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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.

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.

…

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

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.

…

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


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

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1. Download the Irorun mobile app from Google Play Store.

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4. Send your answers to us through  the live chat support feature within the app.

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What is found in a typical loan terms and conditions

How to compare different digital lenders

How to deal with loan sharks

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