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We work with you, for you, and never against you

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.

“Read the fine prints, ask all the right questions, do all the digging necessary because — it’s money involved”

A highly overlooked question to ask before any loan transaction is the “do you charge extra fees?” question.

When taking out a loan, you must know that various fees differ with each lender. These fees could be paid before, during or after your loan application.

We’ve carefully selected 3 types of loan fees you’re most likely to come across:

## Processing fee
The lender has to bear some administrative costs while processing your loan. This is usually a small amount, which varies from lender to lender and typically costs a small percentage of the total amount of the loan.

Depending on the lender, a processing fee may be paid upfront by a potential borrower just to set things in motion since a lot of work goes into determining whether or not you qualify for a loan. It could also be deducted from your loan amount before disbursal.

The processing fee is meant to compensate the lender for the expertise, time, and effort it takes. Some charge a flat rate while others set the fee as a percentage of the loan amount. This fee is non-refundable even if the loan is denied.

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

## Late payment fee
The late payment fee as the name implies is a fee that is paid when a borrower fails to meet up with their loan repayment schedule. The late payment fee is also called a penalty charge and it varies from lender to lender. Some lenders offer a grace period unique to their policy before the late payment fee begins.

Late payment fees are either a flat fee or calculated as a percentage of the due amount. If you suspect that you won’t be able to make a payment on time, contact your lender and see what other options are available to you. Read more on late payment fees.

Read more: [Myths vs. Facts of microloan apps](https://irorun.com/blog/myths-vs-facts-of-microloan-apps)

## Prepayment fee
Some lenders also charge a prepayment fee when a borrower pays back their loan before the scheduled repayment date. [Early payment reduces the interest that the lender would have gotten throughout the loan](https://irorun.com/blog/what-influences-the-interest-rates-for-loans). Thus the lender issues a penalty to compensate for the loss.

Always confirm with your prospective lender whether prepayments are against the terms of the loan. The actual cost of a prepayment penalty will vary depending on how it’s being charged. It can be charged in one of three ways:

- As a percentage of your loan balance
- As the extra interest, your lender is missing out on since you paid off the loan early
- As a fixed fee

As a rule of thumb, we encourage you to inquire from the lender what other fees or payment policies there might be before any transaction is carried out. This prevents cases of I-didn’t-know or they-cheated-me. It also prevents issues of loan default and dispute.

Read more: [How to spot a destructive small loan](https://irorun.com/blog/how-to-spot-a-destructive-small-loan)

…

We hope this helps you make informed loan decisions as you go.

For any further questions or assistance, shoot us a message at [support@irorun.com!](mailto:support@irorun.com)

3 types of loan fees you should know about


“It’s the work of the devil”

Have you ever used that line? I hope not.

It’s not only overused but it’s also a lie 11 out of 10 times.

But let’s assume it was indeed the devil that lured you into refusing to repay your loan on time, here are the things that could happen — Buckle up! some of them are not pretty at all;

## Excessive emails and SMS
If there ever was a time for you to regret putting in your email or phone number for anything, it’s when you decide to ignore the lender when it’s your due date.

The lender isn’t going to cut you some slack because they’re also worried you might never pay back. (Nobody likes to lose money).

With email after email, the lender will try to contact you multiple times in several days to remind you of your obligation.

These emails and SMS will contain reminders of your obligations as well as warnings of the consequences you will most likely face. Although it may seem annoying to you, the lender wants reassurance that you have no plans of running away with their money.

## Incessant calls
The devil might whisper sweet-sweet nonsense in your ears and tell you to block the lender from sending you emails. (Jumoke that’s bad behavior na).

And now the lender becomes even more apprehensive and starts calling at almost every moment. (Wahala o!). It’s usually at this point that most defaulters start giving excuses as to why they’ve failed to settle their loans.

Lenders are less likely to listen to your excuses when you do not reach out to them at the start of your troubles or the moment they first contact you. (It’s because you wasted time and acted like you were planning to run away na). Most lenders won’t go for blatant verbal threats once they get to the point of incessant calls but they may passive-aggressively remind you of the [consequences of defaulting on a loan](https://medium.com/@Theirorunapp/5-consequences-of-defaulting-on-a-loan-c1b1996a63c7).

