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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.


Hi there! Irorun here again. Today, we’re answering the age-long question of our valued user — YOU.

In this article, we provide clear answers to the question — ‘What does it mean when my loan is pending?”

Sadly, the misconception some Irorun users have is that; their loan application is denied because their documents are pending. They see that even when all stages of their verification/application are complete (or sometimes not), their Irorun dashboard still reads as “pending”. Therefore they conclude their loan application has been rejected.

But, here’s the thing; a pending loan application doesn’t translate to rejection. There are a couple of reasons why your loan is still pending…

## Final verification check
Until this final verification check is done. Your Irorun dashboard will read as “pending”

To keep your data safe and prevent identity theft, the Irorun loan application process has checks in place that must be completed before your loan can be approved and the “Phone call verification” check is one of them.

After you apply for a loan, you’re instantly sent an email with a number you’re required to call and speak with an Irorun representative as a means of further verification. Once you complete this process, the Irorun system carries out additional checks before approving or denying your application.

During this period, your app dashboard shows “pending”. This doesn’t mean your loan has been rejected but rather your documents and identity are being vetted.

Although, if for any reason you fail to carry out the phone call verification, your dashboard will continue to show “pending” with no change forthcoming.

After some time, Irorun will contact you via email to inform you that the phone call verification has not been carried out and inquire as to whether you would like to cancel or continue the loan application.

## Incomplete loan application/Irorun vetting process
Another likely reason why your Irorun dashboard still reads “pending” may be because of an incomplete or incorrect application. Not completing your application process or putting in invalid personal details may put the whole process at a standstill.

It could also be that Irorun is vetting your documents and checking your credit profile. So we can be in the safe zone as well. Remember, any lender that’s not afraid to lose their money is a walking red flag .

Know that it’s never Irorun’s intention to cause our loyal users any form of distress and that’s why our loan application is seamless and fast.

## Bonus point
Here’s one final misconception to fact-check — a pending loan status does not mean that your loan repayment date has started counting!

Let us put your mind at ease now, your loan only begins to count after it’s been approved and your loan disbursed.

…

As always, we’re available to answer your questions — whether it’s to confirm facts or simply make inquiries you can always reach out to us at support@irorun.com!

What does it mean when your loan is pending?

We’ve all been there. It’s mid-month, and your wallet feels lighter than a feather. You think you’re good until you remember your transport budget is spent, the stove’s out of kerosene, or you get a call about an unexpected bill. Suddenly, that small 5,000 naira becomes the difference between calm and chaos.
But in a country with a minimum wage of N30,000, N5,000 might not sound like much. Still, when life happens — and it often does — this “small” amount can feel huge. And for many Nigerians, having quick access to just 5,000 naira could make all the difference. It’s the lifeline that keeps your day running smoothly or helps you manage an unexpected crisis.

## What can 5,000 naira do for you?
Don’t let the number fool you. N5,000 can stretch surprisingly far. Imagine needing medicine at the pharmacy or a last-minute grocery run. Maybe you’ve run out of gas for cooking, or worse, you need urgent transport to an important meeting.
These aren’t “luxury” expenses but essential ones. And with N5,000, you can cover those emergency needs without digging into funds meant for rent, school fees, or other significant expenses. It’s the cash buffer that helps you keep things on track when life throws a wrench into your carefully planned budget.
[According to a recent report, about 40% of Nigerians live on less than N10,000 per month](https://www.thisdaylive.com/index.php/2024/06/07/bagudu-despite-economic-growth-40-of-nigerians-still-live-below-poverty-line/), which makes N5,000 significant for short-term relief in tight situations. It’s not about reckless spending. It’s about preparing for life’s little surprises.

## Where can you get an urgent 5,000 naira loan?
True to its name, which means "peace of mind" in Yoruba, [Irorun](https://irorun.com/) offers a hassle-free way to get a loan ranging from N1,000 to N50,000 without collateral or extensive documentation. You can apply through our app or website, and your loan will be disbursed in minutes. Irorun’s flat interest rate is around 15%, with a processing fee of N400. The repayment period is flexible, ranging from 3 to 30 days. It’s designed for Nigerians who need quick access to credit without jumping through hoops.

## Why choose Irorun?
Irorun stands out from the crowd not only because of its simplicity but also due to its customer-centric approach:
- No documentation: Just your basic details, BVN, and a valid ID. No need for cumbersome paperwork.
- Available for anyone: Irorun caters to all, whether you’re self-employed or working full-time.
- 24/7 online access: Get a loan anytime, anywhere — no waiting for business hours.
- Multiple channels: You can access loans via mobile and web app.

