How To Deactivate, Close Or Delete Your Renmoney Account Easily

How To Deactivate, Close Or Delete Your Renmoney Account Easily 

Renmoney is a fintech company in Nigeria that offers personal and business loans, savings, investment products, and other banking services similarly to palmpay, carbon, branch, Aella etc. The Renmoney app gives you instant access to quick loans, savings, and investments with competitive interest rates. You can borrow from N6,000 to N6,000,000 and repay in 3 – 24 months. 

Monthly interest rates range from 2.4% – 9.33%, and the maximum Annual Percentage Rate (APR) is 35.76. No other fees are charged. 

The Renmoney app also allows you to send and receive money, save money, pay bills, and buy airtime or data seamlessly.

However, if you are an active user who has decided to close your account, the process you need to take isn’t so confusing, rather, it takes just a simple process.

In this article, we’ll be looking into some reasons why individuals with loan accounts often delete, close or deactivate their loan accounts, after that we’ll then delve deeply into exploring what this article is basically about “how to deactivate, close or delete your Renmoney account easily.

Let’s get in now.

Reasons Why People Often Close, Delete Or Deactivate Their Loan Account 

Here are some tangible reasons why people may close, delete, or deactivate their Renmoney account:

Dissatisfaction with email communications: The very first noticeable issue is dissatisfaction. Some users may choose to delete their Renmoney account due to a high volume of unwanted emails from the company. Sometimes, it could be phone calls.

Privacy concerns: Individuals may opt to close their Renmoney account to safeguard their personal information and maintain their privacy.

Inactivity: Some users who no longer require the services offered by Renmoney may decide to deactivate their accounts due to prolonged inactivity. 

Financial reasons: Sometimes, changes in financial circumstances or the need to discontinue using the platform for financial services may lead individuals to close their Renmoney accounts.

Customer service issues: Poor customer service experiences could prompt individuals to delete their Renmoney accounts.

Security concerns: Some users may choose to close their accounts if they have security apprehensions about the platform.

Better alternatives: Individuals may opt to close their Renmoney accounts in favor of other financial service providers that better meet their needs.

Regulatory or policy changes: Changes in Renmoney’s terms and conditions or regulatory environment may lead users to deactivate their accounts.

Read: How To Deactivate, Close Or Delete Your Okash Account Easily

Unwanted marketing communications: Individuals may close their accounts due to receiving unwanted marketing communications from Renmoney.

Now let’s get into how to deactivate, close or delete your Renmoney account easily today.

How To Deactivate, Close Or Delete Your Renmoney Account In 2024

With Renmoney, there is currently no option to either deactivate, close or delete your account in your renmoney dashboard.

However, that is not a claim that closing, deleting or deactivating your Renmoney account is not possible. One popular step you can take is to contact the Renmoney customer care representative.

To close, delete, or deactivate your Renmoney account, you need to send an email to hello@renmoney.com from the email address you used to register your account. 

In the email, you will need to clearly state that you want your Renmoney account to be canceled, deleted, or deactivated, and make sure that the subject of your email clearly states your intention, for example, “Request to delete Renmoney account.” Once your email is received, Renmoney will process your request and delete your account. 

Read: How To Deactivate, Close Or Delete Your Palmcredit Account Easily

Note that Renmoney may deactivate your account and render it inactive, but they will not be able to delete your details from the system if you have used their services before.

FAQs On How To Close, Delete Or Deactivate Your Renmoney Account

The following are some helpful frequently asked questions on how to deactivate, close or delete your Renmoney account easily and without hassle:

What happens if I don’t pay my Renmoney loan?

If you don’t pay your Renmoney loan, it can affect your credit rating and limit your chances of getting higher loan amounts in the future. 

It’s essential to make prompt repayments to improve your credit score.

Is Renmoney loan real or fake?

Renmoney is a fintech lending company operating in Lagos, Nigeria, offering personal and business loans, savings, investment products, and other banking services.

It is regulated by the Central Bank of Nigeria (CBN) and its savings and fixed deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC).

How much interest does Renmoney charge?

Renmoney offers loans of up to N6 million to individuals and small businesses, the interest rate depends on your creditworthiness and amount you want to borrow.

Does Renmoney require collateral?

Renmoney does not mention the requirement for collateral in their terms and conditions. 

However, it is a fintech lending company, which means they may not require collateral for their loans.

Which bank is Renmoney under?

Renmoney is a fintech lending company operating in Lagos, Nigeria, and is not affiliated with any specific bank.

What types of loans does Renmoney offer?

Renmoney offers personal and business loans to different types of people, including salary earners, self-employed individuals, and small business owners. 

The loans are usually repaid with interest over a specific period, and the amount borrowed is the principal. Renmoney does not require collateral for its loans. 

The repayment terms are flexible, ranging from 3 to 24 months. 

The company has issued over N132 billion in loans since its inception in 2012.

What are the requirements for getting a loan from renmoney

To get a loan from Renmoney, you must meet the following requirements:

• You should be between 18 and 59 years old.
• You must have a verifiable source of income.
• You need to reside and/or work in the cities where Renmoney operates.
• You should have a savings or current account with any commercial bank.

To apply for a loan, you need to create an account or sign in with your Renmoney account, upload your ID, proof of address, and bank statement, and wait for your loan application to be reviewed. 

If your loan is approved, you will receive a credit alert in the bank account provided on your profile. Renmoney does not require collateral for its loans. 

The repayment terms are flexible, ranging from 3 to 24 months