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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.

A debt-to-income ratio is the percentage of your gross monthly income (before taxes) that goes towards payment for debts. In other words, a debt-to-income ratio is how much of your income goes to paying debts. It’s like a score to show how much debt you have compared to your income. Think of it as what percentage of your monthly salary is spent on paying off loans.

Lenders like to know that you will not be stranded whenever you have to repay a loan from them, so they tend to make sure that you have a good debt-to-income ratio.

What do lenders consider a good debt-to-income ratio? A general rule of thumb is to keep your overall debt-to-income ratio at or below 43%.

The general idea is that a low debt-to-income ratio demonstrates a good balance between debt and income. That is, the lower the percentage, the better the chance you will be able to get the loan you want.

Since lenders tend to look out for your debt-to-income ratio, here are some ways it can impact your loan application:

## Approval chances
Some individuals pay off an allocated amount monthly, to clear up pending debts gotten from one means or the other.

A high debt-to-income ratio indicates that you have too much debt in contrast to your income, which can lower your chances of getting approved for a loan.

If a lender sees that you already have too much debt, you’re not likely to get the loan you’re looking for. We apologize in advance.

## Interest rate
Some lenders may use an individual’s debt-to-income ratio as one of the factors to determine the interest rate to be offered on a loan.

The higher one’s debt-to-income ratio, the higher the interest rate is likely to be. This is because the lender takes a higher chance/risk on the individual with a high debt-to-income ratio. The possibility that he or she bails out of loan repayment is much higher due to the already existing debt they’re yet to settle.

## Loan amount
Another way an individual’s DTI can impact their loan application is the loan amount they can be eligible for.

Lenders use a person’s debt-to-income ratio to determine the loan amount they can safely lend. With a high DTI, you stand the risk of only being approved for a smaller loan regardless of what you want. To qualify for larger loans, Irorun advises that you clear up all pending debts.

## Future loan opportunities
A lender might be willing to lend to you just once regardless of a high DTI. Consequently, they are likely to be reluctant to grant you future loan opportunities, as the lender is hesitant to take such a risk again. Once bitten, twice shy.

Remember, any lender who’s unafraid to lose their money is a red flag.

## Guarantor requirements
Having a high debt-to-income ratio will likely mean that you would need a guarantor to help you smooth over any issues you may have with repayment.

Lenders may require you to have a guarantor to serve as an additional source of repayment in case you are unable to make loan repayments on the due date.

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A low DTI makes your loan application a lot easier for you and your prospective lender. If you carry less debt, you can save more money on interest payments, as well as get the best loan option and term from ethical and responsible lenders. Here are a few advantages of a low debt-to-income ratio:

- It helps you qualify for loans with ease
- It indirectly helps you boost your credit score
- It gives you peace of mind
- It tells you if your financial status is good or on-the-verge-of-collapse

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As always, we’re available to answer your questions and provide you with assistance in applying for a loan. Send us a message at support@irorun.com and let’s get you started!

5 impacts of your debt-to-income ratio on your loan application

We’ve all been there. Just a few days until payday, and then a small, unexpected expense pops up. Maybe your phone’s data runs out mid-week, or you’re down to your last bus fare and need to stretch it until next week. It’s in these moments that even 5,000 naira can make all the difference, helping you stay on track without having to rely on friends, family, or pricey loan sharks.

## How 5,000 naira can keep things running smoothly
You might think, “What can 5,000 naira really do?” But for so many Nigerians, this small amount can handle essential, everyday needs that keep life moving.
- Data top-up for work and school: [Did you know that around 51% of Nigerians are active internet users?](https://www.statista.com/topics/7199/internet-usage-in-nigeria/) Data access isn’t just for fun. It’s how we work, attend virtual classes, and handle business transactions. Imagine your data running out during an important meeting or online class. A quick 5,000 naira top-up can save the day, keeping you connected without interruption.
- Covering last-minute transportation: [Studies show that 72% of Nigerians rely on public transportation](https://www.geopoll.com/blog/the-impact-of-the-lagos-rail-mass-transit-system-geopoll-report/). If you’re short on cash, missing a day of work or an important appointment just because of transport fare is frustrating. A short-term loan can make sure you get where you need to go, no hassle.
- Emergency groceries: The cost of living in Nigeria keeps going up, with [food prices rising as high as 37.7% this year alone](https://businessday.ng/news/article/nigerias-food-inflation-quickens-to-37-7-in-september/). Sometimes, 5,000 naira is all you need to fill in a week’s gap, picking up essentials like rice, bread, or vegetables to keep your household steady until payday.