## What if you can’t get a loan from Irorun?
Irorun understands that sometimes, one may not qualify for a loan due to circumstances like poor credit history or insufficient verification. However, we don’t leave you hanging. We recommend other trusted platforms like [SnapCash](https://lendsqr.com/lenders/snapcash), [Urgent10K](https://www.urgent10k.ng/), and [Blocka Cash](https://blocka.cash/), ensuring you can still find the funds you need. This dedication to helping customers, even when they can’t assist directly, sets Irorun apart.

## Get 5,000 naira loan now!
Help is just a few clicks away. Whether you need N5,000 or more, [Irorun is here to support](https://lendsqr.com/lenders/irorun) you with hassle-free access to quick loans, keeping you focused on what really matters.



Where to get 5,000 naira urgent loan

In present-day Nigeria, multitudes are being thrown into a financial dilemma courtesy of the invisible hand of inflation touching every sphere of our economy. But there’s one thing that has helped cushion the effect of our declining economic situation — responsible loans, not reckless borrowing (Over here, we totally frown upon reckless borrowing).

Whether it be from traditional lenders or financial institutions (banks et al), loans will be around for a long time. Despite the benefits of loans, there are certain things or reasons you should never consider loans for.

Let’s take a look at seven things you should not borrow for:

## Luxury items
Borrowing money to splurge on luxury items, like expensive gadgets, designers, or extravagant vacations, is a very big no-no. We can agree that these items most likely offer short-lived satisfaction and contribute to long-term financial instability, especially for the trying-to-get Nigerian.

Relying on loanss for non-essential items strains your budget and may result in overwhelming debt. To avoid this, prioritize necessities over desires, set financial objectives, and save up for luxurious indulgences instead. By practicing financial discipline and avoiding reckless spending, you can clear the path to a more stable and comfortable financial future. Don’t impress the world to your detriment.

## Impulse purchases
Impromptu buying with borrowed money is a common mistake a lot of people make with serious consequences. Impulse buying makes it difficult to stick to a budget and make well-informed choices.

The individual not only accumulates debt rapidly but is also burdened with repayment obligations and financial stress. To save oneself from this, practice self-control. Stick to your list, Stick to your budget and remember; There’s always rice at home. All of the above will help you curb overspending, and maintain a fine line between essential and non-essential expenses.

As a rule of thumb, before borrowing for a purchase, assess if it aligns with your long-term financial goals and if it’s truly necessary or just a fleeting desire.

## High-risk investments
Investing borrowed money in high-risk ventures can expose you to significant financial losses. While investments always carry some risk, using borrowed funds amplifies the potential consequences. Speculative stocks or unregulated schemes can wipe out borrowed capital, leaving you with debt and depleted finances.

Instead, opt for more stable investment options that match your risk tolerance and financial objectives. Seek advice from financial experts to make informed investment decisions. We’re no investment experts but we’re certain one of the foremost rules in the investment rule book is to never invest money you cannot afford to lose. Can you afford to lose a loan?

## Gambling or betting
Using borrowed money for gambling or betting is a set-up for failure with a side dish of severe financial and personal consequences. The allure of quick cash can obscure the risk of significant losses, trapping you in a never-ending debt cycle.

Seek healthier and more stable ways to improve your finances. Consider seeking professional help if gambling has become problematic. Prioritize financial stability and emotional well-being over fleeting temptations.

## Day-to-day expenses
Daily expenses are just that, daily expenses, you can’t cut them out of your life. Your transportation costs, groceries, utility bills, and many other essentials make up your necessary expenses. Using borrowed funds to cover these expenses is likely to trap an individual in a constant cycle of debt. It also suggests a deeper financial issue that needs urgent attention. It’s safer to get your money up (improve income) to cover these daily expenses than rely on loans.

Borrowing should be reserved for more significant investments or emergencies, not for day-to-day survival. Practicing financial discipline and living within your means can help evade unnecessary debt and foster better finances.

## Paying off other debts
Using new loans to pay off existing debts might offer temporary relief but often worsens financial challenges in the long run. This practice makes it harder to manage other financial obligations.

Instead of paying debt with debt, consider debt consolidation options or negotiate with lenders to find a more manageable repayment term. Seek advice from financial experts who can guide you in developing a debt repayment strategy that aligns with your financial situation.

