Get quick loans to meet your urgent needs

We value and reward loyalty and consistency

Exclusive interest free loans for our VIP customers

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.


Have you always wondered why lenders ask for your BVN and what they do with it?

This article explains in detail why lenders need your BVN and how necessary it is to get a loan.

You’ll agree that any individual who owns a functioning bank account must be familiar with the acronym BVN, but let us further understand what it is.

BVN (Bank Verification Number) is a unique 11-digit number issued by the CBN (Central Bank of Nigeria) to individuals. It’s the same across all bank institutions for the same individual. This means that no matter how many accounts you open with different banks, your BVN remains unchanged.

## Is BVN necessary to get a loan?
The answer to this question varies with each source you find. Some might say “yes”, others might say “no”, and there may even be a few “it depends” but the most correct and logical answer would be “yes”.

## Here’s why:
Not all lenders indeed ask for BVN, as they all have different criteria but you should be worried if your lender doesn’t ask for your BVN. (Very worried).

Your BVN does more than allow you access to a bank account, it also serves as an identifier within the financial space. (Like a financial ID card).

Lenders use it to check your credit history and Karma (a privately sourced blacklist, so if one has a history of default with another lender, this is where there will be “a caught”.)

A lender who doesn’t ask for a BVN is skipping a lot of the credit check procedures, that’s why you should be careful. It’s almost like the lender isn’t afraid to lose their money, smells like trouble.

## For the lenders that do, why ask for BVN?
A means to verify identity: BVN serves as a universal ID in all banks in Nigeria (think of it like your NIN but for the financial industry), as such the information connected to your BVN remains unchanged across all banking institutions. This means it serves as the surest way that a lender can verify your identity.

To prevent identity theft: No two individuals have the same BVN, and as it serves as a means of identification, the chances of individuals using another person’s identity to get a loan drastically subside because of the checks involved.

To prevent fraud: The use of BVN as a check can also prevent fraud both on the side of the borrower (connected to identity theft) and lender (they might be loan sharks in disguise).

…

At [Irorun](https://irorun.com/), we understand you might have doubts about giving out your BVN and that’s why we advise that you carry out the proper checks on your prospective lender to ensure they’re legitimate and not a scam. [Here’s how to carry out these checks on lenders.](https://medium.com/@Theirorunapp/how-to-spot-a-responsible-online-lender-b1888f06011c) Be rest assured as well that Irorun doesn’t illegally store your sensitive financial data or share with third parties.

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

Why do lenders need BVN: is it necessary to get a loan?

Back when banks used to be the only way to get a loan in Nigeria, getting one felt like applying for a visa: plenty of paperwork, long queues, and a waiting game you couldn’t afford to play. But over the past few years, apps like FairMoney, Carbon, and Irorun have turned lending on its head. Today, with just a smartphone, you can get a loan in minutes.

But not all loan apps are created equal. Some are genuinely helpful, licensed, and transparent. Others? They’ll spam your entire contact list, call your boss, and still charge you sky-high interest.

In this article, we’re putting three of the most talked-about apps: FairMoney, Carbon, and the rising underdog, Irorun, side by side. If you’re wondering which one to use in 2025, let’s break it down by features, reliability, repayment policies, user experience, and more.

## FairMoney
FairMoney started as a mobile lending app but has grown into a licensed microfinance bank (FairMoney MFB), regulated by the Central Bank of Nigeria (CBN). The app is available only on Android and has crossed over 10 million downloads on the Google Play Store. It offers personal loans, SME loans, savings accounts, bill payments, and virtual cards.

### Key features
- Loan amounts: ₦1,500 to ₦3,000,000 (up to ₦5 million for business customers)
- Interest rates: Monthly interest from 2.5% to 30%, depending on credit profile and repayment history
- Loan tenure: 1 to 12 months
- Savings interest: Up to 30% annual interest for fixed plans
- Disbursement: Instant transfer to your bank account once approved
- Requirements: Android phone, BVN, valid ID, linked ATM card

### Pros
- One of the few loan apps that doubles as a licensed bank
- Easy in-app savings options with high interest returns
- Transparent pricing with clear repayment terms
- Loans get larger and cheaper over time with good repayment behavior
- Offers cards and utility bill payment services

### Cons
- No iOS app; iPhone users are left out entirely
- Some users complain about being forced to link their ATM cards even before getting approved
- Lower-tier users often get short loan tenures (as little as 7 days)
- Limited offline customer support channels

FairMoney works best for Android users looking for an end-to-end financial app: loans, savings, bills, and virtual banking, all in one place.

## Carbon
Carbon (formerly Paylater) was one of the first players to pioneer app-based lending in Nigeria. Over the years, it has evolved into a full-fledged digital bank, offering everything from loans to savings, investment, bill payments, debit cards, and free transfers. Carbon operates on both Android and iOS, giving it a wider reach than FairMoney.

