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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.

It’s never a great experience to get ripped off your hard-earned money 

In this article, we’ll discuss 7 ways you can spot a loan scam

Check them out 

## The lender assures a high chance of approval
One of the many ways to spot a loan scam is through the “Guaranteed approval” claim. The lender would try to assure you that you have a high chance of being approved for a loan. You might even be honest with them and say you don’t meet all the requirements but they’d tell you that you would be approved. It’s giving sketchy!

Fraudulent lenders aren’t interested in your creditworthiness. They tend to seek borrowers who are more likely to fall behind on loan payments which would lead to them having to pay high late payment fees and penalties. These types of lenders tend to make claims like “Everyone is approved!”. Your best bet is to steer clear of them.

## The lender doesn’t have any evidence of license to lend
Lending is a regulated business and as such lenders are required to be licensed to give loans. Our friends at Lendsqr have done an amazing job of explaining the different licenses a lender could hold before they give out loans.

Loan scammers usually don’t have licenses so you can easily spot one when you check the lender’s website to verify the list of states where it can legally conduct business.

## The lender demands upfront payment
Some scammers have been known to demand debit cards or sensitive banking information from borrowers. They claim they need the information for insurance, collateral or fees. Legitimate lenders may charge a fee for your application, but those charges are deducted from your loan. Any lender who demands an upfront payment in exchange for loan approval is most likely up to no good. Remember, an upfront payment (illegal) differs from a processing fee (legal).

## The lender pressures you to act immediately
When a prospective lender gives you an ultimatum or a deadline to apply for a loan with them, with a warning of “offer expires soon”. There’s a possibility such a lender is either hiding something or It may be a ploy to get you to make a rash decision without having time to do your research to uncover the scam they’re running. Shine your eyes o!

## The website is not secure
There are scammers out there with active and running websites in hopes of seeming legitimate, and they use these unsecured websites to steal sensitive information by using a malware bug. It works just like any other loan website and sometimes can be tricky to uncover unsecured websites, but here’s a helpful clue - Unsecured websites usually begin with “HTTP” instead of “HTTPS”.

## The lender is not transparent about extra fees
Most predatory lenders will avoid posting their fees on their websites or disclosing them when asked. They may also tell you that you’ve been approved for a loan and then demand a fee from you upfront. While some reputable lenders do not list their fees on their websites, fees should be disclosed during the application process and before you sign anything.

Hidden fees that are imposed after loan approval are a huge red flag!

## Too good to be true syndrome
The reality of this situation is that if a loan offer sounds too good to be true, it probably is. Legitimate lenders won’t just call you out of the blue with an irresistible loan offer. You likely won’t qualify for a loan with an unbelievably low rate or a bad credit history. As always, remember that a lender who’s unafraid to lose their money is definitely one to steer clear off!

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Now that you know how to spot and avoid loan scams, it’s a good time to send us a message at support@irorun.com and let’s get you started on taking your first loan!

7 ways to spot a loan scam

# Contrary to many individuals’ beliefs, one’s credit score does not decrease if one stops borrowing. In some cases, it’s quite the opposite. Holding off on taking new loans can have positive or sometimes neutral effects on one’s credit score.

A poor understanding of credit scores is usually what leads to this misconception. To help dispel such misconceptions, here are a few factors that actually play a role in lowering one’s credit score.

## Late payment
We’ve mentioned too many times the negative impact of late loan repayment on an individual’s credit score.

To merit an increase in credit score, a timely repayment of all bills and loans is required. Also, a delay in debt repayment causes a reduction in credit score. In cases where one is unable to meet up with an agreed-upon repayment date, it’s important to inform the lender early enough, to restructure a more flexible T&C.

## Debt level
An individual with more unpaid debts, has a higher debt-to-income ratio. If such individuals are shopping for loan, they’re seen as not creditworthy enough to sufficiently cater to their loan. Therefore, we can say that a high DTI level reduces ones credit score and also their chance of securing a loan. Find out more about the impact of DTI on your loan application.

## Applying for multiple loans
There’s a common saying; “If you’re everywhere, you’re nowhere”. This holds for borrowing as well.

