Renmoney Loan Requirements

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Are you looking to get a loan from Renmoney, then you must meet Renmoney loan requirements for you to be eligible for a loan. So long you meet these criteria, you can get a loan of up to 6 million naira from Renmoney if you’re employed. If you’re self-employed, your loan from Renmoney could get up to 3 million Naira.

Features of Renmoney Loan

If you’re trying to get a loan from Renmoney, you’re relatively sure you’re going to get a loan with:

  • Competitive Interest rates
  • No need for collaterals
  • No need for guarantors.
  • Flexible repayment period ranging between 3 to 24 months so you have enough time to prepare before your loan is due.

Now you know the features of the Renmoney loan together with how much loan you can get from Renmoney, let’s see the requirements for getting a loan from Renmoney

Requirements to get a Loan from Renmoney

Low Debt-to-income ratio

Debt-to-income ratio is the percentage of how much you owe relative to how much you earn every month before taxes.

The lower your Debt to income ratio, the higher your chances of getting a loan from Renmoney.

Your Debt-to-income ratio shows lenders how much of your income you spend on paying back loans. It therefore gives them an idea of how difficult it will be for you to pay back a loan if you’re given

A low DTI between the range of 30% and 0% is one of the requirements to be considered for a loan from Renmoney.

Good Credit History and Credit Score greater than 630

Your credit history evaluates how well you’ve repaid past loans. It assigns you a score between 300 and 850 based on your loan management.

Credit reports are accessible to individuals and lenders via National Credit Bureaus. Here’s a table ranking your credit scores for easy reference.

Credit Score RangeRating
720+Excellent
719 – 690Good
689 – 630Fair
629 – 300Bad
Credit score rating table

Ensure your credit score surpasses the fair range (630) when applying for a loan. This criterion heavily influences Renmoney’s decisions regarding your application for a loan.

Consistent Income and Cash Flow

Lenders assess your ability to repay interest based on a stable income. Bank statements should demonstrate steady monthly income over at least six months. Additionally, lenders evaluate your cash flow, balancing income and expenses over time.

Categories of Individuals with Consistent Income:

  • Salary Earners:
    Secure a personal loan with stable employment and a regular salary. Employment stability aids in determining your Debt-to-Income (DTI) ratio, influencing loan amounts.
  • Self-Employed Individuals:
    Self-employed individuals, including small business owners like thrift stores or online vendors, can conveniently access loans.
  • Business Owners:
    Small and medium-scale enterprise owners with registered businesses can apply for business loans. Loans can be used to finance business operations and repayments structured to align with revenue cycles.

Provide your complete information

Lenders require specific documents for accurate loan decisions and approval. Furnishing complete information expedites the loan approval process. Documents may include

  • Bank Verification Number (BVN),
  • utility bills, and
  • Next of kin details.

Conclusion

The major requirement to prove that you’re eligible for a loan from Renmoney is that you have a consistent source of income that’s reliable. You could either be a salary earner, Self-employed or a business owner. If you fall into any of the categories, you can calculate the estimated amount of loan you can get from Renmoney with this Renmoney loan calculator. You should also have a good credit history and score, low debt-to-income ratio and provision of complete financial and personal information

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