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Whether you need N50,000 tomorrow or an urgent N2,000, Irorun is the best loan app to provide that instant relief.

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
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.

Have you ever wondered why some people get their loans approved and others don’t?

It all boils down to the qualities that endear lenders to them.

No lender wants to take a chance on someone they’re “unsure” of.

So, here are 5 qualities that’ll endear you to responsible and ethical lenders:

## Creditworthiness
Good credit history is one quality lenders tend to look out for in a borrower. A good credit score, and a squeaky-clean reputation, go a long way in helping you secure that loan you want.

When a lender looks through your credit history and sees that you have built up a high credit score by being very meticulous about paying back your debts on time and have never defaulted on your loan, they will be less likely to deny the loan amount you are asking for. A good name is better than riches

## Good money management skills
A good borrower should be self-aware of their financial standing and tailor their loans to expenses that are of the utmost importance. The ability to separate wants and needs is a skill that is highly underestimated among many today but is one that can make or break a borrower.

Good money management skill helps in maintaining a favourable standard of living even while in debt and also helps one clear them quickly without trouble.

Most of the time, bad money skills are why many shy away from loans. The misconception that loans are responsible for debts is completely false. Bad money management skills are the reasons why people fall into debt.

## Trustworthy
Another quality of a good borrower is to have a profile that screams “I can’t and won’t run away with your money.” If a lender cannot trust you with their smallest loan amount, how can they be expected to trust you with a significantly larger amount?

Building trust is not just about paying back your debts on time, it also involves communicating with your lender If there are any issues you may have with repayment.

Building trust with your lender also increases your chances of getting approved for a much larger loan.

## Punctual repayment
This quality is a favourite of most lenders. It not only builds trust with your lender but also boosts your credit profile.

A good borrower should always endeavour to meet up with the scheduled repayment date and inform their lender if they will be unable to meet up, so that an alternative may be decided on. Ghosting your lender is not a good look. It screams yahoo-yahoo.

## Good spending habits
As much as your lender has no say in how a borrower should spend their loan, having good spending habits is an attractive quality a borrower should have. A good money quality everyone should have is the ability to cut down unnecessary spending habits and create alternatives that help save money while also meeting one’s needs.

An individual in debt should not be using their loan to buy items they can do without. No Amara you don’t need another pair of pink shoes.

Even though good money habit is not the key to wealth — at least it’ll help you keep the wealth when you get there.

Thank you for coming to Irorun’s TEDtalk. Stay rich rockstar!

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Our support is here for you as always, so send us a message at support@irorun.com!

5 qualities of a good borrower

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?

Loan request declined? We’ve got good news for you! 

There’s still a chance to get that loan approved. As always, Irorun is here with actionable and helpful tips for you.

Check out 5 actions to take if your loan gets declined 

## Review the decline notice
The first thought that tends to come to mind for several people when they get declined for a loan is “Why?”. You start to question the lender’s judgement because as far as you’re concerned, everything was in order at your end, but instead of making assumptions or giving up completely, you can review your decline notice to learn and understand the reason for it. Doing this already puts you one step ahead in solving the problem. PS: Secrets are always hidden in the fine print. So read the fine prints!

Read more: [5 facts Irorun first-time users should know
](https://irorun.com/blog/5-facts-Irorun-first-time-users-should-know)

## Ask for more details if you can
When you get rejected for a loan and receive a decline notice, even after reading the notice, you should make an effort to ask the lender for more details about your loan rejection. Most times, it isn’t all details that have been placed on the notice and you can gain a lot more understanding by asking the lender to clarify what was written on the notice or simply asking for more information. If your lender doesn’t mind or if it’s not against their policy, they could be willing to share what went wrong in your application that warranted a decline.

Read more: [What to do if you can’t repay your loan when due
](https://irorun.com/blog/what-to-do-if-you-can%E2%80%99t-repay-your-loan-when-due)

## Review your credit report
How often do you review your bank statements, credit reports and financial documents? 

Most people hardly check through these reports, because it’s believed that everything is as it should be, but the truth is, it’s not always so. Your finances, just like any other aspect of your life deserves regular checks and review.

When you get declined for a loan, you should take the time to check for inaccuracies in your credit report as these might’ve been what the lender saw that made them decline your loan application.

Your credit report holds most of the power in your approval for a loan, so you should take the time to make sure that it’s as accurate as it can be as even a tiny error can lead to a loan rejection.

Read more: [Consequences of ignoring your loan obligation
](https://irorun.com/blog/consequences-of-ignoring-your-loan-obligation)

## Pay off other pending debts
A genuine lender checks your past credit history with the credit bureau to ensure there are no defaults, disputes and uncertainties.

If the lender reviews your past credit history and finds one or more unpaid debts, best believe your loan request will be declined. The fact that you are still indebted to other lenders may make them believe that you don’t have the capacity or even worse, the willingness, to pay off any loan that they may lend you. Remember, a lender who’s unafraid to lose their money is a red flag.

Your best bet is to pay off all other pending debts you may have before trying to take out another loan.

Read more: [A simple guide to the Irorun loan application process
](https://irorun.com/blog/a-simple-guide-to-the-irorun-loan-application-process)

## Apply for a smaller loan amount
When you get declined for a loan, it’s advisable you apply again but for a smaller amount than what you previously applied for. There’s a possibility that the lender has noticed an unclear detail in your documentation that affected their belief in your capacity to repay the loan amount you requested.

You can try for a smaller loan amount, an amount that can be paid back with ease and speed. This increases your chances of getting approved and not declined.

Read more: [5 qualities of a good borrower
](https://irorun.com/blog/5-qualities-of-a-good-borrower)

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We hope you’d try out these tips and let us know how it works out for you. For more clarification and assistance in applying for a loan, send us a message at [support@irorun.com](mailto:support@irorun.com)!

5 actions to take if your loan was declined

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)

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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

5 qualities of a good borrower

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

5 actions to take if your loan was declined

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

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