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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.


Unlicensed lenders AKA loan sharks mostly prey on families of low income or those who find themselves in difficult times and in dire need of a quick fix. *Urgent 2k*.

Here are a few ways to recognize them. As they operate outside the law, you’ll likely:

**Be offered a cash loan:** Most loan sharks tend to operate with cash, but do take note that some may operate online as well.

**Notice a lack of paperwork:** Loan sharks won’t give you a formal agreement which makes it easy for them to change loan terms in their favor at the drop of a hat.

**Get poor/vague loan terms:** Loan sharks tend to be unclear about the amount of interest they charge and repayment terms. Sometimes, they might straight up give you outrageous terms to work with. (But since you’re in urgent need… you feel as though you have no other option).

Get a loan without the necessary checks: Loan sharks won’t conduct any checks or assessments before giving out a loan. (It’s giving sketchy abi?).

**Face harassment and threats if you are behind on repayment:** Unauthorized lenders are not afraid to resort to threats of violence and harassment if you are behind on your loan repayment.

**Be pressured into borrowing more:** The moment a loan shark gets you to borrow from them, they’ll charge you such high-interest rates that you’ll never be able to repay in full. They may even convince you to borrow more from them in the illusion of paying off your previous debt with the new one.

The purpose of this article is not just to help you recognize these loan sharks but to give you a way to sort out any issues that you as a borrower may face when confronted with a loan shark you borrowed from.

## Formal report to the authorities
When you are being harassed and threatened by a loan shark, a formal report can be made to the authorities with proof that your life is being threatened. And that can be acted on.

It’s very important to note that just because a loan shark can’t take legal action against you for not repaying your loan because they’re unlicensed, doesn’t mean that they won’t take drastic measures illegally. Remember, these individuals operate outside of the law. It would do you good to not purposefully antagonize a loan shark.

**PS:** Licensed lenders have the right to take legal action against you if you default on loan repayment, as it’s still a civil offense.

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At Irorun, we understand that it can be tough to find an ethical lender that respects [your rights as a borrower](https://medium.com/@Theirorunapp/know-your-rights-as-a-borrower-a7bdbfda3f8), that’s why we constantly bring you actionable tips on how to get the best borrowing experience.

Feel free to send us a message at support@irorun.com to get started with your loan!

How to deal with loan sharks


“It’s the work of the devil”

Have you ever used that line? I hope not.

It’s not only overused but it’s also a lie 11 out of 10 times.

But let’s assume it was indeed the devil that lured you into refusing to repay your loan on time, here are the things that could happen — Buckle up! some of them are not pretty at all;

## Excessive emails and SMS
If there ever was a time for you to regret putting in your email or phone number for anything, it’s when you decide to ignore the lender when it’s your due date.

The lender isn’t going to cut you some slack because they’re also worried you might never pay back. (Nobody likes to lose money).

With email after email, the lender will try to contact you multiple times in several days to remind you of your obligation.

These emails and SMS will contain reminders of your obligations as well as warnings of the consequences you will most likely face. Although it may seem annoying to you, the lender wants reassurance that you have no plans of running away with their money.

## Incessant calls
The devil might whisper sweet-sweet nonsense in your ears and tell you to block the lender from sending you emails. (Jumoke that’s bad behavior na).

And now the lender becomes even more apprehensive and starts calling at almost every moment. (Wahala o!). It’s usually at this point that most defaulters start giving excuses as to why they’ve failed to settle their loans.

Lenders are less likely to listen to your excuses when you do not reach out to them at the start of your troubles or the moment they first contact you. (It’s because you wasted time and acted like you were planning to run away na). Most lenders won’t go for blatant verbal threats once they get to the point of incessant calls but they may passive-aggressively remind you of the [consequences of defaulting on a loan](https://medium.com/@Theirorunapp/5-consequences-of-defaulting-on-a-loan-c1b1996a63c7).

## Credit bureau/blacklist
At this point, the lender has had enough, marked you as a defaulter and made a report to the credit bureau, with your name and required information, where you will be blacklisted. (Double wahala).

Blacklisting comes with a lot of problems, especially between you and future lenders (if you ever want a loan approved it’s likely to be tough).

The realization suddenly hits you, that all this could have been avoided if you had taken the right steps or not ignored your repayment in the first place. Sad, right? [Not to worry, here’s how you can get your name off the bureau blacklist and repair your history](https://medium.com/@Theirorunapp/how-to-repair-your-history-with-the-credit-bureaus-c5ffd45a52f2).

## Court order/Lawyer Up
Once you’ve been reported to the credit bureau it’s only a matter of time before you are hit with a court order. (My Lord, may I?).

The lender has to get their money back, and at this point, you’ve ruined any chance of amicably settling your loan obligation. (See how you’ve added extra expenses for Lawyer? The money you refused to pay back).

Ignoring a court order like you ignored the lender’s calls and email should be the furthest thing on your mind, keep your head down and do as you are told to avoid any more trouble (you’ll be arrested if you ignore a court order. Triple wahala!).

## Privacy violation
Some unethical lenders, in their anger will disregard your right to data privacy and access your personal information e.g your contact list

To them, having you blacklisted by the credit bureau isn’t enough, they would want to maliciously share your loan default with those closest to you, in a bid to soil your name.

Yes, ignoring your loan obligation is bad behavior. But on no account should your data privacy be violated.

