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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.

Ever heard of the credit bureau?

The police officers of the lending world!

In this article, you’ll learn all about them, what they do and what it means for you as well.

But first, let’s put meaning to the word “credit bureau”

Credit bureaus are privately owned and privately operated data collection and analysis companies that gather and store information relating to the credit ratings of individuals and companies. They make these accessible to financial institutions e.g banks, lenders, microfinance institutions, etc. Service providers or landlords may also have access to credit reports.

Not all countries use credit bureaus but for the ones that do, their services are only applicable to the country they are situated in, this is because a credit score is only applicable within its respective country. If you decide to move to another country, you’ll likely need to build a new credit score.

## Why were they established?
Let’s dig into some fun history! Shall we?

In the late 1980s and the early 1990s, the banking industry experienced a wave of financial distress that was largely due to predatory debtors who hopped from one bank to the other; borrowing without repayment. These persons would abandon their debt obligations from Bank A, and proceed to obtain yet another, from Bank B. Wickedness abi?

This unrepentant behavior made the Central Bank of Nigeria see an urgent need to find a solution. A central database with everybody’s credit information was established in a bid to regulate the evil that men do.

As such, the Credit Bureau of Nigeria was established and was backed by a legislation Act that obligated banks and financial institutions to update lists of borrowers. As time went on, this highly updated and functional *list* determined the eligibility of intending borrowers. Voila! Serial loan defaulters reduced!

## What credit bureaus do we have in Nigeria?
Credit bureaus are licensed by the Central Bank of Nigeria (CBN) and these licenses were granted to three private companies:

FirstCentral Credit Bureau, which was incorporated as XDS Credit Bureau Limited in May 2005.
CRC credit bureau was established in 2008 under the laws of the Federal Republic of Nigeria.
CreditRregistry (CR services), which happens to be Nigeria’s oldest credit bureau, was established in 2003.

## Functions of credit bureaus in Nigeria
Below are some of the most important functions of the credit bureaus in Nigeria:

## Maintain and store credit information of borrowers
The information obtained by the credit bureau usually includes the contact details of individuals and companies. It also cuts across a history of previous loans obtained by the borrower. Information provided can further include whether or not the loan was paid in due time, as well as cases of bankruptcy and court order. This is especially useful for untruthful borrowers with hanging court charges.

## Central storage of collected information
The Credit Bureau Association of Nigeria wields the capacity to store a large amount of data in one place. Not only will this remain over a long period, but it’s also in a safe condition. Ideally, there is no room for loss, theft, or alteration of files and data (desperate borrowers can’t tamper with their data). This enables lending institutions to have long-term and accurate access to borrowers’ information.

## Provision of credit information upon request
When a lender requests credit information, the Bureau ensures it provides the report usually spanning 3 years. This ensures that the lender makes an informed decision regarding the creditworthiness of the prospective borrower.

## Eliminate cases of serial loan defaulters
Remember our story of how credit bureaus came into existence? Exactly, to manage the credibility of information given to lenders by borrowers. To curb lie-lie borrowers.

In the absence of credit bureaus, anyone could easily obtain loans from multiple lenders and run away with the funds.

## Increased access to loans
It’s not only lenders that benefit from the credit bureau. Before its establishment, gaining access to loans was tough. In those days, you either had to own valuable collateral or you knew someone that knew someone…You know how it goes.

This was because there was zero trust in the credit world and lenders were constantly at a loss, therefore they had strict checks in place before a loan could be granted. But, since the establishment of credit bureaus, it’s relatively easier to access loans. The bureau only provides a credit information report to your lender and you get vetted. Win-win situation right?

…

If you have more questions or need help getting your first loan, send us a message at support@irorun.com, and we’ll be happy to assist you!

Who are the credit bureau and what do they do?


“Let me just drop urgent 2k here in case I need it one day” — that’s how you’ve dropped money with us for months now.

We understand the temptation that comes when you find an app that you can fund, you jump at the chance of depositing money into it as it gives you a place to save for rainy days.

