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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.

So many choices but who to pick from?

If this is you, wondering how you can get the best digital lender that’s a right fit for you. Then you’re in the right place

We’ve curated five(5) things to look out for in comparing digital lenders

Read further…

## Terms and conditions of each lender
No two digital lenders are the same, they might share some similarities but they operate differently and as such have varying terms and conditions.

That’s why when you want to choose a digital lender to borrow from, you should go through their terms and conditions with a fine-toothed comb, to comb out any uncertainty.

Understand the terms and conditions for each loan offer, including the interest rate, fees, and any penalties for late payments or prepayment. Do this for every digital lender you have an interest in and you’ll see the best one for you could be hiding in plain sight.

## The reputation of lenders
There’s a lot to be said about rumours and how they should not be believed, but do know that every rumour holds a grain of truth.

If you have an interest in any particular digital lender, and whispers are going around about them, you should take the time to make confirmations and not just work on blind faith.

Check the reviews of previous clients and see what value each lender is known for. Even a quick search of the lender’s name on a search engine can get you news articles and blog posts about that lender. You can also take a quick stroll on the Google Play Storeor Apple App Store review and see what others are saying.

## Customer service of lenders
The customer care service of any organization is usually the link between the customer and the business. So, you must keep an eye out because they’re who you’ll go to if you have any problems before, during and after a loan transaction.

Find out how responsive their customer service team is, their tone when they respond to their clients, how fast they respond to their clients (or if they respond at all), and what others have said about their services.

This can help you get a better idea of what it will be like if you ever find yourself needing help from the lender.

## Total cost of loan
It’s not just the loan amount + interest rate offered that you should look out for in a loan, most times there are extra processing fees that you might know nothing about added to the total cost.

This is why it’s a good idea to always read the loan terms or better still, ask your prospective lender. Look out for extra fees attached to the loan and make sure that it’s something you can comfortably work with. Here are some other questions you can ask your lender.

## Extra perks, rewards and discount
There isn’t anyone who doesn’t like to be rewarded or receive a discount on any of their purchases, Now imagine that in a loan setting. Awesome right?

There are numerous perks you could get for choosing one lender that you might not get with another. This is why you should find out what perks or rewards they offer; if they have reduced interest rates, flexible terms for loyal customers etc.

These discounts and rewards could be the defining choice that makes one lender more attractive than another.

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Now that we’ve shared our award-winning tips with you send us a message at support@irorun.com and let’s get started on your first loan!

How to compare different digital lenders


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).

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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?

Have you signed? No?

Pheww! Glad you haven’t…

Before you say “yes!” to that loan, you must read, re-read and understand the terms and conditions applied.

And to make the process a lot less boring for you, we’ve written out 10 of the most necessary things you’d find in a typical loan terms and conditions AKA T&C.

Check them out!

## Principal and interest
When you take out a loan, your repayments are broken up into two parts — principal and interest. The principal is the original amount you borrow, while interest is the cost of borrowing the money.

Both are clearly stated on your loan terms and condition, and may just be the most important aspect. This is because whatever principal and interest rate are written on your loan terms and conditions, that’s what will be accepted during the loan transactions. Read the fine print to avoid stories of “I didn’t know”.

## Repayment terms
The loan terms and conditions also contain your repayment terms which are how long the loan is going to last and the repayment schedule.

This helps you get an idea of how you can make a budget that contains debt settlement. It also states how long you can go without paying your loan before you fall into default.

## Processing fee
The processing fee for a loan is a fixed non-refundable fee associated with the loan that helps the lender cover costs and the risk of approving the loan, as well as any fraudulent transactions that may occur.

This helps give you an idea of why you may not get the complete loan amount (for instance you getting credited with #49,000 instead of #50,000 when you apply for that amount). All these extra fees are always stated in a typical loan T&C.

## Loan purpose
When you are asked about the purpose of your loan, you believe the lender is asking because they want to know if that amount is worth it.

While this is true, the lender also takes a record of the purpose of the loan and builds restrictions based on the purpose given for the loan (this entails how you can and cannot spend your loan). Although this varies from lender to lender and also depends on what kind of loan you apply for.

## Collateral
The collateral chosen for the loan is placed in the terms and conditions for the benefit of both parties.

After the loan transaction is finalized, at no instance can the lender claim something else as collateral. But if the borrower is unaware of the full details of the collateral, he/she can fall prey to an unethical lender who may take advantage of his/her naivety. Read your terms and conditions o!

## Income stability status
Your creditworthiness and proof of your employment status or stable source of income are also included in your terms and conditions.

This is to show that the borrower was proven creditworthy of the loan that they applied for and that they could afford to live suitably even in the event of loan repayment.

## Third parties
This is any co-signer or guarantor to the loan. It shows proof that another individual served as a witness for the loan or that they’ve been tasked with the repayment of a loan in case the original borrower defaults and that they did so willingly and not under duress.

