Renmoney is one of the most popular, and arguably also one of the top 30 best loan apps and digital lending organizations in Nigeria. However according to this special review by MONEY CABAL, customers and users of the digital lender do not agree with public opinion and argue that the organization is overrated and its app works very slowly, frustrating and its loan do not execute in 24 hours s claimed.

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

However feedbacks and comments from customers and end users who have applied for their loan suggest that some of these attractive features of the loan may not be altogether true. It also seem that the organization have not been able to match the flurry of goodwill it gets in terms of loan requests that is a result of their massive publicity with output, loan processing and customer satisfaction. Many of their customers have one or more complaints about their bitter and frustrating experiences using the loan app and extremely slow loan processing.

Read a few of the review we garned together from Renmoney customers and users.

Miracle Benson

14 April 2022

When you need money for emergency this is definitely not the app to go to, been trying to get a particular loan for two months and deadline for what I needed the money is past they were still in the process of obtaining My bank statement for two months despite lots of mails sent across….. It’s odd how you’ve done everything required and they don’t seem to deliver on their end. Giving them two stars because of the app platform and the prompt response of the customer service.

418 people found this review helpful

Viktor A

16 July 2022

It would have been good but there is nothing I can do with the app I added money but there is no way to use it I can’t set transection pin and there option to set it to change it, and I send mail to costumers Care but no response, I don’t think the renmoney is available for use again.

10 people found this review helpful

Ify Ekechukwu

8 July 2022

Very poor app update. I clearly sent my bank statement and even debited 580 naira, yet the app refused to acknowledge this as it keeps saying failed to upload statement. Have sent various mails to them, no one is really helping out. This is sickening. I can’t even go further with the loan application. I’m beginning to regret this

3 people found this review helpful

EKEMINI OKON

1 July 2022

Very awkward experience with this app. I funded my account two days ago. I got a successful deposit into my renmoney account message but when I opened the app, I didn’t see my fund. I emailed them, no one has given me an explanation of what the issue was. It’s been three days now oo. This app is a scam. Even to get a loan is a problem. Upon submitting my bank statement, it will still tell me I haven’t submitted. Very bad experience.

Louisa Becca

8 July 2022

Renmoney is not the go to loan app if you need money. I applied for a loan for over 3 months now ever after proving all the necessary documents they requested for, I received nothing nor heard nothing. I spoke with the customer service a couple of times, they assured me that something will be done but nothing was done. They don’t work.

Rock Eternal Model Schools

28 June 2022

I am not sure I can continue to deal with this app. It has really given me a very bad and frustrating experience. I was referred to sending my complaints through your mail, I did that and no response now for about 7 days, I tried to use your customer care service text on the app, that one would even stop responding at a point. I can’t recommend your app to anybody owing to your lack of credibility and poor customer relations. I am leaving you guys for good.

Tobi Namzy

27 June 2022

This new update it’s very hard to process, I can’t log into my renmoney account, it’s keep telling face verification failed, I have tried many times to open the account but it won’t process. Do you have a backup up account I can used to pay back my loan. Because this new update it’s really frustrating me..

3 people found this review helpful

Samuel Christian

20 June 2022

Sincerely,I really do not even know how or where to start from. Getting a loan is so damn complicated, from we are unable to process your request to we temporarily down try again. I’ve been trying to get a loan for almost 9months now and nothing is forth coming. The app is swift in response but customers satisfaction is key. Would have given a a star but the Finished work on the app is why I’m giving 2stars .. I’m really not happy after submitting all documents required. Still no progress!!!.

Fola Photography

21 June 2022

This face recognition worked after I uninstall and reinstalled…. The problem now is the app keeps crashing. I can’t do anything. It doesn’t last 30secs, it crashes on every start-ups.

8 people found this review helpful

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Olowolagba Omobolaji

20 June 2022

This is the most useless app under the sun, they breached agreement will. I took a loan, and the day I returned to pay back, everything had changed. They had changed the terms, increase my payment by about 50% of what I had to pay. Send them a message on the and they said, they are away for now. Please don’t take their money they are thieves.

18 people found this review helpful

musari ramat

13 June 2022

Getting a loan is too damn complicated, been trying to link my card to no avail. The app is telling me cookies are not enabled on my browser which isn’t true, the email activation link tells me successful but doesn’t reflect on the app, have been debited multiple charges for the card linking that’s not successful. Sent emails but no reply, called their customer service no answer. Not as easy as they advertise

26 people found this review helpful

edwin sunday

22 May 2022

Waw! I have a seamless experience with renmoney app. With my required documents and BVN ready, I was able to meet up with their requirements, and within minutes, I was through with my registration. The app was able to connect and confirm my bank statement. Then, in just a minute, I received my first loan. I will recommend renmoney app to you guys. Also the interest rate is quite moderate for a month tenure.

