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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.


First times can be scary and uncertain…

Irorun disagrees that your first loan should be any of that.

So we’ve curated 5 essential facts Irorun first-time users should know:

## Loan range
“To each their own”

The above is true for loan apps as well. Every loan app caters to a unique problem. For example, Irorun as a microloan app offers small loans that act as a quick fix for emergencies.

Irorun’s loan amount falls at a minimum of ₦5,000 and a maximum of ₦50,000. This is also a perfect opportunity for one to build their credit score.

Recall, that for you to qualify for a large loan, a good credit score is needed. And that’s where Irorun comes in. With our easy-to-access small loans — you can build a credible credit score and profile.

## Loan approval requires a valid government-issued ID card
To get your loan approved on Irorun, you need a current and valid government-issued ID card. This serves as a means to verify your identity. Therefore, expired ID cards or means of Identification different from those specified by Irorun will not be accepted.

You should also know that you’re only asked to provide a valid ID card once and then your Irorun account is created to serve you for life. This is why we advise you not to delete your account after one loan transaction.

## Loan eligibility
As a new Irorun user, you are only eligible for a loan amount of ₦5000 for the first time.

Not to worry, Irorun has put in place a system that helps to build mutual trust between lender and borrower. This system gives you a chance to work your way up on the Irorun trust bar while also giving you what you need.

The more you borrow and complete payments at the due date, the higher your chances of being eligible for higher loan amounts. We’re cool right?

This system enables us to build a trustworthy relationship with you while also building your credit profile and score.

## Phone call verification
We know you may not be thrilled by this but Irorun needs to speak with you, as a part of our verification process, before your first loan may be approved.

When you apply for a loan with Irorun, you will be sent a verification email with a number you’re required to call. Ignoring this final stage can cost you your loan approval.

The phone call verification is an important process that Irorun has put in place for your protection. For cases, where a scammer steals an individual’s data and identity to process a loan, phone call verification helps expose such treachery.

Once you’ve completed your phone call verification, a final approval or rejection email will be sent to you.

## Data privacy
This is a major part of Irorun’s ethics that we strive to uphold as giving out the data of clients without express permission is a detestable act punishable by law and Irorun would never do such.

As Irorun’s loyal clients, one of our goals is to protect your information from those who wish to do you harm and as such Irorun would never undermine you by abusing your private information.

…

For further assistance and questions regarding your first loan application, send us a message at support@irorun.com!

5 facts Irorun first-time users should know


“I hear say those loan apps dey…”

We know you might have heard some hearsay about microloan(small loan) apps and you’re unsure if there are any good options left for you.

Today, [Irorun](http://irorun.com/) wants to clear the air and separate myths  from facts.

## Myth 1: You need a high credit score to get a microloan
It’s a well-known fact that you need to have a high credit score to qualify for a large loan but does the same apply to microloans? Many individuals seem to believe so and therefore shy away or believe that they are unable to take out microloans.

## Fact 1: You can get a microloan as a new borrower
Contrary to word on the streets, it can be said that microloans were made specifically with NEW borrowers in mind because of the ease of paying back. It also simultaneously caters to your needs and boosts your credit score. A double win right!

## Myth 2: Interest rates on loan apps are significantly higher
Some people get discouraged from using loan apps due to a multitude of reasons, one of which is the belief that interest rates tend to be higher when loans are taken out using the loan app.

## Fact 2: Loan apps provide flexibility of interest rates
Irorun would have you know that the interest rate on loans is determined by several factors including but not limited to loan amount and purpose. [The Irorun loan app provides](https://irorun.com/) flexible interest rates that ensure repayment is no hassle.

## Myth 3: Loan apps are illegal and/or fraudulent
Sadly, many have fallen prey to scammers disguised as microlenders and this has further increased the belief that loan apps are illegal and are working outside the law under pretenses. But can this be considered the truth about ALL loan apps?

## Fact 3: Lenders who are authorized, registered and ethical exist
“Two truths can co-exist”

Yes! Some malicious lenders work under pretenses to steal from others.

Yes! There are also AUTHORIZED and ETHICAL Lenders with a history of giving out loans, respecting borrowers’ privacy and maintaining good relationships ([Irorun](https://irorun.com/) is one of such).

Before you carry out any loan transactions with your prospective lender, please conduct proper investigations to determine their authenticity.

