If you’re seeking a convenient and speedy way to obtain online loans with flexible repayment methods, look no further than Renmoney. This finance app not only simplifies loan repayment but also offers features like savings, bill payments, and effortless loan applications. In this guide, we’ll explore the various repayment methods Renmoney provides and shed light on the consequences of late payments.
Repaying Your Renmoney Loan:
Once you’ve downloaded and installed the Renmoney loan app, and successfully received your loan, the next step is to repay it. Renmoney offers several user-friendly options for loan repayment, ensuring a hassle-free experience. Your Renmoney loan dashboard is promptly updated after each repayment, clearing your loan swiftly. Let’s delve into the available repayment methods:
- Auto-Debit Repayment: Renmoney’s auto-debit method streamlines repayment by deducting the loan amount from your bank account via the linked ATM card on the due date. This automated process ensures a timely repayment without manual intervention.
- In-App Repayment: For a slightly more involved but equally effective option, follow these steps: a. Open the Renmoney App on your phone. b. Access your account dashboard and click on “My Loan.” c. Select the specific loan you want to repay. d. Click the “Repay” button. e. Choose your preferred repayment method from the available options:
- Renmoney Wallet: Utilize available funds in your Renmoney wallet.
- Bank (ATM) Card: Use your linked bank card for payment.
- Bank Transfer: Transfer funds directly to the provided bank account number.
- Repaying with Renmoney Wallet: Using your Renmoney wallet is a recommended option. Simply select “Renmoney” from the repayment options, click through, and complete the payment.
- Repaying with Bank (ATM) Card: This method involves clicking “Bank Card” from the repayment options list. Choose an already linked bank account or add a new card. Complete the payment process, and your loan will be repaid.
- Bank Transfer Repayment: Opt for “Bank Transfer” and transfer the loan amount to the provided bank account number. You can use your bank’s mobile app, an ATM, or USSD code for this transaction.
Consequences of Late Repayments:
Late repayments come with implications that you’d want to avoid. A fee of 2% per day is automatically applied to overdue loans. Moreover, late repayments can hinder your ability to access larger loan sizes and impact your eligibility for future loans. Renmoney reports late payments to credit bureaus as mandated by law (CRC, First Central), which could affect your credit history.
Conclusion:
Paying back your Renmoney loan is a straightforward process with multiple repayment methods available. Whether you prefer auto-debit, in-app payments, or bank transfers, Renmoney ensures a smooth repayment experience. Timely repayment not only helps you avoid late fees but also safeguards your credit standing for future financial opportunities.