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We value our customers and want to continue to help you meet your needs. As you continue to repay your loans from Irorun, you will have access to higher loans up to N50,000 with the lowest interest rates in the market. We also offer gifts on your birthday and for referring other users to sign up and get a loan.

We recognize our most loyal customers by offering them exclusive benefits, including 0% interest on urgent loans for a short period.

With only a few clicks on your smartphone, you can
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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.


“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

Most lenders take pride in how ‘fair’ they are in their dealings, putting the needs of their clients first and offering them the ‘best’ loan experience.

They often forget that what happens after the loan has been completely paid off also adds to the loan experience.

The final payment of a borrower is like the close of a sales deal. Each person goes away happy (or at least mildly satisfied) with what they got. So why then do some lenders continue to call and send messages to customers, who are no longer interested in their services, about incomplete payments or ‘exclusive’ loan offers.

Well, we can’t exactly tell you their reasons when we don’t know why ourselves. But, what we can do is provide you with tips on how to get these red flag-ridden lenders off your back!

Tip 1 (just kidding but not really): never collect loans from sketchy lenders, there are more reputable lenders like Irorun ready to provide for you.

Now onto the tips proper!

## Review your loan agreement
Let’s be honest with ourselves for a minute, no one reads the terms and conditions except when they really have to. Therefore, this situation is a great time to put on your reading glasses.

There might be a clause in your loan agreement about post-payment communication, specifying when the lender can contact you after you’ve paid off your loan. This clause will also clarify your rights as related to the loan you have borrowed.

## Contact the lender, professionally
You can professionally reach out to your lender. We’re not asking you to start a fight, but politely inquire about the reason for the continuous contact. It could be a payment processing issue or an administrative error.

As mentioned in the previous tip, a clause in your loan terms can state situations where your lender can contact you. An administrative or payment error definitely counts. Again read the fine print.

## Document all communications
To handle these persistent lenders, you have to bring out the tactics that would save you in an escalated situation. Record every interaction with your lender; call logs, emails, SMS etcetera.

These situations rarely escalate and in the slim chance that they do, it’s beneficial to have evidence of the lender’s actions and all your interactions with them.

## File a complaint with the regulators
At this point, we’ve all heard of the credit bureau, the one place no borrower wants to be marked down as a defaulter but It may please you to know that lenders have regulators as well. See how to report unethical lenders.

The regulators are there to ensure that lenders behave within the ambits of the laws. So whenever a lender starts acting suspiciously and you have concrete evidence, report them to their regulator. Don’t say we haven’t done anything for you. 

## Check credit report
Your credit report is an important document that you should check periodically and most importantly whenever you repay a loan.

If the lender does not update your repayment status, they could use this to obtain additional funds from you. So periodically check your credit report to ensure your status has been updated to ‘paid’ or ‘closed’. An incorrect report can impact your credit score negatively.

As always, send us a message at support@irorun.com and let’s pair you with a loan with a responsible and ethical lender.

How to deal with persistent “lender” contact after repayment


Slowly but surely the myths about loans are fading off and more people are opening up their minds to it.

And that’s why with every article, [Irorun](https://irorun.com/) brings you closer to the facts of finances. Today is not any different, we’ve curated 5 types of loans that are common in Nigeria.

Now, you can pick a loan option that’s best suited to you. Happy reading!

## Secured loan
This type of loan requires collateral as a condition for borrowing. A lender can request collateral for large loans for which the money is being used to purchase a specific asset or in cases where your credit scores aren’t sufficient to qualify for an unsecured loan. [Check out how you can boost your credit score.](https://medium.com/@Theirorunapp/how-to-boost-your-credit-score-e723bd2ce497)

The collateral for the loan could be your property or an asset with a value equal to or higher than the loan amount.

The interest rates of secured loans tend to be lower than that of unsecured loans due to the use of collateral. Fees and loan terms can vary for secured loans, depending on the lender, though they do tend to have long repayment periods.

## Buy now, Pay later loans
BNPL is just as the name implies. This short-term loan allows you to buy the desired item the moment you spot it, without the nagging feeling of “low funds”. The BNPL loan greatly depends on the terms of the lender and how they operate. Some lenders may accept monthly installment payments over an agreed period or a one-off whole payment at a specific date.

