4 ways to repay loans on Irorun

Have you been struggling with navigating loan repayment?

All that struggle is about to be history

In this article, we’ll show you 4 ways to repay loans on Irorun.

Let’s dive in, shall we?

To use this method, you need a valid Mastercard or Visa card (unfortunately, Verve cards are not accepted) alongside a unique link created for you.

When you click on this link, you’ll be redirected to a payment gateway page where you’ll be required to input your card details which include: card number, card expiry date and CVV (the three-digit number on the back of your debit card).

Once that is done, a confirmation email or message will be sent to you with a code to verify that yes! you are the one making the transaction (the email or phone number will be the one connected to your card/bank account).

Read more: 10 interesting facts about loans

This might just be the most common method of funding an Irorun wallet account (right after using a debit card, of course).

This method is quite easy. When you originally log in to your Irorun web or mobile app as you, your Irorun-issued virtual account detail is on your dashboard (AKA Sparkle account).

Copy this account detail and input it into your bank app to make the transfer. The details given to you will include an account name and an account number unique to your Irorun account.

As long as you use the virtual account created for you upon your registration, you will be able to make transfers for your loan repayment.

Read more: What does it mean when your loan is pending?

This method is a lot like the bank transfer method but without the use of the bank app. Every bank has a unique USSD code that allows you to carry out bank transactions (transfers, bill payments, buying airtime etc.) without the bank app and need for data.

First, you copy your virtual account number from your dashboard when logged in and then you make a transfer to that account using your respective bank USSD code.

This method is great for individuals who can’t access mobile data and are short on time.

Read more: What’s next for the newly adopted student loan act?

This fourth option is a combination of all three(3) options above. All Irorun users are assigned a unique link that is either used to make loan payments directly or indirectly as in friends and family. Here’s how others can help you pay back your Irorun loan.

Once this link is clicked, the user is shown three(3) options with which to make payments. These options are:

• Pay with bank transfer: Once you choose this method, you’ll be given your Irorun wallet account details to make a bank transfer.
• Pay with card: This method redirects you to a payment gateway page where you are required to input your card details.
• Pay with USSD: With this method, you’ll be required to make a bank transfer to your Irorun virtual account using your bank’s associated USSD code.

Read more: 4 Financial scams to watch out for …

Now that you’re well acquainted with how to repay your loan. Let’s find out what could possibly go wrong if one fails to pay back their loan and also the benefits of timely loan repayment.

• A formal report will be made to the credit bureau and one ends up on a hard-to-wipe-off blacklist
• Court charges and multiple fines to pay, which end up being more of a financial constraint
• Ruined reputation and thus make it increasingly hard to get loans from other lenders
• Credit score takes a hit (as much as 110 points from just one missed payment) and this lowers one’s chance of getting favourable loan terms (large loan amounts and low-interest rates) and loans from other lenders in general
• Accumulation of extra debt in the form of late payment fees or prepayment fees (depending on your perceived offence).

Read more: What happens when you take out a loan but don’t use it?

• Credit score gets a boost which increases chances of favourable loan terms
• One gains a trustworthy reputation in the lending world, this increases the chance of lenders willing to trust you with their money
• One attains a more stable financial position allowing them to save up money, and have all debts cleared off while maintaining a good standard of living
• Less feeling of anxiety and stress (no more hide and seek with lenders).

Read more: 5 facts Irorun first-time users should know …

As always, we’re available to answer all your loan-related questions and assist you in applying for your first loan. Send us a message at support@irorun.com and let’s get you started!