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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.

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

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

Hey there Rockstar! Today we’ve simplified the Irorun loan application process into 5 simple steps.

Come along let’s help you get your first loan:

## Set up your account
Visit the Irorun website and follow the prompts to either download any of the apps and sign up or just sign up directly on the web app. Once you are signed up successfully, you also need to do the following as they are mandatory requirements to apply for a loan:

## Update your address and also add the details of your next of kin
Add a government-issued ID card such as a drivers’ licence, international passport, etc.
Add a valid and active debit card. We usually accept only Mastercard or Visa debit cards
Now you’re ready to apply for a loan with Irorun.

## Apply for a loan
With the Irorun app installed on your device (or you may be registered on the web app), it’s time to get your first loan.

## Log on to your dashboard and click on the “Apply for a loan” icon.
- Fill out the application form: You’ll be shown an application form, in which you’re required to fill in your relevant personal data. For example, name, age, email address, valid ID card, bank verification number etc.
- Assess the form thoroughly and ensure you fill in the correct data.
- Submit loan application form.
- Complete the final verification process

Once you have submitted your loan request, it would be in pending status. You would then get an email from Irorun stating that your documents have been received, however, you would need to speak with the Irorun loan team to complete the final stage of verification. The number to call would be in the email sent by Irorun. This final stage is necessary to help us curb the issue of identity theft or lending to scammers using the identity of innocent and unaware individuals.

Please note that leaving a voicemail or voice message does not count as a call to the Irorun representative.

## Kindly wait for our feedback email
Once you’re done with the final stage i.e the phone call verification, look out for one final email with either an approval or denial of your loan request. This final email will only be sent to you if you have completed the phone call verification.

Kindly note that Irorun operates on an algorithm-driven database and this means that after your credit profile is vetted, you’re matched to the loan option that is the best fit for you.

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For further questions and assistance send us a message at support@irorun.com!

A simple guide to the Irorun loan application process

In present-day Nigeria, multitudes are being thrown into a financial dilemma courtesy of the invisible hand of inflation touching every sphere of our economy. But there’s one thing that has helped cushion the effect of our declining economic situation — responsible loans, not reckless borrowing (Over here, we totally frown upon reckless borrowing).

Whether it be from traditional lenders or financial institutions (banks et al), loans will be around for a long time. Despite the benefits of loans, there are certain things or reasons you should never consider loans for.

Let’s take a look at seven things you should not borrow for:

## Luxury items
Borrowing money to splurge on luxury items, like expensive gadgets, designers, or extravagant vacations, is a very big no-no. We can agree that these items most likely offer short-lived satisfaction and contribute to long-term financial instability, especially for the trying-to-get Nigerian.

Relying on loanss for non-essential items strains your budget and may result in overwhelming debt. To avoid this, prioritize necessities over desires, set financial objectives, and save up for luxurious indulgences instead. By practicing financial discipline and avoiding reckless spending, you can clear the path to a more stable and comfortable financial future. Don’t impress the world to your detriment.

## Impulse purchases
Impromptu buying with borrowed money is a common mistake a lot of people make with serious consequences. Impulse buying makes it difficult to stick to a budget and make well-informed choices.

The individual not only accumulates debt rapidly but is also burdened with repayment obligations and financial stress. To save oneself from this, practice self-control. Stick to your list, Stick to your budget and remember; There’s always rice at home. All of the above will help you curb overspending, and maintain a fine line between essential and non-essential expenses.

As a rule of thumb, before borrowing for a purchase, assess if it aligns with your long-term financial goals and if it’s truly necessary or just a fleeting desire.

## High-risk investments
Investing borrowed money in high-risk ventures can expose you to significant financial losses. While investments always carry some risk, using borrowed funds amplifies the potential consequences. Speculative stocks or unregulated schemes can wipe out borrowed capital, leaving you with debt and depleted finances.

Instead, opt for more stable investment options that match your risk tolerance and financial objectives. Seek advice from financial experts to make informed investment decisions. We’re no investment experts but we’re certain one of the foremost rules in the investment rule book is to never invest money you cannot afford to lose. Can you afford to lose a loan?

## Gambling or betting
Using borrowed money for gambling or betting is a set-up for failure with a side dish of severe financial and personal consequences. The allure of quick cash can obscure the risk of significant losses, trapping you in a never-ending debt cycle.

Seek healthier and more stable ways to improve your finances. Consider seeking professional help if gambling has become problematic. Prioritize financial stability and emotional well-being over fleeting temptations.

## Day-to-day expenses
Daily expenses are just that, daily expenses, you can’t cut them out of your life. Your transportation costs, groceries, utility bills, and many other essentials make up your necessary expenses. Using borrowed funds to cover these expenses is likely to trap an individual in a constant cycle of debt. It also suggests a deeper financial issue that needs urgent attention. It’s safer to get your money up (improve income) to cover these daily expenses than rely on loans.

Borrowing should be reserved for more significant investments or emergencies, not for day-to-day survival. Practicing financial discipline and living within your means can help evade unnecessary debt and foster better finances.

## Paying off other debts
Using new loans to pay off existing debts might offer temporary relief but often worsens financial challenges in the long run. This practice makes it harder to manage other financial obligations.

Instead of paying debt with debt, consider debt consolidation options or negotiate with lenders to find a more manageable repayment term. Seek advice from financial experts who can guide you in developing a debt repayment strategy that aligns with your financial situation.

## Weddings and ceremonies
Weddings and ceremonies will last a day but the debt will last a lifetime. Well, not really but while celebrations are important, excessive spending on one-time events can hinder your financial goals.

The individual is better off with more budget-friendly options for weddings and ceremonies, focusing on the significance of the occasion rather than its extravagance. Planning and saving in advance helps prevent unnecessary debt and ensures greater financial security for your new chapter.

Remember, the success of marriage should not be tied to the scale of the celebration but to the love and commitment between partners. Wisdom nugget eh?

Now that we’ve told you several things you should not be taking out a loan for, we’re certain you’ve got your priorities in order and can now confidently apply for a loan with reasonable end-use.

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Let us help you secure that loan with ease, send us a message at [support@irorun.com](https://mailto:support@irorun.com) to get started.

7 things you should not borrow for in Nigeria

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Irorun Blog

3 questions to ask yourself before you apply for a loan

How small loans address financial emergencies in present-day Nigeria

A simple guide to the Irorun loan application process

7 things you should not borrow for in Nigeria

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