How to Pay Back Renmoney Loan in Nigeria 2024

  • November 19, 2023

This post is all about how to pay back Renmoney Loan.

If you’re looking for a fast and effortless way of getting instant loans online with multiple reliable repayment methods, you should just try out Renmoney.

Since Renmoney is more of a finance app, loan repayment definitely isn’t the only easy thing you can do with the app, as saving, bill payment, and loan application are simple too.

On Renmoney you can get a huge loan amount in minutes with no collateral, guarantor, or ID card needed.

Although, after getting your loan, the next thing on your mind would probably be how to repay Renmoney loan back.

That’s why we’ve brought before you, how to pay back Renmoney loan. We will also discuss the consequence of late loan payments and lots more.

Without further ado, let’s get started!

Repaying Renmoney Loan

After downloading and installing the Renmoney loan app, and successfully applying for and getting your loan credited into your bank or Renmoney account, probably the next thing you want to do on the app when next you open it, is to repay your loan.

From auto-debit and in-app repayment to card repayment and bank transfer, there are lots of ways to pay back Renmoney loan.

One cool thing is that all the repayment options on the app and the platform can be used effortlessly.

Within just a few minutes after you repay with any of the options, your Ren money loan dashboard will be updated and your loan will be cleared.

Now, let’s see how to repay Renmoney loan with all the available repayment options on the app.

Read Also: Top 20 Intant Loan Apps in Nigeria

How to Pay Back Renmoney Loan

Auto-debit is the first repayment option that Renmoney loan app/company offers.

The auto-debit method works in a way that on your loan due date, the loan repayment will be deducted automatically from your bank account via the ATM card you initially connected to your Renmoney account while applying for the loan.

There are more alternative and better methods to repay your Renmoney loan. Although these methods take a long process.

This can be done by simply following the steps below.

  • Open the Renmoney App on your phone.
  • On your account dashboard, Click My Loan.
  • Choose one of your loans.
  • Then, Click the Repay button.
  • Now, select your preferred repayment method from the list of the available repayment options which include:

Related: How to Repay Fairmoney Loan

Renmoney Wallet

The most recommended method to repay your Renmoney loan is by using the Renmoney wallet.

If you have a sufficient amount on your Renmoney wallet, you can pay back your loan using your available fund.

This can be done by simply clicking on the “Renmoney” option from the available repayment options. Then, proceed to make payment.

Related: List of Loan Apps with BVN Only

Bank (ATM) Card

The second and another recommended way of paying back your loan on the Renmoney loan app is by using your Bank Card also known as an ATM card or Debit Card.

You can implement this method simply by clicking on “Bank Card” from the repayment options list. Then, choose one of your already linked bank accounts, and then proceed.

If you don’t have an already linked card, add a new card by clicking on “Add a Card”, then enter your card number, the expiry date of the card, and the card’s CVV number, then proceed to pay.

After completing the repayment process, the fund will be deducted from your bank account and your Renmoney loan will be repaid.

Keep in mind that it may take a while before your Renmoney loan dashboard will be updated.

Check Out: List of Loan Apps to Avoid in Nigeria

Bank Transfer

Another way to pay back Renmoney loan is by using the bank transfer method. It is highly recommended too.

This can be done by simply clicking on the “Bank Transfer” option. Then, copy the provided bank account number and transfer the fund to it.

You can transfer the fund via your bank mobile app, a nearby ATM to make payment with your ATM card, or using your bank USSD code to make a repayment.

Once the payment is successful, you can refresh your Renmoney App dashboard to see if it has been reflected there.

Once your loan is cleared on the Renmoney loan app, you can reapply for another loan if you wish.

Related: How to Get a Car Loan in Nigeria

What Will Happen if You Don’t Repay Your Renmoney Loan?

Once of the things you don’t want to do with any loan app or lending company in Nigeria including Renmoney is not paying back the money you borrowed.

If that happens, Late fees, suspension of your Renmoney account, and a report to national credit bureaus as required by law (CRC, First Central) could be the results.

And if it gets to that extent, your contacts may be sent messages about you not running away with the company’s money.

See Also: Top 10 Loan Apps for Students in Nigeria

What Happens if You Pay Back Your Renmoney Loan Late?

Late loan repayments automatically incur a fee of 2% per day. It is therefore advised that one does not exceed the due date. Repaying the loan by its due date allows you to access larger loan sizes. 

More so, late repayments will affect your ability to get subsequent or larger loans. If you are very late on your payments, we report to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.

With this simple guide, whether you’re searching for how to repay Renmoney loan, or how to pay back Renmoney loan, we believe you’ve gotten a solution.