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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 vex money?

Do you have anything-fit-sup money?

Do you have extra-flex money?

Hmm…you have none? Not to worry, [Irorun](http://irorun.com/) has you covered. This article will show you actionable tips for saving an **emergency fund.**

Any amount of money kept separately and used to cover the expense of unexpected situations is an emergency fund.

Life is unpredictable and situations (even ones that you are prepared for) can pop up at any time and surprise you. For instance, in a situation where one loses their job, an emergency fund allows them to live well for a few months while on the search for a new job. It’s almost like insurance for any “what-if” situation that arises.

Living without an emergency fund is similar to living on the edge — the “financial” edge, hoping that you won’t run into any unexpected situation. (That’s very unlikely though).

Being prepared with an emergency fund gives you the confidence that you can tackle any situation life throws at you without stressing about your finances.

Here are a few tips to help you start saving with ease:

## Set a monthly/weekly savings goal
Setting up an emergency fund could be likened to budgeting. You calculate all your expenses and set aside an amount for your emergency fund.

You can give yourself a realistic goal, say #20,000/month or #8,000/week. Giving yourself a goal to work towards allows you to put more effort and consideration into creating that emergency fund. We’re cheering for you! 

## Automate your savings
Another tip to help you save for an emergency fund is using the power of technology by “Automatic saving”. You can set up a standing order for a set amount of money to be transferred into your emergency fund account. This way, even if you forget to transfer into the account, your standing order will ensure that money will be transferred into your emergency funds account. See how seamless it is to save money these days.

## Check for extra money that can be added
In today’s highly inflated and recessive economy, it could be hard to squeeze out extra money when you’re trying to live comfortably. Yes, it may be hard doesn’t mean it’s impossible. Every amount helps whether it’s a gift (in the form of money), employee bonus or relief package. These extra cash could be added to your savings especially if you do not have an immediate need or use for them. Money left over from buying your necessities can also be added to boost your emergency funds. The goal is to be financially ready for any August visitor.

## Keep your funds accessible
Your emergency funds are exactly for that — Emergencies so you should keep them in a place where they can be easily accessible to you when you need them but do try to keep them in a place where you can hold off the temptation of using them. Taking from your emergency funds once can lead you to take from it multiple times. Fight the temptation, ma’am!.

## Cut down unnecessary expenditure
As we mentioned in the beginning, setting up an emergency fund can be likened to budgeting, this means that there is a need for you to cut down on expenses that eat into your finances.

“No one knows tomorrow” that’s why even the wealthy save. Those extra expenses(phone upgrade, restaurant hopping, etc…) can be halted for a moment until you’re able to build a habit of saving for a rainy day.

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At Irorun, we’ll not only show you how to borrow with ease but also how to make the best financial choices.

Send us a message today at support@irorun.com!

Tips for saving an emergency fund

Are you thinking of your first loan application attempt?

Irorun has carefully selected common issues you are likely to come across and how to tackle them.

Let’s jump right in 

## Choosing a lender
Many borrowers find it difficult to choose who to borrow from and when it comes to small loans, you will find hundreds of lenders out there, each claiming to be the best. This can be an issue for borrowers.

However, it is essential to know that one lender is not the best for all borrowers. One size doesn’t fit it all.

You should compare lenders based on their various loan terms such as loan amount, interest rate, repayment period, eligibility criteria, document requirements, customer service, and other parameters. This makes it easier to choose one that offers your required loan rate with suitable terms and conditions.

## Failure in the first stage
As unbelievable as it may be, a lot of borrowers do not even pass the first stage of verification. There are many rejections due to an inability to meet the prospective lender’s requirements as well as other issues such as age inconsistencies or an unstable income.

One way to avoid such a situation would be to ensure the eligibility criteria of lenders. When completing a loan application, it’s important to state all the details correctly.

The lender will check your credit report and verify your details. If both parties are not compatible, there is a good chance your application will be rejected.

## Hidden charges
Most people tend to ignore any charge that is not the interest rate. You shouldn’t do this. These charges can become a really big problem later. Some fees that are not mentioned when you take out a loan are processing fees, fines on late payment, charges on prepayment, transactional fees etc.

As a rule of thumb, it’s important that you ask your prospective lender questions regarding other fees to prevent surprise fees.

## Credit score
One’s credit score says more about their finances than one could ever say about themselves. It’s an honest indication of your financial skills. And no responsible lender will be enthusiastic to “compromise” when it comes to your credit score.

Lenders need to verify your creditworthiness before lending because as we always say, a lender who’s not afraid to lose their money is dangerous. No lender would lend to someone if they were unsure of the person’s capability to repay the loan with interest. Here are some tips to help you boost your credit score.

## Documentation mishap
Several go into loan application and approval, fortunately, digital lending platforms have made the process oh-so-easy.

Yet, there are some necessary checks that lenders can’t compromise on. Lenders carry out a careful assessment of your documents as well as confirm genuineness through live-means and this can be an extensive process.

However, all the work that goes into this process is not only important but also essential to avoid any future issues. The best method to go about this process is to make a checklist of all the required documents before submitting them to the lender. This prevents issues of misspelled names, inconsistent data etc…

## Liveness check
We earlier mentioned how lenders verify your identity through live-means. This is what we mean — Irorun, for example, will need you to do a face match to confirm “genuineness”. This becomes an issue when one is in an environment with bad lighting, thereby discrediting their authenticity. We no fit give loan to who him face no show o!

Although it might seem frustrating, Irorun only does this in your best interest. You should put an effort in making sure your facial details show up clearly (take pictures in places with good lighting), failure to do so can lead to a rejection.