If you’ve had contact with an unethical lender, [here’s how you can report them](https://blog.lendsqr.com/how-to-report-lenders-for-unethical-practices/).

## Myth 4: All loan apps are the same
“A loan app is a loan app, it doesn’t matter if it has a different name” — Somebody who hasn’t tried [Irorun](http://irorun.com/).

The loan app ecosystem has had a lot of bad press due to the unethical practices of malicious lenders and so many believe that all loan apps are the same.

## Fact 4: Loan apps are not all the same
Despite loan apps having a general purpose of giving out loans, they are not all the same.

On one hand, some loan apps are hassle-free and take a small amount of time to work out their processes *coughs Irorun*. While on the other hand, others have a way of causing stress during repayments and hiding extra fees. *side-eye*

In the same light, not all loan apps offer the same opportunities; Some apps, like Irorun, offer microloans of #5,000–#50,000, while some offer large loans and others offer a mix of both.

## Myth 5: Loan apps steal your data and harass you when you can’t pay
Unfortunately, this is common with a lot of unethical loan apps. This behavior has built up the fear of taking out loans due to the belief that your data will be used to harass you and those closest to you.

## Fact 5: Ethical lenders will never breach your data privacy
Although this may sound cliché, [Irorun](http://irorun.com/) would like to apologize to any borrower out there who has been faced with the despicable unethical behavior of some lenders and also appeal to you that we would NEVER breach your privacy in any way or harass you and your loved ones.

We would like to assure you that there are ethical loan apps out there that would never cause you distress. [Again, you should know that you can always report unethical lenders who breach your privacy](https://blog.lendsqr.com/how-to-report-lenders-for-unethical-practices/).

…

We hope we’ve been able to dispel some of the myths held against microloan apps.

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

Myths vs. Facts of microloan apps

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!

…

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

5 qualities of a good borrower


Unlicensed lenders AKA loan sharks mostly prey on families of low income or those who find themselves in difficult times and in dire need of a quick fix. *Urgent 2k*.

Here are a few ways to recognize them. As they operate outside the law, you’ll likely:

**Be offered a cash loan:** Most loan sharks tend to operate with cash, but do take note that some may operate online as well.

**Notice a lack of paperwork:** Loan sharks won’t give you a formal agreement which makes it easy for them to change loan terms in their favor at the drop of a hat.

**Get poor/vague loan terms:** Loan sharks tend to be unclear about the amount of interest they charge and repayment terms. Sometimes, they might straight up give you outrageous terms to work with. (But since you’re in urgent need… you feel as though you have no other option).

Get a loan without the necessary checks: Loan sharks won’t conduct any checks or assessments before giving out a loan. (It’s giving sketchy abi?).

**Face harassment and threats if you are behind on repayment:** Unauthorized lenders are not afraid to resort to threats of violence and harassment if you are behind on your loan repayment.

**Be pressured into borrowing more:** The moment a loan shark gets you to borrow from them, they’ll charge you such high-interest rates that you’ll never be able to repay in full. They may even convince you to borrow more from them in the illusion of paying off your previous debt with the new one.

The purpose of this article is not just to help you recognize these loan sharks but to give you a way to sort out any issues that you as a borrower may face when confronted with a loan shark you borrowed from.

## Formal report to the authorities
When you are being harassed and threatened by a loan shark, a formal report can be made to the authorities with proof that your life is being threatened. And that can be acted on.

It’s very important to note that just because a loan shark can’t take legal action against you for not repaying your loan because they’re unlicensed, doesn’t mean that they won’t take drastic measures illegally. Remember, these individuals operate outside of the law. It would do you good to not purposefully antagonize a loan shark.

**PS:** Licensed lenders have the right to take legal action against you if you default on loan repayment, as it’s still a civil offense.

…

At Irorun, we understand that it can be tough to find an ethical lender that respects [your rights as a borrower](https://medium.com/@Theirorunapp/know-your-rights-as-a-borrower-a7bdbfda3f8), that’s why we constantly bring you actionable tips on how to get the best borrowing experience.

Feel free to send us a message at support@irorun.com to get started with your loan!

How to deal with loan sharks

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Irorun Blog

5 facts Irorun first-time users should know

Myths vs. Facts of microloan apps

5 qualities of a good borrower

How to deal with loan sharks

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