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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.

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

Have you tried to link an account to your Irorun wallet, and it failed? Do you wonder why?

Now, here’s the gist of it.

There’s a high chance you tried to link a virtual account. Unfortunately, Irorun doesn’t accept virtual accounts as a suitable link to your Irorun wallet. We understand that it may be your preferred means of saving money (and we don’t fault you for that) but at Irorun we do not accept you linking a virtual account to your Irorun wallet.

If you’re unsure what a virtual account is, here’s a brief rundown.

## What is a virtual account?
Virtual accounts are non-physical payment methods used to send and receive money. A unique account number is usually assigned to the user by the financial institution. A virtual account operates in the same way a traditional non-virtual account does, with the exception of a physical location.

Virtual accounts are set up using basic personal and financial details like name, mobile number, email address, Bank verification number etc.

## Which banks provide virtual accounts?
Virtual accounts are issued by most Fintech companies or some traditional banks. The Fintech company you patronize may provide you with a virtual account where you transact or save money for the foreseeable future. Unfortunately, Irorun does not accept links to these virtual accounts.

## Why Irorun does not accept virtual accounts
Here are 3 reasons why we don’t accept virtual accounts:

## Dispute in regulation
Most virtual accounts are usually tied to a Fintech company which has different regulatory policies from a traditional bank. This raises uncertainty as regards payment policies, as well as issues of companies packing up and leaving clients stranded.

## Dispute in ownership
There is no certain way to prove that the virtual account belongs to you, as your BVN may not be linked to it. How then are we sure a prospective borrower owns that account? How do we get our money back in cases where there are no legal or financial ties to the virtual account whatsoever?

## Dispute in client information
There is no bank verifying that your ‘Know Your Customer’ (KYC) has been done. A traditional bank offers a series of data collection and KYC forms that certifies that indeed, this client has an account with us and can be contacted with ease through several means. Unlike virtual accounts, where it’s near impossible to verify if a client truthfully and completely updated their KYC forms.

In other words, the risks and uncertainties are far too numerous to brush aside. Until such a time when there are far stricter regulations.

For the time being, we urge that you understand and comply with linking registered and active non-virtual accounts issued by a traditional bank in your country.

### Here’s a fun fact
Irorun also issues virtual accounts from providers such as Sparkle Bank, Polaris, etc. which are used solely for the repayment of loans. This virtual account is issued to you when you sign up and apply for a loan with us. With this virtual account, you are able to receive money from any non-virtual bank account.

Irorun is a lending platform and is licensed only to give out loans. You should not use your Irorun-issued virtual account for anything other than paying back your loans.

Using your Irorun virtual account for any other reason different from what it has been assigned can lead to your account being deactivated. Read more on why the Irorun virtual account should not be used for saving.

…

Irorun is always available to give you the necessary information that would make your loan experiences free from hitches. Send us a message at support@irorun.com!

Irorun does not accept virtual bank accounts!

Thank you for trusting us to give you the best loan option! 

Now that we delivered it’s time for you to meet up with your repayment date right?

Here are 5 major things you should know about our loan repayment:

## Prepayment penalty fee
A prepayment penalty fee is a fee that is charged if you pay back your loan earlier than the repayment date. Some lenders typically charge a prepayment fee, mostly because they don’t want to miss out on any part of their calculated profit through interest. Fortunately, Irorun does not charge a prepayment fee and as such you are free to make loan repayments before your due date. Tell us thank you!

## Funding
As a registered Irorun user, you have a wallet account that can be funded to help you pay back your debt. This is the ONLY accepted means of repayment. Your Irorun wallet account can then be funded with your debit card or through a bank transfer.

You can also repay your loan with USSD right from within the app. And if you have good uncles who are ready to bless your ministry, you can share your payment link with them as well and they can pay for you.

Back to your debit card, you need to ensure that your debit card is valid, and funded so that you may be able to pay back in due time. Remember, penalty charges start counting three(3) days after the due date.

## Cards
Now that you know about funding your Irorun wallet with an ATM card, the next thing you must know is “what type of debit card is accepted?” We gotchu!

Irorun only accepts Mastercard and Visa cards for now. These cards must be issued within the country which you are taking the loan from.

