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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.

### **Get ready to win ₦10,000 by playing a simple and exciting game! Follow these 5 simple steps.**

#### **How to play:**

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

2. Create or log into your Irorun account.

3. Twice a week, we will send you an email with the question for the day. For example: What do you use to authorize transactions? **Answer**: PIN

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

5. Be one of the first 10 people to find 10 correct answers and win ₦10,000!

6. Keep an eye on our weekly leaderboard to see who's winning the race!

**Irorun ultimate search begins 1st October and ends 31st October 2024.**

**Your time starts now!**


The ultimate search is on!

Have you tried to link an account to your Irorun wallet, and it failed? Do you wonder why?

Now, here’s the gist of it.

There’s a high chance you tried to link a virtual account. Unfortunately, Irorun doesn’t accept virtual accounts as a suitable link to your Irorun wallet. We understand that it may be your preferred means of saving money (and we don’t fault you for that) but at Irorun we do not accept you linking a virtual account to your Irorun wallet.

If you’re unsure what a virtual account is, here’s a brief rundown.

## What is a virtual account?
Virtual accounts are non-physical payment methods used to send and receive money. A unique account number is usually assigned to the user by the financial institution. A virtual account operates in the same way a traditional non-virtual account does, with the exception of a physical location.

Virtual accounts are set up using basic personal and financial details like name, mobile number, email address, Bank verification number etc.

## Which banks provide virtual accounts?
Virtual accounts are issued by most Fintech companies or some traditional banks. The Fintech company you patronize may provide you with a virtual account where you transact or save money for the foreseeable future. Unfortunately, Irorun does not accept links to these virtual accounts.

## Why Irorun does not accept virtual accounts
Here are 3 reasons why we don’t accept virtual accounts:

## Dispute in regulation
Most virtual accounts are usually tied to a Fintech company which has different regulatory policies from a traditional bank. This raises uncertainty as regards payment policies, as well as issues of companies packing up and leaving clients stranded.

## Dispute in ownership
There is no certain way to prove that the virtual account belongs to you, as your BVN may not be linked to it. How then are we sure a prospective borrower owns that account? How do we get our money back in cases where there are no legal or financial ties to the virtual account whatsoever?

## Dispute in client information
There is no bank verifying that your ‘Know Your Customer’ (KYC) has been done. A traditional bank offers a series of data collection and KYC forms that certifies that indeed, this client has an account with us and can be contacted with ease through several means. Unlike virtual accounts, where it’s near impossible to verify if a client truthfully and completely updated their KYC forms.

In other words, the risks and uncertainties are far too numerous to brush aside. Until such a time when there are far stricter regulations.

For the time being, we urge that you understand and comply with linking registered and active non-virtual accounts issued by a traditional bank in your country.

### Here’s a fun fact
Irorun also issues virtual accounts from providers such as Sparkle Bank, Polaris, etc. which are used solely for the repayment of loans. This virtual account is issued to you when you sign up and apply for a loan with us. With this virtual account, you are able to receive money from any non-virtual bank account.

Irorun is a lending platform and is licensed only to give out loans. You should not use your Irorun-issued virtual account for anything other than paying back your loans.

Using your Irorun virtual account for any other reason different from what it has been assigned can lead to your account being deactivated. Read more on why the Irorun virtual account should not be used for saving.

…

Irorun is always available to give you the necessary information that would make your loan experiences free from hitches. Send us a message at support@irorun.com!

Irorun does not accept virtual bank accounts!

It’s no revelation that Nigeria’s future hinges on the ability to empower her youth to become self-sufficient business owners. While Nigeria may not have empowered them all, every 99 in 100 persons in the country today is either a small business owner or friends with a small business owner (Source: we can’t lie to you).

Despite the current free-fall of the economy, youths are creating innovative ways in which they can sustain themselves. As we all know, regardless of who starts a business, there is a great need for finances AKA capital. Unfortunately, not many can get their hands on sufficient capital to fund their business.

But here’s how small loans have been of help in creating windows of opportunities for not just potential business owners but existing business owners as well.

## Job creation
Young entrepreneurs who take loans to create businesses also create job opportunities for the persons they employ. By launching their businesses, these young entrepreneurs create a source of income for themselves and also open doors for others in the job market. Each new position they fill means another person with a job and a means to support themselves and their families. Creating what we tag a “You chop, I chop movement”.

