5 things you should know about Irorun loan repayment

Thank you for trusting us to give you the best loan option!

Now that we delivered it’s time for you to meet up with your repayment date right?

Here are 5 major things you should know about our loan repayment:

A prepayment penalty fee is a fee that is charged if you pay back your loan earlier than the repayment date. Some lenders typically charge a prepayment fee, mostly because they don’t want to miss out on any part of their calculated profit through interest. Fortunately, Irorun does not charge a prepayment fee and as such you are free to make loan repayments before your due date. Tell us thank you!

As a registered Irorun user, you have a wallet account that can be funded to help you pay back your debt. This is the ONLY accepted means of repayment. Your Irorun wallet account can then be funded with your debit card or through a bank transfer.

You can also repay your loan with USSD right from within the app. And if you have good uncles who are ready to bless your ministry, you can share your payment link with them as well and they can pay for you.

Back to your debit card, you need to ensure that your debit card is valid, and funded so that you may be able to pay back in due time. Remember, penalty charges start counting three(3) days after the due date.

Now that you know about funding your Irorun wallet with an ATM card, the next thing you must know is “what type of debit card is accepted?” We gotchu!

Irorun only accepts Mastercard and Visa cards for now. These cards must be issued within the country which you are taking the loan from.

Although we may not charge a prepayment fee, we are not exempt from those who charge penalty fees for late payments. Irorun charges a penalty fee if you don’t pay back your loan on its due date or your assigned grace period.

We know that there may be valid reasons as to why you would be unable to pay back your loan on time, and that’s why your penalty fee only starts counting three(3) days after the due date. We’re due for another thank you! Are we not?

This grace period would give you enough time to get in touch with an Irorun representative to work out a solution to any problem you may have as regards your loan repayment.

You’re automatically eligible for another loan once you’ve cleared up your previous loan on time. Here’s the thing, your second loan can only be approved if you apply seven (7) days or more after the first loan.

And here’s another thing; if you didn’t pay your first loan on time and the system had to chase you around like an errant child, we may never trust you for another loan again.

And here’s one last thing; if you pay your loans on time, you are automatically eligible for a higher amount or new loans.

Be rest assured that we are highly receptive to our repeat clients and reward their loyalty. Visit Irorun to find out more about these rewards.

…

If you need further information or clarification regarding repayment processes, kindly reach out to us at support@irorun.com!