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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.


First times can be scary and uncertain…

Irorun disagrees that your first loan should be any of that.

So we’ve curated 5 essential facts Irorun first-time users should know:

## Loan range
“To each their own”

The above is true for loan apps as well. Every loan app caters to a unique problem. For example, Irorun as a microloan app offers small loans that act as a quick fix for emergencies.

Irorun’s loan amount falls at a minimum of ₦5,000 and a maximum of ₦50,000. This is also a perfect opportunity for one to build their credit score.

Recall, that for you to qualify for a large loan, a good credit score is needed. And that’s where Irorun comes in. With our easy-to-access small loans — you can build a credible credit score and profile.

## Loan approval requires a valid government-issued ID card
To get your loan approved on Irorun, you need a current and valid government-issued ID card. This serves as a means to verify your identity. Therefore, expired ID cards or means of Identification different from those specified by Irorun will not be accepted.

You should also know that you’re only asked to provide a valid ID card once and then your Irorun account is created to serve you for life. This is why we advise you not to delete your account after one loan transaction.

## Loan eligibility
As a new Irorun user, you are only eligible for a loan amount of ₦5000 for the first time.

Not to worry, Irorun has put in place a system that helps to build mutual trust between lender and borrower. This system gives you a chance to work your way up on the Irorun trust bar while also giving you what you need.

The more you borrow and complete payments at the due date, the higher your chances of being eligible for higher loan amounts. We’re cool right?

This system enables us to build a trustworthy relationship with you while also building your credit profile and score.

## Phone call verification
We know you may not be thrilled by this but Irorun needs to speak with you, as a part of our verification process, before your first loan may be approved.

When you apply for a loan with Irorun, you will be sent a verification email with a number you’re required to call. Ignoring this final stage can cost you your loan approval.

The phone call verification is an important process that Irorun has put in place for your protection. For cases, where a scammer steals an individual’s data and identity to process a loan, phone call verification helps expose such treachery.

Once you’ve completed your phone call verification, a final approval or rejection email will be sent to you.

## Data privacy
This is a major part of Irorun’s ethics that we strive to uphold as giving out the data of clients without express permission is a detestable act punishable by law and Irorun would never do such.

As Irorun’s loyal clients, one of our goals is to protect your information from those who wish to do you harm and as such Irorun would never undermine you by abusing your private information.

…

For further assistance and questions regarding your first loan application, send us a message at support@irorun.com!

5 facts Irorun first-time users should know

The shortcomings of traditional credit scoring methods are now painfully clear in the ever-changing world of financial services. Although traditional methods were once effective, they now fail to capture the full financial picture of borrowers, leaving many creditworthy individuals behind. The demand for alternate means to determine borrower eligibility has grown as we move toward a more connected and digital environment. Hurray technology! 

The foundation of traditional credit scores is past history from credit bureaus, with an emphasis on factors like prior credit utilization, payment history, and outstanding debts. Although this method has been the norm for many years, several shortcomings make it difficult to appropriately evaluate present-day borrowers. As an illustration, it might miss those with poor credit histories, recent immigrants, or people who choose to use cash instead of credit cards, leaving them with unmet needs and shut out of the lending ecosystem. Too limiting if you ask us.

Digital lenders seized the opportunity to rethink borrower assessments after spotting flaws in traditional credit scoring. We’ve enhanced loan eligibility with advanced technology and data analytics for a more comprehensive approach. They bridge the gap and provide financial opportunities to those overlooked by traditional institutions by redefining loan eligibility criteria. We did a thing, didn’t we?

## Factors considered by digital lenders beyond credit score
Now that you know we’ve expanded the playing field, we’ve curated 5 key factors beyond credit score you must know about before applying for a loan.

## Income stability and employment history
Digital lenders recognize a borrower’s steady income and employment history as signs of their ability to manage finances. A steady income indicates the borrower can likely repay the loan on time. An individual’s employment history also shows their job stability and growth, affecting their ability to repay debts.

## Cash flow analysis
Digital lenders take a more thorough approach by examining the borrower’s cash flow, compared to traditional lenders who mostly rely on credit scores. This involves reviewing earnings and expenditures over a set period, usually using bank statements and financial records. This helps digital lenders understand a borrower’s spending habits, financial health, and cash flow by examining inflows and outflows. This evaluation allows us to determine whether one can handle loan repayments in addition to other financial obligations. See why we require a bank statement?

## Purpose of the loan
An individual’s intended use for a loan is a significant aspect of the evaluation process. Risk and potential repayment vary depending on the purpose of the loan. For instance, a loan sought for urgent medical care may have different risk considerations than one meant for business expansion. To match loan terms with borrower needs and reduce default risk, digital lenders consider the loan’s purpose.

## Repayment history with the lender
The repayment history of borrowers who have a preferred digital lender carries a lot of weight. Reliability is shown through timely payments, boosting the borrower’s chances for future loans with better terms. This focus on past behaviour encourages a cooperative connection between the lender and the borrower. Long-term relationships are not built in one day. Start one with us today.

## Social and online presence
Our digital footprints are everywhere

Through a person’s online activities and interactions, people leave behind a significant digital footprint. Digital lenders sparingly implore this information in their review process. Lenders assess a borrower’s actions, reputation, and creditworthiness through their online and social media presence. Showcasing responsible financial practices and boosting creditworthiness can be achieved through a strong online presence. A lender who’s not scared to lose money to a ghost is likely to be a loan shark in disguise.

