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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.


“Let me just drop urgent 2k here in case I need it one day” — that’s how you’ve dropped money with us for months now.

We understand the temptation that comes when you find an app that you can fund, you jump at the chance of depositing money into it as it gives you a place to save for rainy days.

However, we regret to inform you that [Irorun](http://irorun.com/) is not a savings app or platform to keep “extra” money. Irorun provides users with a wallet account not for saving but as a means of loan repayment.Therefore, any amount of money funded to the wallet should be done by only ACTIVE LOAN HOLDERS.

It’s okay if you’ve assumed otherwise, that’s why we’re here to remind you that [Irorun](http://irorun.com/) is not a savings app.

## Implication of funding your Irorun wallet account with no active loan
When you decide to use your wallet account as a means of saving, you stand the risk of getting your account deactivated. YES! deactivated.  Once the system detects that your wallet has been funded and registers that you do not have an active loan, your account will be deactivated because such actions are seen as fraudulent. It’s giving “I-didn’t-know-where-else-to-hide-this-money”.

The process to rectify an account deactivation can take from 48 to 72 hours due to various investigations that will be carried out to determine where the funds came from, after which the money would be sent to the source account (the account the money was sent from). The stress isn’t worth it abi?

Do you see how using Irorun as a savings app will prove to be an inconvenience to you in the long run? Don’t be dismayed. When [Irorun](http://irorun.com/) launches a savings feature, you’d be the first to know!

Remember, Irorun is not a savings app and is solely for LOANS and REPAYMENT.

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

Thank you for coming to Irorun’s TEDtalk.

Until next time, tell a friend about us.

Irorun is not a savings app!

A debt-to-income ratio is the percentage of your gross monthly income (before taxes) that goes towards payment for debts. In other words, a debt-to-income ratio is how much of your income goes to paying debts. It’s like a score to show how much debt you have compared to your income. Think of it as what percentage of your monthly salary is spent on paying off loans.

Lenders like to know that you will not be stranded whenever you have to repay a loan from them, so they tend to make sure that you have a good debt-to-income ratio.

What do lenders consider a good debt-to-income ratio? A general rule of thumb is to keep your overall debt-to-income ratio at or below 43%.

The general idea is that a low debt-to-income ratio demonstrates a good balance between debt and income. That is, the lower the percentage, the better the chance you will be able to get the loan you want.

Since lenders tend to look out for your debt-to-income ratio, here are some ways it can impact your loan application:

## Approval chances
Some individuals pay off an allocated amount monthly, to clear up pending debts gotten from one means or the other.

A high debt-to-income ratio indicates that you have too much debt in contrast to your income, which can lower your chances of getting approved for a loan.

If a lender sees that you already have too much debt, you’re not likely to get the loan you’re looking for. We apologize in advance.

## Interest rate
Some lenders may use an individual’s debt-to-income ratio as one of the factors to determine the interest rate to be offered on a loan.

The higher one’s debt-to-income ratio, the higher the interest rate is likely to be. This is because the lender takes a higher chance/risk on the individual with a high debt-to-income ratio. The possibility that he or she bails out of loan repayment is much higher due to the already existing debt they’re yet to settle.

## Loan amount
Another way an individual’s DTI can impact their loan application is the loan amount they can be eligible for.

Lenders use a person’s debt-to-income ratio to determine the loan amount they can safely lend. With a high DTI, you stand the risk of only being approved for a smaller loan regardless of what you want. To qualify for larger loans, Irorun advises that you clear up all pending debts.

## Future loan opportunities
A lender might be willing to lend to you just once regardless of a high DTI. Consequently, they are likely to be reluctant to grant you future loan opportunities, as the lender is hesitant to take such a risk again. Once bitten, twice shy.

Remember, any lender who’s unafraid to lose their money is a red flag.

## Guarantor requirements
Having a high debt-to-income ratio will likely mean that you would need a guarantor to help you smooth over any issues you may have with repayment.

Lenders may require you to have a guarantor to serve as an additional source of repayment in case you are unable to make loan repayments on the due date.

…

A low DTI makes your loan application a lot easier for you and your prospective lender. If you carry less debt, you can save more money on interest payments, as well as get the best loan option and term from ethical and responsible lenders. Here are a few advantages of a low debt-to-income ratio:

- It helps you qualify for loans with ease
- It indirectly helps you boost your credit score
- It gives you peace of mind
- It tells you if your financial status is good or on-the-verge-of-collapse

…

As always, we’re available to answer your questions and provide you with assistance in applying for a loan. Send us a message at support@irorun.com and let’s get you started!

5 impacts of your debt-to-income ratio on your loan application

“Just because it’s been said many times by many people doesn’t make it true”

And that’s why today, we’ll be debunking six(6) loan myths.

Let’s get to it!

## Loans are only offered by banks
Maybe in the early 1800s, this was true. The myth that banks are the only financial institutions that provide loans to individuals has been debunked a million times over.