However, we regret to inform you that [Irorun](http://irorun.com/) is not a savings app or platform to keep “extra” money. Irorun provides users with a wallet account not for saving but as a means of loan repayment.Therefore, any amount of money funded to the wallet should be done by only ACTIVE LOAN HOLDERS.

It’s okay if you’ve assumed otherwise, that’s why we’re here to remind you that [Irorun](http://irorun.com/) is not a savings app.

## Implication of funding your Irorun wallet account with no active loan
When you decide to use your wallet account as a means of saving, you stand the risk of getting your account deactivated. YES! deactivated.  Once the system detects that your wallet has been funded and registers that you do not have an active loan, your account will be deactivated because such actions are seen as fraudulent. It’s giving “I-didn’t-know-where-else-to-hide-this-money”.

The process to rectify an account deactivation can take from 48 to 72 hours due to various investigations that will be carried out to determine where the funds came from, after which the money would be sent to the source account (the account the money was sent from). The stress isn’t worth it abi?

Do you see how using Irorun as a savings app will prove to be an inconvenience to you in the long run? Don’t be dismayed. When [Irorun](http://irorun.com/) launches a savings feature, you’d be the first to know!

Remember, Irorun is not a savings app and is solely for LOANS and REPAYMENT.

For further questions and assistance please send us a message at support@irorun.com.

Thank you for coming to Irorun’s TEDtalk.

Until next time, tell a friend about us.

Irorun is not a savings app!

In the lending industry, there are concerns about legal and ethical boundaries regarding loans. These concerns arise when borrowers are don’t make timely payments of their loan.

In Nigeria today, numerous lenders have maligned individuals who defaulted on personal loans, going beyond the usual reports to the credit bureau.***

Lenders should not engage in such unethical actions, but when they do, they often escape accountability because borrowers are unaware of their rights, including their repayment terms.

Today, we address the issue of lenders slandering loan defaulters, focusing on what borrowers themselves can do in such situations.

## Document the slander
A lender with malicious intentions is likely to start throwing threats around in hopes of damaging your reputation. They may go as far as carrying out these threats; sending derogatory messages to your phone contacts, unsavory posts about you on social media platforms. etc

If you ever find yourself in such a dilemma, here’s what you should do: meticulously record all derogatory messages (or images) sent to you or posted online by any means. This includes details like loan amounts, credit scores, and credit reports if relevant. Capture them as a screenshot or screen record, but make sure to have it stored. This will serve as your evidence in case the situation escalates further.

## Review the loan agreement
Revisit the loan terms and agreement, and read it thoroughly. Carefully examine the fine print for any hidden details that might allow the lender to commit slander.

Check for any clause related to communication and dispute resolution, this can help create a strategy on how you can approach the lender with complaints about their ill-treatment.

## Contact the lender
Now that you’ve read the fine print, you are armed with everything you need to confront the lender and control the situation. Note that control does not equal aggressiveness. Going at your lender aggressively would only mean they’d reciprocate with the same energy.

Address the issue calmly. Seek clarification on their reasoning for posting derogatory content or the agreement terms allowing such actions. Request for the removal of all derogatory content and rebuttal of all slanderous statements.

## File a complaint
Working things out with the lender does not make the issue settled, contrary to popular belief. Regardless of a resolved issue, we strongly advise that you report the lender to the proper regulatory bodies (credit bureaus, FCCPC***) overseeing financial institutions especially if the lender’s actions go against industry standards as they may continue to carry out the acts with other unsuspecting borrowers. Be your brother’s keepers.

## Seek legal advice and redress
Consult legal advice to understand your rights as a borrower***; this can help you build a solid case of slander against the unethical lender. Even if the lender repents, your reputation has already been tarnished, and slander can negatively impact various aspects of your life.

While lenders have the right to report defaulters to credit bureaus, slanderous actions are not legal. Upholding legal and ethical standards in debt collection is very important, if at any time you feel violated by a lender’s actions don’t hesitate to follow the steps above and see redress.

