

This is actually small compared to your earning capacity on AdSense.

But you can always combine the two.

CPA

This refers to the cost-per-action. This is the amount you earn per action the user takes. The action could be email subscription or anything closer.

CPC

Propeller ads also display a mixture of CPC ads alongside CPM ads. This means that your ads revenue is also due to the cost-per-click of some ads.

eCPM

This is the average of all ads that has.

Ecpm is known as estimated cost per 1,000 impression.

Propeller Ads Type

Propellerads have different ads type that they support. Some of this ads type can help you earn more and some are poor for ads revenue.

According to some bloggers review on this, Propeller ads is not suitable for all type of blogs.

This is not saying you cannot monetise your blog with it. But only means that some blogs might not be able to make a reasonable amount on Propellerads.

But still there are some blogs that make it big time on propellerads.

It is just a matter of niche and demographics of visitors.

You are probably not new to this if you have used AdSense before.

But I would still play my part in sharing with you everything I know about setting up Propellerads on your blog.

So before moving to the ads type propellerads support, I would love to share with you the type of blogs suitable for Propellerads.

Blogs Suitable for Propellerads

Blogs suitable for Propellerads are blogs that say a agree to the following statement:

• Most of your blog readers are from USA, Britain, and other European countries.

• Your blog is in the technology niche, download niche, games, videos.

These are the major questions.

But the niche is not as important as the demographic of your visitors.

Blogs with majority of their visitors coming from Asia and Africa have a very low CPM which might be just too negligible except you have a large volume of visitors.

That is the only remedy.

Enough of all sweet talk about Propeller ads, how do you register an account with propeller ads:

How to Set Up Propellerads for your blog

To register a Propellerads account is very simple with little technical aspect which is verifying your domain ownership.

So follow the below step to register on Propellerads:

• Go to Propellerads sign up  page and register an account as a publisher.

• After you have signed up for a publisher account on Propellerads, visit the Propeller Ads dashboard in order to set it up.

• Click on site and under the site click on add new site.

How to Verify Domain Ownership on Propeller Ads

After submitting your application, the next step is to verify your domain of your blog.

So you need to add your domain name and verify your domain name using any of these two methods:

• Add a Verification tag to your website

To do this, you need to go to the html file of your website, and add the verification meta tag in between the Header tag.

That is how simple it is.

For bloggers, you will need to go to themes and add your verification tag in between the header tag.

After doing this, you can then verify this on Propeller ads platform.

• Upload the verification file to your root folder via FTP

After verifying your propellerads account, you can then start using propellerads fully.

Related: Perfect Money Review

Propellerads Ad Type

• Native Subscriptions

Native subscriptions is an ads type that pays you when user subscribe. You only earn on every successful subscriptions.

• Interstitials

This is an ads type that was specifically made to fit the mobile view but has recently been made responsible on desktop view.

• OnClick Pop Under Ads

These are ads that pops under a web page. This type of ads are the most revenue friendly. They have a high CPC and CPM.

They are mostly found on gaming sites, viral websites.

• Direct Ads

This is an ads type that warrants you to direct traffic to a link and you get paid doing so.

The source of traffic does not seem to count.

You can generate your traffic from social media, paid ads, directly from your blog and whatever traffic source you are good at implementing.

The joy of this is you can direct traffic from your facebook page, group and social media account to this link.

This means the amount of traffic your blog does not affect the amount you can earn so far you have a sound marketing knowledge of generating traffic from other sources.

Trust me - This might be the ads type you have been looking for.

• Video Ads

Video ads are ads type in form video. They have a very high CPM which makes them one of the best ads type.

But they do not work on all type of blogs.

They work best on entertainment blogs especially download and video websites.

How To Drive Traffic To Your Ads

The backbone of all online business is traffic.

So in order to earn big on Propeller ads you will need traffic. So the question is how do you generate traffic for your ads?

You can either generate organic traffic or paid traffic.

Generating organic traffic is not easy because it is free and very competitive.

Organic traffic are traffic from organic search, traffic from facebook page, group, etc.

But the truth about them is that generating organic traffic is not that easy at all.

And as a new blogger eager to earn money from Propeller ads network, the best thing you can turn to is Paid traffic.

But I want to earn not spend?

Yes I know that.

But the next way you can earn as fast as possible is to spend on paid traffic.

Imagine you spend $500 on running paid ads and make $2,000 from Propeller ads network?

That is $1,500 profit.

But it is not that easy.

If you are new to running paid ads, you might get something wrong while setting up your campaign.

That is why I suggest as a newbie you stick to organic traffic and try getting your hands on paid ads later on in your blogging journey.

Frequently Asked Questions

1. What is Minimum Pay Out on Propeller ads

Propeller ads minimum pay-out is $25.

This is interesting and more attractive compared to Google AdSense for newbies with low traffic.

So you only need to have a minimum of $25 in order to be able to cash out on Propeller ads.

This is another reason to give Propeller ads some thought.


If you are using Google AdSense, you might get tired of waiting to make your first $100 because that is their minimum pay-out.

