Frequently Asked
Questions

Getting a Loan

What do I need to get a loan?

Getting a loan with Irorun is as easy as ABC if you take the following simple steps:

  1. Download the app or sign up on the web app
  2. Provide your next of kin
  3. Update your address
  4. Add your government-issued ID
  5. Add a debit card
  6. Apply for the loan

As a general note

  1. Don't request more than you are capable of repaying
  2. Don't lie on your application; you would be found out, barred and may be reported for fraud

If your loan got declined, it may be one of these reasons. If you think this was wrongly done, you can engage with the Customer Support team right on this chat.

What interest rates are charged?

Please be informed that our interest rate is N1000 flat on the principal amount. This implies that on every loan amount/offer that you apply for, the N1000 interest rate will be added upon repayment i.e. you are to repay N6000 for a loan amount of N5000 received.

Must I be employed to be qualified for a loan?

No you don’t need to be employed to be qualified for a loan but you must have a valid source of income that will show you are able to repay the loan as and when due.

How long does it take to get your loan approved?

Our loan decision process usually takes about 24 hours [or longer during weekends] before updating your loan status.

If your loan status has been pending for more than 24 [or 72 hours] hours please reach out to us on the app or at support@irorun.com to look into it.

Kindly exercise patience as we review your loan application.

How many loans can I have at once?

On Irorun you are only allowed to have one active loan at a time. If you would like to get another loan you must repay your current loan first. Applying for another loan immediately after you’ve just repaid your loan might cause the system to find you ineligible as our system can take up to 24 hours to process and resolve your repayment.

If after 24 hours you are still ineligible for a loan please reach out to us on the app or at support@irorun.com to look into it.

How can I get higher loan amounts?

For you to have access to higher loan amounts you must show evidence that you will be able to repay the loan by applying for a lower loan amount and repaying it. For example if you pay back your first two loans, you would be able to get ₦10,000 with a longer time to pay back.

Reasons why loans get declined

Here are the 5 most common reasons for why loans get declined;

  1. You’ve delayed in paying back previous loans


    Not paying back your previous loans, even with other lenders, on time affects your ability to get new loans with Irorun. We encourage you to be prompt with loan repayments or contact support if you are experiencing difficulty paying back before the due date.
  2. Poor selfie image


    Your selfie must be good quality in a well lit room. Our algorithms can detect when you didn’t take a selfie and have taken a snap of another picture.
  3. Invalid ID card


    Irorun requires a valid ID which must have been issued by a government such as an international passport, drivers license, Voter’s card, National ID card and NIN slip. We don’t accept company ID cards, association ID cards, etc.
  4. Bank card issues


    You will be repaying your loan using your debit card so ensure this is a card that works. Additionally, your card must be valid beyond the date when you want to make your last loan repayment. Furthermore, we only accept Mastercard and Visa debit cards; Verve cards are not acceptable.
  5. Mismatch in BVN and Selfie image


    We AI compares your selfie images to your BVN image and also the images on all the ID documents you have provided. Kindly follow the guidelines for uploading your selfie image to improve the chances of your loan getting approved.
If your loan application is not affected by these reasons and your loan request was still declined, you can email us at support@irorun.com. If you love to chat, we are right there within the app, just go to “Accounts” and click on “Chat” - someone is usually available to provide assistance. And don’t forget you can also call us on +234 1 700 5288

Repayment & Transactions

I was debited but my loan has not been settled

After the transaction, we typically advise a 24-hour gap after a loan has been repaid before re-applying. Applying immediately might cause the system to find you ineligible as our system can take up to 24 hours to process and resolve your repayment.

If after 24 hours your loan has not been processed as settled kindly contactsupport@irorun.com with the following details in the email;

  • A detailed description of what happened.
  • A screenshot of the error message displayed to you.
  • Your device type and model for example Samsung A3 or iPhone 6.

Once you have sent the email our customer support team will reach out to you and help you resolve the issue.

How do I repay my loan?

Kindly note that you can make payments on or before your due date and that is completely fine.

This can be done by simply funding your wallet either with your ATM card or electronic bank transfer to your virtual account.

How long does it take for penalty charges to start?

