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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.


Do you know why Nigerians struggle with paying back the money they borrowed?

IMPUNITY. Yes! Most borrowers believe there are no consequences for defaulting on a loan.

Source — We no fit lie give you.

You may or may not know that most lenders also finance the money they lend to you from other sources and as such they can’t afford to forfeit. (Pity lenders, it’s really not a charity organization).

And that’s why there are PENALTY CHARGES for [defaulting on a loan](https://medium.com/@Theirorunapp/5-consequences-of-defaulting-on-a-loan-c1b1996a63c7).

PENALTY is the fine that lenders apply to borrowers who don’t pay back on time. It’s a common charge by lenders globally and also in Nigeria.

[Irorun](http://irorun.com/) wants you to be aware of all that is involved in applying, accessing and repaying a loan. Read further to find out what you should know about loan penalty charges:

## Each lender offers a different penalty fee
Although not widely known, each lender has different rates on their penalty charge. This charge normally ranges from 1% to 5% of the principal + interest for late payment and while this may be true for one lender, it may not be for another. Usually, the penalty charge is computed every day after a number of days the loan has gone past due. This is what is usually called the Grace Period. Fall from grace, and the penalty comes to you like a hammer.

Each lender’s charge varies, so before applying for a loan, you should take the initiative to find out what the lender’s fees are. Knowing what could happen when you violate loan terms can help you plan for future emergencies that may make you financially unstable and render you unable to pay back loans. (So that you’ll not say “They’ve stolen extra money from you” meanwhile you didn’t ask questions).

## Penalty charges may cause a dent in your finances
Money no dey×2, you dey add extra wahala on top the one you get 

The reason you may want to take out a loan or have taken one already owes to the fact that your financial standing at the time isn’t the best for one reason or the other, that is, you don’t exactly have the cash in hand or your bank account.

So imagine having to pay back extra on a loan that is already a hassle to repay, it will certainly put a dent in your low finances.

This is one reason you should endeavor to pay back your loan on time or request for a restructuring of your repayment terms if you are unable to repay the loan with the current terms. [Here’s what to do if you can’t repay your loan when due](https://medium.com/@Theirorunapp/what-to-do-if-you-cant-repay-your-loan-when-due-773eb03f7084).

## Your credit score may be affected
Remember “Credit Score = Creditworthiness (Loan Worthiness)”.

Your penalty payments are added to your credit history and this can end up lowering your credit score. If there were times that you owed long enough to be charged a penalty then there’s a good chance it’ll reflect in your credit history. Remember that your credit history is what helps in calculating your credit score, so with each penalty charge, there is a reduction or stagnancy in your credit score. (Lenders go begin dey run from you if your credit score low o!).

You may have paid up your debt, but the one time it went unpaid is still taken into consideration and this lowers your credit score, you become ineligible for larger loans. [Not to worry, Irorun can show you how to boost your credit score](https://medium.com/@Theirorunapp/how-to-boost-your-credit-score-e723bd2ce497).

## Difficulty in obtaining future loans
As you now know, your credit report is an important aspect of the loan application process and can be the reason you end up being unable to take any more loans.

Well, the reason is more than your credit report, after all, it only reflects what you have or haven’t done.

When you end up penalized for a violated loan term, it ends up on your credit report (even if it is rectified), this same report is used when applying for other loans.

Lenders are put off by the history of multiple penalties in your credit report and this affects your chances for future loan approvals. Every penalty present on your credit report is a stain on your reputation as a borrower and lenders will always be wary of bad borrowers.

…

[Irorun](https://irorun.com/), like other responsible lenders, may apply a penalty to you if you don’t pay back on time and you never discussed restructuring with us.

And that’s why you can always reach out to us at support@irorun.com to inquire about our loan process as well as restructure your loan terms.

Better safe than sorry right?

Send us a message now!

What you should know about loan penalty charges


If your reason for NOT applying for a loan owes to the fact that your income is low, then you should read further…Irorun has something for you 

Yes! Even with a small salary, you can get your loan approved by an AUTHORIZED lender. Here are ways on how you can qualify for a loan with a low income;

## Include every eligible source of income
It’s possible that you feel that your income from your job won’t be considered good by your lender and will thus lead to a loan application rejection, while this has some truth, there are ways to get ahead. Let Irorun show you how

Income doesn’t just mean money you get from a contracted job, it also includes money you receive regularly, therefore the money you receive from your business, side hustles, assets and investments count as income.

Lenders like to see that there are contingencies (plan B) in place that will enable you to pay back your loan. They want borrowers who they are at least 101% sure will be able to pay back (with interest) any amount of money loaned to them and that’s why you must include other sources of income to boost your chances of getting your loan approved.

## Apply for smaller loans
If you have an income of, say N50,000 and apply for a loan of N5m with no extra income source, it’d be tough for you to qualify for a loan. No respectable lender would willingly take that risk. Maybe a loan shark would but you’d be paying back for a very long time.