## Penalty charges
Although we may not charge a prepayment fee, we are not exempt from those who charge penalty fees for late payments. Irorun charges a penalty fee if you don’t pay back your loan on its due date or your assigned grace period.

We know that there may be valid reasons as to why you would be unable to pay back your loan on time, and that’s why your penalty fee only starts counting three(3) days after the due date. We’re due for another thank you! Are we not?

This grace period would give you enough time to get in touch with an Irorun representative to work out a solution to any problem you may have as regards your loan repayment.

## Second loan eligibility
You’re automatically eligible for another loan once you’ve cleared up your previous loan on time. Here’s the thing, your second loan can only be approved if you apply seven (7) days or more after the first loan.

And here’s another thing; if you didn’t pay your first loan on time and the system had to chase you around like an errant child, we may never trust you for another loan again.

And here’s one last thing; if you pay your loans on time, you are automatically eligible for a higher amount or new loans.

Be rest assured that we are highly receptive to our repeat clients and reward their loyalty. Visit Irorun to find out more about these rewards.

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If you need further information or clarification regarding repayment processes, kindly reach out to us at support@irorun.com!

5 things you should know about Irorun loan repayment

Hey there Rockstar, how’s it been at your end? We understand that the price hike in virtually almost all goods and services has been a whirlwind. And as always, we’ll be offering some ways small loans can help you navigate this new terrain. Let’s take a look:

## Immediate financial support
Small loans are a true godsend, there is so much that they can do for you, especially in the country’s current economic decline. Though they may seem insignificant, which we’re sure a lot of people think, they serve as a source of quick funds that offer immediate relief when individuals or even businesses are in financial need.

They’re not only readily available and accessible, but they also have the ability to reduce negative impacts that may be caused by delayed action. Let’s be honest, having immediate access to funds makes all the difference when one needs a quick financial fix.

## Covering unforeseen expenses
In a country like Nigeria where we experience constant change and difficulties, small loans can be instrumental in covering unforeseen expenses. These expenses could include medical bills, home repairs, vehicle maintenance, *coughs* the recent alleged 40% increase in electricity tariff  or other financial needs that require immediate attention.

As most financial emergencies do, they often come without warning, and one may not have enough savings or income to handle such expenses. This is where small loans come in, they provide a lifeline by offering the necessary funds to fix these unforeseen expenses ASAP. Best of all — They’re easy and quick to pay off!

## Mitigating the impact of job loss
Losing one’s job can have a terrible impact on their finances. At that point, everywhere you look seems to attract a repair or a fix or a replacement. There’s always something wrong that requires a financial solution. Whether it’s rent, electricity bill, groceries, transportation, they all seem to pop up just as you’re facing the strain of searching for a new job. Downsizing is a b*tch we totally agree!

Again, small loans to the rescue! With a small loan, one can keep themselves and their families afloat during the job loss period. Thereby reducing the impact it would have on their lives and creating a smoother transition to new employment.

## Avoiding expensive debt traps
During financial crises, some persons may be tempted to resort to high-interest loans, because they seem like a better option. After all you can never go wrong with more cash. Unfortunately, these lead to expensive debt traps and long-term financial struggles.

Small loans are a safer and more affordable option, and as a bonus, they don’t keep you in the debt cycle because while small loans have their interest rate, it is much more reasonable compared to other lending options available to individuals in urgent situations.

## Flexibility and accessibility
Small loans as we have consistently preached about are most often very flexible and accessible allowing borrowers to change the loan terms according to their specific needs and circumstances. This flexibility can help lift some of the financial stress associated with emergencies and make the repayment process more manageable.

With small loans, borrowers can choose the loan amount that fits their emergency, and then borrow only what they require. This prevents them from having the additional burden of excessive debt. It also reduces the likelihood of falling into a constant cycle of borrowing.

Send us a message at support@irorun.com and let’s help you fix that unexpected expense with your first small loan!

How small loans address financial emergencies in present-day Nigeria

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Irorun Blog

8 reasons why you should read loan terms and conditions

Irorun does not accept virtual bank accounts!

5 things you should know about Irorun loan repayment

How small loans address financial emergencies in present-day Nigeria

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