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Whether you need N50,000 tomorrow or an urgent N2,000, Irorun is the best loan app to provide that instant relief.

We value our customers and want to continue to help you meet your needs. As you continue to repay your loans from Irorun, you will have access to higher loans up to N50,000 with the lowest interest rates in the market. We also offer gifts on your birthday and for referring other users to sign up and get a loan.

We recognize our most loyal customers by offering them exclusive benefits, including 0% interest on urgent loans for a short period.

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 been struggling with navigating loan repayment?

All that struggle is about to be history

In this article, we’ll show you 4 ways to repay loans on Irorun.

Let’s dive in, shall we?

## Fund your Irorun virtual account via debit card
To use this method, you need a valid Mastercard or Visa card (unfortunately, Verve cards are not accepted) alongside a unique link created for you.

When you click on this link, you’ll be redirected to a payment gateway page where you’ll be required to input your card details which include: card number, card expiry date and CVV (the three-digit number on the back of your debit card).

Once that is done, a confirmation email or message will be sent to you with a code to verify that yes! you are the one making the transaction (the email or phone number will be the one connected to your card/bank account).

Read more: [10 interesting facts about loans
](https://irorun.com/blog/10-interesting-facts-about-loans)

## Bank transfer to your Irorun virtual account
This might just be the most common method of funding an Irorun wallet account (right after using a debit card, of course).

This method is quite easy. When you originally log in to your Irorun web or mobile app as you, your Irorun-issued virtual account detail is on your dashboard (AKA Sparkle account).

Copy this account detail and input it into your bank app to make the transfer. The details given to you will include an account name and an account number unique to your Irorun account.

As long as you use the virtual account created for you upon your registration, you will be able to make transfers for your loan repayment.

Read more: [What does it mean when your loan is pending?
](https://irorun.com/blog/what-does-it-mean-when-your-loan-is-pending)

## Fund your Irorun virtual account via USSD
This method is a lot like the bank transfer method but without the use of the bank app. Every bank has a unique USSD code that allows you to carry out bank transactions (transfers, bill payments, buying airtime etc.) without the bank app and need for data.

First, you copy your virtual account number from your dashboard when logged in and then you make a transfer to that account using your respective bank USSD code.

This method is great for individuals who can’t access mobile data and are short on time.

Read more: [What’s next for the newly adopted student loan act?
](https://irorun.com/blog/whats-next-newly-adopted-student-loan-act)

## Use the payment link
This fourth option is a combination of all three(3) options above. All Irorun users are assigned a unique link that is either used to make loan payments directly or indirectly as in friends and family. Here’s how others can help you pay back your Irorun loan.

Once this link is clicked, the user is shown three(3) options with which to make payments. These options are:

- Pay with bank transfer: Once you choose this method, you’ll be given your Irorun wallet account details to make a bank transfer.
- Pay with card: This method redirects you to a payment gateway page where you are required to input your card details.
- Pay with USSD: With this method, you’ll be required to make a bank transfer to your Irorun virtual account using your bank’s associated USSD code.

Read more: [4 Financial scams to watch out for
](https://irorun.com/blog/4-financial-scams-to-watch-out-for)
…

Now that you’re well acquainted with how to repay your loan. Let’s find out what could possibly go wrong if one fails to pay back their loan and also the benefits of timely loan repayment.

## Woes of avoiding your loan obligation
- A formal report will be made to the credit bureau and one ends up on a hard-to-wipe-off blacklist
- Court charges and multiple fines to pay, which end up being more of a financial constraint
- Ruined reputation and thus make it increasingly hard to get loans from other lenders
- Credit score takes a hit (as much as 110 points from just one missed payment) and this lowers one’s chance of getting favourable loan terms (large loan amounts and low-interest rates) and loans from other lenders in general
- Accumulation of extra debt in the form of late payment fees or prepayment fees (depending on your perceived offence).

Read more: [What happens when you take out a loan but don’t use it?
](https://irorun.com/blog/what-happens-when-you-take-out-a-loan-but-don%E2%80%99t-use-it)

## Benefits of timely loan repayment
- Credit score gets a boost which increases chances of favourable loan terms
- One gains a trustworthy reputation in the lending world, this increases the chance of lenders willing to trust you with their money
- One attains a more stable financial position allowing them to save up money, and have all debts cleared off while maintaining a good standard of living
- Less feeling of anxiety and stress (no more hide and seek with lenders).