Ethical Lenders do ensure that they do not disrupt your standard of living while giving you loans and for this reason, they have a basis to refuse your loan application especially if you do not have other sources of income or suitable collateral to back you up. We care too much abi?

Applying for a smaller loan of 30k, 50k or 120k is more likely to be approved because your inflow of cash can carry through without a disruption in your standard of living.

## Add a guarantor
Another way to qualify for a loan even with a low income is to have a trusted family or friend that earns higher than you stand as a guarantor.

A guarantor is someone who agrees to hold responsibility for someone else’s debt if they default. This makes the guarantor equally responsible for paying off the loan. [Read more on who a guarantor is](https://medium.com/@Theirorunapp/10-loan-related-terms-you-must-know-a0185213bdf1).

Having a guarantor with a large income will, in the eyes of the lender, be as if you have a large income (since you’ll both be held responsible for the loan). This could make you eligible for larger loans even if you earn a lot less than your guarantor.

## Build trust with the lender
“Trust is built with consistency”

And this is true for a lender-borrower relationship as well. No reputable lender is going to give you a large loan on your first loan application, with no credit history you are simply not eligible AKA loan-worthy.

You will do better if you take out small loans from your lender over a long period to build up your credit history and trust with your lender.

A lender that you have had several good interactions and loan transactions with will be more likely to approve your large loan. Fostering trust between you and your lender allows for easy loan approval. [Here’s how to build trust with your lender](https://medium.com/@Theirorunapp/why-cant-i-get-a-higher-loan-amount-as-a-new-borrower-200e68bad968).

…

At Irorun, we’ll always show you different routes to seamlessly getting your loan approved.

For further questions or assistance, reach out to us at support@irorun.com now!

How to qualify for a loan with a low income

Have you been struggling with navigating loan repayment?

All that struggle is about to be history

In this article, we’ll show you 4 ways to repay loans on Irorun.

Let’s dive in, shall we?

## Fund your Irorun virtual account via debit card
To use this method, you need a valid Mastercard or Visa card (unfortunately, Verve cards are not accepted) alongside a unique link created for you.

When you click on this link, you’ll be redirected to a payment gateway page where you’ll be required to input your card details which include: card number, card expiry date and CVV (the three-digit number on the back of your debit card).

Once that is done, a confirmation email or message will be sent to you with a code to verify that yes! you are the one making the transaction (the email or phone number will be the one connected to your card/bank account).

Read more: [10 interesting facts about loans
](https://irorun.com/blog/10-interesting-facts-about-loans)

## Bank transfer to your Irorun virtual account
This might just be the most common method of funding an Irorun wallet account (right after using a debit card, of course).

This method is quite easy. When you originally log in to your Irorun web or mobile app as you, your Irorun-issued virtual account detail is on your dashboard (AKA Sparkle account).

Copy this account detail and input it into your bank app to make the transfer. The details given to you will include an account name and an account number unique to your Irorun account.

As long as you use the virtual account created for you upon your registration, you will be able to make transfers for your loan repayment.

Read more: [What does it mean when your loan is pending?
](https://irorun.com/blog/what-does-it-mean-when-your-loan-is-pending)

## Fund your Irorun virtual account via USSD
This method is a lot like the bank transfer method but without the use of the bank app. Every bank has a unique USSD code that allows you to carry out bank transactions (transfers, bill payments, buying airtime etc.) without the bank app and need for data.

First, you copy your virtual account number from your dashboard when logged in and then you make a transfer to that account using your respective bank USSD code.

This method is great for individuals who can’t access mobile data and are short on time.

Read more: [What’s next for the newly adopted student loan act?
](https://irorun.com/blog/whats-next-newly-adopted-student-loan-act)

## Use the payment link
This fourth option is a combination of all three(3) options above. All Irorun users are assigned a unique link that is either used to make loan payments directly or indirectly as in friends and family. Here’s how others can help you pay back your Irorun loan.

Once this link is clicked, the user is shown three(3) options with which to make payments. These options are:

- Pay with bank transfer: Once you choose this method, you’ll be given your Irorun wallet account details to make a bank transfer.
- Pay with card: This method redirects you to a payment gateway page where you are required to input your card details.
- Pay with USSD: With this method, you’ll be required to make a bank transfer to your Irorun virtual account using your bank’s associated USSD code.

Read more: [4 Financial scams to watch out for
](https://irorun.com/blog/4-financial-scams-to-watch-out-for)
…

Now that you’re well acquainted with how to repay your loan. Let’s find out what could possibly go wrong if one fails to pay back their loan and also the benefits of timely loan repayment.

## Woes of avoiding your loan obligation
- A formal report will be made to the credit bureau and one ends up on a hard-to-wipe-off blacklist
- Court charges and multiple fines to pay, which end up being more of a financial constraint
- Ruined reputation and thus make it increasingly hard to get loans from other lenders
- Credit score takes a hit (as much as 110 points from just one missed payment) and this lowers one’s chance of getting favourable loan terms (large loan amounts and low-interest rates) and loans from other lenders in general
- Accumulation of extra debt in the form of late payment fees or prepayment fees (depending on your perceived offence).

