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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.

If you have decided to apply for a loan but are still weighing your options on which lending route to take. Keep reading…

In this article, we’ll show you 5 major benefits of the digital lending route over the traditional lending route to help you weigh your options better.

Let’s jump right in!

## Faster approval process
Have you ever been to a traditional (offline) lending agency? Well here’s the thing, they require a lot of paperwork and by that, we mean actual words-on-paper kind of paperwork.

This can be very frustrating especially if you urgently need that loan. They take a long time to process the information given to ensure accuracy and consistency and this can span several days.

Digital lenders offer a way out of this by using advanced algorithms and data analytics to process loan applications quickly, often in a matter of minutes or hours. This means you can get your loan approved by a digital lender a lot faster than you would if you applied through traditional means.

## Convenient access
Another major benefit of digital lending over traditional lending is the convenience the former provides.

XYZ and Co. Lending corporations is a little too far a distance to be traveling when you can simply get a loan right where you are in the comfort of your home.

Digital lending offers you convenient access to lending services through the use of your smartphone device without the hassle of back and forth transportation.

No longer do you need to take lengthy or multiple lengthy trips to the bank or lender’s office, saving you from wasting your time and money. Visit Irorun today to get started on your first digital loan!

## Transparency
Digital lending platforms tend to offer broader transparency than traditional lenders do. This is because the lending platform (app or web) has all information relating to the loan right on the platform for the borrower to see.

Your loan term, interest rate and repayment schedule are all made available for you to view at your convenience.

Traditional lenders may not give you enough time to view your loan terms and as such may hide clauses that you may never get to see before you agree to a loan. This can lead to a loan default that would potentially damage your credit score.

## Flexibility
Traditional lenders tend to have limited loan options and strict criteria regarding their loans. This has led to many borrowers having to make do and manage any loan option available to them. Occasionally they end up struggling to pay back their debts due to rigid loan terms.

Digital lenders on the other hand are very flexible, they offer a variety of loan products with easily adjustable repayment terms allowing borrowers to choose a loan that fits their specific needs and budget.

##  Improved customer experience
Digital lenders place a strong emphasis on offering a seamless and user-friendly customer experience, with quick approval, and round-the-clock customer assistance. Digital lenders understand that to foster a sense of loyalty and raise customer satisfaction, swift and efficient customer support is required.

On the other hand, traditional lenders may not always offer the most attentive customer support and this may leave you hanging and uncertain about the next steps to take or the clarifications that you desire.

If you have more questions or are ready to kick-start your loan application process, send us a message at support@irorun.com!

5 benefits of digital lending over traditional lending

Wait!!!

Before you apply for that loan, hear us out

To reduce the myths surrounding loans, we’d first have to break the stereotypes around them.

For your sake and ours as well, you should never have to apply for a loan “unsure” or “undecided.”

And that’s why we’ve listed out 3 important questions you should ask yourself before taking that loan:

Read more: [How to qualify for a loan with a low income](https://irorun.com/blog/how-to-qualify-for-a-loan-with-a-low-income)

## Do you need a loan?
This is a highly underrated but important question to ask yourself before applying for a loan. Are you actually in need of it or are you craving credit alert?

We know that the joy that comes with receiving a credit alert is incomparable and very tempting but, we urge you to take another look at your finances and be 100% sure you want to take out a loan. Are you ready to pay back with the added interest? Are you ready to face the scrutiny? Are you ready to lose something you own or face court charges in a case where you default on loan repayment?

If taking out a loan does not benefit or aid you extensively in the long run then there is no need for you to take out one.

Read more: [Mistakes you must avoid when paying off debts](https://irorun.com/blog/mistakes-you-must-avoid-when-paying-off-debts)

## How urgently do you need the loan?
Another thing you should consider before applying for a loan is the “urgency of the situation.” The type of emergency you’re facing also determines if you truly need the loan at that moment. Some emergencies need a more immediate reaction than others, for instance, if you had to choose between taking out a loan for a health emergency and a car emergency, you’d obviously pick the health emergency (your health is more important than a broken bonnet).

