Myths vs. Facts of microloan apps

“I hear say those loan apps dey…”

We know you might have heard some hearsay about microloan(small loan) apps and you’re unsure if there are any good options left for you.

Today, Irorun wants to clear the air and separate myths from facts.

It’s a well-known fact that you need to have a high credit score to qualify for a large loan but does the same apply to microloans? Many individuals seem to believe so and therefore shy away or believe that they are unable to take out microloans.

Contrary to word on the streets, it can be said that microloans were made specifically with NEW borrowers in mind because of the ease of paying back. It also simultaneously caters to your needs and boosts your credit score. A double win right!

Some people get discouraged from using loan apps due to a multitude of reasons, one of which is the belief that interest rates tend to be higher when loans are taken out using the loan app.

Irorun would have you know that the interest rate on loans is determined by several factors including but not limited to loan amount and purpose. The Irorun loan app provides flexible interest rates that ensure repayment is no hassle.

Sadly, many have fallen prey to scammers disguised as microlenders and this has further increased the belief that loan apps are illegal and are working outside the law under pretenses. But can this be considered the truth about ALL loan apps?

“Two truths can co-exist”

Yes! Some malicious lenders work under pretenses to steal from others.

Yes! There are also AUTHORIZED and ETHICAL Lenders with a history of giving out loans, respecting borrowers’ privacy and maintaining good relationships (Irorun is one of such).

Before you carry out any loan transactions with your prospective lender, please conduct proper investigations to determine their authenticity.

If you’ve had contact with an unethical lender, here’s how you can report them.

“A loan app is a loan app, it doesn’t matter if it has a different name” — Somebody who hasn’t tried Irorun.

The loan app ecosystem has had a lot of bad press due to the unethical practices of malicious lenders and so many believe that all loan apps are the same.

Despite loan apps having a general purpose of giving out loans, they are not all the same.

On one hand, some loan apps are hassle-free and take a small amount of time to work out their processes coughs Irorun. While on the other hand, others have a way of causing stress during repayments and hiding extra fees. side-eye

In the same light, not all loan apps offer the same opportunities; Some apps, like Irorun, offer microloans of #5,000–#50,000, while some offer large loans and others offer a mix of both.

Unfortunately, this is common with a lot of unethical loan apps. This behavior has built up the fear of taking out loans due to the belief that your data will be used to harass you and those closest to you.

Although this may sound cliché, Irorun would like to apologize to any borrower out there who has been faced with the despicable unethical behavior of some lenders and also appeal to you that we would NEVER breach your privacy in any way or harass you and your loved ones.

We would like to assure you that there are ethical loan apps out there that would never cause you distress. Again, you should know that you can always report unethical lenders who breach your privacy.

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We hope we’ve been able to dispel some of the myths held against microloan apps.

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