I Have a Question
Frequently Asked
Questions
What is Renmo?
Renmo is a free, secure, and convenient platform that allows Ghanaians to pay MONTHLY for their rental homes.
How does Renmo work?
Renmo works in two ways:
- You find your own rental unit and then let us know about it. Renmo will then partner with your future landlord to either pre-finance or negotiate with that landlord, allowing you to pay MONTHLY.
- You browse listings on our website and select your preferred rental unit
Do I need to be a full-time employee to access the services of Renmo?
NO. Renmo requires PROOF of regular & sustainable flow of income. Anyone who can provide that proof is a potential Renmo customer. Your monthly net income should be at least 2.5 times the monthly rent.
Does Renmo charge any registration fee?
NO. It is free to sign-up on our website to browse available houses and financing options. You only pay our document processing fee of GHS69 in order to validate your information.
Does Renmo own the rental units?
NO. Renmo does not own the houses. We only facilitate monthly rent payments.
Can I find own properties and request funding from Renmo?
Yes. You can come with your own property and Renmo will provide funding.
Does Renmo take any Viewing fee?
We charge a viewing fee if you are interested in any property we have listed.
How do I make my monthly rent repayments?
You pay the monthly rent through Renmo's website or Mobile App (coming soon) using either your mobile money or bank account. It is a simple process.
How much premium does Renmo charge?
The premium (interest) is determined by our financial partners. The current premium is between 23% - 27% ANNUALLY (or MONTHLY premium of 1.9% - 2.25%) on the total rent financed if you're bring your own place to be financed.
Does Renmo take any collateral from the tenant?
NO. We do not require any collateral from the tenant.
Is there a security deposit?
YES. We require all our tenants to pay TWO months of their Renmo rent as a security deposit.
Is this security deposit different from the Maintenance Deposit a landlord may require?
Yes, Renmo's security deposit is different from what a landlord may require. Some landlords require tenants to pay a &lquo;Maintenance Fee&rquo; that is used to cover any damages. This maintenance deposit requirement from the landlord is different from what Renmo takes for the security deposit.
How much does Renmo charge as Service fee?
We charge your 1 month rent as Service Fee for arranging the financing of your rent. Please note that our Service fee is ONLY charged when your application is successful and approved by our financial partners.
Why does Renmo charge a Service fee?
Renmo looks for financial partners and negotiates with them to secure money for your rent advance at a competitive rate. The premium (interest) you pay on your rent goes to these financial partners, so Renmo charges this service fee to get you the needed money at a more competitive rate. You benefit by getting your rent paid at a better rate and Renmo uses this service fee to run the business and support more people
How much does Renmo charge for its verification process?
Renmo charges a one-time fixed fee of GHS130 for the property inspection fee. However, Renmo waives or refunds this fee to the tenant if the tenant invites THREE people to sign-up (sign-ups are free) on either the website or mobile app (coming soon). This fee is for only those who bring their places to be financed. It covers the cost of transportation to wherever the property or landlord is located for the inspection. ( If you are renting one of our own listed properties on our website, you DO NOT PAY this fee) Additionally, this fee is only due when your information is validated.
