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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
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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.

# Contrary to many individuals’ beliefs, one’s credit score does not decrease if one stops borrowing. In some cases, it’s quite the opposite. Holding off on taking new loans can have positive or sometimes neutral effects on one’s credit score.

A poor understanding of credit scores is usually what leads to this misconception. To help dispel such misconceptions, here are a few factors that actually play a role in lowering one’s credit score.

## Late payment
We’ve mentioned too many times the negative impact of late loan repayment on an individual’s credit score.

To merit an increase in credit score, a timely repayment of all bills and loans is required. Also, a delay in debt repayment causes a reduction in credit score. In cases where one is unable to meet up with an agreed-upon repayment date, it’s important to inform the lender early enough, to restructure a more flexible T&C.

## Debt level
An individual with more unpaid debts, has a higher debt-to-income ratio. If such individuals are shopping for loan, they’re seen as not creditworthy enough to sufficiently cater to their loan. Therefore, we can say that a high DTI level reduces ones credit score and also their chance of securing a loan. Find out more about the impact of DTI on your loan application.

## Applying for multiple loans
There’s a common saying; “If you’re everywhere, you’re nowhere”. This holds for borrowing as well.

If you’re actively seeking credit from various sources in a short span, it might signal financial distress or overextension. This can raise concerns among lenders about your ability to manage additional debt, hence affecting your credit score negatively. Although, the impact of these inquiries is typically minor and does diminish over time.

## Errors on credit report
Inconsistent and inaccurate information in an individual’s credit report can potentially reduce their credit score. It’s of utmost importance that all documents containing an individual’s financial details should reflect similar and accurate information. Lenders may view discrepancies in any of these documents as fraudulent, which can lead to a decrease in credit score.

## Serial loan default
We consider loan default as the ultimate destroyer of credit scores. Worse yet, a borrower who always defaults on their loan will significantly decrease their credit score.

Defaulting on loans severally, shows an inability of an individual to fulfil their financial obligations and thus leads to a negative impact on their credit score.

Now that we’ve answered your question, let us help you confidently secure a loan that’s the right fit for you. Send us a message now at [support@irorun.com](link)!

Will my credit score get lower if I don’t borrow anymore?

Some months back, we broke down in bits all the nitty gritty details of the newly signed student loan act. We helped you fully understand just what the government had put into law and what it meant for Nigerian students. Today, we bring you an update as to when the official commencement of this act will take place.

## Here’s a brief recap on the student loan act 
President Bola Ahmed Tinubu signed the Access to Higher Education Act 2023 into law on Monday, June 12, which was a significant decision. He fulfilled his promise by starting a test student loan program. The program aims to help more people access education, regardless of their background.

The “Student Loan Act” aims to provide Nigerian students in college with interest-free loans. Additionally, the Act establishes an Education Loan Fund, designed to assist Nigerians in funding their higher education interests.

On June 14, 2023, the government promised to prepare for the student loan program to start between September and October 2023. Since the announcement, there has been no updates or progress on the scheme.

Of course, we know the government has been working tirelessly to see this bill come into play. Good things take time after all. 

Many people may have expected the delay in commencement, but the recent tuition hikes at many higher institutions were unexpected. Students and parents from the affected higher institutions have expressed worry and anxiety as the combination of increased tuition costs and the postponed introduction of the loan program has created financial instability amongst many. Coupled with the many other hikes in various spheres of the Nation.

## Here comes the good news  
Many Nigerians are skeptical about the bill’s implementation, given the government’s history of poor follow-through. This skepticism is understandable. President Tinubu announced that the government will start giving student loans to Nigerians in January 2024.

At a summit in Abuja, the President announced plans to expand the student loan program to help Nigerians, easing their difficulties and reaffirming his commitment to this goal.

David Adejo, the Permanent Secretary of the Federal Ministry of Education, confirmed that the Nigerian government will begin offering student loans in the 2023/2024 school year. This announcement was made during a meeting with the House of Representatives Committee on Student Loans.

However, he dismissed rumors that federal universities have increased fees following the enactment of the Students Loan Act. We beg to differ. 

As we await more action and less talking from the Government, we keep our fingers crossed and hope the implementation is more effective than we expect.

Now, fellow Nigerians, the ball is in your court. Share your thoughts on the latest update, we’d love to know what you think about the student loan act. Do we just stick to fast loan apps for educational loans or consider the Government’s new initiative. Send us a message now at support@irorun.com.

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What’s next for the newly adopted student loan act?

Have you ever wondered why some people get their loans approved and others don’t?

It all boils down to the qualities that endear lenders to them.

No lender wants to take a chance on someone they’re “unsure” of.

So, here are 5 qualities that’ll endear you to responsible and ethical lenders:

## Creditworthiness
Good credit history is one quality lenders tend to look out for in a borrower. A good credit score, and a squeaky-clean reputation, go a long way in helping you secure that loan you want.

