Taking a loan from Renmoney is one thing but repaying the loan is a different thing entirely because the processes differ. Do you know that paying off your loan on time will help you build a good credit score and trust with the lending platform? Well, that’s the beauty of repaying your Renmoney loan on time.
There are different methods through which you can repay your Renmoney loan, ranging from auto-debit, Renmoney wallet, to bank transfer, depending on the repayment option that is suitable for you. All in all, the Renmoney loan repayment plan is relatively flexible because it is designed so that borrowers can pay off their loans without breaking the bank.
Brief Insight on the Renmoney Loan Repayment Process
Renmoney has a flexible repayment process because it allows borrowers to pay off their loan over a period of 12 months. However, it is important to note that the longer the repayment plan chosen, the higher the interest rate. So, it is better to choose a short-term repayment plan in order to reduce the interest rate.
How to Pay Back a Renmoney Loan
There are numerous convenient ways through which you can repay your Renmoney loans, such as via bank transfer, ATM, auto-debit, etc., depending on the option that is more convenient for you. Let’s take a look at the repayment methods one after the other:
1. Auto-Debit Method
This is one of the easiest and simplest methods of repaying your Renmoney loan. This repayment method works on the principle that your loan amount will be deducted from your bank account automatically on the due date through the debit card that you linked up during the loan application process.
With this auto-debit method, you don’t even need to bother much about repaying your loan, just ensure that you have enough balance in your linked account before the due date and they will deduct it themselves without needing your presence.
2. Bank Transfer
Bank transfer is another recommended method that you can use to pay off your Renmoney loan. To repay your loan using bank transfer, follow the steps below:
- Log in to the Renmoney app on your device.
- Click on the “My Loan’’ option on your dashboard.
- Select the particular you want to repay.
- Choose ‘’Bank Transfer’’ as the payment option.
- Now, you’ll need to copy the bank account number that will prompt.
- Finally, you can transfer the money to that account number using a mobile app, a bank USSD code, or an ATM machine, depending on which one is suitable for you.
Once the transfer is successful, you should refresh and check your Renmoney App dashboard to see if it has reflected. And that’s all.
3.Renmoney Wallet
Another method through which you can repay your Renmoney loan is via the Renmoney wallet. Repaying your loan with this method is quite simple; just ensure that you have enough balance in your Renmoney wallet. If you have a sufficient balance in your wallet, then follow the steps below to pay off your loan:
- Log in to the Renmoney app on your device.
- Click on the “My Loan’’ option on your dashboard.
- Select the particular you want to repay.
- Choose ‘’Renmoney’’ as the payment option.
- Once you click on it, follow the onscreen instructions to make your payment.
4. Bank (ATM) Card
The last method that you can use to pay back your Renmoney loan is through the use of a debit card, aka an ATM card. You can repay your Renmoney loan via ATM card by following the steps below:
- Log in to the Renmoney app on your device.
- Click on the “My Loan’’ option on your dashboard.
- Select the particular you want to repay.
- Choose ‘’Bank Card’’ as the payment option.
- Select your already linked ATM card to pay off your loan.
However, if you haven’t linked your ATM card already, you should do this:
- Click on the ‘’Add a Card’’ tab.
- Input your card number.
- Enter your card’s expiration date.
- Input the card’s CVV number.
- Finally, follow the onscreen instructions and enter your transaction PIN to complete the payment.
If done successfully, the amount will be deducted from your bank, which means that your Renmoney loan has been repaid successfully. Although it may not reflect on your Renmoney dashboard immediately,.
What Happens If You Don’t Repay Your Renmoney Loan?
If you fail to pay your Renmoney loan, your Renmoney account may be suspended, you will be reported to the credit bureau, and if you continue to default on the loan, they will be left with no other option than to take legal action against you, which may be detrimental.
Additionally, if you repay your Renmoney loan behind the due date, you will be charged late fees of about 2% for each day that you miss your payment.