## How Irorun makes borrowing easy and stress-free
When you’re in a bind, you don’t need more stress from complicated loan applications. That’s where Irorun comes in. Designed to be accessible for Nigerians needing small, short-term loans, Irorun lets you borrow 5,000 naira for 7 days, making it the perfect fit for life’s quick fixes. Here’s how Irorun works:
- Simple application: No paperwork or collateral. Just [open the Irorun app](https://play.google.com/store/apps/details?id=com.irorun&hl=en&gl=BM), enter basic details like your [BVN](https://irorun.com/blog/why-do-lenders-need-bvn-is-it-necessary-to-get-a-loan), [valid ID](https://irorun.com/blog/what-you-should-know-about-uploading-id-on-irorun), and some personal info. Easy as that.
- Quick approval: You get approved in minutes, and once you’re approved, the funds are sent directly to your bank account. So you can tackle that urgent need right away.
- Transparent fees: With Irorun, the interest rate stands at 10 to 15%, so there are no surprises when it’s time to repay. Borrow 5,000 naira and repay 5,750 naira after seven days. No hidden fees.
- Flexible terms: Irorun’s seven-day repayment period gives you a quick turnaround, perfect if you’re looking to pay off the loan by your next paycheck without stress.

## Making the most of a 5,000 naira loan
When money’s tight, every naira counts. Here’s how to make sure a 5,000 naira loan works in your favor:
- Have a plan to pay: Before you borrow, map out how and when you’ll repay the loan. Setting aside a portion of your next paycheck in advance can prevent stress when the repayment day arrives.
- Focus on essentials: Spend it on necessities. A little discipline here means you get the most out of the loan without adding to your financial burden.
- Set a reminder: With a short 7-day loan, set a phone reminder for repayment to keep things stress-free. Planning ahead is key to keeping your budget in line.
- Stay connected with Irorun’s support: If you need flexibility, Irorun’s customer support team is available to discuss options. Communication is important—especially if life throws an extra curveball your way.

## Perfect for small expenses
Unlike many traditional lenders, Irorun has a customer-centered approach, tailoring its services to meet the real-life financial needs of Nigerians. With an easy-to-use app and immediate fund disbursement, Irorun enables people to handle the little challenges that come with daily life, without the fear of high-interest rates or predatory terms. So, next time you need an urgent 5,000 naira loan for a week, I[rorun offers a fast, secure, and transparent solution](https://play.google.com/store/apps/details?id=com.irorun&hl=en&gl=BM) that gets you through until payday. [Apply now](https://lendsqr.com/lenders/irorun)!



Get an urgent 5,000 naira loan for 7 days

Have you always had this thought about loan repayment? — “it doesn’t matter when I pay back, as long as I pay.”

Here’s the thing, there are key benefits (you may or may not have been missing out on) for individuals who pay off their loans early and since we’re still in the season of giving, we’d like to share 5 of these benefits with you.

Check them out!

## Improve credit score
One’s credit score is a major ticket to getting larger loan amounts, better approval rates, as well as favourable terms and conditions. How can you get a good credit score? By paying off your loan early.

Taking the initiative to pay off your loan early, before the due date elapses can help you improve your credit score and make you eligible for better loan options.

## Get out of debt faster
No one likes to be in debt and when they are, they want nothing more than to get out of it. You should work to get out of debt faster by paying off your loan early As this enables you to focus your finances on other key expenses. It’s also important to know that the faster you get out of debt, the less likely you’re to fall prey to financial woes.

