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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.


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.

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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

Reading your loan terms and conditions should be a necessity for any potential borrower, but just in case you don’t see why you should…

Here are eight(8) reasons why you should read the terms and conditions of your loan.

## Know your interest rate
Every lender has a different way of calculating their profits on a loan, and by profit, we mean interest rate. Just because lender A gives you an interest rate of 10% on a 300k loan doesn’t mean it’ll be the same for lender B.

Interestingly, lender B might even offer you a 5% interest rate on that 300k loan. When you get a loan offer with a slightly high-interest rate (any interest rate, really), you should compare it with the offers of other lenders to see if it’s the best for you or if you could find something better. In essence, you can find a loan’s interest rate clearly stated in the terms and conditions.

## Other processing fees
Some fees will be paid during the processing period that might not be explicitly mentioned but will be in the loan terms and conditions. Sometimes you wonder why you’d apply for a #50,000 loan and you’d be given #48,500, well that fee deducted is called a processing fee that you may not know about, except you take the effort to read through the terms and conditions.

Once again, we advise that you find out if any other fees are included in your principal amount (loan + interest rate) by reading the terms and conditions, then factor these fees into your budget before proceeding with the loan transaction.

## Repayment terms
Most borrowers tend to assume how or when they’ll pay back their loan but the truth is, you might think one thing and your lender, another.

The loan terms and conditions always contain accurate information on how long you’ll be repaying a loan for, how you’ll be repaying it and how lenient the lender will be towards a loan renegotiation.

Everything that has to do with your repayment will be included in your terms and conditions. Rather than assumptions or guessing games, ensure you read through the loan terms and conditions.

## Penalties
Now there may come a time when you’ll be unable to pay your loan on time (never say never), you may be offered a grace period by your lender or you may not (you have to inform them either way) but there will definitely be a penalty fee levied against you (amount differs between lenders)

All these (the grace period and penalty fee) will be included in your loan terms and conditions and happen to be very important knowledge to have for when you unintentionally miss your loan repayment. See why you should read T&C?

## Reporting
The lender might not outrightly say it but it may be stated in your loan terms and conditions. They have the right to report you to any of the functioning credit bureaus in the country if you default on your loan.

It’s advisable you read up on your loan terms and conditions for the knowledge of who you would be reported to if you perhaps bail out on your loan repayment.

## Guarantors
One thing you must take note of is that any guarantor (family or friend) that aids you in getting a loan is going to be punished if you default on loan repayment.

The loan terms and condition also contains what your lender is legally able to do to any defaulting guarantor. This is why you should be well informed of the consequences of defaulting on your loan obligation either as the direct borrower or as a guarantor. Here are some other consequences of defaulting on your loan obligation.

## Borrower’s rights
Yes, you do have rights as a borrower which means that there are things that you can and can’t do as a borrower. As well as things that can and can’t be done to you by a lender.

Reading the terms and conditions can help you discover and understand what you can and cannot do and if your rights have been infringed upon in any way. Check out some other rights you have as a borrower.

## Room for more questions
You can never have too many inquiries and reading the terms and conditions is bound to leave you with more than a few.

Reading the terms and conditions allows you to ask a lot of questions you’ve had in mind and even those you didn’t think about previously. It will help you clear up any misunderstandings and uncertainties before transacting.

Remember, any lender who’s not interested in providing clear answers to your questions may just be one you should steer clear of.

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Send us a message at support@irorun.com and let’s help you get your first loan!

8 reasons why you should read loan terms and conditions


Have you ever found yourself with money that you didn’t need anymore? I doubt it. We all need money.

How about a loan you didn’t need urgently anymore?

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Now, Imagine a scenario like this:

A health emergency comes up and the bills are due soon. You decide that the best thing to do at that moment is to apply for a small loan, that’ll help clear up the hospital bills.

You find a responsible lender, apply for a loan and days later your loan is approved and sent to you…

But moments after, you receive a message from a family member telling you that they’ll pay the bill.

That’s great but now you’re stuck with a loan that you no longer need, what do you do?

In this case, there are only two things that can be done, and this article will show you.

You can decide to:

## Return the money
From the moment you sign the loan document, a binding contract exists between you and the lender. And every contract has terms attached to them including terms of dissolution.

