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.

How to Accept Online Payment In Nigeria

If you are into any form of online business, then you must know how technical or tricky accepting online payment in Nigeria is.
There is no joke about this.

Accepting online payment is very tricky because most of the platforms for popular online businesses do not pay directly into a Nigerian bank account.
So this makes its paramount to look for an alternative way of accepting online payment in Nigeria.

Like I have said most of the businesses do not allow payments in to Nigerian bank account. So you might wonder, how do they make payment then?
They make payment either into an online bank account like PayPal, Payoneer,  etc.

For Payoneer, it is easy to have the money transferred into your Nigerian account or make use of your Payooner  card to withdraw at any ATM stand in Nigeria.

But as for PayPal, it is very complicated as PayPal does not allow withdrawing of money from PayPal account into a Nigerian Bank account because of how popular Nigerians have been known for fraud.

So its now left for you to solve the puzzle on how to get it into your Nigerian account.

So in today’s post I will sharing with you alternative ways of accepting online payment in Nigeria regardless of the kind of online business you operate (I mean legal business !!!!), be it freelancing business, blogging business, affiliate marketing, search engine optimization business, drop shipping, importation business, domain flipping and many other businesses that you might operate.

You might also come across an alternative  way you might already be familiar with.

So let get started with it.

1.    Use Payoneer

Payoneer is a global payment gateway company that serves as an online bank for netpreneurs. If you are looking into receiving your payment in Nigeria, then Payoneer is worth trying.

Payoneer makes its easy for their users by providing an ATM card for users to receive their money from any ATM standpoint.

Payoneer is a popular way for receiving payments online and moreover, Payoneer runs an attractive offer of giving you a bonus of $50 dollars when you have made a certain amount of transactions on
Payoneer gateway platform.
If you are interested in getting started with using Payoneer, then you can click here to register.

2.    Receive using Wire transfer

Not all business platforms on the internet allows the use of wire transfer to receive payment in Nigeria from the platform. For example, Fiverr a freelance website for freelancers of different skills like writers, graphics designer, copywriters, video animation maker, video editors, virtual assistant, etc does not use any other form of payment except PayPal.

So if your online business revolve rounds Fiverr, then making use of wire transfer as your payment method is obsolete.
And the most interesting aspect is that PayPal does not allow withdrawal into Nigerian bank account.

So if your business revolves round Fiverr, you will have to employ other methods in order to withdraw your money from PayPal into your bank account.
So one of the method you can use is cutting the edge which will be discussed in the next point.






For bloggers that make use of AdSense in Nigeria, You can also receive your AdSense payment through wire transfer in Nigeria

3.    Cut through the Platform Payment Gateway and Have a Personal Deal with your Clients.

This is going to be difficult and might lead to dropping number of conversion rate. This technique is simple but not formal.

This involves you using Fiverr or whatever business platform you use as a means of getting clients, you then have a personal chat with your clients where you will need them to do a wire transfer into your account as part of the deal.

This might be difficult to employ but as time goes on, if you offer a quality service; then you will be able to build a circle of recurring clients that love and trust you.

While this might not be easy, I repeat, it will help you in the long run in building a sustainable and independent business without having to fully depend on the business platform you operate in.

4.    Use an Invoicing software

If you run an independent online business where you offer your service, you can easily make use of an Invoice software to generate invoice and receive payment from your clients.

Using an invoice software will help you build credibility with your customers. This is because not everyone will feel at ease on paying someone they have not met before directly.

So using an invoicing software will help them feel at ease since the invoicing software will take care of the transaction in order to ensure the two sides are satisfied.

So if you run an independent online business, I would employ you to make payment on your website flexible with different payment options for your customers.

5.    Use PayPorte

Have you heard of PayPorte? I would guess – most probably.
PayPorte is a Nigerian payment gateway company that makes it easy to receive online payment in
Nigeria. But there is a disadvantage it has.

The demerit is the limited reach PayPorte has on the online global market. Many of the global business platform do not integrate PayPorte as a payment method for their consumers.

