FOR years now, online loan apps granting such services to Nigerians have been the saving grace of many. From as little as N5,000 to as much as N3 million, dying businesses and cash strapped individuals have been resurrected and the agony of hunger addressed. However, many users of these apps have gone through hell and back, owing largely to high interest rates, defamation and sundry ill-treatment meted out by these creditors.
It’s no longer news that millions of Nigerians are living today in conditions that mirror Thomas Hobbes’ fictional world where life was static, brutish and short.
Investigations revealed that many of these digital platforms deliver services to their customers in compliance with high ethical standards and the laws of the land. For instance, Renmoney is a global financial technology company founded by New Zealand businessman, Stephen Jennings. It operates as a microfinance bank, offering digital banking solutions in Nigeria. One of the most patronized quick-cash providing services in Nigeria, it provides loans ranging from N5,000 to N1,000,000 with repayment periods ranging from three months to one year at a monthly interest rate of between 2.12 per cent and 2.65 per cent. It also grants business loans ranging from N50,000 to N6m.
One of the reasons Renmoney is the preferred choice of many Nigerians is the simplicity of the loan application process and quick disbursement of loans once basic required information is provided. The app offers flexible loan options with repayment terms that allow borrowers to choose repayment periods from 91 days to 12 months, backed by their ability to liquidate the loan.
With over 20,000 users relying on it for their financial needs, the app is rated 4.1 out of 5 on the Google Play Store. The app also offers savings and deposits with competitive rates, allowing users to save daily, weekly, or monthly and track their money at any time they want.
Renmoney requires users to link their bank accounts to ensure responsible lending. With this, it is possible to access the user’s six-month bank statement and financial history. Renmoney is one of the digital lending platforms regulated by the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation. The app has over one million downloads from the Play Store.