67 people found this review helpful

GWA EMMANUEL

28 June 2022

The advert is everywhere and you can’t help matters,I registered on this app for more than three months now,I can’t get a loan while submitting all required documents and information, I even chat with one of the staff, call customer care and emails to not avail. The worst part of it now is that, I can’t access the app again because of facematch or something, I understand. I will soon uninstall the app on my phone, I hate frustration.

Nejeeb Bello

21 June 2022

The Renmoney application is the most useless app I have seen on mobile. Aside their extremely high interest rate whereby they can give you N200k and want you to pay back N500k, the worst part is operating the app itself. This mobile app works well up till the point where they’ve extracted your personal information. After that, you start meeting major glitches which seem to have been put there to frustrate you from getting the loan after submitting all your personal details. It’s terrible!

Ahmed Hassan

17 June 2022

Awful app and service. I installed app, created an account and applied for loan but application was rejected. Then I tried to delete account and found there was no option to delete account. My personal and bank information including BVN were collected, and app was authorised to access my bank account via internet banking. I have contacted the company to delete my account and remove my personal/bank information from their database, but they claim they can only do that after 5 years.

Olusegun Adeoye

11 May 2022

This is the worst loan app I have ever seen. After stressing me to fill forms and connect my internet banking, with 6 month bank statement of over 3 million. I applied for a loan of 100k. It’s been more than 5 days, they are still reviewing. Thank God it’s not to settle emergency. Their customer care is zero. I have sent tickets, no reply. Called the phone number on their site, doesn’t exist. And later they will go to the media and be lying that they give loan in 5mins.

steady pay

20 June 2022

Ever since the update, I can’t open the app. It always point to play store, you see the open link in play store and it’s an endless loop. Abeg make e work, make I do transactions.

2 people found this review helpful

Thompson Abdulmateen

8 July 2022

I initiated a transfer from my Rennmoney account, and I couldn’t find a icon to set transaction password. To worsen the situation, the customer service is not even responding to the messages and calls I put across to them.

Rotimi Bello

19 July 2022

Your ads were everywhere and annoying, that’s why I downloaded. Now, there constant reminder to apply for a loan you’re not ready to provide??? Another useless app meant for the dump

Collins Amanze

23 June 2022

Plz i still can’t access this App even after going to a well lighted environment to take a selfie. The response i have been receiving is that the parameters specified as non – null is null. This App wasn’t like dis before until after the last update. Please work on this problem it’s hindering alot of business on this App. Thank you

olumide oluwakemi

25 May 2022

What is the point of doing a quick loan if the app is going to delay you for more than 24 hours saying loan is not complete even after paying the 10.1 and you have been debited and prove of payment as been sent to your mail by ren money. It makes no sense how many times do i have to pay the 10.1 naira before the app gets it and even after calling the customer care. Do not use this app if you want quick money it will frustrate you

Ayanyemi Lanre

6 June 2022

If there is zero star I would have given to them, they are not ready to give loan, they just love advertising everywhere that, they gives loan in 5 minutes. Even other apps that doesn’t advert like them give better and faster loan. It’s true saying that an empty noise makes a louder noice. After several applications for more than three years they don’t give me a dime even with my good credit record. They always made me to waste my money in sending my bank statement to them always. Useless App

Adegbola Moses

5 June 2022

The Application is very good and serve as a helping hand for the needy. Forward ever, backward never. But in the area of loan processing, Iet me suggest that the Company should let it be more faster because of emergency situation and the urgent needs of the people. Thanks and more blessings

Adeyemi Adebayo

17 July 2022

Poor experience for more than 3to 4yrs I have been applying for loan uptil now response and you they keep linking your account every time I don’t know if they want to be scamming by asking for it all the time. The loan app is very bad after generating bank statement the app still requesting for bank statement uptil now I don’t really understand you people tired of applying Everytime

Audam Debrah

15 July 2022

I have been sending mail and chats. Yet , no response from your team. I am having issue paying off my loan. But I have been unable to . I just needed to reach your support team for help. But till now, no response from you guys. Too bad…..such a bad experience

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