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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.

It’s no revelation that Nigeria’s future hinges on the ability to empower her youth to become self-sufficient business owners. While Nigeria may not have empowered them all, every 99 in 100 persons in the country today is either a small business owner or friends with a small business owner (Source: we can’t lie to you).

Despite the current free-fall of the economy, youths are creating innovative ways in which they can sustain themselves. As we all know, regardless of who starts a business, there is a great need for finances AKA capital. Unfortunately, not many can get their hands on sufficient capital to fund their business.

But here’s how small loans have been of help in creating windows of opportunities for not just potential business owners but existing business owners as well.

## Job creation
Young entrepreneurs who take loans to create businesses also create job opportunities for the persons they employ. By launching their businesses, these young entrepreneurs create a source of income for themselves and also open doors for others in the job market. Each new position they fill means another person with a job and a means to support themselves and their families. Creating what we tag a “You chop, I chop movement”.

It’s also notable to remember that with business owners, there’s always room for expansion which implies more job opportunities for the taking.

## Access to capital
Young, vibrant and energetic people tend to have a special ability to create business ideas that have the potential to grow into a million dollar idea, but the problem always stems from the funds to start. You need money to chase money or how do the kids say it?

And since access to these funds is unavailable, dreams tend to die an unnatural death…Well, not when there’s access to small loans, something the Western world has successfully hacked.

## Ease of small loans
Obtaining a small loan in Nigeria has become as simple as ordering a meal online, don’t believe us? Try Irorun and see for yourself. The ease of application and quick disbursement of small loans empower the youth to act on their business ideas as quickly as possible. Taking too long they say, often waters down ideas and dreams.

Unlike large government loans, which are not likely to be approved, small loans offer quick approvals with loan amounts that meet the immediate needs of the borrower.

## Access to global markets
The world has become more interconnected than ever before. Young Nigerian entrepreneurs are now seizing the opportunity to broaden their reach. Small loans have empowered them to easily access global markets. Whether it’s selling traditional crafts, providing digital services, or venturing into e-commerce, these loans offer the support needed to compete on a global level. We global now guys! 

. . .

The myths about loans are all turning out to be empty, unverified buzzwords. Your ideas will remain just ideas without finances. Let us help you get through the first hurdle of being a business owner. Send us a message at support@irorun.com and let’s get you the capital you need to build the next big thing!

The impact of small loans on youth entrepreneurship


“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

Ever heard of the credit bureau?

The police officers of the lending world!

In this article, you’ll learn all about them, what they do and what it means for you as well.

But first, let’s put meaning to the word “credit bureau”

Credit bureaus are privately owned and privately operated data collection and analysis companies that gather and store information relating to the credit ratings of individuals and companies. They make these accessible to financial institutions e.g banks, lenders, microfinance institutions, etc. Service providers or landlords may also have access to credit reports.

Not all countries use credit bureaus but for the ones that do, their services are only applicable to the country they are situated in, this is because a credit score is only applicable within its respective country. If you decide to move to another country, you’ll likely need to build a new credit score.

## Why were they established?
Let’s dig into some fun history! Shall we?

In the late 1980s and the early 1990s, the banking industry experienced a wave of financial distress that was largely due to predatory debtors who hopped from one bank to the other; borrowing without repayment. These persons would abandon their debt obligations from Bank A, and proceed to obtain yet another, from Bank B. Wickedness abi?

This unrepentant behavior made the Central Bank of Nigeria see an urgent need to find a solution. A central database with everybody’s credit information was established in a bid to regulate the evil that men do.

As such, the Credit Bureau of Nigeria was established and was backed by a legislation Act that obligated banks and financial institutions to update lists of borrowers. As time went on, this highly updated and functional *list* determined the eligibility of intending borrowers. Voila! Serial loan defaulters reduced!

## What credit bureaus do we have in Nigeria?
Credit bureaus are licensed by the Central Bank of Nigeria (CBN) and these licenses were granted to three private companies:

FirstCentral Credit Bureau, which was incorporated as XDS Credit Bureau Limited in May 2005.
CRC credit bureau was established in 2008 under the laws of the Federal Republic of Nigeria.
CreditRregistry (CR services), which happens to be Nigeria’s oldest credit bureau, was established in 2003.

## Functions of credit bureaus in Nigeria
Below are some of the most important functions of the credit bureaus in Nigeria:

## Maintain and store credit information of borrowers
The information obtained by the credit bureau usually includes the contact details of individuals and companies. It also cuts across a history of previous loans obtained by the borrower. Information provided can further include whether or not the loan was paid in due time, as well as cases of bankruptcy and court order. This is especially useful for untruthful borrowers with hanging court charges.

