How To Borrow Money From Renmoney – Renmoney Loan USSD Code

Accessing loans has become easier in recent times with the introduction of digital lending platforms like Renmoney. Renmoney provides quick access to loans right from your mobile phone using USSD codes.

If you are in urgent need of cash and wish to borrow from Renmoney, this guide will show you the step-by-step process to get a loan. We will cover how to check your loan limit, the repayment structure, interest rates and the requirements needed to access a loan from Renmoney.

Read on to learn everything you need to know about borrowing from Renmoney using USSD codes.

What Is Renmoney?

Renmoney is a digital lending platform that provides quick loans in Nigeria. The company was founded in 2016 and has its headquarters in Lagos, Nigeria.

Renmoney aims to provide affordable loans to salary earners and MSMEs. They offer unsecured loans from ₦3,000 to ₦250,000 repayable over 3 to 12 months.

The main benefits of taking a loan from Renmoney include:

• Quick access to loans via USSD codes from your mobile phone. No need to visit any physical branches.

• Flexible repayment structure. You can choose a repayment plan between 3 to 12 months that suits your cash flow.

• No collateral required. As an unsecured lender, Renmoney does not require any asset collateral to access a loan.

• Competitive interest rates compared to other digital lenders. Rates range from 1.5% to 2.5% per month.

• No hidden charges. Renmoney is transparent about interest rates and repayment structure.

Requirements

To borrow from Renmoney, you’ll need to meet these requirements:

• Be at least 18 years old.

• Have a verifiable source of income. Employees should provide salary slips while business owners should show proof of business registration and bank statements.

• Provide valid ID card, passport, voters card or drivers license.

• Have a valid personal bank account and BVN.

• Provide contacts of referees for verification.

• Download the Renmoney mobile app and register for a loan wallet.

Once approved, you can access loan offers ranging from ₦3,000 to ₦250,000. The higher your credit score and income levels, the higher the loan amount you can qualify for.

How To Borrow Money from Renmoney Using USSD Codes

Follow these steps to borrow from Renmoney using USSD codes from your mobile phone:

1. Dial *565*11# to access the Renmoney USSD menu

2. Select Option 1 – Apply for a loan

3. Enter your date of birth in DDMMYYYY format

4. Enter the last 4 digits of your valid ID number (drivers license, voters card, national ID etc)

5. Select your loan product – there are two options:

– Flash Credit (₦3,000 – ₦20,000)

– Extra Credit (₦21,000 – ₦250,000)

6. Enter the loan amount you wish to apply for.

Note that new customers can only access ₦20,000 for 30 days for Flash Credit. For Extra Credit, your limit is determined by your profile.

7. Enter your expected repayment period between 3 to 12 months. A longer tenure means lower monthly repayments.

8. Confirm all details entered are correct before proceeding.

9. You will then receive an OTP to validate your loan application. Enter the code and submit.

10. If approved, you will get an approval SMS and OD limit message on your new loan wallet balance.

11. To access the loan amount, dial *565*11#, select Option 3 – Wallet, enter your PIN and follow prompts to transfer funds to your bank.

The loan amount will reflect in your bank account within minutes and you will begin repaying from your next salary date as agreed.

Benefits of Borrowing via USSD

The major benefits of borrowing from Renmoney via USSD include:

Fast disbursement: Once approved, get your loan within minutes directly on your phone.

Convenience: Apply for a loan from anywhere without internet using the USSD menu.

Flexible repayments: Choose a tenure between 3 to 12 months depending on cash flow. No rigid repayment structure.

Short-term financing: Access funds to cover short-term needs and emergencies.

No paperwork or collateral required: The USSD process allows you to borrow without visiting a branch or submitting documents.

Affordable rates: USSD loans attract slightly lower interest charges compared to the app.

Eligibility for discounts: Regular customers repaying via USSD can earn interest discounts.

Customer support access: You can follow USSD prompts to connect with a customer care agent for assistance.

Loan limit increases: Borrowing and repaying via USSD builds your credit profile and increases your loan limit over time.

Renmoney’s USSD loan service offers a fast, convenient, flexible and affordable way to access short-term loans completely through your mobile phone. It is ideal when you need cash urgently or lack stable internet connection.

Borrowing Safely from Renmoney

While Renmoney offers an easy borrowing process, you need to borrow responsibly to avoid getting into debt troubles. Here are some tips:

• Apply for an amount you can comfortably repay without straining your finances. Avoid borrowing for non-essential expenses.

• Understand the total cost of the loan – factor interest rate, processing fees and insurance if any. Ensure it is affordable.

• Carefully read the loan terms and conditions before accepting an offer. Check for any hidden fees.

• Understand the implications of default such as penalties, blocked credit profile, legal action etc. Only borrow if you can repay on time.

• Ensure your income flow or business cash flow can sustain the additional loan repayment without affecting other financial obligations.

• Avoid borrowing from multiple platforms simultaneously as this strains your repayment ability.

• Use Renmoney’s repayment schedule calculator to plan your repayments ahead of time. Have a repayment plan for salary delays.

• Communicate any repayment difficulties early and re-negotiate terms if needed. Avoid embarrassment from debt collectors.

• Build savings to reduce need for short-term borrowing. Have an emergency fund cover urgent needs.

By borrowing smartly, Renmoney’s loans can effectively provide emergency financing without pushing you into a debt trap. Use loans moderately and repay diligently.

Frequently Asked Questions About How To Borrow Money From Renmoney

What is the process to apply for a Renmoney loan via USSD?

To apply, dial *565*11#, select option 1, enter your details like date of birth, ID number, choose loan product, enter amount, tenure, validate with OTP and accept offer.

What are the interest rates charged on Renmoney USSD loans?

Interest rates range from 1.5% to 2.5% per month based on your loan details, credit score and repayment history.

What is the maximum loan amount I can get via USSD?

For new customers, you can get up to ₦20,000 Flash loan. Repeat borrowers can get up to ₦250,000 based on profile assessment.

How soon can I get the loan amount disbursed to my bank?

Once approved, the loan amount is disbursed in minutes directly to your bank account.

Can I repay my USSD loan via cash/transfer/card?

You can repay via direct debit from your salary account, cash at banks or transfer to Renmoney. Card option unavailable.

What happens if I default on my loan repayments?

You will be charged penalties, blocked from further loans and debt collectors may be sent for recovery.

Conclusion

Renmoney provides an easy and convenient way to access short-term loans completely via your mobile phone using USSD codes. Within minutes, you can apply for a loan, get approved and receive the cash directly on your bank account.

Their USSD loan service offers quick financing on-the-go without requiring internet connection or smartphone apps. This makes borrowing seamless when you need urgent cash before payday or have emergencies.

However, it is important to borrow responsibly by checking loan costs, analyzing your repayment ability and having a repayment plan. Avoid borrowing more than you can afford or from multiple lenders simultaneously. While Renmoney eases access to credit, prudent borrowing is key to avoiding debt issues.