Horrible app, keeps crashing, frustrating customer experience

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Renmoney is one of the most popular, and arguably also one of the top 30 loan apps and digital lending organizations in Nigeria. However, according to this special MONEY CABAL review, customers and users of the digital lender disagree with public opinion and argue that the organization is overrated and its app is very slow running, frustrating, and its loan does not run in 24 hours as claimed.

Renmoney is arguably one of the leading lending apps and fastest growing microfinance banks in Nigeria. The digital lender was established in 2012 as RenMoney MFB Limited (formerly RenCredit).

How Renmoney started?
In December 2013 RenCredit MFB Limited was rebranded as RenMoney MFB Limited – the name by which they are now called. The company operates under a microfinance banking license in Lagos, Nigeria, offering quick loans to individuals, SMEs and small businesses.
Renmoney’s expertise lies in providing digital loans with no collateral, guarantor and minimal documentation, among other simple monetary solutions it offers. With the loan app, you can unlock loans of up to ₦6,000,000, earn big interest on your savings, pay bills, buy airtime and make payments – all on your Renmoney app .

Whether you are employed or run your own business, loan app and micro finance bank indicates that you can get loan easily. Just share some information with us, and we will give you a decision and if your loan is approved, you will get money in your bank account very quickly.

The lending platform makes the following claims on its website: “We are a fintech offering digital banking solutions in Nigeria. We offer loans of up to ₦6,000,000, high interest on your savings, bill payments, airtime and money transfers through the Renmoney app. We operate with a Microfinance Banking License, regulated by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC).

Features of Renmoney Loans
– If you pay on time, you get lower rates and more time to pay off your next loan
– No paperwork, collateral or guarantor needed
– No hidden fees, you always see the conditions of your loan before you commit
– The minimum repayment term of the loan is 3 months
– The maximum repayment term of the loan is 12 months
– Monthly interest rates range from 2.65% to 9.89% and the maximum annual percentage rate (APR) is 35.76%. No other fees are charged

Processing Renmoney applications and loans
Applications are usually made directly through their website, contact center, agent network and branches throughout Lagos, or indirectly online through their loan application.

The digital lender claims to provide quick and instant 24-hour loans up to N6,000,000. RenMoney further states, “If all documentations are ready and submitted, we can execute loan processing within 24 hours.” According to the bank, it works through a 3-part process. 1. Filling an online application form 2. Uploading government approved ID card, proof of address and bank statements. 3. Receipt of money within 24 hours, if approved.

Renmoney Customer Information Security and Privacy
The Renmoney app has been developed using the best security and privacy standards to ensure absolute data security. When you download the Renmoney app, we will ask your permission to verify your personal and financial information. Our app is secure and we will not share your information with third parties without your consent.

Is RenMoney able to respond to its small business loan request 24 hours a day?
RenMoney repayments are flexible and usually spread over 12 months. The organization also claims that its loan processes are quick, simple and convenient, requiring no collateral or guarantor, while guaranteeing competitive interest rates. However, it would appear that Renmoney is unable to provide the capacity to meet the surge of customer loan requests due to the massive advertising it invests in. Customers say Renmoney’s claim about 24-hour loan turnover is not true.

Damning Feedback and Reviews from Renmoney Customers and Users
Reviews and feedback from customers and end users who have applied for their loans suggest that some of these attractive features of the loan may not be entirely true. It also appears that the organization has not been able to match the wave of goodwill it is receiving in terms of loan applications resulting from its massive publicity with the production, processing of loans and satisfaction of the customer base. Many of their clients have one or more complaints about their bitter and frustrating experiences using the loan app and extremely slow loan processing.

Read some of the reviews we collected from Renmoney customers and users.
Miracle Benson
April 14, 2022
When you need cash for an emergency this is definitely not the app you should go to i have been trying to get a particular loan for two months and the deadline for what i had needed the money was passed on, they were still getting my bank statement for two months despite many emails being sent… It’s strange that you did everything necessary and they don’t seem not deliver on their side. Giving them two stars because of the app platform and quick customer service response.

Victor A.
July 16, 2022
It would have been nice but I can’t do anything with the app I added money but there is no way to use it I can’t set the transaction PIN and there is an option to set it up to change it, and i send mail to clients but no response, i don’t think the renmoney is available again.

Ify Ekechukwu
July 8, 2022
Very poor app update. I clearly sent my bank statement and even debited 580 naira but the app refused to recognize it as it kept saying it failed to download the statement. I have sent them various emails, but no one is really helping them. It’s disgusting. I can’t even go any further with the loan application. I’m starting to regret it

EKEMINI OKON
July 1, 2022
Very tricky experience with this app. I credited my account two days ago. I received a successful deposit message to my renmoney account, but when I opened the app, I did not see my fund. I sent them an e-mail, no one gave me an explanation of the problem. It’s been three days now oo. This app is a scam. Even getting a loan is a problem. When submitting my bank statement, it will always tell me that I did not submit. Very bad experience.

Louisa Beca
July 8, 2022
Renmoney is not the go-to lending app if you need cash. I have been applying for a loan for over 3 months now, after proving all the necessary documents they asked for, I haven’t received or heard anything. I spoke with customer service several times and they assured me something would be done but nothing was done. They don’t work.

Rock Eternal Model Schools
June 28, 2022
I’m not sure I can continue to use this app. It really gave me a very bad and frustrating experience. I was referred to send my complaints by your mail, I did and no response now for about 7 days, I tried using your customer service text on the app, this one would even stop responding at some point. I cannot recommend your app to anyone due to your lack of credibility and poor customer relationship. I’m leaving you for good.

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