Your unpaid loans start attracting penalty charges 3 days after the loan is due for repayment. The amount charged as penalty depends on the loan amount and the rate for your specific loan.

If you need assistance in paying your loan as of when due, please contact the support team at support@irorun.com.

Can I repay my loan before the due date?

You can always repay your loan anything before its due or on the due date.

Why has my loan not been disbursed to my account?

Kindly be informed that our loan decision process usually takes about 24 hours [or longer during weekends] before updating your loan status.

Please let us know if your loan status has been pending for more than 24 [or 72 hours] hours to look into it.

Kindly exercise patience as we review your loan application.

How do I withdraw from my wallet?

We encourage you to make a withdrawal by following these steps:
  • Open your app
  • Click on the "wallet balance" label
  • Click on "Withdraw/Transfer"
  • Input the amount you want to withdraw
  • Click "Continue"
  • Select a bank and click "Transfer"
  • Input your PIN or fingerprint.
  • Follow the next steps as displayed on your dashboard.

Why was the amount disbursed less than the amount requested?

The amount disbursed may sometimes have a processing fee taken from the loan amount.

Card Issues

Why was I debited with N50 after linking my card?

Your debit card is primarily used to be the repayment method for your loan. Consequently when adding your card, we need to ensure that the card works; therefore we take a charge of N50 on your card.

Not to be dismayed, your N50 is immediately deposited into your wallet and can be transferred to your bank account along with your loan.

What debit cards are acceptable on Irorun?

Irorun only accepts cards that can be charged after they are authorized. At this time, we only accept Mastercard and Visa debit cards.

As a general rule, we only accept cards issued within the country where you are taking a loan from and the card must be tied to your bank account.

We currently don't support Verve cards, any form of prepaid or credit cards. We also don't accept Amex or Discover cards.

I do not have a debit card, can I still access a loan?

Unfortunately, at this time every loan request must be tied to a working Mastercard or Visa debit card.

Sometimes in the future, we plan to accept only direct debit. Also, when Open Banking is finally launched in Nigeria, you may be able to use your bank account to make payments directly. But until then, we only accept Mastercard and Visa debit cards,

Can I use someone’s debit card to apply?

Every borrower must use their own debit cards, tied to the bank account to which they loan would be disbursed to.

If however you have a loan and would like a family or friend to help pay back, you are able to:

  • Share your payment link with them and they can help you repay your loan from there
  • Share your virtual bank account number and they can transfer the amount they want to help you with there

Others

What is a Sparkle account?

A Sparkle account is a virtual account created for your profile on Irorun. With a Sparkle account, you are able to transfer money into your Irorun from any Nigerian bank.

Can I save on Irorun?

Unfortunately you cannot. Irorun is a lending app and is licensed only to give out loans.

I was debited twice, what do I do?

Kindly contact <a href="mailto:support@irorun.com">support@irorun.com</a> with the evidence for the two transactions and we will look through our system and refund the money in at most 24 hours after the investigation has been concluded.

Why is my document still pending

Documents are usually approved during the final stage of your loan application. Once a loan offer has been made available to you and you have accepted it then your documents will be approved shortly afterwards.

Difficulties adding next of kin details

If you are unable to add your next of kin details, Kindly contact support@irorun.comwith the following details in the email;
  • A detailed description of what happened.
  • A screenshot of the error message displayed to you.
  • Your device type and model for example Samsung A3 or iPhone 6.

Someone from the Irorun support team will reach out to you and help you resolve the issue.

Difficulties uploading ID

If you have a challenge uploading your ID, kindly ensure that:
  • Document size is less than 2mb in size
  • Either of PDF, JPEG, or PNG

If however, you still experience issues despite meeting the criteria above, kindly email support@irorun.com.

How can I delete my primary account?

Being able to delete one's account is in line with the NDPR. Irorun allows you to delete your primary account which you can request for through an email to support@irorun.com.

However, deleting your account request maybe delayed if you have an outstanding loan to be paid, have balance in your wallet, or you are subject to investigation regarding fraud, etc.

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1B, Church Street, Off Ilo-Awela road, Ota, Ogun State.