## Central storage of collected information
The Credit Bureau Association of Nigeria wields the capacity to store a large amount of data in one place. Not only will this remain over a long period, but it’s also in a safe condition. Ideally, there is no room for loss, theft, or alteration of files and data (desperate borrowers can’t tamper with their data). This enables lending institutions to have long-term and accurate access to borrowers’ information.

## Provision of credit information upon request
When a lender requests credit information, the Bureau ensures it provides the report usually spanning 3 years. This ensures that the lender makes an informed decision regarding the creditworthiness of the prospective borrower.

## Eliminate cases of serial loan defaulters
Remember our story of how credit bureaus came into existence? Exactly, to manage the credibility of information given to lenders by borrowers. To curb lie-lie borrowers.

In the absence of credit bureaus, anyone could easily obtain loans from multiple lenders and run away with the funds.

## Increased access to loans
It’s not only lenders that benefit from the credit bureau. Before its establishment, gaining access to loans was tough. In those days, you either had to own valuable collateral or you knew someone that knew someone…You know how it goes.

This was because there was zero trust in the credit world and lenders were constantly at a loss, therefore they had strict checks in place before a loan could be granted. But, since the establishment of credit bureaus, it’s relatively easier to access loans. The bureau only provides a credit information report to your lender and you get vetted. Win-win situation right?

…

If you have more questions or need help getting your first loan, send us a message at support@irorun.com, and we’ll be happy to assist you!

Who are the credit bureau and what do they do?

Hello there Rockstar!

Today, we’d be telling you all you need to know about uploading a valid means of identification on the Irorun platform.

Let’s get to it right away

## It is mandatory to upload a valid ID
Getting a loan is a delicate process that requires you to be identified properly, and to do this you need to provide the right information alongside a valid means of identification.

At Irorun, it’s required that you upload a valid means of identification such as a driver’s license, national ID card, Permanent Voter’s Card or an international passport.

If you don’t have one of these four government-issued IDs, then you would be unable to register for an account on Irorun and apply for a loan with us.

## Loan application can be done immediately after ID upload
Usually, you would have to wait a while for your ID to be confirmed before you can take out a loan but with Irorun, you definitely don’t have to do that. Awesome right?

Irorun allows you the opportunity to apply for a loan as long as all needed information has been provided including but not limited to a valid means of identification.

There is no need to drag your feet and keep on waiting for a confirmation message. You can immediately apply for a loan once your valid ID and other necessary information have been uploaded. Read the next point to get the full gist.

## ID can be verified at the point of approving the loan
Remember, we said you can immediately apply for a loan after you successfully upload a valid means of identification. Well, that’s because Irorun can simultaneously confirm and approve the authenticity of your ID while also assessing your loan application. This way you don’t have to wait for a million years *yawns*  before getting that loan.

You also don’t need to worry, as this doesn’t mean that your ID won’t be approved if you don’t immediately take out a loan.

## Incorrect ID uploads could lead to loan decline even if eligible
As we earlier said, there are only four(4) valid IDs that can be approved by Irorun when you sign up with us. See Number 1 point.

It’s important that you make an effort to upload a valid and accepted type of ID to avoid getting your loan declined. Even if you turn out to be eligible for a loan with Irorun, a valid ID is simply mandatory.

## School IDs are not accepted as valid IDs for loan application on Irorun
Unfortunately, students are not exceptions to the rules when it comes to ID upload on Irorun. A student ID card is not considered a current and valid means of identification in our loan application process. Relax, we’ll tell you why…

Most student ID cards don’t contain all the information needed to confirm your identity and are very easy to forge ??, so students are urged to provide one of the four (4) accepted valid IDs to be considered eligible for a loan.

## Certain types of loans require work ID as proof
Although work IDs will not be required from you as a means of identification, certain types of loans require a valid work ID as a form of proof that you work.

A good example is the payday loan or the salary advance loan. These types of loans require you to provide your work ID as proof that you actually work where you say you do. In such cases, we implore you to comply and provide said ID.

Now that you’re well aware of the nitty-gritty details of successfully uploading a valid ID on Irorun, we can’t wait to get you started on your first loan. Reach out to us at support@irorun.com to get started ASAP!

What you should know about uploading ID on Irorun

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Irorun Blog

The impact of small loans on youth entrepreneurship

Myths vs. Facts of microloan apps

Who are the credit bureau and what do they do?

What you should know about uploading ID on Irorun

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