## Credit bureau/blacklist
At this point, the lender has had enough, marked you as a defaulter and made a report to the credit bureau, with your name and required information, where you will be blacklisted. (Double wahala).

Blacklisting comes with a lot of problems, especially between you and future lenders (if you ever want a loan approved it’s likely to be tough).

The realization suddenly hits you, that all this could have been avoided if you had taken the right steps or not ignored your repayment in the first place. Sad, right? [Not to worry, here’s how you can get your name off the bureau blacklist and repair your history](https://medium.com/@Theirorunapp/how-to-repair-your-history-with-the-credit-bureaus-c5ffd45a52f2).

## Court order/Lawyer Up
Once you’ve been reported to the credit bureau it’s only a matter of time before you are hit with a court order. (My Lord, may I?).

The lender has to get their money back, and at this point, you’ve ruined any chance of amicably settling your loan obligation. (See how you’ve added extra expenses for Lawyer? The money you refused to pay back).

Ignoring a court order like you ignored the lender’s calls and email should be the furthest thing on your mind, keep your head down and do as you are told to avoid any more trouble (you’ll be arrested if you ignore a court order. Triple wahala!).

## Privacy violation
Some unethical lenders, in their anger will disregard your right to data privacy and access your personal information e.g your contact list

To them, having you blacklisted by the credit bureau isn’t enough, they would want to maliciously share your loan default with those closest to you, in a bid to soil your name.

Yes, ignoring your loan obligation is bad behavior. But on no account should your data privacy be violated.

[Irorun would never do anything remotely harmful to your reputation and your privacy](https://medium.com/@Theirorunapp/irorun-would-never-misuse-your-data-11f26da8ae4e). You have trusted us with your details and we prioritize the rights of our customers. Including erring customers.

We would also never give your information or share our experiences with you with third-party without your express permission. And if for any reason your rights are violated by an unethical lender, [here’s how to report them](https://blog.lendsqr.com/how-to-report-lenders-for-unethical-practices/).

## Collateral seizure
Another consequence that comes with ignoring your loan obligation is having to forfeit your collateral. (You go fit give up your house so?).

The lender has the legal right to seize and sell your collateral to cover up your debt. This is mostly true for large/secured loans.

Before you decide to ignore your loan obligation, you should put some thought into what you stand to lose. You might think that you’ve been able to play a fast one on the lender, but in the long run, you’re bound to lose more. For your peace of mind, apply for a loan amount you’ll be able to pay back on time. (I’m sure you don’t want to stay under bridge abi?).

## Civil offense punishable by Law
While you may not be arrested or go to jail for defaulting on a loan (It is not a criminal offense), it’s still an offense punishable by law.

You could be sued to court and asked to pay a fine that may be significantly larger than the amount that you previously owed or ordered to pay your debt which failure to do so would then make it a criminal offense and you could be sentenced to jail. (You see how the problem is increasing???).

You could end up spending more than you bargained for due to your negligence. Again, you should know you can’t play slippery with the lender (especially Irorun). We’ll get our money back that’s for sure.

## Soiled reputation
The one inescapable thing that happens when you ignore your loan obligation is a soiled reputation. (Chai! Your name will be dragged in the gutter).

It becomes a lot harder for you to take out new loans even from a different lender. No self-respecting lender worth their salt is going to be willing to lend to an individual whose name shows up on the credit bureau blacklist. (except a loan shark aka unauthorized lender). [Here’s how you can spot them and also why you should FLEE from them!.](https://medium.com/@Theirorunapp/why-you-should-never-borrow-from-unauthorized-lenders-d5da31bd0e34)

In the beginning, it may not look like such a big deal to get blacklisted, after all, what’s money you cannot make on your own abi?. But try to picture a scenario where an expensive health emergency comes up. Salary is still weeks away. Friends and family are not able to help you out. Now, you’ve decided to get a small loan approved…

Oh wait, you’re a known defaulter (you forgot abi? The database didn’t forget o!). See how your previous recklessness can cost a life? A situation that could have been avoided if only you didn’t ignore your loan obligation.

…

Irorun always wants your borrowing experience to be free of hitches and the best way we do this is to provide you with sufficient expert information and assistance.

Send us a message today at support@irorun.com!

Consequences of ignoring your loan obligation

Howdy there Rockstar!