So this means that if your business is a global one with clients from different countries, then it might be a bit difficult to use PayPorte as an online payment option for your customers.

6.    Connect your PayPal account to Payoneer

Since I have broken the news to you that as per the time of writing this content withdrawing payment from PayPal into your Nigeria bank account is nearly impossible.

So you might be wondering then how do you go about receiving your payment if your business revolves around a platform that has PayPal as its only payment option(like Fiverr)?

Okay I will let the cat out now.

And that is linking your PayPal account to Payoneer.
I do not have any content on how to do this but will tell you it’s a popular technique or trick used in Nigeria.

After successfully linking your PayPal account to Payoneer, you can then request for your Payoneer ATM card (if you do not have one already).
The ATM card is what you need to withdraw your money at any ATM standpoint in Nigeria.

7. Accept Money in Digital Currency

If you are familiar with digital currencies like perfect money, bitcoin, etc. Then you would know that you can receive your payments in digital currencies, then you change it to your own preferred currency at any retail shop.

It is as simple as that.

8.    Tell Me More

If there are any other payment gateway company that works in Nigeria and are not listed on this list, please do let me know about it.
So if you know any other do well to comment below and I will have it added to this list.

Disadvantages of Accepting Online Payment

The disadvantages around accepting payment in Nigeria does not only pertain to Nigeria, it’s a global thing.
So do not fret over any disadvantage and some are not really harmful to your business.

•    Fees

Excessive fee charges are common among all payment gateway companies both national and global ones.

So the charges pertaining to receiving online payment is something to think about when choosing the right means of accepting payments online in Nigeria.
This fee might result in a reduction in the amount you are to receive from your customers.

•    Delay

This is not common, but it exists in some payment gateway company. They delay the paying out of money to customers. This can be due to some internal movement or confirmation of the payment in order to reduce fraud.

But all the same, a delay is a delay. So you need to choose based on the one that will mostly benefit your business.

•    Not All Payment Gateway companies are supported by Local banks

This is yet another thing to look into. Not all payment gateway companies are recognized by local banks.

So when choosing a gateway company, you need to confirm with your bank that the payment gateway company is recognized.
If not you can either open an account with a bank that recognizes the payment gateway or opt-in for another alternative.

Either of the two should serve you well.
Are you new to the world of online business, I have an epic guide that will help you in choosing an online business to begin your internet career with.

You can find the guide by following the link below.
And if you might also want to learn how to make money online in Nigeria, I have a guide for you also. Kindly follow the link below.

Conclusion

How was it? Did you enjoy your read? Here we are at the end of the post on how to accept online payment in Nigeria. I would love to hear from you. Which of these is the best payment gateway company to use?
Which one have you tried before?
Keep the ball rolling, I would love to hear from you.

How To Create And Set Up A Blogspot Blog on Blogger

Looking for how to create your own blogger blog? or

Are you interested in creating your own free blogger blog? This is a step by step guide for you.

This guide contains images to help you follow the instruction step by step.

Blogging has now been a lucrative career that you can start and make a good living off.

It is one of sources of smart passive incomes online which you can enjoy.

Though you can make money from it, it comes with difficulty.

One of it is setting up your blog and creating content.

Blogging involves writing for a specific audience. Whether you are creating a blog for business or just for fun, the procedure is just the same.

But where others mostly find difficult is what I have pointed out in this blog post.

So you can trust me that you will be able to set up your blog in the next twenty minutes.

I have for you actionable steps you can follow to start a blogger blog.

But before we continue, I would love to share with you the benefits and disadvantages starting a blogger blog come with.

This is the advantages of setting a blogger blog and the catch.

It is important for you to know what to expect after registration.

Advantages of Creating a Blogger Blog

1.       It is Free

Creating a blogger blog is very simple and completely free. This is the major advantage of creating a blogger blog – FREE. A blogger blog is free compared to a wordpress blog that would cost you some dollars to manage.