This shift from relying solely on credit scores enhances the accessibility and inclusivity of financial services. It enables lenders to serve a wider range of borrowers, including individuals with unstable financial circumstances or little credit history.

One loan after another we are providing chances to those previously underserved and considered not creditworthy by traditional banking institutions.

Send us a message at support@irorun.com and get started on your first loan today!

How digital lenders evaluate borrower eligibility


Unlicensed lenders AKA loan sharks mostly prey on families of low income or those who find themselves in difficult times and in dire need of a quick fix. *Urgent 2k*.

Here are a few ways to recognize them. As they operate outside the law, you’ll likely:

**Be offered a cash loan:** Most loan sharks tend to operate with cash, but do take note that some may operate online as well.

**Notice a lack of paperwork:** Loan sharks won’t give you a formal agreement which makes it easy for them to change loan terms in their favor at the drop of a hat.

**Get poor/vague loan terms:** Loan sharks tend to be unclear about the amount of interest they charge and repayment terms. Sometimes, they might straight up give you outrageous terms to work with. (But since you’re in urgent need… you feel as though you have no other option).

Get a loan without the necessary checks: Loan sharks won’t conduct any checks or assessments before giving out a loan. (It’s giving sketchy abi?).

**Face harassment and threats if you are behind on repayment:** Unauthorized lenders are not afraid to resort to threats of violence and harassment if you are behind on your loan repayment.

**Be pressured into borrowing more:** The moment a loan shark gets you to borrow from them, they’ll charge you such high-interest rates that you’ll never be able to repay in full. They may even convince you to borrow more from them in the illusion of paying off your previous debt with the new one.

The purpose of this article is not just to help you recognize these loan sharks but to give you a way to sort out any issues that you as a borrower may face when confronted with a loan shark you borrowed from.

## Formal report to the authorities
When you are being harassed and threatened by a loan shark, a formal report can be made to the authorities with proof that your life is being threatened. And that can be acted on.

It’s very important to note that just because a loan shark can’t take legal action against you for not repaying your loan because they’re unlicensed, doesn’t mean that they won’t take drastic measures illegally. Remember, these individuals operate outside of the law. It would do you good to not purposefully antagonize a loan shark.

**PS:** Licensed lenders have the right to take legal action against you if you default on loan repayment, as it’s still a civil offense.

…

At Irorun, we understand that it can be tough to find an ethical lender that respects [your rights as a borrower](https://medium.com/@Theirorunapp/know-your-rights-as-a-borrower-a7bdbfda3f8), that’s why we constantly bring you actionable tips on how to get the best borrowing experience.

Feel free to send us a message at support@irorun.com to get started with your loan!

How to deal with loan sharks


Sometimes all you really need is a small and quick fix to sort out that financial crisis…

And that’s where a MICROLOAN comes into play.

There are a lot of benefits associated with taking out a microloan and today we’ll be exploring 5 of these benefits:

## Easy application
If you think about it, you are more likely to give a friend 5k if they ask for it rather than give them 500k. True or true?

It’s the same with lenders; they’ll be more likely to approve a small loan than a larger one especially when it’s your first or second time borrowing from them. Small loans tend to be less of a hassle considering plenty of documentation and interviews are not required unlike with a larger loan. Larger loans require a lot of documentation, interviews and a higher level of loan worthiness and therefore are harder to apply for.

## Credit history/score building
One key benefit of a microloan is the ease of being able to pay back with little to no inconvenience.

Now picture this scenario; You take out a microloan that you are dead sure you will be able to pay back and keep this cycle for, say about 7 months. Your credit history is going to be very long and ATTRACTIVE to lenders, won’t it?

Why?

Because you have a LONG history of paying back your loan on time.

This is a great strategy for building your credit score and giving you a packed credit history (Remember, with a clean and extensive credit history you become eligible for LARGER loans). [Here are some other ways to boost your credit score](https://medium.com/@Theirorunapp/how-to-boost-your-credit-score-e723bd2ce497).

## No collateral required
A commonly spread myth about loans is the assumption tHat eVerY lOan rEquiRes cOllaTerAl. This isn’t true, some loans, especially micro-loans require no collateral.

No one is going to take away your car if you take out a 20k loan. Collateral is mostly required for large loans and has to be of equal or greater value than the loan amount. Microloans can easily be paid back, so collateral tends to not be a requirement. This means that you can easily get that loan to build up your credit score without the feeling of impending doom hovering above you.

## Predictable repayment schedule
Microloans, because of their size, tend to have a standard repayment method. This is because most microloans are installments and have a fixed schedule attached to them. Repayment dates are usually seven days after taking the loan.

If you time it right, you will always be able to repay your loan on time, this means that you can predict the repayment date, take out loans accordingly and have control of your finances. Win-win.

## Fixed interest rate
Microloans tend to have a fixed interest rate, there will be no changes to the interest rate even in the case of inflation, so when you take out the loan you can calculate how much your interest will be before the due date. This combined with a predictable repayment schedule can make your loan journey very enjoyable. No surprises there abi?

With much larger loans, the interest rate is dependent on the type and terms of the loan, a fixed-interest loan will keep the interest predictable but a variable loan would be unpredictable as it could rise/fall with inflation/deflation.

…

Remember that [Irorun](https://irorun.com/) offers microloans as small as N5,000 and as large as N50,000.

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

5 Benefits of a microloan AKA small loan

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Irorun Blog

5 facts Irorun first-time users should know

How digital lenders evaluate borrower eligibility

How to deal with loan sharks

5 Benefits of a microloan AKA small loan

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