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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.

It’s never a great experience to get ripped off your hard-earned money 

In this article, we’ll discuss 7 ways you can spot a loan scam

Check them out 

## The lender assures a high chance of approval
One of the many ways to spot a loan scam is through the “Guaranteed approval” claim. The lender would try to assure you that you have a high chance of being approved for a loan. You might even be honest with them and say you don’t meet all the requirements but they’d tell you that you would be approved. It’s giving sketchy!

Fraudulent lenders aren’t interested in your creditworthiness. They tend to seek borrowers who are more likely to fall behind on loan payments which would lead to them having to pay high late payment fees and penalties. These types of lenders tend to make claims like “Everyone is approved!”. Your best bet is to steer clear of them.

## The lender doesn’t have any evidence of license to lend
Lending is a regulated business and as such lenders are required to be licensed to give loans. Our friends at Lendsqr have done an amazing job of explaining the different licenses a lender could hold before they give out loans.

Loan scammers usually don’t have licenses so you can easily spot one when you check the lender’s website to verify the list of states where it can legally conduct business.

## The lender demands upfront payment
Some scammers have been known to demand debit cards or sensitive banking information from borrowers. They claim they need the information for insurance, collateral or fees. Legitimate lenders may charge a fee for your application, but those charges are deducted from your loan. Any lender who demands an upfront payment in exchange for loan approval is most likely up to no good. Remember, an upfront payment (illegal) differs from a processing fee (legal).

## The lender pressures you to act immediately
When a prospective lender gives you an ultimatum or a deadline to apply for a loan with them, with a warning of “offer expires soon”. There’s a possibility such a lender is either hiding something or It may be a ploy to get you to make a rash decision without having time to do your research to uncover the scam they’re running. Shine your eyes o!

## The website is not secure
There are scammers out there with active and running websites in hopes of seeming legitimate, and they use these unsecured websites to steal sensitive information by using a malware bug. It works just like any other loan website and sometimes can be tricky to uncover unsecured websites, but here’s a helpful clue - Unsecured websites usually begin with “HTTP” instead of “HTTPS”.

## The lender is not transparent about extra fees
Most predatory lenders will avoid posting their fees on their websites or disclosing them when asked. They may also tell you that you’ve been approved for a loan and then demand a fee from you upfront. While some reputable lenders do not list their fees on their websites, fees should be disclosed during the application process and before you sign anything.

Hidden fees that are imposed after loan approval are a huge red flag!

## Too good to be true syndrome
The reality of this situation is that if a loan offer sounds too good to be true, it probably is. Legitimate lenders won’t just call you out of the blue with an irresistible loan offer. You likely won’t qualify for a loan with an unbelievably low rate or a bad credit history. As always, remember that a lender who’s unafraid to lose their money is definitely one to steer clear off!

…

Now that you know how to spot and avoid loan scams, it’s a good time to send us a message at support@irorun.com and let’s get you started on taking your first loan!

7 ways to spot a loan scam

It’s funny how life can change in the blink of an eye. One minute, everything’s fine, and the next, you’re scrambling to cover an unexpected expense. On a regular Thursday afternoon Ade received a call that his younger brother had been involved in a minor accident. Thankfully, nothing too serious. But, as you’d expect, the hospital needed payment for scans and medications. He had just sent money home for some family needs the day before, and payday was still five days away, and he couldn’t afford to wait. 

Stories like Ade’s are all too common. In moments like these, knowing where to get an urgent 10,000 naira for just seven days can make all the difference. Whether it’s a a medical emergency, or a sudden transportation cost, having immediate access to a small loan can save the day.

## How 10,000 naira can save the day
10,000 naira might seem like a small amount in the grand scheme of things, but in urgent situations, it can mean the difference between panic and peace. We often overlook how much a little extra cash can help when life throws unexpected challenges our way. 
Here are a few ways that 10,000 naira can help solve problems before they grow into bigger issues:
- Medical needs
You never know when you might need urgent funds for medical reasons. Maybe it’s not a life-threatening emergency, but hospitals don’t care about that when they ask for a deposit or payment. 10,000 naira can help you buy medications, cover consultation fees, or pay for basic medical tests when the unexpected happens.
- Home repairs
Imagine this: you walk into your kitchen, and the tap has suddenly decided to flood the entire floor. Or your gas cylinder runs out in the middle of preparing dinner, and there’s no backup. These situations are common in Nigerian homes, and while they’re not life-or-death emergencies, they demand quick solutions. A small loan of 10,000 naira can give you the funds to fix these minor but annoying inconveniences.
- Travel and transport
Sometimes, you have an unexpected trip you can’t avoid. Maybe it’s to visit a relative who suddenly fell ill, or perhaps your car breaks down, and you need to get it fixed. Either way, transportation costs pile up, and you can’t afford to be stranded. 10,000 naira can cover the cost of a repair or buy enough fuel to get you where you need to be.
- School-related expenses
If you have children in school, you know how random expenses can pop up — whether it’s money for textbooks, uniforms, or a field trip. It might not seem like a big deal, but if your child’s education is at risk, even 10,000 naira can make a huge difference in keeping things running smoothly.

These scenarios are everyday occurrences, but they can create unnecessary stress if you don’t have enough money on hand. A 10,000 naira loan, even for just a week, can be the buffer you need to handle these surprises smoothly.