So looking to make money as fast as possible; then opting for an ads network with low minimum pay-out will be a good option.

There are other ads networks with lower minimum pay-out like Popads, Infolinks, Viglinks, etc.

2. How Much Can I Earn?

This is a question new bloggers ask a lot.

Simple answer is – there is no limit to the amount you can earn on your blog.

Your earnings is only limited by your eCPM, traffic, and location of visitors.

These are the things that limit the amount you can earn on Propeller ads.

The more traffic you have, the more propeller ads revenue you make – simple as ABC.

3. How Much Traffic do I need to be approved on Propeller Ads

The truth is the amount of traffic your blog receive does not hinder you from getting rejected on Propeller ads network.

This means you can always be accepted with as little as 200 page views but that does not mean you will be able to earn anything worthwhile.

So to earn anything worthwhile, you must be ready to grow your daily visitors in order to earn something worthwhile.

Conclusion

Monetising a blog is a science more than an art. You need to keep experimenting in order to have a fill of what works for you.

Go ahead and test how propeller ads network on your blog and see if it is worth working with.

Nevertheless the principle still remains the same that the more traffic you have, the more money you can make per month.

It Over to You

Have you ever used this before?

What was your experience using Propeller ads network?

Continue the conversation from here on, so it over to you.

Perfect Money in Nigeria Review - All You Need to Know About

Perfect Money in Nigeria – Making Online Banking Easier

Perfect money is a financial technology company that serves as an internet payment company. Perfect Money is an app that has grown to become a system making transfer and buying of currencies online easier.

Perfect Money was started as far back as 2007, but just got a solid footprint in Nigeria in 2019.
Perfect Money (PM) has gotten its footprint in the Nigeria financial technology sector.  If you are very familiar with online shopping, you would have come across some difficulties in online payments.

One of which is the unavailability of a payment gateway system that supports payments with Nigerian MasterCard or local bank account.

This is one of the common difficulty being encountered. Perfect Money is an online payment company set out to solve this.

Other than Perfect Money, there are other payment gateway companies that have ventured earlier into the Nigerian FINTECH sector like FlutterWave, PayPorte, etc.

How Perfect Money Works?

 Perfect Money serves like a system (Internet wallet) that makes the transfer, payment of money to third party bodies.

You can make use of Perfect Money as a payment gateway when shopping online. Though this is not acceptable all over the world, but it is growing speedily in Nigeria.

With Perfect Money, you can transfer money to your friends, family, business partners, and clients.
This is just like what you enjoy when using Paga.

Most importantly, Perfect Money (PM) is a digital currency like bitcoins. You can buy and sell PM currency online. Though it is not as popular as bitcoin, but its is also making its own impact in its own universe.
So in one word, Perfect Money acts as a middle man.

What Can You Do With Perfect Money?

This is a good question. There is a good number of things you can do with Perfect Money.
You can perform money transfers between members
You can receive payments in various business projects in Internet
You can make regular payments in Internet
You can safely store money funds on electronic account and get monthly interests
You can also make payment for goods and services in Internet shops
You can buy Bitcoin, Gold Metal, USD and EUR currency online.

That is the list of the things you can do with Perfect Money.

Countries Supported by Perfect Money

Although Perfect Money has its footprint in Nigeria, it is not where the headquarters is located. Perfect Money has its presence in the following countries.

PM is popular in Iran, Vietnam, Nigeria, Pakistan, Russia, and to some extent in Japan.
PM there is no certainty in where Perfect Money evolved from. Sources have it that they seem to have some traces of origin in Russia.

What Currencies does Perfect Money Support?

Perfect Money supports the following currencies USD (United States Dolla), EUR (Euroes) GOLD, Bitcoin, etc.
If you are running an internet business then having PM digital currency could be a business saver when dealing with countries that do not accept Nigeria currency (Naira).

Looking to start an online business, I have contents to guide you.

Home Business Ideas in Nigeria

How to Make Money Blogging in Nigeria

Make Money Online in Nigeria

Since Perfect Money (PM) is a digital currency, Where to Buy Perfect Money in Nigeria?

To buy Perfect Money (PM), you can do this through the help of a Perfect Money Exchanger in Nigeria.  It is not difficult to locate a PM exchanger in Nigeria, because a good percentage of those that trade bitcoin also trade Perfect Money.

So it would be an easy search if you visit a bitcoin exchangers shop and check if they also sell perfect money (PM). Against the odds, I am 80% sure that you should be able to get a positive answer.
You will need to do a naira bank transfer to the exchanger in order to buy PM from the PM exchanger shop business account.

Just like I have said, the major concern is not finding a Perfect Money exchanger, but its finding the right and best fit for you.
Be careful of fraudsters that claim to be a PM exchanger while they are not.

PM does not seem to have a clear place where they evolved from which it means it might be a bit difficult to get your money refunded back, if the exchanger absconds with your money.

And a legal suit will likely be helpless in this case, there is nothing worthy of a legal proof in cases like this.
So before selecting the right PM exchanger, you need to be smart. You need to be sure that the

Perfect Money exchanger you want to work with has been in existence for long.
If it has been in existence for long, then you would know that he might not want to put his business on a risk by absconding with your money.

