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At Irorun, we understand your needs and, as you continue to repay your loans, we reward loyal customers with higher loan limits up to ₦50,000, low interest rates, and exciting perks like birthday gifts and bonuses for referring friends to borrow easily and meet their financial needs with us.

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We will never misuse your data, resort to shady debt collectors, or harass your friends and family. If you are having issues with your repayment just reach out to us. We are always here to help.

Ho! Ho! Ho! 

It’s the holidays and as you know MONEY makes the holidays even more fun right?

As always, Irorun wants all her Rockstars to make smart financial choices even during the holidays and that’s why we’ve carefully handpicked ways you can responsibly use a loan this holiday season

Check them out

## Determine the amount of money you need
It may seem very tempting to borrow more than what you need even if it wasn’t the holiday season. That’s why you have to stay strong and think it through with your head and not your heart.

Take the time to make proper calculations and beat down any form of long throat. So, you need to determine the amount of money you need and borrow only what you can realistically afford to pay back.

## Consider the loan term
The loan terms may just be the most important aspect of a loan and what you should put your focus on when taking out a loan, especially during the holiday season.

Always take the time to look through the loan terms properly and make inquiries about what you don’t understand. Never let your lender rush you through the loan terms as that may be a sign they are hiding something from you.

Consider the terms of the loan, including the interest rate, processing fees and the repayment schedule when you want to take out a loan.

## Compare loan offers
Don’t just pick the first loan offer that comes your way. Put in the effort to compare different loan offers, and remember that lenders have different loan packages and there will always be one that will fit you perfectly (or near perfect). Don’t let the rush of the holiday push you into settling for just any loan.

Every loan offer is different in one way or another, so compare them and find the best option for you.

## Avoid loan default
You should never make any plans to take out a loan with thoughts of defaulting on your mind. There’s a lot that could go wrong. Plus that’s wickedness na!

Make sure you understand the consequences of defaulting on the loan, including penalties, credit score damage, blacklisting etc. As you plan to take a loan for the holiday, ensure you include the loan repayments plan as well. There’s life after detty December.

## Make a budget
You can never go wrong with the good ‘ol budget plan. A budget can help you get all your expenses in order including your loan repayments.

Plan a budget for the holiday season and stick to your budget to avoid overspending and financial strain. The holidays naturally come with a lot of expenses and a hike in prices. Luckily, with a budget, you’re assured of a sustainable plan to help you maintain your finances and keep you in check while having a good time.

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We wish you a happy (financially smart) holiday and as always, send us a message at support@irorun.com and let’s get you started on the holiday loan that’s just right for you!

How to responsibly use a loan this holiday

Have you tried to link an account to your Irorun wallet, and it failed? Do you wonder why?

Now, here’s the gist of it.

There’s a high chance you tried to link a virtual account. Unfortunately, Irorun doesn’t accept virtual accounts as a suitable link to your Irorun wallet. We understand that it may be your preferred means of saving money (and we don’t fault you for that) but at Irorun we do not accept you linking a virtual account to your Irorun wallet.

If you’re unsure what a virtual account is, here’s a brief rundown.

## What is a virtual account?
Virtual accounts are non-physical payment methods used to send and receive money. A unique account number is usually assigned to the user by the financial institution. A virtual account operates in the same way a traditional non-virtual account does, with the exception of a physical location.

Virtual accounts are set up using basic personal and financial details like name, mobile number, email address, Bank verification number etc.

## Which banks provide virtual accounts?
Virtual accounts are issued by most Fintech companies or some traditional banks. The Fintech company you patronize may provide you with a virtual account where you transact or save money for the foreseeable future. Unfortunately, Irorun does not accept links to these virtual accounts.

## Why Irorun does not accept virtual accounts
Here are 3 reasons why we don’t accept virtual accounts:

## Dispute in regulation
Most virtual accounts are usually tied to a Fintech company which has different regulatory policies from a traditional bank. This raises uncertainty as regards payment policies, as well as issues of companies packing up and leaving clients stranded.

## Dispute in ownership
There is no certain way to prove that the virtual account belongs to you, as your BVN may not be linked to it. How then are we sure a prospective borrower owns that account? How do we get our money back in cases where there are no legal or financial ties to the virtual account whatsoever?

## Dispute in client information
There is no bank verifying that your ‘Know Your Customer’ (KYC) has been done. A traditional bank offers a series of data collection and KYC forms that certifies that indeed, this client has an account with us and can be contacted with ease through several means. Unlike virtual accounts, where it’s near impossible to verify if a client truthfully and completely updated their KYC forms.

In other words, the risks and uncertainties are far too numerous to brush aside. Until such a time when there are far stricter regulations.

For the time being, we urge that you understand and comply with linking registered and active non-virtual accounts issued by a traditional bank in your country.

### Here’s a fun fact
Irorun also issues virtual accounts from providers such as Sparkle Bank, Polaris, etc. which are used solely for the repayment of loans. This virtual account is issued to you when you sign up and apply for a loan with us. With this virtual account, you are able to receive money from any non-virtual bank account.

Irorun is a lending platform and is licensed only to give out loans. You should not use your Irorun-issued virtual account for anything other than paying back your loans.

Using your Irorun virtual account for any other reason different from what it has been assigned can lead to your account being deactivated. Read more on why the Irorun virtual account should not be used for saving.

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Irorun is always available to give you the necessary information that would make your loan experiences free from hitches. Send us a message at support@irorun.com!

Irorun does not accept virtual bank accounts!