There are so many posts on the internet proving that it is difficult to monetise a blogger blog and many professional bloggers claim that running a wordpress blog is the best for a business blog.

As this is true about wordpress, it is easier to monetise a wordpress blog compared to a blogger blog. But all the same, monetising a blogger blog is not as difficult as being preached by other pro bloggers.

Briefly let quickly look into the disadvantages of starting a blogger blog.

Disadvantages

To monetise a blogger blog is a bit difficult

This is the right message other bloggers have been trying to pass; monetisation is not as easy as that of a wordpress blog.

If your main aim is to monetise your blog, you can still achieve this on blogger.

But you will make the most out of your blog when on the Wordpress platform.

Being on the blogger platform, your major means of monetisation will be through Google AdSense.

Google AdSense is an ads network that displays ads on your blog and pays you in return when users click on the ad.

To make money on Google AdSense, you will need to have a large volume of visitors on your blog.

As a beginner, you might find that difficult in the early stage of your blog.

But as you grow your blog, your ads earning will keep increasing.

There are other ways to monetise a blog like affiliate marketing, but affiliate marketing on a blogger blog is difficult.

So in one word, making your first $100 dollars on AdSense might not be easy because of low amount of visitors.

But still, many bloggers are making enough from AdSense to quit their day job.

Blogs like Legit, Thoughtco, and WikiHow make their money from AdSense.

The truth is many of the professional bloggers started their blog on blogger platform before moving their blog to the wordpress platform.

So if you are a newbie blogger starting your first blog on the blogger platform could help you gain insights on how blogging works.

Poor Blog Design

Design is a major issue in on the blogspot platform.

Blogspot blogs have a poor custom template that cannot match up to the beautiful wordpress themes.

This is one of the reasons why pro bloggers preach about starting a wordpress blog because of its professional look.

If you are looking into starting a professional blog or a business blog, then wordpress would be suitable for you.

 You can attain some level of simplicity with a blogger blog but is never the best option from a business perspective.

Lesser Functions

Blogger blog has some limited function such as adding a membership plugin to your blog, adding e-commerce plugin to your blog and many other plugins available on the wordpress platform.

Steps to Create a Blogger Blog

STEP 1

Visit WWW.BLOGGER.COM


When you visit blogger.com, you click on the link to sign up for an account. You need to have a valid

Gmail account in order to register a blogger blog.

STEP 2

CLICK ON SIGN UP

On signing up,you will need a gmail account (google mail account) which will be used for signing up. You can either use your personal gmail account or create another one specially for the blog.

STEP 3

CHOOSE BLOG NAME AND ADDRESS
You can then choose your blog name and type in your address.                 The address you will be given with be a yourblog.blogspot.com. And another thing is that most of the good blogspot domains have already be taken. So if you are unable to find the address you need for your blog, no worries you can just a number at the back of the address and make use of it for the main time.

And the other option you have is to navigate a custom domain (yourblog.com, yourblog.com.ng, yourblog.net) to your blogspot blog and give yourself a unique branding.

STEP 4

CHOOSE BLOG TEMPLATE

Once you get to this stage, you can just select any blog template that you think fits you. Then after registration you can browse through the library of custom blogger templates provider and find a better template that fits your taste for your blog.

STEP 5

COMPLETE

Then you have just finished creating your blog and all you need is to spend some time understanding the blogspot interface in order to get used to how it operates.

I will do my best at the bottom of this post to create a short tutorial of how the blogger interface can be used.



STEP 6

Start Blogging

Yes this is all is left. Start blogging your way to success. Yes this is the main reason why you launched your blog in the first place. So all you need to do is to justify that reason and start blogging.

If you are also new to blogging, I have created a great resource of contents that will help you in blogging.

Right from writing of contents, to monetization of blog; you are covered.

So I had suggest to you to start you first week of blogging learning the acts. And also, remember you need to keep learning as there are new updates everyday week.

Keep immersing yourself into the pool of knowledge and the sky will be your starting point.

So Here are some of the resources to get you started: