Renmoney: My Personal Experience with Loans and Savings
By Ifeoma Igbokwe
When it comes to financial services in Nigeria, there are plenty of options. Some are good, others not so much. One that has been on my radar for a while is Renmoney. If you live in Lagos or any major city in Naija, chances are you’ve heard of them. Their ads are everywhere – from billboards to Instagram, they don’t shy away from telling you they’re here to "make your life easier." But does Renmoney really deliver on that promise? Let me gist you my experience and thoughts.
What Exactly Does Renmoney Do?
Renmoney is a fintech company in Nigeria that offers loans, savings, and banking services. They focus on providing quick loans to individuals and small businesses without the usual wahala of collateral. They also have savings plans with competitive interest rates and some digital banking services.
In theory, it sounds like a dream solution, especially in a country where traditional banks sometimes act like they’re doing you a favor just by existing. Renmoney claims to cut out the bureaucratic nonsense and give you access to funds when you need them most. But you know how things go in Nigeria – the reality is often different.
My Personal Experience With Renmoney Loans
I’ll start with the loans because, let’s be honest, that’s what most people go to Renmoney for. I needed a quick loan to cover some unexpected expenses late last year. I didn’t want to start begging friends or family, and I wasn’t in the mood for the stress that comes with going to a traditional bank.
So, I downloaded the Renmoney app. The app itself is okay – not fantastic, but not terrible either. It’s user-friendly enough for anyone who’s moderately tech-savvy. They asked for basic information: BVN, proof of income, and a few other details. I filled everything, and within a few hours, my loan request was approved. No long story.
The money hit my account the next day. I was impressed. The interest rate? Not the cheapest I’ve seen, but it wasn’t outrageous either. They clearly state their rates upfront, so at least you go in with your eyes open.
But here’s the thing – the repayment system is strict. They don’t joke with their due dates. If you default, even by one day, they’ll start calling and messaging you like you owe them part of your destiny. That aspect can be annoying, but at the same time, I get it. They’re running a business, and they need to ensure people take repayments seriously. Just don’t expect any mercy if you miss a payment.
Savings Plans: Worth It or Nah?
Renmoney also offers savings plans, which they market as a way to grow your money with high interest rates. I decided to try this out too, mostly out of curiosity.
The process of setting up a savings plan was straightforward. You can choose how often you want to save – daily, weekly, or monthly. The interest rate they offer is better than what you’d get from most traditional banks, but it’s not the highest in the fintech space. I’ve seen apps like PiggyVest and Cowrywise offer more attractive rates.
That said, what I liked about Renmoney’s savings feature is the flexibility. You can withdraw your money any time without penalties, unlike some platforms that lock your funds for a fixed period. But here’s my advice: if you’re someone who struggles with discipline, this flexibility might not help you stay consistent.
Customer Service: E Get As E Be
Now, let’s talk about their customer service. Hmm, this one is tricky. My experience has been a mixed bag. When things are going smoothly, their service is fine. But if you run into any issues, be ready to exercise patience.
For example, there was a time I had a technical glitch with their app. I reached out to their customer care via email and WhatsApp. The response was slow, and I had to follow up multiple times before the problem was resolved. In a country like Nigeria where people don’t like stress, this kind of thing can be frustrating.
To be fair, they eventually resolved the issue, but it took longer than I expected. If Renmoney wants to compete with the best fintech platforms, they need to step up their game in this department.
The Good, The Bad, and The Meh
What I Liked:
Quick Loan Process: Renmoney lives up to its promise of fast loans. The process is straightforward, and approval times are impressive.
Transparency: They don’t hide their interest rates or terms and conditions. Everything is upfront, so you know what you’re signing up for.
Flexibility: The ability to withdraw savings without penalties is a big plus.
What I Didn’t Like:
Customer Service: Their support team needs serious improvement. Delayed responses can make you feel like you’re talking to a wall.
Strict Repayment Policies: While I understand the need for enforcement, their aggressive approach to late payments can be overwhelming.
What’s Just Okay:
Savings Interest Rates: They’re decent but not groundbreaking. If you’re strictly looking for the best returns on your savings, you might want to shop around.
Is Renmoney Worth It?
So, would I recommend Renmoney? The answer is: it depends. If you need a quick loan and you’re sure you can repay on time, they’re a solid option. Their process is faster and less stressful than most traditional banks. However, if you’re looking for the best savings platform or top-notch customer support, they might not be your first choice.
To me, Renmoney have carved a niche for themselves, and they’re doing some things right. But there’s room for improvement, especially in customer service and their overall user experience.
Renmoney is a reflection of the current state of fintech in Nigeria – promising but not perfect. They’re helping to bridge the gap between traditional banking and the financial needs of everyday Nigerians, and for that, they deserve some credit.
If you’ve used Renmoney before, what was your experience like? Do you think they live up to their hype, or do they still have a long way to go? Let me know – I’m genuinely curious to hear other perspectives!