Read more: [What happens when you take out a loan but don’t use it?
](https://irorun.com/blog/what-happens-when-you-take-out-a-loan-but-don%E2%80%99t-use-it)

## Benefits of timely loan repayment
- Credit score gets a boost which increases chances of favourable loan terms
- One gains a trustworthy reputation in the lending world, this increases the chance of lenders willing to trust you with their money
- One attains a more stable financial position allowing them to save up money, and have all debts cleared off while maintaining a good standard of living
- Less feeling of anxiety and stress (no more hide and seek with lenders).

Read more: [5 facts Irorun first-time users should know
](https://irorun.com/blog/5-facts-Irorun-first-time-users-should-know)
…

As always, we’re available to answer all your loan-related questions and assist you in applying for your first loan. Send us a message at [support@irorun.com](mailto:support@irorun.com) and let’s get you started!

4 ways to repay loans on Irorun

Howdy there Rockstar!

We understand that sometimes you feel you can’t afford to wait, but if it affects your safety, it’s worth waiting for. Whenever you want to provide a digital lender your personal information, we advise that you take a minute to breath, shake off that anxiety and keep these few things in mind.


## Secure connection
A secure connection is very important when doing any kind of online transaction as it prevents your accounts from being hacked and causing you to lose sensitive personal data.

Your browser plays its own role in defense as modern browsers are designed to detect and block access to unsecured websites. However, you should still take extra care to make sure you are safe. Here’s how to spot a secured website; look for a padlock symbol in the browser’s address bar and “https” in the URL. These red flags serve as a website’s mark of legitimacy, letting you know that the website you’re visiting is trustworthy and not a scam put up by online thieves.

When working with digital lenders, you may start protecting your personal information by being aware of these visual clues and insisting on a secure connection. It pays to take precautions to safeguard your sensitive information and online financial transactions in this day and age.

## Reputable lenders
It’s essential to make a conscious effort to only do business with well-known, trustworthy lenders when providing personal information to digital lenders. Considering these reputable lenders have been around for a while, it’s more likely that they have strong security measures in place to protect your private information.

It’s important to keep in mind that these lenders are usually subject to financial authority monitoring and have an interest in protecting the information of their clients. This adds another layer of security and accountability to your transactions. Selecting reputable lenders gives you the security of a reliable and accountable financial partner throughout your digital lending experience, in addition to improving your own data safety. Read more on how to spot responsible lenders.

## Strong passwords
When sharing personal information with digital lenders, it’s important to create accounts on loan websites with safe and unique passwords. Passwords should be made up of letters, numbers, and special characters (symbols) to make them hard to guess. It’s also a good idea to change your passwords regularly to reduce the risk of illegal access to your account.

Enabling two-factor authentication adds an extra level of security by requiring not only a password but also a temporary code or biometric verification before granting access to your account, making it much more difficult for potential cyber threats to compromise your sensitive financial data. _Make it tough for these bad guys_.

###Verify legitimacy
Before sharing personal info, verify the legitimacy of the website and lender. Check for customer reviews on the App store or Play store, official contact information, and physical addresses.

Take the time to thoroughly examine the loan’s terms and conditions. Consider the interest rate, repayment timeline, and any hidden fees. Knowing the fine print will allow you to make an informed decision while also protecting yourself from surprises.

Also, think about setting up a different email address and bank account for your online loan activities. This not only gives an additional layer of protection, but also simplifies your financial management by keeping your digital lender interactions separate from your personal finances.

## Beware of unsolicited offers
_Constant vigilance!_

It’s highly important to be vigilant while dealing with digital lenders in order to protect your personal information. Unsolicited loan offers that come through as an SMS or any other form of communication can be a warning sign.

Therefore, it’s advisable to take proactive control of your financial decisions by initiating loan applications through established and trusted websites. By doing this, you lower your chances of becoming victim of a scam and keep your sensitive information out of the wrong hands.

## Permission-based sharing
Sharing your personal information with people who truly need it is important when working with digital lenders. This involves sharing information such as your name, contact information, and financial background (BVN, bank statements and the likes) while remaining cautious not to give out too much.

Remember that sharing more information than necessary can put you in danger of identity theft or fraud. So, before you offer any information, consider and confirm whether it’s directly relevant to the lending process and if it’s absolutely necessary to share. _Keep your eyes peeled out for any foul-play_

Check out Irorun to see how secure our website is and send us a message at support@irorun.com to get paired with a loan that’s the right fit for you.

What to keep in mind when providing personal information to a digital lender

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Irorun Blog

What you should know about loan penalty charges

How to qualify for a loan with a low income

4 ways to repay loans on Irorun

What to keep in mind when providing personal information to a digital lender

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