If you’re actively seeking credit from various sources in a short span, it might signal financial distress or overextension. This can raise concerns among lenders about your ability to manage additional debt, hence affecting your credit score negatively. Although, the impact of these inquiries is typically minor and does diminish over time.

## Errors on credit report
Inconsistent and inaccurate information in an individual’s credit report can potentially reduce their credit score. It’s of utmost importance that all documents containing an individual’s financial details should reflect similar and accurate information. Lenders may view discrepancies in any of these documents as fraudulent, which can lead to a decrease in credit score.

## Serial loan default
We consider loan default as the ultimate destroyer of credit scores. Worse yet, a borrower who always defaults on their loan will significantly decrease their credit score.

Defaulting on loans severally, shows an inability of an individual to fulfil their financial obligations and thus leads to a negative impact on their credit score.

Now that we’ve answered your question, let us help you confidently secure a loan that’s the right fit for you. Send us a message now at [support@irorun.com](link)!

Will my credit score get lower if I don’t borrow anymore?

Have you ever had that “debt” that you planned to repay but something just happened and you found it difficult to repay?

The truth is most of us never planned to owe. We all think we can pay until it’s time to pay.

Today we want you better prepared to tackle any unforeseen circumstances that might hinder you to pay back your loan at the right time.

Check out 5 ways you can prepare for loan repayment before borrowing:

## Create a budget
Creating a budget after you take out a loan is a great idea when considering your repayment but creating a budget before you take out a loan is even better.

Here’s why; when you take out a loan before creating a budget, you automatically have to tailor your budget to cater firstly to your loan repayment regardless of the effect it has on your living standard. On the other hand, when you create a budget before taking out the loan, it ensures that you don’t borrow more than you need or can repay.

It’s important to create a budget that takes into account your monthly income and expenses, as well as how much you can afford to set aside for loan repayment.

This also helps when you are negotiating loan terms. Yes or Yes?

## Shop around for the best loan
There is no rule that states “The first lender you meet is the one you must borrow from.” There’s a possibility you may not like the first lender at all; their terms may not suit your current needs. There is no harm in you checking out various lenders to find a loan option (and lender) that works best for you.

Compare different loans from different lenders to find the one that offers the best interest rate and terms that suit your needs. Check out how to compare different digital lenders and choose the best one for you.

## Understand the loan terms
Another way you can prepare for your loan repayment is by fully understanding the loan terms. Never rush into taking out a loan. Yes, you may have found the perfect loan option for you, but there are some necessary checks you must do before you transact with the lender.

Take the time to ask questions to get a better understanding of what the loan offers, read the terms and conditions applied to the loan option and seek clarification for any unclear detail. Do this before you accept the loan, as it helps you make a solid decision that will protect your finances as well as your standard of living. Always read the fine print!

## Consider the total cost of the loan
The total cost of a loan is a lot more than just the principal and interest. Other fees like processing fees, late payment fees, and prepayment fees should also be taken into account.

It’s important to consider the total cost of the loan before you borrow.

Ask yourself questions — “If I am unable to pay on the due date, will I be able to pay the late fee?”, “Will I be able to handle the extra cost of prepayment?”

These questions are important in assessing if you can afford a loan and also prepares you for repayment.

## Plan for unexpected expenses
“Expect the Unexpected”

As much as creating a budget and searching for the best plan can help you prepare for repayment, you should also take into account, emergencies.

Sometimes, the wheels of fate may spin and land on an unfavorable spot, and then one gets into a sticky situation.

Irorun encourages you to always have a plan ready for unexpected expenses such as job loss, illness, or other emergencies that may impact one’s ability to make loan repayments.

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Now that you’re sufficiently prepared to handle a loan and all that it comes with, send us a message ASAP at support@irorun.com and let’s get you started on a loan option that suits your need.

5 ways to prepare for loan repayment before borrowing


As you dey plan for money…na so money sef dey plan for you! 

Have you ever been in a position where you’ve saved up a particular amount more times than you can count?

You save. Obinna needs money to buy a lecturer’s handout. You spend.

