As a loan app that has frequently been compared to other loan apps in Nigeria, Renmoney is considered one of the safest loan apps in Nigeria. The apex and regulatory body for financial institutions in Nigeria, Central Bank of Nigeria, warns people about falling prey to fraudulent loan apps that are unlicenced.
Renmoney Vs Other Loan Apps
As a loan app recognised by the CBN, Renmoney offers loans to Nigerians and provides repayment plans that makes it competitive. While there are other loan apps popular among Nigerians, we shall consider how Renmoney compares with them in this post.
Renmoney vs Palmcredit
As loan apps that are quite popular and utilized by a significant number of people, Renmoney is regarded as a loan app that offers a repayment plan that is more comprehensive. Palmcredit is known for its quick and convenient loans, it also offers loan terms that extend up to 180 days. In brief, they both offer loans that are quick and convenient.
Renmoney vs Quickcheck
As a name that has gained trust among its users, Quickcheck is a loan app operating in Nigeria, one that offers instant loans. Though offering instant loans to Nigerians, Renmoney provides a higher loan limit, with a maximum loan amount of N6 million, compared to Quickcheck’s loan limit of N500,000. Not only is the loan limit for Quickcheck lower than that of Renmoney, Renmoney offers interest rates that are more competitive: 2.5 percent to 35.76 percent per year.
Renmoney vs Carbon
Carbon loan app has become a popular loan app that is easily identified among Nigerians. As a loan app recognised for its convenient and instant loans, Carbon loan terms are albeit shorter when compared to Renmoney. The loan terms for Carbon range from one to six months. Flexible repayment plans allow Renmoney users to repay their loans over a longer period of time.
Renmoney vs Fairmoney
With each loan app having money attached, they are distinguished by their features and what they each offer their customers. Fairmoney offers instant loans to its users, which are seamless and quick. The credit scoring system for Fairmoney is less comprehensible, which may prevent an individual from building credit history easily. However the scoring system for Renmoney is comprehensible, allowing borrowers to build credit history over time.
Renmoney vs Branch
While both Renmoney and Branch have a strong customer base, offering loans that are easy to repay and fast, they have features that distinguish them. Renmoney has a more user-friendly interface, making it easier for borrowers to apply for and manage loans. Branch’s interface is less user-friendly which may complicate loan repayment process.
In conclusion, doing proper research before using any loan app is critical. This not only comes in handy during the loan request process but also the loan repayment process. Also, ensure the loan app is recognised by the CBN and has also been granted the licence to operate in the loan business before taking the loan irrespective of the enticing offer.
