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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.


Have you ever found yourself with money that you didn’t need anymore? I doubt it. We all need money.

How about a loan you didn’t need urgently anymore?

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Now, Imagine a scenario like this:

A health emergency comes up and the bills are due soon. You decide that the best thing to do at that moment is to apply for a small loan, that’ll help clear up the hospital bills.

You find a responsible lender, apply for a loan and days later your loan is approved and sent to you…

But moments after, you receive a message from a family member telling you that they’ll pay the bill.

That’s great but now you’re stuck with a loan that you no longer need, what do you do?

In this case, there are only two things that can be done, and this article will show you.

You can decide to:

## Return the money
From the moment you sign the loan document, a binding contract exists between you and the lender. And every contract has terms attached to them including terms of dissolution.

This means that to return the loan amount without repercussions, you must read the fine print of the loan terms and ensure your lender is good with the new situation. Don’t transfer the money to your lender without proper documentation and agreement on both sides!

Your lender has most likely gone through a lot of effort to get your loan to you and as such, they want to be paid for their time, this is where the origination fee comes in. It’s taken from your total loan amount (i.e. if you borrow #20,000 and the origination fee is #2,500, you will be given #17,500, but you’re to pay the full loan amount of #20,000). Again, read the loan terms and make informed decisions.

There’s also a possibility of a prepayment penalty (if specified in your loan terms) which usually takes the form of a percentage of the loan balance or the interest rate that will be missed out by the lender. (This prepayment fee varies from lender to lender). [Read more on other loan fees including prepayment fees.](https://creditnigeria.com/types-of-loan-fees)

## Spend the money
Knowing that you may have to put in additional money on your loan if you prepay(i.e pay before your repayment date) might convince you to spend the money on something else. This isn’t a bad idea as long as you’re willing to meet up with your repayment date.

If you have taken out an unsecured loan, your lender is not concerned about the end goal of the loan amount, so you have free rein over how you choose to spend the loan. They’re only concerned when you fail to meet up with your repayment date. In cases where one fails to pay back their lender and tries to outsmart them, they’ll be reported to the credit bureau and their credit score will take a hit. [Here are some of the consequences of loan default.](https://medium.com/@Theirorunapp/consequences-of-ignoring-your-loan-obligation-e2ffb939c601)

With a secured loan, your valuables that were placed as collateral will be at stake if you default on your loan. Any attempt to skip out on a loan puts you and your guarantor (if for any reason you needed one to qualify for the loan) in trouble which will affect both your credit history negatively.

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As always we want you well-informed before any key financial decision is made. Remember, whatever you decide has to be in line with the loan terms you had with your lender.

If you have any questions please send us a message at support@irorun.com!

What happens when you take out a loan but don’t use it?


“Do you know your rights?”

“Or do you just know you have rights?”

Yes! Read it again!

Both have very different meanings and more often than not, people only know they have rights but have no idea what these rights are.

In the world of MONEY, there are so many cunning individuals ready to take advantage of your lack of knowledge. (Sad but true).

And that’s why, Irorun wants to educate you so you never have to take rubbish again.

Here are seven rights that you must know as a borrower;

## Right to data privacy
We know you don’t read an app’s “Privacy policy” when you sign up.

But here’s something you should be reminded of; you have [a right to data privacy!](https://medium.com/@Theirorunapp/irorun-would-never-misuse-your-data-11f26da8ae4e)

You have control over how your data is accessed, collected, managed, shared and used and lenders handling your data in any contrary way is a violation of your right to data privacy. “What type of data is collected?” “Where will it be kept?” “How long will it be kept?” These are the questions that are associated with data privacy, and you as a borrower have every right to ask them.

Lenders are liable to pay a heavy fine for a breach of borrowers’ data privacy (That’s why Irorun is extraaa careful with your data). Don’t hesitate to report lenders for unethical practices.

## Right to be heard
Taking out a loan is not some forbidden thing! Never allow any lender to silence you! They’re not doing you a favor! It’s a business transaction with mutual benefits.