There are scammers out there who could have the complete details of another individual but they won’t have the same face. So, a facial match helps prevent fraudulent acts like identity theft.

## Access to data
People tend to feel vulnerable when they give a site or app access to their data, they tend to think of the worst-case scenario. I mean who can blame them, there are some malicious lenders out there, but despite all that, ethical lenders will never misuse your data. Here’s why you can trust Irorun to never misuse your data.

Granting access is not necessarily a bad thing as some vital information they need to process your identity could be gotten from your device. Some people, without knowing the implication, deny lenders access to their devices and this can cause lenders to doubt your authenticity. Remember, that the lender is also taking the risk of lending to you.

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We’re just a message away, talk to us at support@irorun.com to get answers to all your questions and assistance in securing your first loan!

7 common loan issues

Have you always had this thought about loan repayment? — “it doesn’t matter when I pay back, as long as I pay.”

Here’s the thing, there are key benefits (you may or may not have been missing out on) for individuals who pay off their loans early and since we’re still in the season of giving, we’d like to share 5 of these benefits with you.

Check them out!

## Improve credit score
One’s credit score is a major ticket to getting larger loan amounts, better approval rates, as well as favourable terms and conditions. How can you get a good credit score? By paying off your loan early.

Taking the initiative to pay off your loan early, before the due date elapses can help you improve your credit score and make you eligible for better loan options.

## Get out of debt faster
No one likes to be in debt and when they are, they want nothing more than to get out of it. You should work to get out of debt faster by paying off your loan early As this enables you to focus your finances on other key expenses. It’s also important to know that the faster you get out of debt, the less likely you’re to fall prey to financial woes.

## Improve cash flow
Another major benefit of paying off your loan early is the improvement it brings to your overall finances, especially your cash flow. When thinking about their daily expenses, one takes into account their cash flow (income + expenditure). An individual who is in debt has a reduced inflow of cash to cater for their other expenses, this is because a part of their income is removed to focus on clearing debt. But, when the individual channels all their resources to pay off their loan early, it creates more room for them to have full control and ownership over their income.

## Good reputation with lenders
Paying back your loan on time helps you build a good relationship with your lender. A lender who trusts that you will always pay back your loan on time will be willing to lend to you.

Having a good reputation with lenders opens you up to better opportunities to be eligible for larger loan amounts and longer loan terms.

You can’t go wrong with having a lender that trusts you, they will be eager to cater to your loan needs especially in times of emergencies because they are certain you won’t delay your repayment or try to trick them.

## Peace of mind
There is nothing better than knowing that you are debt-free and can spend your money on what you need and also what you want.

Debts, most times, can be a huge weight on your shoulder. They tend to stress you out and take away your focus from your financial goals.

Paying back your loan early can give you the peace of mind that allows you to concentrate and smash the other financial goals you’ve set for the year.

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If you require further information or assistance on how you can get your first loan, please send us a message at support@irorun.com, we’ll be happy to help!

5 benefits of paying off your loan early


First times can be scary and uncertain…

Irorun disagrees that your first loan should be any of that.

So we’ve curated 5 essential facts Irorun first-time users should know:

## Loan range
“To each their own”

The above is true for loan apps as well. Every loan app caters to a unique problem. For example, Irorun as a microloan app offers small loans that act as a quick fix for emergencies.

Irorun’s loan amount falls at a minimum of ₦5,000 and a maximum of ₦50,000. This is also a perfect opportunity for one to build their credit score.

Recall, that for you to qualify for a large loan, a good credit score is needed. And that’s where Irorun comes in. With our easy-to-access small loans — you can build a credible credit score and profile.

## Loan approval requires a valid government-issued ID card
To get your loan approved on Irorun, you need a current and valid government-issued ID card. This serves as a means to verify your identity. Therefore, expired ID cards or means of Identification different from those specified by Irorun will not be accepted.

You should also know that you’re only asked to provide a valid ID card once and then your Irorun account is created to serve you for life. This is why we advise you not to delete your account after one loan transaction.

## Loan eligibility
As a new Irorun user, you are only eligible for a loan amount of ₦5000 for the first time.

Not to worry, Irorun has put in place a system that helps to build mutual trust between lender and borrower. This system gives you a chance to work your way up on the Irorun trust bar while also giving you what you need.

The more you borrow and complete payments at the due date, the higher your chances of being eligible for higher loan amounts. We’re cool right?

This system enables us to build a trustworthy relationship with you while also building your credit profile and score.

## Phone call verification
We know you may not be thrilled by this but Irorun needs to speak with you, as a part of our verification process, before your first loan may be approved.

When you apply for a loan with Irorun, you will be sent a verification email with a number you’re required to call. Ignoring this final stage can cost you your loan approval.

The phone call verification is an important process that Irorun has put in place for your protection. For cases, where a scammer steals an individual’s data and identity to process a loan, phone call verification helps expose such treachery.

Once you’ve completed your phone call verification, a final approval or rejection email will be sent to you.

## Data privacy
This is a major part of Irorun’s ethics that we strive to uphold as giving out the data of clients without express permission is a detestable act punishable by law and Irorun would never do such.

As Irorun’s loyal clients, one of our goals is to protect your information from those who wish to do you harm and as such Irorun would never undermine you by abusing your private information.

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For further assistance and questions regarding your first loan application, send us a message at support@irorun.com!

5 facts Irorun first-time users should know

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Irorun Blog

Tips for saving an emergency fund

7 common loan issues

5 benefits of paying off your loan early

5 facts Irorun first-time users should know

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