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Whether you need N50,000 tomorrow or an urgent N2,000, Irorun is one of the top loan apps in Nigeria, helping you borrow money online easily, and with low interest.

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.

We reward our loyal customers with special perks, including interest-free loans for a limited time, so you can meet urgent needs without worrying about high interest rates.

With only a few clicks on your smartphone, you can
pay all of your bills and top up your airtime at the
lowest possible cost.

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.


Do you have a [good credit score?](https://www.cnbc.com/select/what-is-a-good-credit-score/)

Or you don’t want to talk about it…

A credit score is a three-digit number, typically issued by a credit bureau, that helps lenders to determine your creditworthiness. Credit scores are generated to reflect the credit risk associated with borrowers; basically, the probability that you will repay the loan.

The higher your credit score, the better. A good credit score helps you get lower interest rates, puts you on the best loan terms with lenders, increases your chances of securing a larger loan and overall increases your creditworthiness.

And that’s why Irorun is bringing you easy and fast ways to boost yours today!

## Start with small loans
Now you have to know that a credit score does not just show up out of nowhere. To get one (or to begin the process of building one) you have to take out loans.

“But I thought I can not get loans if I do not have a credit score?”

No, no, You can not get LARGE LOANS if you do not have a good credit score or no credit score at all. That is why you have to start with small loans, little amounts that should give you no trouble while paying back. (Remember, the goal here is to boost your credit score).

Furthermore, you can sign up with AUTHORIZED and ETHICAL lenders like Irorun that you can apply for small loans from, without hassle, repay in no time at all and this helps to boost your credit score. (What are you waiting for?).

## Make repayments on time
As much as taking out loans helps to boost your credit score, it doesn’t mean much if you refuse to make repayments on time, your credit score is bound to go lower if you keep on making late repayments and this is one way you can boost your credit score faster.

Your credit score helps to determine your creditworthiness, so doing right by your loan and making your repayment on time will give you a reputation as a very good borrower as well as boost your credit score. It’s for this reason, that if you are unable to make your repayments on time, inform your lender before the due date so that renegotiation can be made (Amaka don’t run away with our money).

## Avoid round-tripping or sweeping
Your money story nor clear finish –Your lender.

Round tripping or sweeping is that fishy process where one immediately withdraws or transfers money that comes into one’s account the moment it arrives usually to places where their spend pattern cannot be analyzed (Egbon it’s giving yahoo-yahoo).

Your lender likes being able to see through your bank statement to get a read on what your spend and gain pattern looks like(A.K.A wetin dey chop your money and wetin dey give you money).

So a bank statement that simply contains credit and then an immediate debit does not look good. It seems sketchy, doesn’t it?

This can cause you problems with your bank and affect your credit score because that account’s bank statement cannot be used to properly assess your eligibility for a loan.

## Avoid negative account balance
There are times when your account balance reads its lowest or does not have enough for what you need so you decide to take an overdraft (this in and of itself holds no issue), a problem pops up when you are unable or refuse to pay that overdraft and your account ends up reading in the negative.

Remember that an overdraft is still a type of loan that banks give and that a refusal or inability to pay lowers your credit score.

In the same sense, banks also have a habit of taking their charges from your account even though it reads almost empty, this puts it in the negative and thus affects your credit score.

## Check for error and report any mistakes on your credit report
A credit report is a record of a borrower’s credit history from different sources e.g banks, credit card companies, government agencies etc…

You must be wondering how you can get yours?. The good news is that you’re eligible to get one free credit report per year, and you can get yours when you apply with [First Central](https://firstcentralcreditbureau.com/), [CRC](https://www.crccreditbureau.com/product/crc-self-enquiry?coupon=FREEREPORT&ref=_home) or [CreditRegistry](https://creditconnection.creditregistry.ng/).

An instance where you identify an error on your credit report, you must immediately contact the credit bureau with your details;

1. Your full name
2. Phone contact
3. BVN
4. Gender
5. Evidence of payment
6. Letter of non-indebtedness

As long as you’re able to prove that you’re not indebted to any lender, you can [repair you history with the credit bureaus](https://medium.com/@Theirorunapp/how-to-repair-your-history-with-the-credit-bureaus-c5ffd45a52f2).

As a rule of thumb; Request for your credit report at least once a year, check for errors and report accordingly so that the proper corrections can be made to prevent future grievances with your lender.

…

Now, you know how to boost your credit score. Don’t you think it’s time to start with the first step?

Reach out to us at support@irorun.com to get started on your first small loan that’ll take you to LARGER LOANS!

How to boost your credit score

It’s absolutely heartbreaking to get a “no” when you so desperately need a “yes”, especially in time-sensitive cases where you urgently need cash.

And that’s why Irorun has curated 5 reasons why your loan can get declined. To prevent it from happening to you.

## Low credit score
One common reason your loan may be declined is having a very low credit score, which is a blaring sign for two things — a new borrower or a loan defaulter, both of which can be risky to lend to. Your credit score shows how creditworthy you are, and when it sits in the lower range, it raises the question “Can I trust this borrower to pay back with ease?”