## Where to get an urgent 10,000 naira loan
If you ever find yourself needing an urgent loan, [Irorun is a great option to consider](https://irorun.com/). Irorun, meaning "peace of mind" in Yoruba, offers loans ranging from 1,000 to 50,000 naira with a simple, user-friendly process designed for emergencies.
Whether you’re employed, self-employed, or in-between jobs, Irorun makes borrowing money easy and accessible. All you need is your [BVN](https://irorun.com/blog/why-do-lenders-need-bvn-is-it-necessary-to-get-a-loan), [a valid ID](https://irorun.com/blog/what-you-should-know-about-uploading-id-on-irorun), and some basic details to apply. The best part? The approval process is incredibly fast, and once your application is approved, the money is sent to your account in minutes. With an interest rate of 10% to 15%, Irorun offers flexible repayment terms, allowing you to borrow for 7 days or even up to 30 days, depending on your needs.

## Why choose Irorun?
There are plenty of loan platforms available today, but Irorun stands out for several reasons:
- No collateral or paperwork: Forget about running around trying to gather paperwork or find collateral. With Irorun, the process is straightforward. No lengthy forms or credit checks are required.
- Fast approvals: When you’re dealing with an emergency, time is everything. Irorun’s quick approval process means you won’t have to wait for days to get your money.
- Transparent fees: You’ll know exactly what you’re paying for with Irorun’s flat 15% interest rate and a small processing fee, so there are no hidden surprises.
- Convenient access: Whether you’re using their mobile app or the website, Irorun’s platform is available 24/7, making it easy to apply for a loan anytime, anywhere.
- Flexible repayment: With up to 30 days to repay the loan, you can choose a repayment plan that works for your schedule without feeling pressured to pay back the money too quickly.
- No harassment: While it’s common for [loan sharks](https://irorun.com/blog/how-to-deal-with-loan-sharks) masquerading as lenders to use extreme and unethical measures to recover loan, Irorun does not harass its customers whether they’ve defaulted or not.

## When you need 10,000 naira, Irorun is here
Life is unpredictable, but you don’t have to feel stuck when you run into a sudden financial bump in the road. Whether it’s covering an urgent medical need, home repairs, or school-related expenses, having [access to a quick 10,000 naira loan from Irorun](https://lendsqr.com/lenders/irorun) can be the difference between chaos and calm.
The next time you find yourself in a tight spot, remember that [Irorun](https://irorun.com/) is just a few clicks away, ready to offer the financial support you need to get through the week. When unexpected expenses arise, Irorun provides a reliable, simple solution that puts peace of mind within reach. [Apply for 10,000 for 7 days now](https://irorun.com/loans/10000-naira-7-days).


Where to get urgent 10,000 naira for 7 days

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.

…

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


Have you always wondered why lenders ask for your BVN and what they do with it?

This article explains in detail why lenders need your BVN and how necessary it is to get a loan.

You’ll agree that any individual who owns a functioning bank account must be familiar with the acronym BVN, but let us further understand what it is.

BVN (Bank Verification Number) is a unique 11-digit number issued by the CBN (Central Bank of Nigeria) to individuals. It’s the same across all bank institutions for the same individual. This means that no matter how many accounts you open with different banks, your BVN remains unchanged.

## Is BVN necessary to get a loan?
The answer to this question varies with each source you find. Some might say “yes”, others might say “no”, and there may even be a few “it depends” but the most correct and logical answer would be “yes”.

## Here’s why:
Not all lenders indeed ask for BVN, as they all have different criteria but you should be worried if your lender doesn’t ask for your BVN. (Very worried).

Your BVN does more than allow you access to a bank account, it also serves as an identifier within the financial space. (Like a financial ID card).

Lenders use it to check your credit history and Karma (a privately sourced blacklist, so if one has a history of default with another lender, this is where there will be “a caught”.)

A lender who doesn’t ask for a BVN is skipping a lot of the credit check procedures, that’s why you should be careful. It’s almost like the lender isn’t afraid to lose their money, smells like trouble.

## For the lenders that do, why ask for BVN?
A means to verify identity: BVN serves as a universal ID in all banks in Nigeria (think of it like your NIN but for the financial industry), as such the information connected to your BVN remains unchanged across all banking institutions. This means it serves as the surest way that a lender can verify your identity.

To prevent identity theft: No two individuals have the same BVN, and as it serves as a means of identification, the chances of individuals using another person’s identity to get a loan drastically subside because of the checks involved.

To prevent fraud: The use of BVN as a check can also prevent fraud both on the side of the borrower (connected to identity theft) and lender (they might be loan sharks in disguise).

…

At [Irorun](https://irorun.com/), we understand you might have doubts about giving out your BVN and that’s why we advise that you carry out the proper checks on your prospective lender to ensure they’re legitimate and not a scam. [Here’s how to carry out these checks on lenders.](https://medium.com/@Theirorunapp/how-to-spot-a-responsible-online-lender-b1888f06011c) Be rest assured as well that Irorun doesn’t illegally store your sensitive financial data or share with third parties.

If you have any more questions please send us a message at support@irorun.com!

Why do lenders need BVN: is it necessary to get a loan?

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Irorun Blog

7 ways to spot a loan scam

Where to get urgent 10,000 naira for 7 days

8 reasons why you should read loan terms and conditions

Why do lenders need BVN: is it necessary to get a loan?

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