As always, you’re safe with Irorun as your ethical lender. Send us a message now at support@irorun.com and let’s get you started with the right loan.

Is it legal for lenders to slander loan defaulters


“I hear say those loan apps dey…”

We know you might have heard some hearsay about microloan(small loan) apps and you’re unsure if there are any good options left for you.

Today, [Irorun](http://irorun.com/) wants to clear the air and separate myths  from facts.

## Myth 1: You need a high credit score to get a microloan
It’s a well-known fact that you need to have a high credit score to qualify for a large loan but does the same apply to microloans? Many individuals seem to believe so and therefore shy away or believe that they are unable to take out microloans.

## Fact 1: You can get a microloan as a new borrower
Contrary to word on the streets, it can be said that microloans were made specifically with NEW borrowers in mind because of the ease of paying back. It also simultaneously caters to your needs and boosts your credit score. A double win right!

## Myth 2: Interest rates on loan apps are significantly higher
Some people get discouraged from using loan apps due to a multitude of reasons, one of which is the belief that interest rates tend to be higher when loans are taken out using the loan app.

## Fact 2: Loan apps provide flexibility of interest rates
Irorun would have you know that the interest rate on loans is determined by several factors including but not limited to loan amount and purpose. [The Irorun loan app provides](https://irorun.com/) flexible interest rates that ensure repayment is no hassle.

## Myth 3: Loan apps are illegal and/or fraudulent
Sadly, many have fallen prey to scammers disguised as microlenders and this has further increased the belief that loan apps are illegal and are working outside the law under pretenses. But can this be considered the truth about ALL loan apps?

## Fact 3: Lenders who are authorized, registered and ethical exist
“Two truths can co-exist”

Yes! Some malicious lenders work under pretenses to steal from others.

Yes! There are also AUTHORIZED and ETHICAL Lenders with a history of giving out loans, respecting borrowers’ privacy and maintaining good relationships ([Irorun](https://irorun.com/) is one of such).

Before you carry out any loan transactions with your prospective lender, please conduct proper investigations to determine their authenticity.

If you’ve had contact with an unethical lender, [here’s how you can report them](https://blog.lendsqr.com/how-to-report-lenders-for-unethical-practices/).

## Myth 4: All loan apps are the same
“A loan app is a loan app, it doesn’t matter if it has a different name” — Somebody who hasn’t tried [Irorun](http://irorun.com/).

The loan app ecosystem has had a lot of bad press due to the unethical practices of malicious lenders and so many believe that all loan apps are the same.

## Fact 4: Loan apps are not all the same
Despite loan apps having a general purpose of giving out loans, they are not all the same.

On one hand, some loan apps are hassle-free and take a small amount of time to work out their processes *coughs Irorun*. While on the other hand, others have a way of causing stress during repayments and hiding extra fees. *side-eye*

In the same light, not all loan apps offer the same opportunities; Some apps, like Irorun, offer microloans of #5,000–#50,000, while some offer large loans and others offer a mix of both.

## Myth 5: Loan apps steal your data and harass you when you can’t pay
Unfortunately, this is common with a lot of unethical loan apps. This behavior has built up the fear of taking out loans due to the belief that your data will be used to harass you and those closest to you.

## Fact 5: Ethical lenders will never breach your data privacy
Although this may sound cliché, [Irorun](http://irorun.com/) would like to apologize to any borrower out there who has been faced with the despicable unethical behavior of some lenders and also appeal to you that we would NEVER breach your privacy in any way or harass you and your loved ones.

We would like to assure you that there are ethical loan apps out there that would never cause you distress. [Again, you should know that you can always report unethical lenders who breach your privacy](https://blog.lendsqr.com/how-to-report-lenders-for-unethical-practices/).

…

We hope we’ve been able to dispel some of the myths held against microloan apps.

For more questions and assistance send us a message at support@irorun.com!

Myths vs. Facts of microloan apps

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Irorun Blog

Who are the credit bureau and what do they do?

Irorun is not a savings app!

Is it legal for lenders to slander loan defaulters

Myths vs. Facts of microloan apps

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