This means that to return the loan amount without repercussions, you must read the fine print of the loan terms and ensure your lender is good with the new situation. Don’t transfer the money to your lender without proper documentation and agreement on both sides!

Your lender has most likely gone through a lot of effort to get your loan to you and as such, they want to be paid for their time, this is where the origination fee comes in. It’s taken from your total loan amount (i.e. if you borrow #20,000 and the origination fee is #2,500, you will be given #17,500, but you’re to pay the full loan amount of #20,000). Again, read the loan terms and make informed decisions.

There’s also a possibility of a prepayment penalty (if specified in your loan terms) which usually takes the form of a percentage of the loan balance or the interest rate that will be missed out by the lender. (This prepayment fee varies from lender to lender). [Read more on other loan fees including prepayment fees.](https://creditnigeria.com/types-of-loan-fees)

## Spend the money
Knowing that you may have to put in additional money on your loan if you prepay(i.e pay before your repayment date) might convince you to spend the money on something else. This isn’t a bad idea as long as you’re willing to meet up with your repayment date.

If you have taken out an unsecured loan, your lender is not concerned about the end goal of the loan amount, so you have free rein over how you choose to spend the loan. They’re only concerned when you fail to meet up with your repayment date. In cases where one fails to pay back their lender and tries to outsmart them, they’ll be reported to the credit bureau and their credit score will take a hit. [Here are some of the consequences of loan default.](https://medium.com/@Theirorunapp/consequences-of-ignoring-your-loan-obligation-e2ffb939c601)

With a secured loan, your valuables that were placed as collateral will be at stake if you default on your loan. Any attempt to skip out on a loan puts you and your guarantor (if for any reason you needed one to qualify for the loan) in trouble which will affect both your credit history negatively.

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As always we want you well-informed before any key financial decision is made. Remember, whatever you decide has to be in line with the loan terms you had with your lender.

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

What happens when you take out a loan but don’t use it?

Ho! Ho! Ho! 

It’s the holidays and as you know MONEY makes the holidays even more fun right?

As always, Irorun wants all her Rockstars to make smart financial choices even during the holidays and that’s why we’ve carefully handpicked ways you can responsibly use a loan this holiday season

Check them out

## Determine the amount of money you need
It may seem very tempting to borrow more than what you need even if it wasn’t the holiday season. That’s why you have to stay strong and think it through with your head and not your heart.

Take the time to make proper calculations and beat down any form of long throat. So, you need to determine the amount of money you need and borrow only what you can realistically afford to pay back.

## Consider the loan term
The loan terms may just be the most important aspect of a loan and what you should put your focus on when taking out a loan, especially during the holiday season.

Always take the time to look through the loan terms properly and make inquiries about what you don’t understand. Never let your lender rush you through the loan terms as that may be a sign they are hiding something from you.

Consider the terms of the loan, including the interest rate, processing fees and the repayment schedule when you want to take out a loan.

## Compare loan offers
Don’t just pick the first loan offer that comes your way. Put in the effort to compare different loan offers, and remember that lenders have different loan packages and there will always be one that will fit you perfectly (or near perfect). Don’t let the rush of the holiday push you into settling for just any loan.

Every loan offer is different in one way or another, so compare them and find the best option for you.

## Avoid loan default
You should never make any plans to take out a loan with thoughts of defaulting on your mind. There’s a lot that could go wrong. Plus that’s wickedness na!

Make sure you understand the consequences of defaulting on the loan, including penalties, credit score damage, blacklisting etc. As you plan to take a loan for the holiday, ensure you include the loan repayments plan as well. There’s life after detty December.

## Make a budget
You can never go wrong with the good ‘ol budget plan. A budget can help you get all your expenses in order including your loan repayments.

Plan a budget for the holiday season and stick to your budget to avoid overspending and financial strain. The holidays naturally come with a lot of expenses and a hike in prices. Luckily, with a budget, you’re assured of a sustainable plan to help you maintain your finances and keep you in check while having a good time.

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We wish you a happy (financially smart) holiday and as always, send us a message at support@irorun.com and let’s get you started on the holiday loan that’s just right for you!

How to responsibly use a loan this holiday

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Irorun Blog

5 facts Irorun first-time users should know

8 reasons why you should read loan terms and conditions

What happens when you take out a loan but don’t use it?

How to responsibly use a loan this holiday

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