RenMoney USSD Code for Loan and Transfer in Nigeria with FAQs

Do you need quick cash to fund your business, pay for unexpected bills, or handle emergencies? If so, Renmoney ussd code for loan may be for you.

This review will examine the Renmoney loan offerings, requirements, application process, interest rates, fees, customer service, and more.

Not just that, but you’ll also get to know the Renmoney USSD code for loan, and how to use it.

So, without wasting time, let’s dive into the Renmoney ussd code for loans.

Also read – Ecobank USSD Code for Airtime, Transfer, & Mobile Banking

Remoney Loan: Overview

Small businesses and individuals can apply for loans from Renmoney a Nigerian fintech company.

The business was established in 2012 and has since expanded to rank among Nigeria’s leading lenders.

Renmoney, formerly known as RenCredit, provides a range of bank services related to microfinance.

In addition to applying for loans, you can do other transactions on the Renmoney app.

With the app’s help, you can send and receive money, invest and save, pay your bills, purchase data and airtime, and much more.

Renmoney loans come between ₦6,000 and ₦15,000,000 and can be taken out for various uses. Renmoney offers a mobile app and a website for loan applications.

Also read – Every Important MTN USSD Codes in South Africa

What is RenMoney USSD Code?

The RenMoney USSD code *723# is a short code that allows customers to perform various banking transactions using their mobile phones.

RenMoney, a prominent microfinance bank in Nigeria, offers a USSD code service that allows customers to carry out various transactions, including loans and transfers, directly from their mobile phones without needing internet access.

This service is designed to provide convenience and accessibility, enabling users to manage their finances without visiting a bank branch or using a smartphone.

Features of RenMoney USSD Code

• Loan Applications: Easily apply for loans.
• Fund Transfers: Transfer money to other bank accounts.
• Account Management: Check balances and view mini statements.
• Bill Payments: Pay utility bills and other services.
• Airtime Recharge: Buy airtime for yourself or others.
• 24/7 Service: Available anytime, anywhere.

Comprehensive List of RenMoney USSD Codes

Transaction	USSD Code
Loan Application	*723#
Fund Transfer	*723#
Check Balance	*723#
Mini Statement	*723#
Airtime Recharge	*723#
Bill Payment	*723#

How to Activate RenMoney USSD Code

1. Dial *723# on your mobile phone.
2. Follow the prompts to register by entering your details.
3. Create a secure PIN for your transactions.
4. Confirm your registration to start using the service.

Renmoney Loan Requirements

To be eligible for a Renmoney loan, you must meet the following requirements:

• You must be between 22 and 59 years old.
• You must have a verifiable source of income.
• A Bank Verification Number (BVN) is required.
• You must have a valid means of identification.
• You must have a functional bank account.
• Live and work in cities where Renmoney operates.
• Have savings or a current bank account with any commercial bank.

Now that you know the Renmoney loan requirements and how to be eligible for Renmoney loans, you can activate the Renmoney USSD code for the loan.

RenMoney USSD Code Usage

To use the RenMoney USSD code, dial *723# and follow the on-screen prompts for the specific transaction you wish to perform.

For example, to apply for a loan, select the loan option and follow the instructions.

How to Block RenMoney USSD Code

If you suspect unauthorized access to your USSD service, you can block it by contacting RenMoney customer service via their official contact channels for immediate assistance.

How to Unblock RenMoney USSD Code

To unblock your USSD service, you must contact RenMoney customer support.

They will guide you through the verification process to reactivate your service.

How to Upgrade My RenMoney Account using USSD Code

To upgrade your RenMoney account, visit the nearest RenMoney branch or contact their customer support for guidance.

The USSD code service currently does not support account upgrades.