So, SPEAK! Sórósokè!

You have every right to be HEARD.

Lenders should never refuse to hear what you have to say, deflect your questions or wave you off and make you feel foolish for making inquiries. Run away from such lenders. The last thing you need when going over loan agreements is ambiguity. This shouldn’t only apply to right before taking out a loan. Even after you’ve taken out a loan, there are a lot of things that might happen during your repayment period, the lender should be able to address these issues as well.

Any lender who refuses to listen to what you have to say doesn’t care about your needs and will most likely make your loan experience tough.

Get yourself a lender who is willing to listen to you (like Irorun).

## Right to ethical treatment by the lender
In recent times, there has been a rise in cases of unethical treatment of borrowers by lenders, especially with cases of privacy compromise. Irorun wants you to know that they’re wrong! You should never be treated badly because you borrowed from a lender.

There is no acceptable reason; whether you are unable to pay back your loan or are asking for a term adjustment due to financial constraints, that a lender should treat you with violence, harassment and privacy violation. (Totally barbaric! Don’t take nonsense! But you sef pay back o!). A responsible lender will engage a defaulting borrower in accordance with the LAW. You have a right to be treated ethically and humanely by lenders.

If a lender is one who is fond of using harassment and the threat of violence and to try and force you to repay, [then you should report such unethical practices immediately](https://blog.lendsqr.com/how-to-report-lenders-for-unethical-practices/) and cut your losses. Desperation should not be a reason to remain with a bad lender. (Please avoid wahala na).

## Right to advance and sufficient notice
Just like a landlord can’t simply ask a tenant to move out without any advance notice, a lender cannot change the terms of a running loan without first giving them prior adequate notice.

As a borrower, you are entitled to advance and sufficient notice to prevent both you and the lender from getting into situations that puts you at odds.

Reminders for loan due dates or any change in terms should be communicated before penalties are implemented. Even notices should be given to inform you of what your penalty is and when it is due. Ignorance isn’t always bliss especially when it involves money!

## Right to request restructuring to your loan
Many factors can affect the status of your loan repayment and in these instances, you can request a restructuring or renegotiation of your loan to create a schedule for repayment that would benefit both you and the lender.

Such instances could be a job change or an unplanned emergency. (Life sure happens sometimes).

You can request to restructure your loan repayment if you fear you might not be able to meet up, to avoid default. This restructuring will involve either a loan holiday, rescheduled loan repayment or lowered interest rates. Approval typically depends on the lender’s terms.

## Right to the documentation and terms of loan offers
“Claims without evidence is null and void”

This is where documentation comes in. You should always make certain that you have records of all your loan activities with a lender. The documentation is your legal entitlement and should be provided by the lender.

Documentation that shows interest rates and fees associated with the loan, repayment period, penalty fees, proof of payment, and any other special condition should be given to you without hassle. (It’s your right sis!). Don’t let any lender try to scam you.

## Right to prepay your loan without penalties
Not all lenders have a prepayment penalty as it is something that is becoming less and less common.

As a borrower, you have a right to prepay your loan without penalty as long as it has been stipulated in the loan terms and agreed upon both by yourself and the lender. (Read the fine print!).

Most lenders tend to hide the prepayment clause in the fine print and if you are someone who tends not to read their terms completely then you might be setting yourself up for drags. (Again, read and re-read the fine print sisss! ).

…

Ensure you understand the terms of your contract, ask questions for clarification, make suggestions where necessary and avoid red flags of lenders that infringe on your rights!

Irorun wants you fully knowledgeable of your rights, so you can spot a bad lender with ease and FLEE!

For further assistance and questions, quickly shoot us an email at support@irorun.com.

Know your rights as a borrower

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

“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)

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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

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Irorun Blog

What happens when you take out a loan but don’t use it?

Know your rights as a borrower

5 things you should know about Irorun loan repayment

3 types of loan fees you should know about

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