## Lender’s right in case of default
This includes all that the lender can legally do if the borrower defaults on the loan or makes late payments.

These rights most times include the collateral being seized by the lender, the lender’s right to sue the borrower, the lender’s right to issue penalty charges for any late payments made etc.

## Loan term renegotiation
This has to do with any provisions made for modifying the loan terms in the event that the borrower can’t meet up with loan repayments or could not afford loan repayments for any specific reason.

This will state if the lender is open to renegotiation and under what terms this renegotiation will occur.

## Legal justice
This is the governing law and jurisdiction for any dispute related to the loan. It states if a defaulter will be taken to the supreme court of law or any minor court of law to settle any dispute related to the loan, or if the defaulter will be charged with a fine.

## Blacklist (Bonus)
This states the governing bodies responsible for blacklisting loan defaulters, it gives you an idea of who you will be reported to when you default on a loan (it’ll also help you know who to go to when you get blacklisted). An example of these governing bodies is the credit bureau, check out who they are and what they do.

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For further questions or clarifications, send us a message at support@irorun.com, and we’ll be more than happy to guide you in taking your first loan!

What is found in a typical loan terms and conditions


If you’ve ever wondered what questions you should ask a prospective lender before you say Yes! to the loan. We’ve got you!

No more falling prey to bad and unethical lenders and that’s why [Irorun](http://irorun.com/) has curated 5 questions you can ask your lender:

## What other fees are there?
Some people believe that all there is to a loan is the money they intend to borrow (principal) and the interest. Fortunately, Irorun is always willing to educate and clear up myths.

There could be more. In fact, there are always more. Many lenders include processing fees that are either; to be paid before you receive your loan, fees to maintain your loan or fees for the repayment of your loan.

Each fee varies depending on the loan amount, loan type, repayment terms and the lender. Some fees are non-negotiable; meaning that if you are to be charged, the amount cannot be changed.

You must know that some fees may not apply to you but an unethical lender who wishes to take advantage of your ignorance may charge you ruthlessly and that’s why it’s important for you to ask your prospective lender for all fees connected to your loan, why they’re charged and if there’s any room for adjustments. [Here’s how you can report unethical lenders](https://blog.lendsqr.com/how-to-report-lenders-for-unethical-practices/).

## When does the late fee start counting?
The late fee or a penalty charge is the fee you have to pay when you are unable to pay back your loan as of when due and as such, it is dependent on the lender. Lenders tend to have a grace period that is given to borrowers when they fail to repay their loan on the due date.

Some lenders typically give a grace period of 3–60 days, depending on the size of the loan. These differences between lenders’ grace periods make it important for you to question your lender on when your late fee starts counting. (To prevent a case of “Had I known …”).

Usually, failure to pay after the grace period will lead to you being reported and registered as a loan defaulter, depending on the loan type and terms. [Here’s how to repair your default history with the credit bureaus after clearing your debt](https://medium.com/@Theirorunapp/how-to-repair-your-history-with-the-credit-bureaus-c5ffd45a52f2).

## How long will the loan process take and how soon do I receive funds?
Just like every other important process, loan processing takes time depending on the loan type and amount, total loan processing (which includes application, approval and funding) can take 3 to 7 business days on average for online lenders and credit unions. Although [Irorun](http://irorun.com/) will process your loan within a couple of hours!

Remember to ask your lender about the length of time it may take to get your loan approved and disbursed especially if you are in a tight spot and need the money as soon as possible.

## Is there room for loan term restructuring?
This particular question should be of high priority, because an emergency or uncontrollable event may happen at any time, so you need to be prepared to make adjustments to accommodate these situations.

A lost job or other unforeseen circumstances could affect your ability to pay back your loan. This is why you must prioritize finding a lender that offers room for restructuring loan terms. If you find that for some reason it may be difficult for you to meet up with your loan obligations to Irorun, shoot us an email at support@irorun.com so we can work it out.

Not all lenders offer this, so it’s best to make enquiries about it from your prospective lender. Knowing that you have the option of restructuring your loan term if you hit a roadblock calms any anxiety you may have about taking out a loan. The goal is to jump and pass lenders with rigid terms that can cause high BP.

## What are the terms and conditions I should be aware of?
Pleasee!!! Read and re-read the fine prints…

You shouldn’t take out a loan without knowing the complete terms and conditions involved. Endeavor to read the given terms and conditions, and ask questions about the things you don’t understand because there could be some hidden clauses in the fine print.

The terms and conditions govern everything about the loan you take, so there is no room for ignorance ma’am. If you can’t understand the terms and conditions, ask the lender to clarify or have someone there with you who can understand. As a rule of thumb never sign a document you’re yet to grasp what it entails.

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If you have more questions, send us a message at support@irorun.com.

As always we’ll be available to provide answers and maybe even solutions!

Until next time…Tell someone new about us!

5 Questions to ask your lender

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Irorun Blog

How to compare different digital lenders

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

What is found in a typical loan terms and conditions

5 Questions to ask your lender

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