When a lender looks through your credit history and sees that you have built up a high credit score by being very meticulous about paying back your debts on time and have never defaulted on your loan, they will be less likely to deny the loan amount you are asking for. A good name is better than riches

## Good money management skills
A good borrower should be self-aware of their financial standing and tailor their loans to expenses that are of the utmost importance. The ability to separate wants and needs is a skill that is highly underestimated among many today but is one that can make or break a borrower.

Good money management skill helps in maintaining a favourable standard of living even while in debt and also helps one clear them quickly without trouble.

Most of the time, bad money skills are why many shy away from loans. The misconception that loans are responsible for debts is completely false. Bad money management skills are the reasons why people fall into debt.

## Trustworthy
Another quality of a good borrower is to have a profile that screams “I can’t and won’t run away with your money.” If a lender cannot trust you with their smallest loan amount, how can they be expected to trust you with a significantly larger amount?

Building trust is not just about paying back your debts on time, it also involves communicating with your lender If there are any issues you may have with repayment.

Building trust with your lender also increases your chances of getting approved for a much larger loan.

## Punctual repayment
This quality is a favourite of most lenders. It not only builds trust with your lender but also boosts your credit profile.

A good borrower should always endeavour to meet up with the scheduled repayment date and inform their lender if they will be unable to meet up, so that an alternative may be decided on. Ghosting your lender is not a good look. It screams yahoo-yahoo.

## Good spending habits
As much as your lender has no say in how a borrower should spend their loan, having good spending habits is an attractive quality a borrower should have. A good money quality everyone should have is the ability to cut down unnecessary spending habits and create alternatives that help save money while also meeting one’s needs.

An individual in debt should not be using their loan to buy items they can do without. No Amara you don’t need another pair of pink shoes.

Even though good money habit is not the key to wealth — at least it’ll help you keep the wealth when you get there.

Thank you for coming to Irorun’s TEDtalk. Stay rich rockstar!

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Our support is here for you as always, so send us a message at support@irorun.com!

5 qualities of a good borrower

Wait!!!

Before you apply for that loan, hear us out

To reduce the myths surrounding loans, we’d first have to break the stereotypes around them.

For your sake and ours as well, you should never have to apply for a loan “unsure” or “undecided.”

And that’s why we’ve listed out 3 important questions you should ask yourself before taking that loan:

Read more: [How to qualify for a loan with a low income](https://irorun.com/blog/how-to-qualify-for-a-loan-with-a-low-income)

## Do you need a loan?
This is a highly underrated but important question to ask yourself before applying for a loan. Are you actually in need of it or are you craving credit alert?

We know that the joy that comes with receiving a credit alert is incomparable and very tempting but, we urge you to take another look at your finances and be 100% sure you want to take out a loan. Are you ready to pay back with the added interest? Are you ready to face the scrutiny? Are you ready to lose something you own or face court charges in a case where you default on loan repayment?

If taking out a loan does not benefit or aid you extensively in the long run then there is no need for you to take out one.

Read more: [Mistakes you must avoid when paying off debts](https://irorun.com/blog/mistakes-you-must-avoid-when-paying-off-debts)

## How urgently do you need the loan?
Another thing you should consider before applying for a loan is the “urgency of the situation.” The type of emergency you’re facing also determines if you truly need the loan at that moment. Some emergencies need a more immediate reaction than others, for instance, if you had to choose between taking out a loan for a health emergency and a car emergency, you’d obviously pick the health emergency (your health is more important than a broken bonnet).

You’d need to take out an immediate loan to solve a health emergency but a car emergency can be postponed to another time (while you make do with other alternatives). The urgency of a situation can also be a deciding factor your lender may use.

Read more: [5 actions to take if your loan was declined](https://irorun.com/blog/5-actions-to-take-if-your-loan-was-declined)

## How do you intend on paying back?
Okay, so you’ve answered the questions above and it’s looking a lot like you need to take out that loan. There’s just one more thing to consider — How are you going to pay back the loan? Do you have a stable source of income that will help you compensate for the loan while maintaining an acceptable living standard? Or are you just trying to press your luck and hope for the best?

When you decide to take out a loan you have to cover all ground and that also includes how you’re going to repay your lender without ending up living below standards. The idea that loans are destructive and cripple one’s finances is totally wrong! It’s bad financial choices that cripple one’s finances. With the right financial plans, a loan can very well be a boost to your overall standard of living.

Once you’ve worked out how you’re going to repay your loan then there should be nothing holding you back.

Read more: [7 ways to spot a loan scam](https://irorun.com/blog/7-ways-to-spot-a-loan-scam)

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As always, Irorun is more than just a loan app. We care about the money choices you make and we contribute our quota in ensuring you never lack good financial knowledge.

Remember, we’re just one message away. Reach us at [support@irorun.com](mailto:support@irorun.com) today!

3 questions to ask yourself before you apply for a loan

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Irorun Blog

Will my credit score get lower if I don’t borrow anymore?

What’s next for the newly adopted student loan act?

5 qualities of a good borrower

3 questions to ask yourself before you apply for a loan

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