It’s also notable to remember that with business owners, there’s always room for expansion which implies more job opportunities for the taking.

## Access to capital
Young, vibrant and energetic people tend to have a special ability to create business ideas that have the potential to grow into a million dollar idea, but the problem always stems from the funds to start. You need money to chase money or how do the kids say it?

And since access to these funds is unavailable, dreams tend to die an unnatural death…Well, not when there’s access to small loans, something the Western world has successfully hacked.

## Ease of small loans
Obtaining a small loan in Nigeria has become as simple as ordering a meal online, don’t believe us? Try Irorun and see for yourself. The ease of application and quick disbursement of small loans empower the youth to act on their business ideas as quickly as possible. Taking too long they say, often waters down ideas and dreams.

Unlike large government loans, which are not likely to be approved, small loans offer quick approvals with loan amounts that meet the immediate needs of the borrower.

## Access to global markets
The world has become more interconnected than ever before. Young Nigerian entrepreneurs are now seizing the opportunity to broaden their reach. Small loans have empowered them to easily access global markets. Whether it’s selling traditional crafts, providing digital services, or venturing into e-commerce, these loans offer the support needed to compete on a global level. We global now guys! 

. . .

The myths about loans are all turning out to be empty, unverified buzzwords. Your ideas will remain just ideas without finances. Let us help you get through the first hurdle of being a business owner. Send us a message at support@irorun.com and let’s get you the capital you need to build the next big thing!

The impact of small loans on youth entrepreneurship

Thank you for trusting us to give you the best loan option! 

Now that we delivered it’s time for you to meet up with your repayment date right?

Here are 5 major things you should know about our loan repayment:

## Prepayment penalty fee
A prepayment penalty fee is a fee that is charged if you pay back your loan earlier than the repayment date. Some lenders typically charge a prepayment fee, mostly because they don’t want to miss out on any part of their calculated profit through interest. Fortunately, Irorun does not charge a prepayment fee and as such you are free to make loan repayments before your due date. Tell us thank you!

## Funding
As a registered Irorun user, you have a wallet account that can be funded to help you pay back your debt. This is the ONLY accepted means of repayment. Your Irorun wallet account can then be funded with your debit card or through a bank transfer.

You can also repay your loan with USSD right from within the app. And if you have good uncles who are ready to bless your ministry, you can share your payment link with them as well and they can pay for you.

Back to your debit card, you need to ensure that your debit card is valid, and funded so that you may be able to pay back in due time. Remember, penalty charges start counting three(3) days after the due date.

## Cards
Now that you know about funding your Irorun wallet with an ATM card, the next thing you must know is “what type of debit card is accepted?” We gotchu!

Irorun only accepts Mastercard and Visa cards for now. These cards must be issued within the country which you are taking the loan from.

## Penalty charges
Although we may not charge a prepayment fee, we are not exempt from those who charge penalty fees for late payments. Irorun charges a penalty fee if you don’t pay back your loan on its due date or your assigned grace period.

We know that there may be valid reasons as to why you would be unable to pay back your loan on time, and that’s why your penalty fee only starts counting three(3) days after the due date. We’re due for another thank you! Are we not?

This grace period would give you enough time to get in touch with an Irorun representative to work out a solution to any problem you may have as regards your loan repayment.

## Second loan eligibility
You’re automatically eligible for another loan once you’ve cleared up your previous loan on time. Here’s the thing, your second loan can only be approved if you apply seven (7) days or more after the first loan.

And here’s another thing; if you didn’t pay your first loan on time and the system had to chase you around like an errant child, we may never trust you for another loan again.

And here’s one last thing; if you pay your loans on time, you are automatically eligible for a higher amount or new loans.

Be rest assured that we are highly receptive to our repeat clients and reward their loyalty. Visit Irorun to find out more about these rewards.

…

If you need further information or clarification regarding repayment processes, kindly reach out to us at support@irorun.com!

5 things you should know about Irorun loan repayment

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Irorun Blog

The ultimate search is on!

Irorun does not accept virtual bank accounts!

The impact of small loans on youth entrepreneurship

5 things you should know about Irorun loan repayment

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