Having a very low credit score does not stand alone as a reason for a declined loan application but it could play a big role.

Lenders like Irorun endeavour to give fair treatment to all new and earnest borrowers. Read more on how to boost your credit score.

## Unstable income
When you apply for a loan, your lender is always going to inquire about a source of income whether you have one or not. Lenders want their prospective borrowers to have a stable source of income as it shows that they will be able to pay back their loan on time.

An unstable source of income is a red flag to many lenders as it’s a sign that you may not be able to afford a loan at the moment.

Remember, a stable source of income doesn’t mean one source of income like a salary. It just means that your bank statement should reflect constant monthly cash inflow. This reduces your chance of having your loan declined.

## Invalid means of identification
A lack of a current and valid means of identification is another reason that your loan may be declined, as, without one, a lender has no means to verify your identity and as such cannot be sure that you are who you say you are.

Declining a loan application made without a current and valid ID is simply done to prevent fraud and identity theft as we can never be too careful. Therefore, a lack of proper identification increases your chances of getting a “no.”

## Applying for a large loan amount
Large loans are usually reserved for our loyal users who have proven to us numerous times, that they can not only be trusted but also afford to pay us back with ease. If you’re new to Irorun, and you apply for a large loan, there’s a high probability that your request will be declined.

Not to worry, here’s how you can get bigger loans with us in the future.

## Not meeting the basic requirements
To be eligible for a loan some basic requirements are to be met. They include:

- Being of legal age to apply for a loan (18 years and above)
- Being a legal citizen of a country with a valid ID card
- Up-to-date bank statements or some form of financial record/verification.

Not meeting up with these requirements automatically puts you out of the running for a loan, you should ensure that before applying for a loan you meet these requirements, to avoid your loan being declined.

…

For more clarification and assistance, reach out to us at support@irorun.com!

5 reasons why your loan was declined

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.

…

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

Credit scores are the ‘grade system’ of the lending world. It tells your lender what you scored in your previous exams (former loans). And your lender judges your creditworthiness by your past grades.

Since everybody wants good grades — Here are some key facts you must know about credit scores as a Nigerian living in Nigeria:

## A credit score is not a credit report
A credit report is a detailed record of an individual’s credit history and it contains a wide range of information about you and your accounts which include but are not limited to personal information, loans/debts, and payment history. While, a credit score, on the other hand, is a graded numerical summary of the information above that determines an individual’s creditworthiness. A credit score’s rating changes based on the information added to the credit report.

## A credit score is not permanent
A credit score can change over time, it’s not permanent or static. Depending on an individual’s credit history and credit management habits, the credit score can either rise or fall. You can prevent a credit score fall and improve the chances of a climb by; quick repayment of debts, frequent small loans etc.

Although, you should know that if an individual doesn’t take on any more loans, their credit score will remain static right where it is. As we mentioned earlier, the rise or fall of your credit score is fully dependent on how you manage your debts. Clear up all pending debts if there are any and watch your credit score gain back its life.

## Paying off debt might not improve your credit score immediately
We know that you have been told that paying your debts on time can help you improve your credit score, but this doesn’t always happen immediately. It takes some time for the credit bureau to update your credit report and as such, some debt may reflect on your report for a long time.

This doesn’t mean that your credit score will be graded incorrectly, only that it will remain as it was until your credit report has been updated by the bureau. This is why we advise that you avoid the pit of bad credit scores, the woes far outweigh the pros.

## Having a high income does not guarantee a good credit score
Here’s another important fact to know about credit scores — your income has absolutely nothing to do with your credit score. A credit score can only be affected by an individual’s credit history.

A high income may be able to secure you a large loan, but it’s what you do with that loan that determines if your credit score will be good or bad. Repaying debts on time or at the due date is a good way to get a good credit score. The idea that wealthy people have better credit scores than the average earner is false. Again, we say that your credit score is only affected by how you manage your debts.

## Not having a credit history can also negatively impact one’s credit score
Individuals who have no credit history, have no credit record and as such, have no credit score. This makes it hard for lenders to determine if they are trustworthy.

Lenders consider a lack of credit history as a big risk, as they have no way of knowing if the individual asking for a loan is actually creditworthy and will not run away with their money.

But here’s the thing, as an individual with no credit history e.g a university student in Nigeria, your attempt to gain a credit history should start slow by applying for small loans with short repayment periods that you can pay back with ease. This helps you slowly build a credible credit history.

…

In 2023, we hope to further educate the average Nigerian on the necessity of having a credible credit history through responsible loans from ethical lenders.

We also work towards a total mind shift of Nigerians about the negative myths surrounding “loans”. We do all of this by sharing the right information with you.

You can send us a message right now at support@irorun.com to get all of your loan questions answered and perhaps be on your way to your first loan with us!

5 facts you must know about credit score in Nigeria

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Irorun Blog

How to boost your credit score

5 reasons why your loan was declined

How to responsibly use a loan this holiday

5 facts you must know about credit score in Nigeria

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