How to Pay Back Renmoney Loan

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 to build a good credit store 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. In all, Renmoney loan repayment plan is relatively flexible because it is designed such that borrowers can pay off their loans without breaking banks.

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Brief Insight on Renmoney Loan Repayment Process

Renmoney has a flexible repayment process because they allow 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 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 on 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 presence.

Related: Renmoney customer care

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 ‘’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, bank USSD code, or use an ATM machine depending on the one that is suitable for you.

Once the transfer is successful, you should refresh and check your Renmoney App dashboard to know if it has reflected. And that’s all.

3.Renmoney Wallet

Another method through which you can repay your Renmoney loan is via 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 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 ‘’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 ATM card. You can repay back your Renmoney loan via ATM card by following the steps below:

Log in to the Renmoney app on your device.
Click on ‘’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 expiry date.
Input the card 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 Didn’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 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.

How to Pay Back Renmoney Loan

Brief Insight on Renmoney Loan Repayment Process