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Whether you need N50,000 tomorrow or an urgent N2,000, Irorun is the best loan app to provide that instant relief.

We value our customers and want to continue to help you meet your needs. As you continue to repay your loans from Irorun, you will have access to higher loans up to N50,000 with the lowest interest rates in the market. We also offer gifts on your birthday and for referring other users to sign up and get a loan.

We recognize our most loyal customers by offering them exclusive benefits, including 0% interest on urgent loans for a short period.

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?


“Imagine losing money this period?”

Terrible thought right?

That’s why Irorun curated 4 financial scams you should watch out for. Because how can you avoid what you don’t know about?

## Phishing scams
Perpetrators of these scams usually send an email or text message with a link that can be used to access sensitive and private information such as passwords, security details etc. Which could spell a disaster for you. These emails are usually tailored to look like they come from an authentic source. Werey dey disguise.

They often tell a story to trick one into clicking on a link or opening an attachment. It could come as an unexpected email or text message that looks like it’s from a company you know or trust, like a bank or a credit card or utility company.

The message could be from a scammer, who might say they’ve noticed some suspicious activity or log-in attempts), claim there’s a problem with your account or your payment information, or say you need to confirm some personal or financial information.

To avoid falling victim, you should watch out for links in unexpected emails or texts from unknown sources.

Read more: [What is found in a typical loan terms and condition](https://irorun.com/blog/what-is-found-in-a-typical-loan-terms-and-conditions)

## Impersonation scams
Impersonation scams happen when an impersonator copies elements of a person, brand or organization for fraudulent purposes. These persons pretend to be someone else in a bid to deceive the unaware party. Another werey dey disguise.

These scams go beyond someone calling and asking for your bank details. Some of these scammers go as far as creating fake social media accounts or fake websites that copy the names, images, logos, or other identifying information of a person, brand or organization for deceitful purposes.

This is why it’s advisable to only access an organization’s website through a Web browser and not any link sent from a suspicious email address, look out for verified ticks on social media handles of public figures, brands etc. Remember it’s highly unlikely for government parastatals, brands or public figures to send you a personal message regarding your finances.

Read more: [Why you should read loan terms and conditions](https://irorun.com/blog/8-reasons-why-you-should-read-loan-terms-and-conditions)

## Charity organization scam
This is another popular financial scam that you should watch out for. Charity fraud schemes seek donations for organizations that do little or no work — instead, the money goes to the scammer’s pocket. While these scams can happen at any time, they are especially prevalent after high-profile disasters or pandemics *coughs in COVID-19 relief fund*. Scammers often use tragedies to exploit individuals who want to help or seek help.

Scammers know how readily we open our hearts and wallets to those who served and those rebuilding their lives after tragedies and so they abuse this kindness. They’re especially active during the holidays, the biggest giving season of the year.

And that is why proper investigations should be carried out before giving out hard-earned money to any organization seeking funds.

Read more: [Reasons why taking out a loan is  no longer considered scary](https://irorun.com/blog/7-reasons-why-taking-out-a-loan-is-no-longer-considered-scary)

## Lottery and job offer scam
This particular financial scam has to be the oldest in the book. Who doesn’t dream of winning a lot of money or a big prize? That’s why scammers still use the promise of a prize to steal money or personal information from unsuspecting individuals.

Scammers also present themselves as individuals or businesses posing to offer well-paying jobs or fast-money schemes. Whatever forms it comes as is usually just an attempt to access your sensitive details.

Unexpected prize and lottery scams work by asking you to pay some sort of fee to claim your prize or winnings from a competition or lottery you never entered. Smells like 419!

We understand that times are indeed hard and a new well-paying job may be what you desire, but we ask that you carry out proper research on any company that reaches out to you with claims of a job offer.

Read more: [Where to get an urgent 50,000 naira loan](https://irorun.com/blog/Where-to-get-an-urgent-50,000-naira-loan)

…

As always, Irorun wants you well-informed on matters that concern your money.

For more questions or loan assistance send us a message at [support@irorun.com](mailto:suppport@irorun.com)!

4 Financial scams to watch out for

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


“Let me just drop urgent 2k here in case I need it one day” — that’s how you’ve dropped money with us for months now.

We understand the temptation that comes when you find an app that you can fund, you jump at the chance of depositing money into it as it gives you a place to save for rainy days.

However, we regret to inform you that [Irorun](http://irorun.com/) is not a savings app or platform to keep “extra” money. Irorun provides users with a wallet account not for saving but as a means of loan repayment.Therefore, any amount of money funded to the wallet should be done by only ACTIVE LOAN HOLDERS.

It’s okay if you’ve assumed otherwise, that’s why we’re here to remind you that [Irorun](http://irorun.com/) is not a savings app.

## Implication of funding your Irorun wallet account with no active loan
When you decide to use your wallet account as a means of saving, you stand the risk of getting your account deactivated. YES! deactivated.  Once the system detects that your wallet has been funded and registers that you do not have an active loan, your account will be deactivated because such actions are seen as fraudulent. It’s giving “I-didn’t-know-where-else-to-hide-this-money”.

The process to rectify an account deactivation can take from 48 to 72 hours due to various investigations that will be carried out to determine where the funds came from, after which the money would be sent to the source account (the account the money was sent from). The stress isn’t worth it abi?

Do you see how using Irorun as a savings app will prove to be an inconvenience to you in the long run? Don’t be dismayed. When [Irorun](http://irorun.com/) launches a savings feature, you’d be the first to know!

Remember, Irorun is not a savings app and is solely for LOANS and REPAYMENT.

For further questions and assistance please send us a message at support@irorun.com.

Thank you for coming to Irorun’s TEDtalk.

Until next time, tell a friend about us.

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Irorun Blog

What does it mean when your loan is pending?

4 Financial scams to watch out for

5 facts you must know about credit score in Nigeria

Irorun is not a savings app!

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