You’d need to take out an immediate loan to solve a health emergency but a car emergency can be postponed to another time (while you make do with other alternatives). The urgency of a situation can also be a deciding factor your lender may use.

Read more: [5 actions to take if your loan was declined](https://irorun.com/blog/5-actions-to-take-if-your-loan-was-declined)

## How do you intend on paying back?
Okay, so you’ve answered the questions above and it’s looking a lot like you need to take out that loan. There’s just one more thing to consider — How are you going to pay back the loan? Do you have a stable source of income that will help you compensate for the loan while maintaining an acceptable living standard? Or are you just trying to press your luck and hope for the best?

When you decide to take out a loan you have to cover all ground and that also includes how you’re going to repay your lender without ending up living below standards. The idea that loans are destructive and cripple one’s finances is totally wrong! It’s bad financial choices that cripple one’s finances. With the right financial plans, a loan can very well be a boost to your overall standard of living.

Once you’ve worked out how you’re going to repay your loan then there should be nothing holding you back.

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

…

As always, Irorun is more than just a loan app. We care about the money choices you make and we contribute our quota in ensuring you never lack good financial knowledge.

Remember, we’re just one message away. Reach us at [support@irorun.com](mailto:support@irorun.com) today!

3 questions to ask yourself before you apply for a loan

Some months back, we broke down in bits all the nitty gritty details of the newly signed student loan act. We helped you fully understand just what the government had put into law and what it meant for Nigerian students. Today, we bring you an update as to when the official commencement of this act will take place.

## Here’s a brief recap on the student loan act 
President Bola Ahmed Tinubu signed the Access to Higher Education Act 2023 into law on Monday, June 12, which was a significant decision. He fulfilled his promise by starting a test student loan program. The program aims to help more people access education, regardless of their background.

The “Student Loan Act” aims to provide Nigerian students in college with interest-free loans. Additionally, the Act establishes an Education Loan Fund, designed to assist Nigerians in funding their higher education interests.

On June 14, 2023, the government promised to prepare for the student loan program to start between September and October 2023. Since the announcement, there has been no updates or progress on the scheme.

Of course, we know the government has been working tirelessly to see this bill come into play. Good things take time after all. 

Many people may have expected the delay in commencement, but the recent tuition hikes at many higher institutions were unexpected. Students and parents from the affected higher institutions have expressed worry and anxiety as the combination of increased tuition costs and the postponed introduction of the loan program has created financial instability amongst many. Coupled with the many other hikes in various spheres of the Nation.

## Here comes the good news  
Many Nigerians are skeptical about the bill’s implementation, given the government’s history of poor follow-through. This skepticism is understandable. President Tinubu announced that the government will start giving student loans to Nigerians in January 2024.

At a summit in Abuja, the President announced plans to expand the student loan program to help Nigerians, easing their difficulties and reaffirming his commitment to this goal.

David Adejo, the Permanent Secretary of the Federal Ministry of Education, confirmed that the Nigerian government will begin offering student loans in the 2023/2024 school year. This announcement was made during a meeting with the House of Representatives Committee on Student Loans.

However, he dismissed rumors that federal universities have increased fees following the enactment of the Students Loan Act. We beg to differ. 

As we await more action and less talking from the Government, we keep our fingers crossed and hope the implementation is more effective than we expect.

Now, fellow Nigerians, the ball is in your court. Share your thoughts on the latest update, we’d love to know what you think about the student loan act. Do we just stick to fast loan apps for educational loans or consider the Government’s new initiative. Send us a message now at support@irorun.com.

What’s next for the newly adopted student loan act?


Do you have a [good credit score?](https://www.cnbc.com/select/what-is-a-good-credit-score/)

Or you don’t want to talk about it…

A credit score is a three-digit number, typically issued by a credit bureau, that helps lenders to determine your creditworthiness. Credit scores are generated to reflect the credit risk associated with borrowers; basically, the probability that you will repay the loan.