We understand that sometimes you feel you can’t afford to wait, but if it affects your safety, it’s worth waiting for. Whenever you want to provide a digital lender your personal information, we advise that you take a minute to breath, shake off that anxiety and keep these few things in mind.


## Secure connection
A secure connection is very important when doing any kind of online transaction as it prevents your accounts from being hacked and causing you to lose sensitive personal data.

Your browser plays its own role in defense as modern browsers are designed to detect and block access to unsecured websites. However, you should still take extra care to make sure you are safe. Here’s how to spot a secured website; look for a padlock symbol in the browser’s address bar and “https” in the URL. These red flags serve as a website’s mark of legitimacy, letting you know that the website you’re visiting is trustworthy and not a scam put up by online thieves.

When working with digital lenders, you may start protecting your personal information by being aware of these visual clues and insisting on a secure connection. It pays to take precautions to safeguard your sensitive information and online financial transactions in this day and age.

## Reputable lenders
It’s essential to make a conscious effort to only do business with well-known, trustworthy lenders when providing personal information to digital lenders. Considering these reputable lenders have been around for a while, it’s more likely that they have strong security measures in place to protect your private information.

It’s important to keep in mind that these lenders are usually subject to financial authority monitoring and have an interest in protecting the information of their clients. This adds another layer of security and accountability to your transactions. Selecting reputable lenders gives you the security of a reliable and accountable financial partner throughout your digital lending experience, in addition to improving your own data safety. Read more on how to spot responsible lenders.

## Strong passwords
When sharing personal information with digital lenders, it’s important to create accounts on loan websites with safe and unique passwords. Passwords should be made up of letters, numbers, and special characters (symbols) to make them hard to guess. It’s also a good idea to change your passwords regularly to reduce the risk of illegal access to your account.

Enabling two-factor authentication adds an extra level of security by requiring not only a password but also a temporary code or biometric verification before granting access to your account, making it much more difficult for potential cyber threats to compromise your sensitive financial data. _Make it tough for these bad guys_.

###Verify legitimacy
Before sharing personal info, verify the legitimacy of the website and lender. Check for customer reviews on the App store or Play store, official contact information, and physical addresses.

Take the time to thoroughly examine the loan’s terms and conditions. Consider the interest rate, repayment timeline, and any hidden fees. Knowing the fine print will allow you to make an informed decision while also protecting yourself from surprises.

Also, think about setting up a different email address and bank account for your online loan activities. This not only gives an additional layer of protection, but also simplifies your financial management by keeping your digital lender interactions separate from your personal finances.

## Beware of unsolicited offers
_Constant vigilance!_

It’s highly important to be vigilant while dealing with digital lenders in order to protect your personal information. Unsolicited loan offers that come through as an SMS or any other form of communication can be a warning sign.

Therefore, it’s advisable to take proactive control of your financial decisions by initiating loan applications through established and trusted websites. By doing this, you lower your chances of becoming victim of a scam and keep your sensitive information out of the wrong hands.

## Permission-based sharing
Sharing your personal information with people who truly need it is important when working with digital lenders. This involves sharing information such as your name, contact information, and financial background (BVN, bank statements and the likes) while remaining cautious not to give out too much.

Remember that sharing more information than necessary can put you in danger of identity theft or fraud. So, before you offer any information, consider and confirm whether it’s directly relevant to the lending process and if it’s absolutely necessary to share. _Keep your eyes peeled out for any foul-play_

Check out Irorun to see how secure our website is and send us a message at support@irorun.com to get paired with a loan that’s the right fit for you.

What to keep in mind when providing personal information to a digital lender

Truthfully, being a salary earner in Nigeria isn’t for the faint-hearted. Between rising costs, unexpected expenses, and the long wait between paydays, it’s no surprise that many people turn to loan apps to stay afloat. But with dozens of lending platforms popping up every other day, choosing the right one can feel like a gamble.

Two names that keep showing up in group chats and office break room conversations are Irorun and Migo. Both are known for offering quick loans without all the usual banking drama. But which one truly understands the needs of today’s salary earners?

Whether you need cash in 5 minutes or a repayment plan that won’t leave you gasping by month-end, this article dives deep into how Irorun and Migo stack up in 2025. We’ll look at interest rates, ease of access, repayment flexibility, and that all-important customer experience, so you can decide which app deserves space on your phone.