Read more: [5 facts Irorun first-time users should know
](https://irorun.com/blog/5-facts-Irorun-first-time-users-should-know)
…

As always, we’re available to answer all your loan-related questions and assist you in applying for your first loan. Send us a message at [support@irorun.com](mailto:support@irorun.com) and let’s get you started!

4 ways to repay loans on Irorun

Jingle coins…Jingle coins…Jingle all the way (to the bank) 

As the holidays are fast approaching, we’ve curated 5 money mistakes you should avoid this season

Dive in!

## Impulse buying
There are a lot of people who believe that holidays are a perfect time to spend money on miscellaneous items due to rapid inflation in prices, the thought process is usually “I don’t know how much it would be after the holiday so let me just buy it now.” Irorun is here to tell you to relax.

When the urge to buy every random item crosses your mind, fight it! You’re not missing out on anything.

Satisfying every “buy me” impulse may leave you broke before the holidays are even over. Be a little intentional about curbing those impulsive habits, to avoid regret and unchecked expenses.

## Having no holiday budget
A sure way to curb impulse buying during the holiday season is to set a realistic holiday budget that covers all your major expenses for the season. This holiday budget will help you put a check on your spending limit.

Having a holiday budget will give you that sense of responsibility that you didn’t even know you needed and that’s why you need one (because life doesn’t end at the holidays). Having no budget affects your thought process, it becomes a free-for-all, and you just might end up struggling to keep up after the holidays are over.

## Not saving for January 35th
We can’t be the only ones to have noticed that the days after the holidays seem to stretch on forever and seem to have a lot of expenses piled up (It’s like the universe has decided to punish you for having too much fun). You seem to realize that in your bid to enjoy the holidays to the fullest you are left with nothing and are now struggling. God forbid! Abi? That’s where budgeting comes in. Remember, when making a budget, you are always advised to set aside some savings. January has 35 days o!

One piece of advice we’d love to give you regarding saving is this — Don’t just save for the rainy days with cloudy skies, save for sunshiny days with clear skies too.

## Don’t get lost in the holiday spirit
Many holiday decisions are made under the influence of the “holiday spirit”. It’s easy to get lost in the bubble and fritz of the holiday and that’s why some people only decide to travel and visit family during this period. For someone who is trying to survive till after the holidays, this would mean extra expenses for you. Village people would want more than greetings o!

Unless you have enough to spare for a holiday trip, you shouldn’t be taking one on a whim. Even when others travel for holiday adventures in other parts of the world doesn’t mean that you should.

Imagine getting stranded in another state or country because in the ‘spirit of the holiday’ you wanted to visit some random family member or go on an adventure without making plans for it. Ha! don’t do it!

## Hosting the Joneses
Say it out loud “I’m not at home!”

We know that sometimes it’s hard to outrightly say ‘no’ when asked for a favour from family or friends. But sometimes learning how to say “no” saves you from unplanned and burdensome expenses.

Take, for instance, a family member or friend suggests “spending the holiday with you”. Although it seems like a nice holiday gesture, it would be best to decline if your finances cannot accommodate so much at that point. Taking on extra expenses in a bid to “save face” may cost you more than you expect.

…

It’s the festive season soon and as always, we want you to make great financial choices and plans in preparation for the new year.

Irorun is still in the business of providing the best loan options. Send us a message at support@irorun.com to find out more.

5 money mistakes to avoid this holiday


It’s an awesome idea to [opt for small loans to build your credit score!](http://irorun.com/) We agree!

But here’s the thing; many predatory lenders are eagerly waiting to get hold of anyone who’s in desperate need of a QUICK loan.

And because you’ve been our day one we’re going to tell you 3 red flags you must watch out for before you transact with any lender:

## Insanely high-interest rates
A predatory lender is out to take advantage of anyone who’s in desperate need of a quick fix, so they are likely to give out small loans with ridiculously high-interest rates.

Take, for instance, you have plans to take out a loan of N5,000 and a lender offers an interest rate of 50%, at first having to pay N2,500 on N5,000 might not seem like a big deal to you but the more you stew on it the clearer it’ll become. A 50% interest rate on such a small loan could be likened to daylight robbery and any lender who offers you such either expects you to be ignorant or desperate.

This over-inflation of interest rate on small loans is a big red flag for predatory lenders and could cripple your finances.

## No credit report checks
We know that to get approved for any loan there are important documents that should be provided and your bank statement/credit report is one of them.

So for a lender to jump straight to giving you a loan without any strict checks is really fishy isn’t it?