If your reason for NOT applying for a loan owes to the fact that your income is low, then you should read further…Irorun has something for you 

Yes! Even with a small salary, you can get your loan approved by an AUTHORIZED lender. Here are ways on how you can qualify for a loan with a low income;

## Include every eligible source of income
It’s possible that you feel that your income from your job won’t be considered good by your lender and will thus lead to a loan application rejection, while this has some truth, there are ways to get ahead. Let Irorun show you how

Income doesn’t just mean money you get from a contracted job, it also includes money you receive regularly, therefore the money you receive from your business, side hustles, assets and investments count as income.

Lenders like to see that there are contingencies (plan B) in place that will enable you to pay back your loan. They want borrowers who they are at least 101% sure will be able to pay back (with interest) any amount of money loaned to them and that’s why you must include other sources of income to boost your chances of getting your loan approved.

## Apply for smaller loans
If you have an income of, say N50,000 and apply for a loan of N5m with no extra income source, it’d be tough for you to qualify for a loan. No respectable lender would willingly take that risk. Maybe a loan shark would but you’d be paying back for a very long time.

Ethical Lenders do ensure that they do not disrupt your standard of living while giving you loans and for this reason, they have a basis to refuse your loan application especially if you do not have other sources of income or suitable collateral to back you up. We care too much abi?

Applying for a smaller loan of 30k, 50k or 120k is more likely to be approved because your inflow of cash can carry through without a disruption in your standard of living.

## Add a guarantor
Another way to qualify for a loan even with a low income is to have a trusted family or friend that earns higher than you stand as a guarantor.

A guarantor is someone who agrees to hold responsibility for someone else’s debt if they default. This makes the guarantor equally responsible for paying off the loan. [Read more on who a guarantor is](https://medium.com/@Theirorunapp/10-loan-related-terms-you-must-know-a0185213bdf1).

Having a guarantor with a large income will, in the eyes of the lender, be as if you have a large income (since you’ll both be held responsible for the loan). This could make you eligible for larger loans even if you earn a lot less than your guarantor.

## Build trust with the lender
“Trust is built with consistency”

And this is true for a lender-borrower relationship as well. No reputable lender is going to give you a large loan on your first loan application, with no credit history you are simply not eligible AKA loan-worthy.

You will do better if you take out small loans from your lender over a long period to build up your credit history and trust with your lender.

A lender that you have had several good interactions and loan transactions with will be more likely to approve your large loan. Fostering trust between you and your lender allows for easy loan approval. [Here’s how to build trust with your lender](https://medium.com/@Theirorunapp/why-cant-i-get-a-higher-loan-amount-as-a-new-borrower-200e68bad968).

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At Irorun, we’ll always show you different routes to seamlessly getting your loan approved.

For further questions or assistance, reach out to us at support@irorun.com now!

How to qualify for a loan with a low income

Quite honestly, everyone wants their loan approved but not everyone gets their loan approved. But that doesn’t have to be you, with these 5 hacks you’ll have your loan secured with ease.

Let’s get started!

## Check your credit score
Are there really any loan problems you may have that don’t involve your credit score? The answer is yes but in regards to ‘getting’ a loan, your credit score may be the biggest contributing factor to why you were declined.

So before you get subjected to rejection from your lender, check out what your credit score might state before going ahead to apply for that loan. When you do this you can easily identify any issue or error that may cause your loan application to get rejected and take steps to correct them.

## Provide accurate information
It may seem too tempting to provide false information when asked, to make yourself seem more eligible for a loan but all that does is make you get rejected a lot faster.

Digital lenders use automated algorithms to process loan applications which rely on accurate data that is also consistent. Providing false or ‘slightly altered’ data can result in your loan application being rejected or delayed. Lies and technology are a bad mix.

So your best bet is to provide information that is accurate and consistent so your loans can be processed and approved faster.

## Reduce your debt-to-income ratio
A high debt-to-income ratio may indicate that you have too much debt in contrast to your income, which can lower your chances of getting approved for a loan.

Lenders also use your debt-to-income to determine the loan amount you would be eligible to receive. You stand the risk of only being approved for a smaller loan regardless of what you want if your debt-to-income ratio is too high.

Reducing your debt-to-income ratio by paying off all existing debts before applying for a new loan can greatly improve your chances of being approved for a loan by a digital lender. Read more about your debt-to-income ratio and its impact on your loan application process.

## Build your credit history
If you don’t have much of a credit history, now is the time to fix that. Consider taking out a small loan and making regular on-time payments to build up your credit history.

People who have no credit history, have no credit record and as such, have no credit score and lenders consider a lack of a credit history a big risk, as they have no way of knowing if the individual asking for a loan is creditworthy.

A good credit history is a sign of creditworthiness, so take out some time to build one and your loan approval chances will be improved. You’re welcome!

## Research loan options
Another hack that would increase your loan approval chances is dependent on you. We’ll tell you how…

In order to get a better idea of the loan product fit for you, you ought to do proper research on the loan options made available by your prospective lender. This helps you pick a loan option that is already tailored to your specific needs and qualification, making your loan approval all that much faster.

Remember, proper research of your prospective lender will save you from so many troubles!

If these hacks have been helpful to you — please share with your family, friends and even foes. Don’t forget to send us a message at support@irorun.com and let’s get you started on your loan application process!

Do you want your loan approved? Try these 5 hacks!

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Irorun Blog

How to responsibly use a loan this holiday

Irorun does not accept virtual bank accounts!

How to qualify for a loan with a low income

Do you want your loan approved? Try these 5 hacks!

Download now