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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
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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.

Hello there Rockstar!

Today, we’d be telling you all you need to know about uploading a valid means of identification on the Irorun platform.

Let’s get to it right away

## It is mandatory to upload a valid ID
Getting a loan is a delicate process that requires you to be identified properly, and to do this you need to provide the right information alongside a valid means of identification.

At Irorun, it’s required that you upload a valid means of identification such as a driver’s license, national ID card, Permanent Voter’s Card or an international passport.

If you don’t have one of these four government-issued IDs, then you would be unable to register for an account on Irorun and apply for a loan with us.

## Loan application can be done immediately after ID upload
Usually, you would have to wait a while for your ID to be confirmed before you can take out a loan but with Irorun, you definitely don’t have to do that. Awesome right?

Irorun allows you the opportunity to apply for a loan as long as all needed information has been provided including but not limited to a valid means of identification.

There is no need to drag your feet and keep on waiting for a confirmation message. You can immediately apply for a loan once your valid ID and other necessary information have been uploaded. Read the next point to get the full gist.

## ID can be verified at the point of approving the loan
Remember, we said you can immediately apply for a loan after you successfully upload a valid means of identification. Well, that’s because Irorun can simultaneously confirm and approve the authenticity of your ID while also assessing your loan application. This way you don’t have to wait for a million years *yawns*  before getting that loan.

You also don’t need to worry, as this doesn’t mean that your ID won’t be approved if you don’t immediately take out a loan.

## Incorrect ID uploads could lead to loan decline even if eligible
As we earlier said, there are only four(4) valid IDs that can be approved by Irorun when you sign up with us. See Number 1 point.

It’s important that you make an effort to upload a valid and accepted type of ID to avoid getting your loan declined. Even if you turn out to be eligible for a loan with Irorun, a valid ID is simply mandatory.

## School IDs are not accepted as valid IDs for loan application on Irorun
Unfortunately, students are not exceptions to the rules when it comes to ID upload on Irorun. A student ID card is not considered a current and valid means of identification in our loan application process. Relax, we’ll tell you why…

Most student ID cards don’t contain all the information needed to confirm your identity and are very easy to forge ??, so students are urged to provide one of the four (4) accepted valid IDs to be considered eligible for a loan.

## Certain types of loans require work ID as proof
Although work IDs will not be required from you as a means of identification, certain types of loans require a valid work ID as a form of proof that you work.

A good example is the payday loan or the salary advance loan. These types of loans require you to provide your work ID as proof that you actually work where you say you do. In such cases, we implore you to comply and provide said ID.

Now that you’re well aware of the nitty-gritty details of successfully uploading a valid ID on Irorun, we can’t wait to get you started on your first loan. Reach out to us at support@irorun.com to get started ASAP!

What you should know about uploading ID on Irorun


Are you currently considering getting a loan but don’t know how to get on with it?

Then you should read further…

This article shows you 4 reasons why you should consider getting a loan from a digital lending platform:

## Fast processing
There was a time when taking a loan was attributed to being rich because only the wealthy could walk into a bank, drop collateral, go through the plenty-plenty application process and come back home with a loan.

Many individuals found it frustrating and unfair and so wrote off getting a loan legitimately…

But the world has since changed with tons of digital lenders at your beck and call. Loan application and approval time today can be measured in minutes all thanks to the ease of these platforms.

You can now escape the hassle of waiting long periods to get your loan approved and within a few hours your loan amount is sent to you. This quick processing period has proven to be a lifesaver in times of emergencies for many individuals.

Read more: [Bad credit: understanding causes and implications
](https://irorun.com/blog/bad-credit-understanding-causes-and-implications)

## Easy-to-understand documentations
The process of getting online instant loans requires some documents and financial details to be made available (as appropriate), and these documents are put forth in a way that makes it easy for individuals to understand with ease.

Legitimate lending platforms have made loan terminologies and concepts easy to understand, and this has reduced the “fear and uncertainty” surrounding the lending industry. These apps tend to be simple and require less documentation and details. Check out Irorun for example!

An instance where one applies for a loan and is asked to provide their bank verification number (BVN) will be less of a hassle than being asked to provide financial records of their thriving business. Ps: Remember to do your research before giving out your financial details to any lender!