## Weddings and ceremonies
Weddings and ceremonies will last a day but the debt will last a lifetime. Well, not really but while celebrations are important, excessive spending on one-time events can hinder your financial goals.

The individual is better off with more budget-friendly options for weddings and ceremonies, focusing on the significance of the occasion rather than its extravagance. Planning and saving in advance helps prevent unnecessary debt and ensures greater financial security for your new chapter.

Remember, the success of marriage should not be tied to the scale of the celebration but to the love and commitment between partners. Wisdom nugget eh?

Now that we’ve told you several things you should not be taking out a loan for, we’re certain you’ve got your priorities in order and can now confidently apply for a loan with reasonable end-use.

...

Let us help you secure that loan with ease, send us a message at [support@irorun.com](https://mailto:support@irorun.com) to get started.

7 things you should not borrow for in Nigeria

Reading your loan terms and conditions should be a necessity for any potential borrower, but just in case you don’t see why you should…

Here are eight(8) reasons why you should read the terms and conditions of your loan.

## Know your interest rate
Every lender has a different way of calculating their profits on a loan, and by profit, we mean interest rate. Just because lender A gives you an interest rate of 10% on a 300k loan doesn’t mean it’ll be the same for lender B.

Interestingly, lender B might even offer you a 5% interest rate on that 300k loan. When you get a loan offer with a slightly high-interest rate (any interest rate, really), you should compare it with the offers of other lenders to see if it’s the best for you or if you could find something better. In essence, you can find a loan’s interest rate clearly stated in the terms and conditions.

## Other processing fees
Some fees will be paid during the processing period that might not be explicitly mentioned but will be in the loan terms and conditions. Sometimes you wonder why you’d apply for a #50,000 loan and you’d be given #48,500, well that fee deducted is called a processing fee that you may not know about, except you take the effort to read through the terms and conditions.

Once again, we advise that you find out if any other fees are included in your principal amount (loan + interest rate) by reading the terms and conditions, then factor these fees into your budget before proceeding with the loan transaction.

## Repayment terms
Most borrowers tend to assume how or when they’ll pay back their loan but the truth is, you might think one thing and your lender, another.

The loan terms and conditions always contain accurate information on how long you’ll be repaying a loan for, how you’ll be repaying it and how lenient the lender will be towards a loan renegotiation.

Everything that has to do with your repayment will be included in your terms and conditions. Rather than assumptions or guessing games, ensure you read through the loan terms and conditions.

## Penalties
Now there may come a time when you’ll be unable to pay your loan on time (never say never), you may be offered a grace period by your lender or you may not (you have to inform them either way) but there will definitely be a penalty fee levied against you (amount differs between lenders)

All these (the grace period and penalty fee) will be included in your loan terms and conditions and happen to be very important knowledge to have for when you unintentionally miss your loan repayment. See why you should read T&C?

## Reporting
The lender might not outrightly say it but it may be stated in your loan terms and conditions. They have the right to report you to any of the functioning credit bureaus in the country if you default on your loan.

It’s advisable you read up on your loan terms and conditions for the knowledge of who you would be reported to if you perhaps bail out on your loan repayment.

## Guarantors
One thing you must take note of is that any guarantor (family or friend) that aids you in getting a loan is going to be punished if you default on loan repayment.

The loan terms and condition also contains what your lender is legally able to do to any defaulting guarantor. This is why you should be well informed of the consequences of defaulting on your loan obligation either as the direct borrower or as a guarantor. Here are some other consequences of defaulting on your loan obligation.

## Borrower’s rights
Yes, you do have rights as a borrower which means that there are things that you can and can’t do as a borrower. As well as things that can and can’t be done to you by a lender.

Reading the terms and conditions can help you discover and understand what you can and cannot do and if your rights have been infringed upon in any way. Check out some other rights you have as a borrower.

## Room for more questions
You can never have too many inquiries and reading the terms and conditions is bound to leave you with more than a few.

Reading the terms and conditions allows you to ask a lot of questions you’ve had in mind and even those you didn’t think about previously. It will help you clear up any misunderstandings and uncertainties before transacting.

Remember, any lender who’s not interested in providing clear answers to your questions may just be one you should steer clear of.

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Send us a message at support@irorun.com and let’s help you get your first loan!

8 reasons why you should read loan terms and conditions

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Irorun Blog

What does it mean when your loan is pending?

Where to get 5,000 naira urgent loan

7 things you should not borrow for in Nigeria

8 reasons why you should read loan terms and conditions

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