How to spot a responsible online lender

We always tell you what to look out for in bad online lenders and how to avoid them.

Today we also want to show you how to spot a responsible online lender.

Here are 5 things to look out for:

The Corporate Affairs Commission is a government body that deals with the registry of companies, business names and incorporated trustees as a means to validate their existence and right to do business.

Any responsible online lender would have registered with the CAC and as such will have a registration number (CRN or RC). This registration number can be used to search for the authenticity of their business or company on the database.

To spot a responsible online lender, you must first check their website for an RC to be cross checked on the CAC database. If the app is a brand name, you must see if it can be connected to the actual company behind it and as such find out if it’s simply a knockoff or the real deal.

Note: Because a business website has an RC doesn’t mean it’s authentic, that is why you have to confirm with the CAC. You’re welcome!

You have probably noticed that whenever you search for an app on the play store, they show the company that owns the app directly beneath the name of said app.

You should make sure to confirm that the company name displayed on the play store matches the one displayed in the company registry.

Most times, the Play store will show you that they have already done their research on the app and you’ll see that that app has been verified.

Still, if after you complete a check and see that the company name on the play store does not match the name in the registry, it might be someone putting up a copycat app or an attempt to scam others. Run o!

Is your prospective lender licensed by the CBN, a state body or in partnership with another Lender? Does their licensing look fake/sketchy?

If you have any reason to suspect that the license you have viewed is fake, you can always confirm with their RC.

Some websites you visit will have something close to a confirmation on where they’ll tell you where they are licensed, mostly seen at the bottom of their web page along with a helpline, email and physical address(authorized lending apps must have an address on their website even if they only operate online). This shows authenticity, so you should be on the lookout for these things whenever you go through a business website.

When you get on the Google Play store and check out a particular app, it’s best practice to check the reviews of others who’ve gone before you.

The reviews don’t just help you see what is wrong with an app but also what is right with it, and if it’s right for you. Actively seek out others who have experience with the app and ask (or read about) their opinions. Read reviews not just on the play store but online as well.

Carry out an active search to look for reviews on your prospective lending app, once you’ve done this you can compare and contrast to see if that lender is a good match for you. When it comes to money, you can never be too careful.

Sadly, there are loan apps that exist solely to gather leads/ data of unsuspecting individuals to sell them to the highest bidder. This is why it’s important to look out for reviews and carry out checks on your prospective loan app.

Ask family, friends or even foes about the apps (what they’ve heard, thought or experienced with the app in question) before proceeding with any transaction.

It also wouldn’t hurt to carry out your investigation before you transact with us. Start here!

Bonus tips

• Check website ownership
• Study the app’s responsiveness and interface
• Check for recent and previous social media presence. …

As always, Irorun arms you with the right knowledge to help you experience seamless transactions with ethical and authorized lenders.

For further questions and assistance send us a message at support@irorun.com!