A very popular BNPL loan scheme is the loan option attached to gadgets(case in point: iPhone). Apple offers an option where you can own a device(after thorough background checks) and pay back monthly installments until the loan amount(equivalent to the value of the device) is completed. BNPL loans such as this eliminate “buyer’s guilt or hesitation” and allows you to buy am as e dey hot while still maintaining a good standard of living.

## Unsecured loans
Unlike the secured loan, this type of loan does not require collateral and is usually given to borrowers based on their credit score and financial history. It’s mostly known as a personal loan.

Although there is little to no security, unsecured loans are common since they are easy to pay. They also have a short repayment time as opposed to secured loans.

## Salary advance loans
This type of loan is usually given to an employee. It’s a part of the wages of an employee paid at the end of the month. Only an individual with a salary paying job is eligible for this loan.

This loan is usually short-term, and also comes with interest rates, though subsidized. The repayment terms are as such; you can make payments once at the end of every month, or once every three months. It’s important to understand that employers rarely give salary advances unless otherwise stated. This means that salary advance loan is usually only available when stipulated in your employment contract. No be every office dey do am.

However, if an employer gives a salary advance to one employee, he/she must extend the opportunity to other employees. Discrimination based on performance, race, age, or gender is highly discouraged.

## Asset finance loan
Asset finance is the practice of using a company’s balance sheet assets (such as investments or inventory) as a security to borrow money or take out a loan against what you already own. It can provide a secure and easy way of getting working capital for your business.

Various things can be offered as collateral, from inventory, machinery and even buildings. For example, a vehicle manufacturing company may use its vehicles as an asset to secure finance. The amount loaned will usually depend on the value of these assets which the finance is secured against.

It’s often used as a short-term funding solution (to pay employees, suppliers or to finance growth in a company) and provides a more flexible way of borrowing compared to traditional bank loans. For growing businesses and start-ups especially, it provides an easy way to increase working capital.

…

Irorun and bringing you top-tier financial knowledge.

Tell two friends about us and send us a message at support@irorun.com for further assistance or questions!

5 types of loans common in Nigeria

Have you always had this thought about loan repayment? — “it doesn’t matter when I pay back, as long as I pay.”

Here’s the thing, there are key benefits (you may or may not have been missing out on) for individuals who pay off their loans early and since we’re still in the season of giving, we’d like to share 5 of these benefits with you.

Check them out!

## Improve credit score
One’s credit score is a major ticket to getting larger loan amounts, better approval rates, as well as favourable terms and conditions. How can you get a good credit score? By paying off your loan early.

Taking the initiative to pay off your loan early, before the due date elapses can help you improve your credit score and make you eligible for better loan options.

## Get out of debt faster
No one likes to be in debt and when they are, they want nothing more than to get out of it. You should work to get out of debt faster by paying off your loan early As this enables you to focus your finances on other key expenses. It’s also important to know that the faster you get out of debt, the less likely you’re to fall prey to financial woes.

## Improve cash flow
Another major benefit of paying off your loan early is the improvement it brings to your overall finances, especially your cash flow. When thinking about their daily expenses, one takes into account their cash flow (income + expenditure). An individual who is in debt has a reduced inflow of cash to cater for their other expenses, this is because a part of their income is removed to focus on clearing debt. But, when the individual channels all their resources to pay off their loan early, it creates more room for them to have full control and ownership over their income.

## Good reputation with lenders
Paying back your loan on time helps you build a good relationship with your lender. A lender who trusts that you will always pay back your loan on time will be willing to lend to you.

Having a good reputation with lenders opens you up to better opportunities to be eligible for larger loan amounts and longer loan terms.

You can’t go wrong with having a lender that trusts you, they will be eager to cater to your loan needs especially in times of emergencies because they are certain you won’t delay your repayment or try to trick them.

## Peace of mind
There is nothing better than knowing that you are debt-free and can spend your money on what you need and also what you want.

Debts, most times, can be a huge weight on your shoulder. They tend to stress you out and take away your focus from your financial goals.

Paying back your loan early can give you the peace of mind that allows you to concentrate and smash the other financial goals you’ve set for the year.

…

If you require further information or assistance on how you can get your first loan, please send us a message at support@irorun.com, we’ll be happy to help!

5 benefits of paying off your loan early

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Irorun Blog

Myths vs. Facts of microloan apps

How to deal with persistent “lender” contact after repayment

5 types of loans common in Nigeria

5 benefits of paying off your loan early

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