## Irorun
If you’ve ever found yourself short on cash before payday and needed just a little help to stay afloat, Irorun might be exactly what you need. “Irorun” means “ease” in Yoruba, and that’s exactly the kind of experience the platform promises a stress-free way to access microloans without jumping through hoops.


Irorun is designed for Nigerians who value transparency and ethical lending. There's no need for collateral, no intimidating paperwork, and certainly no hidden traps. Whether it’s for emergency expenses, a surprise bill, or just to bridge a shortfall, Irorun positions itself as a quick, reliable support system for everyday people.

### Loan features
- Loan amounts: From as little as ₦1,000 up to ₦50,000, with potential increases for customers who consistently repay on time.
- Interest rates: Flat fee of ₦1,000 per loan, which roughly translates to 10–15% monthly depending on the loan size and tenure.
- Tenure: Flexible repayment windows from 3 to 30 days, giving users the freedom to choose what fits their income schedule.
- Processing fee: A flat ₦400 per loan. No surprises later.

### User experience
- Application process: Simple and intuitive: users provide basic details, their BVN, a valid ID, and debit card information. No collateral required.
- Platform accessibility: Available on Android, iOS, and through the web, so you can apply wherever, whenever.
- Customer support: Responsive in-app chat and email support. They’ve made it easy to get help if anything goes wrong.

### Additional benefits
- Loyalty perks: Long-term users can enjoy interest-free loans and get surprise gifts on holidays and birthdays.
- Ethical lending: Irorun takes a firm stance on privacy and respectful debt collection. No harassing phone calls or threats.
- Utility payments: Users can also buy airtime or pay bills within the app, making it more than just a loan tool.

### Things to keep in mind
- New users may only access lower amounts at first, and must build trust through timely repayment. Also, while the flat fee is predictable, it may work out slightly higher than competitors who offer declining balance interest.

## Migo
Migo is for the salary earner who prefers things simple and on-the-go. No apps, no downloads, no drama. If you’ve ever topped up airtime or paid a bill using a USSD code, you’ll feel right at home with Migo. You don’t even need to know what a loan app is to use it.

Instead of requiring you to download an app, Migo partners with telcos, banks, and merchants to make credit available where you already are, whether that's through a bank app, an online checkout, or a USSD code (*561#). It's lending that quietly works behind the scenes to meet your needs.

### Loan features
- Loan amounts: From ₦500 up to ₦500,000, depending on your repayment history and credit profile.
- Interest rates: Starting from 5%, rates adjust dynamically based on your behavior over time.
- Tenure: Repayment periods typically fall between 14 and 30 days.

### User experience
- Application process: As simple as dialing *561# or visiting a partner platform. No forms, no fuss.
- Platform accessibility: Fully embedded in services you already use. - No standalone app needed.
- Customer support: Support is mainly handled by Migo’s partners, so direct help can sometimes be limited.

### Additional benefits
- Credit ladder: Consistently repay on time, and Migo rewards you with higher loan limits and better terms.
- Product financing: Through partners like Credit Direct, users can access items like smartphones and pay over time.
- Transparent fees: No collateral, no hidden charges. What you see is what you pay.

### Things to keep in mind
While convenient, the absence of a dedicated mobile app might limit access to richer features or detailed loan management tools. Also, if you run into trouble, getting help might take longer since you’re going through third-party channels.

## Choose what works for you
If you prefer a more personal, app-based experience with loyalty rewards and a clear ethical stance, Irorun could be your go-to. It’s great for small emergencies, offers a solid mobile experience, and treats customers with respect.

If you want credit that fits neatly into your existing digital life especially without having to download anything, Migo offers a more invisible but effective experience. It’s ideal for users who may need access to larger amounts and are comfortable using USSD or third-party platforms.

In 2025, salary earners in Nigeria are lucky to have multiple smart options for short-term loans. The real decision comes down to how much you need, how you prefer to interact with technology, and what level of support you expect along the way. 


Irorun vs Migo: Which loan app treats salary earners best in 2025?

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Irorun Blog

3 types of loan fees you should know about

Consequences of ignoring your loan obligation

What to keep in mind when providing personal information to a digital lender

Irorun vs Migo: Which loan app treats salary earners best in 2025?

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