A high credit score is needed to be considered loan-worthy, especially for a large loan. Predatory lenders will try to play off this fact and get you to agree to a loan term outside your comfort zone with false promises of “your credit score doesn’t matter”. (This, my dear friend, is the first of many signs that this lender is setting you up for a destructive loan. FLEE!).

A credit report check shows more than just your borrowing and repaying, it also shows your spending and earning capability, and helps the lender provide the best loan terms for you.

For a lender to ignore your creditworthiness, no matter how small the loan is, is cause for concern (It’s giving we-don-catch-am vibes).

## Extra adjustable repayment terms
When you are given very long or very short repayment terms, it becomes a big problem.

A very long repayment schedule will mean that your interest gets higher as time goes on and it might even get to be equal to your principal(i.e original amount — interest rate).

While a very short loan repayment term can cause problems for you as you stand the risk of being unable to pool your funds together due to a lack of time. This is why an ethical lender ascertains the right repayment schedule for you through thorough checks on your credit history, bank statements and overall finances, leaving enough room for flexibility. Unlike the predatory lender whose methods of lending usually ties you to a destructive loan.

…

Irorun understands that emergencies have a way of disrupting plans and making anyone susceptible to manipulation from predatory lenders and their destructive loans.

And that’s why we’ve shown you what to look out for in cases like that. Remember we’re only a message away from setting you up with the loan that’s right for you.

Send us a message at support@irorun.com to get started!

How to spot a destructive small loan

Credit scores are the ‘grade system’ of the lending world. It tells your lender what you scored in your previous exams (former loans). And your lender judges your creditworthiness by your past grades.

Since everybody wants good grades — Here are some key facts you must know about credit scores as a Nigerian living in Nigeria:

## A credit score is not a credit report
A credit report is a detailed record of an individual’s credit history and it contains a wide range of information about you and your accounts which include but are not limited to personal information, loans/debts, and payment history. While, a credit score, on the other hand, is a graded numerical summary of the information above that determines an individual’s creditworthiness. A credit score’s rating changes based on the information added to the credit report.

## A credit score is not permanent
A credit score can change over time, it’s not permanent or static. Depending on an individual’s credit history and credit management habits, the credit score can either rise or fall. You can prevent a credit score fall and improve the chances of a climb by; quick repayment of debts, frequent small loans etc.

Although, you should know that if an individual doesn’t take on any more loans, their credit score will remain static right where it is. As we mentioned earlier, the rise or fall of your credit score is fully dependent on how you manage your debts. Clear up all pending debts if there are any and watch your credit score gain back its life.

## Paying off debt might not improve your credit score immediately
We know that you have been told that paying your debts on time can help you improve your credit score, but this doesn’t always happen immediately. It takes some time for the credit bureau to update your credit report and as such, some debt may reflect on your report for a long time.

This doesn’t mean that your credit score will be graded incorrectly, only that it will remain as it was until your credit report has been updated by the bureau. This is why we advise that you avoid the pit of bad credit scores, the woes far outweigh the pros.

## Having a high income does not guarantee a good credit score
Here’s another important fact to know about credit scores — your income has absolutely nothing to do with your credit score. A credit score can only be affected by an individual’s credit history.

A high income may be able to secure you a large loan, but it’s what you do with that loan that determines if your credit score will be good or bad. Repaying debts on time or at the due date is a good way to get a good credit score. The idea that wealthy people have better credit scores than the average earner is false. Again, we say that your credit score is only affected by how you manage your debts.

## Not having a credit history can also negatively impact one’s credit score
Individuals who have no credit history, have no credit record and as such, have no credit score. This makes it hard for lenders to determine if they are trustworthy.

Lenders consider a lack of credit history as a big risk, as they have no way of knowing if the individual asking for a loan is actually creditworthy and will not run away with their money.

But here’s the thing, as an individual with no credit history e.g a university student in Nigeria, your attempt to gain a credit history should start slow by applying for small loans with short repayment periods that you can pay back with ease. This helps you slowly build a credible credit history.

…

In 2023, we hope to further educate the average Nigerian on the necessity of having a credible credit history through responsible loans from ethical lenders.

We also work towards a total mind shift of Nigerians about the negative myths surrounding “loans”. We do all of this by sharing the right information with you.

You can send us a message right now at support@irorun.com to get all of your loan questions answered and perhaps be on your way to your first loan with us!

5 facts you must know about credit score in Nigeria

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Irorun Blog

4 ways to repay loans on Irorun

5 money mistakes to avoid this holiday

How to spot a destructive small loan

5 facts you must know about credit score in Nigeria

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