Renmoney – online loan Nigeria
Personal and business loans up to ₦6,000,000 with 24-hour disbursement.
Applying does not commit you to a loan agreement.
Screenshot of https://www.renmoney.com
Renmoney – Personal Loans for Salary Earners Nigeria
Renmoney is a licensed microfinance bank in Nigeria that provides personal loans, savings products, and investment opportunities. Founded in 2012 and headquartered in Lagos, Renmoney has positioned itself as a premium digital lender targeting Nigeria's middle-income salary earners, professionals, and small business owners. The company is backed by international investors and has consistently invested in technology to deliver a seamless borrowing experience through its web platform and mobile app. Renmoney is known for offering some of the largest personal loan amounts among Nigerian microfinance banks.
Renmoney personal loans range from ₦50,000 to ₦6,000,000 with repayment terms of 3 to 24 months. Monthly interest rates start from 2.98%. Applications are made online through the Renmoney website or mobile app, and the process requires BVN verification, payslip upload, and bank account linkage. Self-employed individuals may also apply with proof of business income. Loan decisions are typically communicated within 24 to 48 hours and approved funds are disbursed directly to the borrower's bank account.
Renmoney is licensed by the Central Bank of Nigeria (CBN) and is a member of the Nigerian Deposit Insurance Corporation (NDIC). The bank holds a national microfinance bank licence, allowing it to operate across all states. Renmoney reports to Nigerian credit bureaus, and consistent repayment builds your credit profile. For salary earners seeking larger loan amounts with competitive rates and an entirely digital process, Renmoney is consistently among the top recommended lenders in Nigeria.
✓ Pros
- Loans up to ₦6,000,000 (largest among MFBs)
- Competitive interest from 2.98% per month
- Open to self-employed individuals
- CBN licensed microfinance bank
- Fully digital application and management
✗ Cons
- Requires verifiable income (salary or business)
- Processing 24-48 hours for new customers
- Maximum tenure 24 months
Loan example
Representative example: A personal loan of ₦500,000 over 12 months at 2.98% monthly interest. Monthly repayment approximately ₦49,914. Total amount repayable: ₦598,968. Total interest: ₦98,968.
Loan requirements
- ✓ Valid BVN
- ✓ Active Nigerian bank account
- ✓ Valid government-issued ID
- ✓ 3 recent payslips or proof of business income
- ✓ Nigerian phone number
- ✓ Minimum monthly income requirement applies
Loan features
- Personal loans from ₦50,000 to ₦6,000,000
- Terms 3 to 24 months
- Interest from 2.98% per month
- Self-employed can apply
- Fully online application
- CBN licensed national MFB
Frequently asked questions
24 hours after submitting your application.
The minimum amount at Renmoney is ₦100,000.