## Improve cash flow
Another major benefit of paying off your loan early is the improvement it brings to your overall finances, especially your cash flow. When thinking about their daily expenses, one takes into account their cash flow (income + expenditure). An individual who is in debt has a reduced inflow of cash to cater for their other expenses, this is because a part of their income is removed to focus on clearing debt. But, when the individual channels all their resources to pay off their loan early, it creates more room for them to have full control and ownership over their income.

## Good reputation with lenders
Paying back your loan on time helps you build a good relationship with your lender. A lender who trusts that you will always pay back your loan on time will be willing to lend to you.

Having a good reputation with lenders opens you up to better opportunities to be eligible for larger loan amounts and longer loan terms.

You can’t go wrong with having a lender that trusts you, they will be eager to cater to your loan needs especially in times of emergencies because they are certain you won’t delay your repayment or try to trick them.

## Peace of mind
There is nothing better than knowing that you are debt-free and can spend your money on what you need and also what you want.

Debts, most times, can be a huge weight on your shoulder. They tend to stress you out and take away your focus from your financial goals.

Paying back your loan early can give you the peace of mind that allows you to concentrate and smash the other financial goals you’ve set for the year.

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If you require further information or assistance on how you can get your first loan, please send us a message at support@irorun.com, we’ll be happy to help!

5 benefits of paying off your loan early

So many choices but who to pick from?

If this is you, wondering how you can get the best digital lender that’s a right fit for you. Then you’re in the right place

We’ve curated five(5) things to look out for in comparing digital lenders

Read further…

## Terms and conditions of each lender
No two digital lenders are the same, they might share some similarities but they operate differently and as such have varying terms and conditions.

That’s why when you want to choose a digital lender to borrow from, you should go through their terms and conditions with a fine-toothed comb, to comb out any uncertainty.

Understand the terms and conditions for each loan offer, including the interest rate, fees, and any penalties for late payments or prepayment. Do this for every digital lender you have an interest in and you’ll see the best one for you could be hiding in plain sight.

## The reputation of lenders
There’s a lot to be said about rumours and how they should not be believed, but do know that every rumour holds a grain of truth.

If you have an interest in any particular digital lender, and whispers are going around about them, you should take the time to make confirmations and not just work on blind faith.

Check the reviews of previous clients and see what value each lender is known for. Even a quick search of the lender’s name on a search engine can get you news articles and blog posts about that lender. You can also take a quick stroll on the Google Play Storeor Apple App Store review and see what others are saying.

## Customer service of lenders
The customer care service of any organization is usually the link between the customer and the business. So, you must keep an eye out because they’re who you’ll go to if you have any problems before, during and after a loan transaction.

Find out how responsive their customer service team is, their tone when they respond to their clients, how fast they respond to their clients (or if they respond at all), and what others have said about their services.

This can help you get a better idea of what it will be like if you ever find yourself needing help from the lender.

## Total cost of loan
It’s not just the loan amount + interest rate offered that you should look out for in a loan, most times there are extra processing fees that you might know nothing about added to the total cost.

This is why it’s a good idea to always read the loan terms or better still, ask your prospective lender. Look out for extra fees attached to the loan and make sure that it’s something you can comfortably work with. Here are some other questions you can ask your lender.

## Extra perks, rewards and discount
There isn’t anyone who doesn’t like to be rewarded or receive a discount on any of their purchases, Now imagine that in a loan setting. Awesome right?

There are numerous perks you could get for choosing one lender that you might not get with another. This is why you should find out what perks or rewards they offer; if they have reduced interest rates, flexible terms for loyal customers etc.

These discounts and rewards could be the defining choice that makes one lender more attractive than another.

…

Now that we’ve shared our award-winning tips with you send us a message at support@irorun.com and let’s get started on your first loan!

How to compare different digital lenders

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Irorun Blog

5 impacts of your debt-to-income ratio on your loan application

Get an urgent 5,000 naira loan for 7 days

5 benefits of paying off your loan early

How to compare different digital lenders

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