But if he recently just started, there is a possibility that he is only looking for people scam and close-up the  shop.

And in that case, only few people or nearly no one will have his contact in that community. Because he just recently started.

Another thing you need to look into is whether the Perfect Money exchanger shop is registered under the CAC.

If it is registered under the CAC, then you can rest assured that it is a legitimate business.
And another thing is that it would be easier to locate the business owner atleast.

A non-registered PM exchanger should  be a warning sign to you that its is dangerous to trade with business owners like that.

Remember in business, you need to know who you are trading with in order to have the best deal with that person.

Nowadays, many of the digital currency exchangers now have their business hub and activities being done on the internet.

So if you are planning to carry out all your business on the internet, then you must have taught about using any of the PM exchangers online.

Since they have websites where you can buy your PM currency, then you need to confirm if those sites are legit or not.

You can do this by searching for people who have used the website before on popular forums in your Nigeria. As for Nigerians, the best forum ever for things like this is Nairaland.
So searching Nairaland for people who have used the website before and asking about their experience.

But be warned that, if its only one person that has been writing positive reviews of the site; stay away from them. That one person could be the owner of the company you are talking about.

 How to Convert your PM Funds to Nigerian Naira Currency

If you are a business owner or freelancer that receives payment in PM currency, then you might be interested in knowing how to convert your PM funds to Nigerian Naira currency.
It is just the same way as buying Perfect Money (PM) digital currency.

Visit any digital currency shop in Nigeria and sell your PM currency to them in exchange for a Nigerian Naira currency.

Also take the same precaution as to when buying the PM funds.

How to Register Your Perfect Money Account

Before registering for a Perfect Money account, I need you to know that there are two types of account you can create.
You can either create a personal account or a business account.

A Personal account is intended for individuals while a business account is intended for businesses with a legal identity.
Besides that, both side of the account can be used for business activities.

Other than these two account types, there are two other account status that depends on the Perfect Money Administration. These other two are Premium Perfect Money Account and Partner.

I will discuss on this later on in this article.
Let’s continue with the registration of an account.

To register your Perfect Money Account, visit perfect money website. www.perfectmoney.is
Click on the sign up page on Perfect Money website at the top of the page and enter the necessary information.

If all your details are correct and legit, then you would be able to start using your accounts within 24 hours.
That is how simple creating an account with Perfect Money is.

Premium vs Partner Account

A premium account is an account with an exclusive offer and support. They are awarded once a user is a year old on the system or when a certain amount of transactions has been carried out on that account. Having a premium account opens you to some special treatment from Perfect Money support system and customer care unit.

You are being attended to with special treatment.
While a Partner account on the other side is a privilege account opened by a representative of a payment system.
To be approved as a premium account owner, you need to deposited 100, 000 usd, or your account must be 1 year old and above.

Frequently Asked Questions (FAQs) about Perfect Money

What is My Perfect Money Account Number?

To know your Perfect Money account number, please login to your account and you will see your account number at the  “My accounts” section. You should choose the correct account based on the currency used.

Can I get my Payment Back?

If by chance you made an excess payment to the Perfect Money system, it cannot be refunded or reversed. Any payment made into the PM system is irreversible.

How Can I send Money to a Mobile Phone?

To send money to a mobile phone, you need to specify the amount, the account you are transferring the money from and the mobile phone number of the receiver you are send the money to.
An e-Voucher code will be sent to the receiver which he/she will then activate for the money to show up at his/her end.

Why Do I Need to Exchange one Currency for Another?

The reason is very simple and it’s a business on its own. Exchanging of currency could enable you make profit from your money considering how fluctuating currencies are.

Currencies are very volatile and can easily rise or fall, so if you change your currency; you could be able to protect your money from dropping in value and also make some money on the side.

For example, you changed your currency to US dollars, and its value rises; then you would be able to make a profit when converting back to other currencies.

And another reason could be to make purchase online depending on the acceptable currency on the e-commerce site you are shopping with.

Is Perfect Money Legal in Nigeria?

This is one of the most frequently asked question by Nigerians. Perfect Money is not registered in Nigeria, so you are at your own risk to use the payment company.

Is it Possible to Transfer Money from PayPal to Perfect Money?

It is not acceptable by PayPal to transfer funds from your PayPal account to Perfect Money and any other e-wallets.

But you can do this at your own risk, putting your PayPal account on the line.
Conclusion

Perfect Money is a new game changer in the FINTECH industry. It is a new payment company that holds a lot for the future.

Just like Bitcoin started, Perfect Money has also started their race. Only the early and fast adopters will enjoy the best of the technology.
So here you have it, a review about Perfect Money.

If you have ever used Perfect Money before, please share your experience through the comment section.
I am willing to learn from you too.

Do You Need Me to Write Your Content ? Send a mail to eniolaakinduyo@gmail.com

Or do you want a  paid review? contact me at coachgurus@gmail.com