Also read – Wema Bank USSD Code for Airtime, Transfer, & Mobile Banking

How to Pay Back RenMoney Loan with USSD Code

1. Dial *723#.
2. Select the loan repayment option.
3. Follow the prompts to complete your repayment.

How to Borrow Money from RenMoney with USSD Code

1. Dial *723#.
2. However, for you to quickly apply for a loan using the Renmoney ussd code, simply dial *723*73001# and follow the prompts.
3. Select the loan option.
4. Enter the required details and submit your application.
5. You will receive a confirmation message once your loan is approved.

Advantages of RenMoney USSD Code for loans

• Convenience: Perform transactions from anywhere.
• Speed: Instant processing of transactions.
• No Internet Required: Works on any mobile phone.
• 24/7 Availability: Access services at any time.

Renmoney Loan Types

To accommodate its customers’ varied needs, Renmoney provides a variety of loan options. Among the loan kinds are:

1. Personal Loans

You can use unsecured personal loans from Renmoney for any purpose. For a maximum of 24 months, you can borrow between ₦6,000 and ₦6,000,000.

This kind of loan does not need guarantors, paperwork, or collateral.

You only need a bank verification number, or BVN, to apply for this loan.

2. Business loan

Renmoney business loans aim to support the expansion of small and medium-sized enterprises.

For a maximum of 24 months, you can borrow up to ₦15,000,000.

Compared to personal loans, renmoney loans for businesses require additional forms of identity.

To be considered for a loan in this case, you’ll need some paperwork, collateral, and a guarantor.

Also read – How to Use the African Bank Loan Calculator

Renmoney Loan Interest Rates and Fees

The interest rates offered by Renmoney loan differ based on the kind and size of the loan.

The monthly interest rates vary from 2.4% to 9.33%, or roughly 33.9% annually.

Let’s say you borrow ₦500,000 at a 2.7% monthly interest rate from Renmoney to demonstrate the interest rate on their loan.

If you decide on a 12-month repayment term, you will pay ₦13,500 every month for a total of ₦162,000 during the loan term.

Renmoney does not impose additional fees during the loan application, processing, or disbursement phases.

It’s important to remember, though, that Renmoney assesses a ₦300 daily penalty fee for any loan balance that remains unpaid after the due date.

How much can I borrow using the Renmoney USSD code for loans?

RenMoney offers a convenient way to access loans directly from your mobile phone using their USSD code.

By dialing *723#, you can borrow up to N500,000, depending on your eligibility and creditworthiness.

This service is designed to provide quick financial assistance without needing internet access or visiting a bank branch.

To apply for a loan, dial the USSD code, follow the on-screen prompts, and submit the required information.

The system will assess your application based on your creditworthiness and eligibility criteria.

If approved, the loan amount will be disbursed to your RenMoney account, which you can access and manage through the same USSD code.

The RenMoney USSD loan service is ideal for individuals seeking quick and hassle-free loans for various needs, such as emergency expenses, business funding, or personal projects.

With the ability to borrow significant amounts up to N500,000, this service provides a flexible and accessible financial solution for many Nigerians.

In addition to loan applications, the RenMoney USSD code allows you to perform other banking transactions, such as fund transfers, balance inquiries, and airtime purchases, making it a versatile tool for managing your finances efficiently and conveniently.

Also read – USSD Codes for Union Bank, Polaris, First Bank & Zenith

Security Measures for RenMoney USSD Code

• Use a secure PIN.
• Do not share your PIN with anyone.
• Immediately report any suspicious activity to RenMoney.

Common Issues and Solutions

• Transaction Failure: Ensure you have sufficient funds and network coverage.
• Blocked Service: Contact customer support for assistance.
• Incorrect PIN: Reset your PIN by following the USSD prompts or contacting support.

FAQs

Conclusion

The RenMoney USSD code for loans offers a convenient and efficient way to manage your finances, apply for loans, and perform other banking transactions without Internet access.

By understanding how to activate and use this service, you can take full advantage of its features and benefits.

If you encounter any issues, RenMoney‘s customer support is always ready to assist you.

References

Renmoney – Loans, Savings & Banking services

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