Read more: [How to spot a responsible online lender
](https://irorun.com/blog/how-to-spot-a-responsible-online-lender)

## Better alternative than unregistered lenders
turn to unregistered lenders (loan sharks) when we can’t get approval from traditional banks, but with the help of digital lending platforms, one can avoid a lifetime of grief and harassment from these wolves masquerading as lenders.

Digital lending platforms have strict checks and authorization processes that separate them from unauthorized lenders, this reduces one’s chances of falling prey to bad lenders. Here’s how you can spot authorized and responsible lenders.

Read more: [Where to get 5,000 naira urgent loan
](https://irorun.com/blog/5000-naira-urgent-loan-options)

## Builds credit score
Another major reason why you should consider digital lending platforms is the major role it plays in boosting your credit score.

These platforms usually provide microloans AKA small loans that are easy to repay within the agreed repayment schedule. This is a plus for you as it’s an effective means to build your credit score. Check out other ways to can build your credit score.

Your original goal may not have been to borrow from an online loan app but why not make the most of it? If your credit score was deemed too low to get the amount of money you wanted originally or you’re yet to have a credit score attached to your credit profile, a digital lending platform is the best place for you to start building your credit score.

[With a higher credit score, your chances of securing a larger loan increases and so does your credit profile](https://irorun.com/blog/5-facts-you-must-know-about-credit-score-in-nigeria). In 2023, every adult needs an outstanding credit profile.

Wondering where to go from here? Then send us a message at [support@irorun.com](mailto:support@irorun.com) and we’ll get you started!

4 reasons to consider loans from digital lenders in 2023

“Read the fine prints, ask all the right questions, do all the digging necessary because — it’s money involved”

A highly overlooked question to ask before any loan transaction is the “do you charge extra fees?” question.

When taking out a loan, you must know that various fees differ with each lender. These fees could be paid before, during or after your loan application.

We’ve carefully selected 3 types of loan fees you’re most likely to come across:

## Processing fee
The lender has to bear some administrative costs while processing your loan. This is usually a small amount, which varies from lender to lender and typically costs a small percentage of the total amount of the loan.

Depending on the lender, a processing fee may be paid upfront by a potential borrower just to set things in motion since a lot of work goes into determining whether or not you qualify for a loan. It could also be deducted from your loan amount before disbursal.

The processing fee is meant to compensate the lender for the expertise, time, and effort it takes. Some charge a flat rate while others set the fee as a percentage of the loan amount. This fee is non-refundable even if the loan is denied.

Read more: [7 ways to spot a loan scam](https://irorun.com/blog/7-ways-to-spot-a-loan-scam)

## Late payment fee
The late payment fee as the name implies is a fee that is paid when a borrower fails to meet up with their loan repayment schedule. The late payment fee is also called a penalty charge and it varies from lender to lender. Some lenders offer a grace period unique to their policy before the late payment fee begins.

Late payment fees are either a flat fee or calculated as a percentage of the due amount. If you suspect that you won’t be able to make a payment on time, contact your lender and see what other options are available to you. Read more on late payment fees.

Read more: [Myths vs. Facts of microloan apps](https://irorun.com/blog/myths-vs-facts-of-microloan-apps)

## Prepayment fee
Some lenders also charge a prepayment fee when a borrower pays back their loan before the scheduled repayment date. [Early payment reduces the interest that the lender would have gotten throughout the loan](https://irorun.com/blog/what-influences-the-interest-rates-for-loans). Thus the lender issues a penalty to compensate for the loss.

Always confirm with your prospective lender whether prepayments are against the terms of the loan. The actual cost of a prepayment penalty will vary depending on how it’s being charged. It can be charged in one of three ways:

- As a percentage of your loan balance
- As the extra interest, your lender is missing out on since you paid off the loan early
- As a fixed fee

As a rule of thumb, we encourage you to inquire from the lender what other fees or payment policies there might be before any transaction is carried out. This prevents cases of I-didn’t-know or they-cheated-me. It also prevents issues of loan default and dispute.

Read more: [How to spot a destructive small loan](https://irorun.com/blog/how-to-spot-a-destructive-small-loan)

…

We hope this helps you make informed loan decisions as you go.

For any further questions or assistance, shoot us a message at [support@irorun.com!](mailto:support@irorun.com)

3 types of loan fees you should know about


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

What you should know about uploading ID on Irorun

4 reasons to consider loans from digital lenders in 2023

3 types of loan fees you should know about

5 Benefits of a microloan AKA small loan

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