### Key features
- Loan amounts: ₦2,500 to ₦1,000,000
- Interest rates: From 4.5% to 30% per month, depending on your risk profile
- Loan tenure: 1 to 12 months
- Savings & investment: Offers Carbon Save and Carbon Grow for users to earn up to 15.5% per annum
- Cards: Virtual and physical debit cards with 1% cashback on POS transactions
- Disbursement: Instant to your bank account
- Requirements: Smartphone, BVN, valid ID, ATM card (for first-time users)

### Pros
- Available on both Android and iOS
- Transparent pricing and improved credit scoring over time
- Cashback incentives on card spend (POS only)
- Offers more than just loans: digital banking, savings, investment, cards
- Simple user interface with a transaction history log for better financial tracking

### Cons
- Interest rates can be high for new or low-score users (APR can go as high as 195%)
- Some users report delays in receiving debit cards
- Customer support is largely app-based and response times can be slow
- Requires linking ATM cards and validating bank account

Carbon is ideal for users who want more than a loan, those looking for an everyday digital financial solution. If you use your card often, the cashback bonus adds extra value.

## Irorun
Unlike FairMoney and Carbon, Irorun focuses on keeping lending ethical and user-friendly. The name "Irorun" means "ease" or "peace of mind" in Yoruba, and that’s exactly what they aim to provide. Irorun is fully licensed, does not shame users over late repayments, and keeps its terms simple. It doesn’t have savings features, cards, or bill payments for now. Instead, it focuses purely on lending, with a philosophy of respect and trust.

### Key features
- Loan amounts: ₦5,000 to ₦50,000
- Interest rates: Monthly rates start at 5%
- Repayment terms: Flexible, based on borrower history
- Disbursement: Funds go to Irorun Wallet, and then can be withdrawn to any bank
- Repayment: Through app or via wallet deduction
- Requirements: Phone number, BVN, ID. No excessive data permissions required.

### Pros
- No harassment or contact shaming even on defaults
- Friendly, minimalist interface designed for first-time borrowers
- Repayment flexibility: borrowers can choose to forgo overdue penalties after covering their principal and agreed interest
- Perfect for users new to credit or recovering from bad experiences with predatory apps

### Cons
- Loan amounts are small, not suitable for high-value needs
- No iOS app as of now
- Doesn’t yet offer additional financial services like savings or cards
- Still growing; less visibility compared to FairMoney or Carbon

Irorun is best for people looking for a safe, respectful, and non-aggressive way to borrow, especially if you’re testing out digital credit for the first time.

## Which loan app should you choose in 2025?
It all boils down to your needs and values. Use FairMoney if you’re focused on getting larger loans and want a full-featured digital banking app with high-interest savings. But only if you’re on Android. Go with Carbon if you want cross-platform access, banking tools, and rewards like cashback. Just be ready to handle higher interest rates if you’re new. Try Irorun if you care more about ethical treatment, small but fast loans, and not having your phone contacts used against you. It’s ideal for those who’ve had negative experiences with other loan apps. No matter which you choose, remember: Loan apps are tools, not permanent solutions. Borrow responsibly. Understand the terms, repay on time, and avoid borrowing for consumption.





FairMoney vs Carbon: which loan app is better in 2025 and how does Irorun compare?

Are you still in holiday high spirits? Or are you swarmed with so many January expenses?

If you’re the latter, read further. We had you in mind when we wrote this article. Check out 7 reasons you should consider a small loan for meeting your short-term financial needs this month and the many months to come…

Dive in

## Flexibility
One of the many perks of a small loan is the flexibility it offers to you as the borrower and the lender as well. It might be tempting to get a large loan when you have a minor financial issue, usually because you might want to spend what’s left of it on something else. Unfortunately, these large loans have more rigid terms attached which makes it tougher to get — unlike small loans.

With large loans, it’s more likely fixed for a specific purpose, for example; car loans, home renovation loans etc. Small loans, on the other hand, are more flexible, they can be used for a variety of short-term financial needs which tend to be along the line of unexpected expenses, emergencies or covering the cost of minor purchases etc.

## Speed
Smaller loans have faster processing time than larger loans and as such are great for meeting pressing financial obligations. It’s often faster to obtain a small loan than its counterpart — large loans

The speed at which you can get your loan matters even when your financial needs are short-term or not very pressing. This is another solid reason, small loans are best recommended for short-term and urgent financial needs.

## Ease of qualification
When applying for a large loan, the amount of documentation needed can honestly be quite frightening, but the same can’t be said for small loans.

Small loans often have less rigid qualification requirements than larger loans and as such makes them more accessible to obtain. Yes! We once again ask you to stick with small loans for your immediate financial needs.

## Affordable payments
Smaller loans have short repayment periods which makes them less likely to lead you into a financial dilemma or loan default. Before you blink twice, you don pay back sharp sharp

The shorter repayment period makes it easier to manage the loan without spending money kept aside for other expenses.