While banks are among the financial entities that provide loans, there are several registered and recognized non-banking financial companies (NBFCs) that provide loans to individuals such as microloan companies, digital lenders, credit unions etc.

## Low credit score means loan rejection
Although a poor credit score may affect the outcome of your loan application, it doesn’t ensure that your loan application will be denied.

Although your credit score is highly considered for a loan to be approved, other factors come into play. For example, lenders will also consider your age, income, the authenticity of your documents, your debt-to-income ratio, and other variables before deciding whether to approve or reject you. Here’s how you can boost your credit score.

## Only salaried persons can apply for loans
It’s a common misconception that only salaried individuals who have a steady flow of income are eligible to apply for loans and this isn’t true.

Non-professionals, business owners, and anyone with a form of income may also apply for loans. As long as they meet the eligibility requirements of the lender, both salaried and non-salaried persons can and should apply for loans.

## Digital lenders are scammers
Another loan-related myth that has been dispelled but always rears its ugly head is the idea that all digital lenders are scammers and should never be trusted.

Loan scammers are unregistered and unethical lenders. They are unauthorized and yet always find ways to take advantage of unsuspecting individuals. But here’s the good part, If you exercise due diligence and verify a prospective lender’s legitimacy before applying for a loan, you won’t fall victim to these scammers. And on that note, here’s how you can spot a loan scammer.

## Loan application is complex
Decades ago, this was true. Now, the process of getting a loan is easier than ever. All thanks to the technology of digital lenders

The age-long misconception that you must wait weeks or even months for your loan application to be processed is now a myth. Nowadays, obtaining a personal loan is as simple as filling out an online form and waiting a few minutes to a few hours for a response.

## Loans always have high-interest rates
A large majority of loans these days don’t require collateral, so it’s believed that they will have very high-interest rates, and this tends to put off people from applying for loans.

In reality, the interest rate varies from lender to lender and usually depends on your credit score and many other factors. Interest loans can be as small as 3% or as large as 40%. There are no hard and fast rules to it. The factors that come into play are the determinants of interest rates.

…

If you have further questions or would like to get on board your first Irorun loan, send us a message right now at support@irorun.com!

6 loan myths that have been debunked

Most lenders take pride in how ‘fair’ they are in their dealings, putting the needs of their clients first and offering them the ‘best’ loan experience.

They often forget that what happens after the loan has been completely paid off also adds to the loan experience.

The final payment of a borrower is like the close of a sales deal. Each person goes away happy (or at least mildly satisfied) with what they got. So why then do some lenders continue to call and send messages to customers, who are no longer interested in their services, about incomplete payments or ‘exclusive’ loan offers.

Well, we can’t exactly tell you their reasons when we don’t know why ourselves. But, what we can do is provide you with tips on how to get these red flag-ridden lenders off your back!

Tip 1 (just kidding but not really): never collect loans from sketchy lenders, there are more reputable lenders like Irorun ready to provide for you.

Now onto the tips proper!

## Review your loan agreement
Let’s be honest with ourselves for a minute, no one reads the terms and conditions except when they really have to. Therefore, this situation is a great time to put on your reading glasses.

There might be a clause in your loan agreement about post-payment communication, specifying when the lender can contact you after you’ve paid off your loan. This clause will also clarify your rights as related to the loan you have borrowed.

## Contact the lender, professionally
You can professionally reach out to your lender. We’re not asking you to start a fight, but politely inquire about the reason for the continuous contact. It could be a payment processing issue or an administrative error.

As mentioned in the previous tip, a clause in your loan terms can state situations where your lender can contact you. An administrative or payment error definitely counts. Again read the fine print.

## Document all communications
To handle these persistent lenders, you have to bring out the tactics that would save you in an escalated situation. Record every interaction with your lender; call logs, emails, SMS etcetera.

These situations rarely escalate and in the slim chance that they do, it’s beneficial to have evidence of the lender’s actions and all your interactions with them.

## File a complaint with the regulators
At this point, we’ve all heard of the credit bureau, the one place no borrower wants to be marked down as a defaulter but It may please you to know that lenders have regulators as well. See how to report unethical lenders.

The regulators are there to ensure that lenders behave within the ambits of the laws. So whenever a lender starts acting suspiciously and you have concrete evidence, report them to their regulator. Don’t say we haven’t done anything for you. 

## Check credit report
Your credit report is an important document that you should check periodically and most importantly whenever you repay a loan.

If the lender does not update your repayment status, they could use this to obtain additional funds from you. So periodically check your credit report to ensure your status has been updated to ‘paid’ or ‘closed’. An incorrect report can impact your credit score negatively.

As always, send us a message at support@irorun.com and let’s pair you with a loan with a responsible and ethical lender.

How to deal with persistent “lender” contact after repayment

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Irorun Blog

Irorun is not a savings app!

5 impacts of your debt-to-income ratio on your loan application

6 loan myths that have been debunked

How to deal with persistent “lender” contact after repayment

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