[Irorun would never do anything remotely harmful to your reputation and your privacy](https://medium.com/@Theirorunapp/irorun-would-never-misuse-your-data-11f26da8ae4e). You have trusted us with your details and we prioritize the rights of our customers. Including erring customers.

We would also never give your information or share our experiences with you with third-party without your express permission. And if for any reason your rights are violated by an unethical lender, [here’s how to report them](https://blog.lendsqr.com/how-to-report-lenders-for-unethical-practices/).

## Collateral seizure
Another consequence that comes with ignoring your loan obligation is having to forfeit your collateral. (You go fit give up your house so?).

The lender has the legal right to seize and sell your collateral to cover up your debt. This is mostly true for large/secured loans.

Before you decide to ignore your loan obligation, you should put some thought into what you stand to lose. You might think that you’ve been able to play a fast one on the lender, but in the long run, you’re bound to lose more. For your peace of mind, apply for a loan amount you’ll be able to pay back on time. (I’m sure you don’t want to stay under bridge abi?).

## Civil offense punishable by Law
While you may not be arrested or go to jail for defaulting on a loan (It is not a criminal offense), it’s still an offense punishable by law.

You could be sued to court and asked to pay a fine that may be significantly larger than the amount that you previously owed or ordered to pay your debt which failure to do so would then make it a criminal offense and you could be sentenced to jail. (You see how the problem is increasing???).

You could end up spending more than you bargained for due to your negligence. Again, you should know you can’t play slippery with the lender (especially Irorun). We’ll get our money back that’s for sure.

## Soiled reputation
The one inescapable thing that happens when you ignore your loan obligation is a soiled reputation. (Chai! Your name will be dragged in the gutter).

It becomes a lot harder for you to take out new loans even from a different lender. No self-respecting lender worth their salt is going to be willing to lend to an individual whose name shows up on the credit bureau blacklist. (except a loan shark aka unauthorized lender). [Here’s how you can spot them and also why you should FLEE from them!.](https://medium.com/@Theirorunapp/why-you-should-never-borrow-from-unauthorized-lenders-d5da31bd0e34)

In the beginning, it may not look like such a big deal to get blacklisted, after all, what’s money you cannot make on your own abi?. But try to picture a scenario where an expensive health emergency comes up. Salary is still weeks away. Friends and family are not able to help you out. Now, you’ve decided to get a small loan approved…

Oh wait, you’re a known defaulter (you forgot abi? The database didn’t forget o!). See how your previous recklessness can cost a life? A situation that could have been avoided if only you didn’t ignore your loan obligation.

…

Irorun always wants your borrowing experience to be free of hitches and the best way we do this is to provide you with sufficient expert information and assistance.

Send us a message today at support@irorun.com!

Consequences of ignoring your loan obligation

### **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!

Frustrating right?

Trying to reach out to a brand and not getting a response for days has to count as one of the most frustrating moments!

It gets even worse when it involves an issue that requires urgent attention.

At Irorun, we understand how frustrating and disappointing it could be especially when it involves money and that’s why we constantly find ways that allow you to communicate with us with ease via various mediums.

Everyone has a preferred contact method, and sometimes different problems have different ways they can be addressed. Here are 3 ways you can make inquiries/solve your problems with Irorun:

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

## Contact us via email or phone number
At Irorun, we make it our priority to be available to assist all of our users, including prospective clients. This is why you can always, and at any time, send an email to Irorun if you have any inquiries or concerns that need to be addressed. In a matter of minutes or a few hours, you can get a reply to your inquiries and concerns.

If you feel like an email is not your style(and also doubt that your reply was written by a human), you can also contact us through our helpline made readily available for you on our website. We have representatives available to listen and help you solve your problems.

Read more: [What is a credit report and what can be found on it](https://irorun.com/blog/what-is-a-credit-report-and-what-can-be-found-on-it)

## Chat with an Irorun representative using our live chat feature
The world is miles ahead of Nigeria as regards technology. But Irorun quickly adapts and that’s why the live chat feature has been made available for you. It connects you with one of our representatives right there on the website or even on the app. This way you don’t have to worry about your contact details being in the wrong hands.

With our live chat feature, a representative will be there to guide you through any issue you’re struggling with, by giving you suggestions and directions on what approach can quickly solve your specific issue. All on the website.

Read more: [6 loan myths that have been debunked](https://irorun.com/blog/6-loan-myths-that-have-been-debunked)

## Go through our frequently asked questions (FAQs)
There may be inquiries that you need to make that others have made before you. When situations like this happen, Irorun takes a count of how many people have asked that particular question (phrased in different ways) and provides an answer for it which will then be made available on the website. These questions and answers are called FAQs — Frequently Asked Questions.

Most times, when you make inquiries through the live chat feature, you’ll be directed to the FAQs if it’s a question that has been answered. Irorun has a wide selection of FAQs that you can go through to find an answer to your inquiries and a solution for any problem you may be stuck on. Here’s a look at Irorun FAQs.

Read more: [How to compare different digital lenders](https://irorun.com/blog/how-to-compare-different-digital-lenders-and-choose-the-best-one-for-you)

…

Reach out to us with your inquiries at [support@irorun.com](mailto:support@irorun.com) and we’ll be sure to give you more tips.

3 ways you can make inquiries/solve your problems with Irorun

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Irorun Blog

How to deal with loan sharks

Consequences of ignoring your loan obligation

The ultimate search is on!

3 ways you can make inquiries/solve your problems with Irorun

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