The higher your credit score, the better. A good credit score helps you get lower interest rates, puts you on the best loan terms with lenders, increases your chances of securing a larger loan and overall increases your creditworthiness.

And that’s why Irorun is bringing you easy and fast ways to boost yours today!

## Start with small loans
Now you have to know that a credit score does not just show up out of nowhere. To get one (or to begin the process of building one) you have to take out loans.

“But I thought I can not get loans if I do not have a credit score?”

No, no, You can not get LARGE LOANS if you do not have a good credit score or no credit score at all. That is why you have to start with small loans, little amounts that should give you no trouble while paying back. (Remember, the goal here is to boost your credit score).

Furthermore, you can sign up with AUTHORIZED and ETHICAL lenders like Irorun that you can apply for small loans from, without hassle, repay in no time at all and this helps to boost your credit score. (What are you waiting for?).

## Make repayments on time
As much as taking out loans helps to boost your credit score, it doesn’t mean much if you refuse to make repayments on time, your credit score is bound to go lower if you keep on making late repayments and this is one way you can boost your credit score faster.

Your credit score helps to determine your creditworthiness, so doing right by your loan and making your repayment on time will give you a reputation as a very good borrower as well as boost your credit score. It’s for this reason, that if you are unable to make your repayments on time, inform your lender before the due date so that renegotiation can be made (Amaka don’t run away with our money).

## Avoid round-tripping or sweeping
Your money story nor clear finish –Your lender.

Round tripping or sweeping is that fishy process where one immediately withdraws or transfers money that comes into one’s account the moment it arrives usually to places where their spend pattern cannot be analyzed (Egbon it’s giving yahoo-yahoo).

Your lender likes being able to see through your bank statement to get a read on what your spend and gain pattern looks like(A.K.A wetin dey chop your money and wetin dey give you money).

So a bank statement that simply contains credit and then an immediate debit does not look good. It seems sketchy, doesn’t it?

This can cause you problems with your bank and affect your credit score because that account’s bank statement cannot be used to properly assess your eligibility for a loan.

## Avoid negative account balance
There are times when your account balance reads its lowest or does not have enough for what you need so you decide to take an overdraft (this in and of itself holds no issue), a problem pops up when you are unable or refuse to pay that overdraft and your account ends up reading in the negative.

Remember that an overdraft is still a type of loan that banks give and that a refusal or inability to pay lowers your credit score.

In the same sense, banks also have a habit of taking their charges from your account even though it reads almost empty, this puts it in the negative and thus affects your credit score.

## Check for error and report any mistakes on your credit report
A credit report is a record of a borrower’s credit history from different sources e.g banks, credit card companies, government agencies etc…

You must be wondering how you can get yours?. The good news is that you’re eligible to get one free credit report per year, and you can get yours when you apply with [First Central](https://firstcentralcreditbureau.com/), [CRC](https://www.crccreditbureau.com/product/crc-self-enquiry?coupon=FREEREPORT&ref=_home) or [CreditRegistry](https://creditconnection.creditregistry.ng/).

An instance where you identify an error on your credit report, you must immediately contact the credit bureau with your details;

1. Your full name
2. Phone contact
3. BVN
4. Gender
5. Evidence of payment
6. Letter of non-indebtedness

As long as you’re able to prove that you’re not indebted to any lender, you can [repair you history with the credit bureaus](https://medium.com/@Theirorunapp/how-to-repair-your-history-with-the-credit-bureaus-c5ffd45a52f2).

As a rule of thumb; Request for your credit report at least once a year, check for errors and report accordingly so that the proper corrections can be made to prevent future grievances with your lender.

…

Now, you know how to boost your credit score. Don’t you think it’s time to start with the first step?

Reach out to us at support@irorun.com to get started on your first small loan that’ll take you to LARGER LOANS!

How to boost your credit score

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Irorun Blog

5 benefits of digital lending over traditional lending

3 questions to ask yourself before you apply for a loan

What’s next for the newly adopted student loan act?

How to boost your credit score

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