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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.

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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.

Some months back, we broke down in bits all the nitty gritty details of the newly signed student loan act. We helped you fully understand just what the government had put into law and what it meant for Nigerian students. Today, we bring you an update as to when the official commencement of this act will take place.

## Here’s a brief recap on the student loan act 
President Bola Ahmed Tinubu signed the Access to Higher Education Act 2023 into law on Monday, June 12, which was a significant decision. He fulfilled his promise by starting a test student loan program. The program aims to help more people access education, regardless of their background.

The “Student Loan Act” aims to provide Nigerian students in college with interest-free loans. Additionally, the Act establishes an Education Loan Fund, designed to assist Nigerians in funding their higher education interests.

On June 14, 2023, the government promised to prepare for the student loan program to start between September and October 2023. Since the announcement, there has been no updates or progress on the scheme.

Of course, we know the government has been working tirelessly to see this bill come into play. Good things take time after all. 

Many people may have expected the delay in commencement, but the recent tuition hikes at many higher institutions were unexpected. Students and parents from the affected higher institutions have expressed worry and anxiety as the combination of increased tuition costs and the postponed introduction of the loan program has created financial instability amongst many. Coupled with the many other hikes in various spheres of the Nation.

## Here comes the good news  
Many Nigerians are skeptical about the bill’s implementation, given the government’s history of poor follow-through. This skepticism is understandable. President Tinubu announced that the government will start giving student loans to Nigerians in January 2024.

At a summit in Abuja, the President announced plans to expand the student loan program to help Nigerians, easing their difficulties and reaffirming his commitment to this goal.

David Adejo, the Permanent Secretary of the Federal Ministry of Education, confirmed that the Nigerian government will begin offering student loans in the 2023/2024 school year. This announcement was made during a meeting with the House of Representatives Committee on Student Loans.

However, he dismissed rumors that federal universities have increased fees following the enactment of the Students Loan Act. We beg to differ. 

As we await more action and less talking from the Government, we keep our fingers crossed and hope the implementation is more effective than we expect.

Now, fellow Nigerians, the ball is in your court. Share your thoughts on the latest update, we’d love to know what you think about the student loan act. Do we just stick to fast loan apps for educational loans or consider the Government’s new initiative. Send us a message now at support@irorun.com.

What’s next for the newly adopted student loan act?

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


We always tell you what to look out for in bad online lenders and how to avoid them.

Today we also want to show you how to spot a responsible online lender.

Here are 5 things to look out for:

## Confirm their company registration status with CAC
The [Corporate Affairs Commission](https://www.cac.gov.ng/) is a government body that deals with the registry of companies, business names and incorporated trustees as a means to validate their existence and right to do business.

Any responsible online lender would have registered with the CAC and as such will have a registration number (CRN or RC). This registration number can be used to search for the authenticity of their business or company on the database.

To spot a responsible online lender, you must first check their website for an RC to be cross checked on the [CAC database](https://search.cac.gov.ng/home). If the app is a brand name, you must see if it can be connected to the actual company behind it and as such find out if it’s simply a knockoff or the real deal.

Note: Because a business website has an RC doesn’t mean it’s authentic, that is why you have to confirm with the CAC. You’re welcome!

## Check for their app on Google play store and App store
You have probably noticed that whenever you search for an app on the play store, they show the company that owns the app directly beneath the name of said app.

You should make sure to confirm that the company name displayed on the play store matches the one displayed in the company registry.

Most times, the Play store will show you that they have already done their research on the app and you’ll see that that app has been verified.

Still, if after you complete a check and see that the company name on the play store does not match the name in the registry, it might be someone putting up a copycat app or an attempt to scam others. Run o!

## Confirm their license
Is your prospective lender licensed by the CBN, a state body or in partnership with another Lender? Does their licensing look fake/sketchy?

If you have any reason to suspect that the license you have viewed is fake, you can always confirm with their RC.

Some websites you visit will have something close to a confirmation on where they’ll tell you where they are licensed, mostly seen at the bottom of their web page along with a helpline, email and physical address(authorized lending apps must have an address on their website even if they only operate online). This shows authenticity, so you should be on the lookout for these things whenever you go through a business website.

## Look for reviews from others
When you get on the Google Play store and check out a particular app, it’s best practice to check the reviews of others who’ve gone before you.

The reviews don’t just help you see what is wrong with an app but also what is right with it, and if it’s right for you. Actively seek out others who have experience with the app and ask (or read about) their opinions. Read reviews not just on the play store but online as well.

Carry out an active search to look for reviews on your prospective lending app, once you’ve done this you can compare and contrast to see if that lender is a good match for you. When it comes to money, you can never be too careful.

## Be wary of lead gatherers with no real loans
Sadly, there are loan apps that exist solely to gather leads/ data of unsuspecting individuals to sell them to the highest bidder. This is why it’s important to look out for reviews and carry out checks on your prospective loan app.

Ask family, friends or even foes about the apps (what they’ve heard, thought or experienced with the app in question) before proceeding with any transaction.

It also wouldn’t hurt to carry out your investigation before you transact with us. [Start here!](https://irorun.com/)

**Bonus tips**
- Check website ownership
- Study the app’s responsiveness and interface
- Check for recent and previous social media presence.
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As always, Irorun arms you with the right knowledge to help you experience seamless transactions with ethical and authorized lenders.

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

How to spot a responsible online lender

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!

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

5 qualities of a good borrower

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Irorun Blog

What’s next for the newly adopted student loan act?

A simple guide to the Irorun loan application process

How to spot a responsible online lender

5 qualities of a good borrower

Download now