How to Pay Back Renmoney Loan in Nigeria
Are you a renmoney customer, having trouble repaying your Renmoney Loan in Nigeria? Then this article is a must read for you.
To help you get back on track, we will walk you through the step-by-step process of paying off your Renmoney Loan in Nigeria.
Whether you need help understanding your loan terms or setting up an automated repayment plan, we are here to help, so let’s get started.
Overview of Renmoney loan repayment process
As a customer once you’ve been granted a loan from Renmoney, it’s important to understand the repayment process.
You have the option to repay the loan within a month or spread it out over a period of 12 months. However, it’s important to note that the interest rate varies depending on the duration of repayment.
For example, a full year repayment can attract up to 33.9% interest rate. It’s important to remember that this is not unique to Renmoney, but is a common practice among loan companies.
Renmoney Loan Payment methods available
When it comes to repaying your Renmoney loan in Nigeria, you have a few convenient options to choose from. Renmoney offers flexible payment methods that make it easy for you to fulfill your loan obligations. The best part is, you don’t need to worry about any collateral, paperwork, guarantors, or funny terms and conditions.
You can repay your loan through bank transfer and ATM , or even via your renmoney mobile banking app. This allows you to choose the method that is most convenient for you. No matter which option you choose, Renmoney ensures a hassle-free repayment experience.
With minimum and maximum loan tenures of 3 to 24 months and Annual Percentage Rates (APR) ranging from 30% to 90%, Renmoney offers a variety of options to suit your needs. As a representative example, if you borrow ₦2,000,000 for 12 months, you can expect a monthly interest rate of 2.49%.
The total amount payable will be ₦2,338,275, with an APR of 29.88%. Keep in mind, there is also a 1% management fee.
Now that you know the payment methods available and the terms associated with your Renmoney loan, you can choose the most convenient way to repay and stay on top of your financial obligations.
How To Repay Renmoney Loan via Bank Transfer
Renmoney offers a simple and secure method of repaying your loan through bank transfer. The process is quick and convenient, allowing you to fulfill your loan obligations with ease. To repay your Renmoney loan via bank transfer, follow these three easy steps:
1. Log in to your Renmoney account.
2. Select the specific loan you want to repay.
3. Then you will see the option to pay through bank transfer “select it”.
4. After selecting it a Renmoney generated bank account would be there for you to make your loan transfers into.
It’s as simple as that! With Renmoney’s bank transfer option, you can easily stay on top of your loan repayment and maintain a good financial standing.
How To Repay Renmoney Loan through ATM
Repaying your Renmoney loan through an ATM is another convenient option available to you. You can use any ATM in Nigeria to make your loan repayment.
The best part is, you can also use any ATM in the world, as long as it is a VISA or Mastercard enabled ATM. If you have a Renmoney debit card, you can simply insert it into the ATM and follow the on-screen prompts to complete your repayment.
Conclusion
Repaying your Renmoney loan in Nigeria is a straightforward process with multiple payment options available to suit your convenience.
Whether you choose to repay through bank transfer or using an ATM, Renmoney ensures a hassle-free repayment experience. It’s important to familiarize yourself with the loan terms and choose the repayment option that works best for you.