## Credit building
The importance of a good credit score can not be overemphasized. Small loans are easy to pay back and as such leads you to always pay back your loan on the due date. This produces a rebound effect of a credit score boost and an overall improvement in your credit profile. It also helps you establish a positive reputation in the credit world.

Some people take out small loans for building up a credit score that will get them the large loan that they require. Read here to find out more ways to boost your credit score.

## Convenience
Another star reason you should consider a small loan for meeting your short-term financial needs is the convenience it offers. Digital lenders now offer quick loans on the web or through mobile apps which is more convenient as opposed to the old way of seeking loans from financial institutions (coughs in many documentation and rejection).

These lenders have made it easier for you to apply and swiftly receive funds through an efficient system. Although there may be many predatory lenders who use this means to steal from borrowers — Here are ways you can check the authenticity of a digital lender.

## Customization
Small loans are flexible and not just in what they can be used for, they are also flexible in terms of your needs. This means that some lenders offer customized loan products that can be tailored to suit your needs.

So if one term or the other of your loan choice doesn’t agree with your need, you can opt for a customized loan instead. Loan customization is not offered by all lenders and it varies with each lender. We advise that you do your due diligence by asking your prospective lender the necessary questions.

…

As always dear Rockstar , send us a message at support@irorun.com and let’s get you started on your first loan for the year!

7 reasons to consider a small loan for meeting your short-term financial needs Irorun

Pheww! We made it to another year

We’re so glad to have you on this journey with us. If you’re new to this community — welcome aboard!

As always we come bearing financial gifts — we’ve carefully curated 5 reasons why January is the best time to get a small loan.

Check them out

## A fresh start in the new year
The new year usually comes with a lot of things; new resolutions, new lifestyles, and new plans, and most of these can’t be brought to life without financial resources. Yes or yes?

After the just concluded holiday festivities, you probably looked at your account balance and silently screamed , not to worry, we’ve got you covered.

Taking out a loan this January can give life to those business ideas you’ve had in your mind. Remember that the new year is the perfect time to turn ideas into reality. This fresh start sets a good financial pace for the rest of the year.

## End of holiday expenses
In direct relation to wanting a good start to the new year, the expenses of the end of the holiday can be a pacesetter for your need for a January loan.

There may have been a few things bought on credit or a few expenses left unpaid, well, a small loan can help you cover all that extra expenses. This way, you can channel your other finances to tackle January’s bill (coughs in house rent and school fees).

So take out that loan, sort out your expenses and get the new year on the right track.

## Fewer competing borrowers
Apart from New Years’ Day, January is still considered a time of celebration to a lot of people, they still walk around with that holiday high and that means less number of borrowers that you’ll have to compete with.

With a lower number of applicants, your chance of getting approved for a loan increases significantly (please note that due process won’t be ignored just for a lack of applicants).

The aftereffect of the holiday season makes January a great time to apply for a loan, don’t you think so too? We do.

## Opportunity to rebuild credit
Is there a big project you’d like to carry out in the upcoming year? Is your credit score too low to get the loan amount you’d need for it?

Well, now is a great time to start building up your credit score. Trust us, if you start now, by the time you need the cash for that project your credit score would be more than enough to get you that loan.

January is the best time to start the process of improving your credit score and building a solid credit profile that’s attractive to lenders.

## Access to special offers
Here’s a secret that you may not know since it’s the start of a new year, every business owner (lenders included) is fishing for new clients, and so it’s raining special offers and discounts.

We encourage you to take advantage of this opportunity, both new borrowers and existing borrowers alike. This is a time when your prospective lender might just be offering mouthwatering discounts and bonuses. Don’t say we didn’t do anything for you o!

…

Once again, Happy new year our favourite Rockstar 

This year, Irorun hopes to help you achieve bigger financial milestones in 2025!

If you have further questions, as always shoot us a message at support@irorun.com, we’re more than happy to help you out!

Why January is the best time to get a small loan: 5 reasons you can’t ignore

Irorun is your go-to instant loan app in Nigeria for immediate relief. Need {{amount}} today? 

Apply now and enjoy the fastest service available.


Get {{amount}} for {{period}} {{period_type}} Instantly for Your Urgent Needs



Sign up to Irorun and get an {{amount}} loan for {{period}} {{period_type}} to meet your immediate needs with only NIN, BVN and no collaterals. Get disbursed in minutes.

Get ₦2,000 for 1 Month Instantly for Your Urgent Needs

Irorun Blog

Why do lenders need BVN: is it necessary to get a loan?

FairMoney vs Carbon: which loan app is better in 2025 and how does Irorun compare?

7 reasons to consider a small loan for meeting your short-term financial needs Irorun

Why January is the best time to get a small loan: 5 reasons you can’t ignore

Download now