You save again. Mama falls sick. You spend.

You save AGAIN! Water from the flooded streets of Lagos knocks your car engine. You spend.

Frustrating right?

When it comes to loans… you may be tempted to run away…

This is your reassurance that GOOD lenders ([like Irorun](https://irorun.com/)) understand that LIFE HAPPENS to everyone and even when you plan to repay on the due date, an unplanned emergency could pop up and you hit a roadblock. If this happens to you, there’s no need to panic or abscond (you’re not a thief are you?!).

Take a deep breath and follow the steps below to make informed decisions that’ll get you out of financial muddy waters in no time…

## Contact the lender immediately
The first instinct most people have when they realize they are unable to pay back their loan on time is to panic, dread and hide. While this might be a natural response, it does more harm than good.

They sit, fret and wait for the lender to call and ask why they haven’t paid their debt or inform them of the seizure of their collateral.

This is what most people go through, but you are not most people and can avoid this. It’s quite simple, when you get into a tight situation that’ll deprive you of meeting the repayment date, it’s now time to make that ‘bound-to-be-uncomfortable’ but ‘needed’ CALL to the lender.

Explain your situation to them with sufficient evidence, so they don’t think you are trying to skip on your payment. Informing them of your struggles on or after the due date makes you seem like a fraud, so contacting the lender and keeping them informed shows a level of trustworthiness they might not have known existed. (Don’t blame us! We are used to super-stories from borrowers too).

## Ask for a grace period
The next thing you should do when you can’t make loan payments on the due date is to ask for an extension AKA GRACE PERIOD.

Now that you’ve contacted the lender and explained your situation, you can ask for a grace period as a means to smooth out any problem affecting loan payment.

Depending on their terms, lenders may grant a grace period of 0 to 30 days after the due date.

During this extended period, you will be free to work through your financial difficulties, and here’s something really interesting — when you resume debt payment you won’t be asked to pay a late fee. (See why honesty is the best policy!). The grace period also gives you a chance to restructure your loan with the lender and agree on terms that are fit for you and the lender.

## Restructure your loan terms
Restructuring the terms of your loan can take the form of reduced interest rate, extended repayment period or reducing the remaining balance. (Plenty of options available for you!)

It will give you some relief and make it easier for you to repay your debt. It could be temporary or permanent. Temporary restructuring is such that your terms will be adjusted for the period you are facing problems while permanent restructuring is such that your loan terms are adjusted and the adjustments are kept even after your problems have been solved.

## Budget and save towards clearing up debt
Once your loan has been restructured…

The panic dies down and you relax back into your any-how money routine.

No! Don’t do that.

Now would be the time to swiftly get your finances in check and pay back your loan. And you do that by strict budgeting, that’ll allow you to save up enough to clear up your debts within your grace period.

Remember that for the duration of your grace period any debt paid off will not attract a late fee.

And while it may entice you to look for get-rich-quick investments, you should not succumb to the temptation, as a high-risk investment is another means to splurge your money and end up in the financial trenches. AGAIN! (Suffer nor dey tire you?).

## Pay your debt
Well, this speaks for itself. Doesn’t it?

Once you’ve followed the above steps; contacting the lender, asking for a grace period, restructuring your loan terms and budgeting to save up, you can now pay your debt with ease.

The lender will thank you for it and might even sneak your name into the responsible borrowers’ list. [Here’s a way to know how you can make that list](https://medium.com/@Theirorunapp/are-you-a-responsible-borrower-6564b24a9e6a).

A rule of thumb is to always clear up pending debts before your grace period elapses. It not only boosts your credibility but also your loan worthiness for the future. 

…

As always, Irorun will always get you out of sticky financial crises with our never-ending curated information just for your consumption!

We’re always happy and available to offer you expert advice and opinions…

Shoot us a message at support@irorun.com for more clarification on what to do when you fall short on repayment!

What to do if you can’t repay your loan when due

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Irorun Blog

7 ways to spot a loan scam

Will my credit score get lower if I don’t borrow anymore?

5 ways to prepare for loan repayment before borrowing

What to do if you can’t repay your loan when due

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