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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.

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Pheww! We made it to another year

We’re so glad to have you on this journey with us. If you’re new to this community — welcome aboard!

As always we come bearing financial gifts — we’ve carefully curated 5 reasons why January is the best time to get a small loan.

Check them out

## A fresh start in the new year
The new year usually comes with a lot of things; new resolutions, new lifestyles, and new plans, and most of these can’t be brought to life without financial resources. Yes or yes?

After the just concluded holiday festivities, you probably looked at your account balance and silently screamed , not to worry, we’ve got you covered.

Taking out a loan this January can give life to those business ideas you’ve had in your mind. Remember that the new year is the perfect time to turn ideas into reality. This fresh start sets a good financial pace for the rest of the year.

## End of holiday expenses
In direct relation to wanting a good start to the new year, the expenses of the end of the holiday can be a pacesetter for your need for a January loan.

There may have been a few things bought on credit or a few expenses left unpaid, well, a small loan can help you cover all that extra expenses. This way, you can channel your other finances to tackle January’s bill (coughs in house rent and school fees).

So take out that loan, sort out your expenses and get the new year on the right track.

## Fewer competing borrowers
Apart from New Years’ Day, January is still considered a time of celebration to a lot of people, they still walk around with that holiday high and that means less number of borrowers that you’ll have to compete with.

With a lower number of applicants, your chance of getting approved for a loan increases significantly (please note that due process won’t be ignored just for a lack of applicants).

The aftereffect of the holiday season makes January a great time to apply for a loan, don’t you think so too? We do.

## Opportunity to rebuild credit
Is there a big project you’d like to carry out in the upcoming year? Is your credit score too low to get the loan amount you’d need for it?

Well, now is a great time to start building up your credit score. Trust us, if you start now, by the time you need the cash for that project your credit score would be more than enough to get you that loan.

January is the best time to start the process of improving your credit score and building a solid credit profile that’s attractive to lenders.

## Access to special offers
Here’s a secret that you may not know since it’s the start of a new year, every business owner (lenders included) is fishing for new clients, and so it’s raining special offers and discounts.

We encourage you to take advantage of this opportunity, both new borrowers and existing borrowers alike. This is a time when your prospective lender might just be offering mouthwatering discounts and bonuses. Don’t say we didn’t do anything for you o!

…

Once again, Happy new year our favourite Rockstar 

This year, Irorun hopes to help you achieve bigger financial milestones in 2025!

If you have further questions, as always shoot us a message at support@irorun.com, we’re more than happy to help you out!

Why January is the best time to get a small loan: 5 reasons you can’t ignore

So many choices but who to pick from?

If this is you, wondering how you can get the best digital lender that’s a right fit for you. Then you’re in the right place

We’ve curated five(5) things to look out for in comparing digital lenders

Read further…

## Terms and conditions of each lender
No two digital lenders are the same, they might share some similarities but they operate differently and as such have varying terms and conditions.

That’s why when you want to choose a digital lender to borrow from, you should go through their terms and conditions with a fine-toothed comb, to comb out any uncertainty.

Understand the terms and conditions for each loan offer, including the interest rate, fees, and any penalties for late payments or prepayment. Do this for every digital lender you have an interest in and you’ll see the best one for you could be hiding in plain sight.

## The reputation of lenders
There’s a lot to be said about rumours and how they should not be believed, but do know that every rumour holds a grain of truth.

If you have an interest in any particular digital lender, and whispers are going around about them, you should take the time to make confirmations and not just work on blind faith.

Check the reviews of previous clients and see what value each lender is known for. Even a quick search of the lender’s name on a search engine can get you news articles and blog posts about that lender. You can also take a quick stroll on the Google Play Storeor Apple App Store review and see what others are saying.

## Customer service of lenders
The customer care service of any organization is usually the link between the customer and the business. So, you must keep an eye out because they’re who you’ll go to if you have any problems before, during and after a loan transaction.

Find out how responsive their customer service team is, their tone when they respond to their clients, how fast they respond to their clients (or if they respond at all), and what others have said about their services.

This can help you get a better idea of what it will be like if you ever find yourself needing help from the lender.

## Total cost of loan
It’s not just the loan amount + interest rate offered that you should look out for in a loan, most times there are extra processing fees that you might know nothing about added to the total cost.

This is why it’s a good idea to always read the loan terms or better still, ask your prospective lender. Look out for extra fees attached to the loan and make sure that it’s something you can comfortably work with. Here are some other questions you can ask your lender.

## Extra perks, rewards and discount
There isn’t anyone who doesn’t like to be rewarded or receive a discount on any of their purchases, Now imagine that in a loan setting. Awesome right?

There are numerous perks you could get for choosing one lender that you might not get with another. This is why you should find out what perks or rewards they offer; if they have reduced interest rates, flexible terms for loyal customers etc.

These discounts and rewards could be the defining choice that makes one lender more attractive than another.

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Now that we’ve shared our award-winning tips with you send us a message at support@irorun.com and let’s get started on your first loan!

How to compare different digital lenders

“Just because it’s been said many times by many people doesn’t make it true”

And that’s why today, we’ll be debunking six(6) loan myths.

Let’s get to it!

## Loans are only offered by banks
Maybe in the early 1800s, this was true. The myth that banks are the only financial institutions that provide loans to individuals has been debunked a million times over.

While banks are among the financial entities that provide loans, there are several registered and recognized non-banking financial companies (NBFCs) that provide loans to individuals such as microloan companies, digital lenders, credit unions etc.

## Low credit score means loan rejection
Although a poor credit score may affect the outcome of your loan application, it doesn’t ensure that your loan application will be denied.

Although your credit score is highly considered for a loan to be approved, other factors come into play. For example, lenders will also consider your age, income, the authenticity of your documents, your debt-to-income ratio, and other variables before deciding whether to approve or reject you. Here’s how you can boost your credit score.

## Only salaried persons can apply for loans
It’s a common misconception that only salaried individuals who have a steady flow of income are eligible to apply for loans and this isn’t true.

Non-professionals, business owners, and anyone with a form of income may also apply for loans. As long as they meet the eligibility requirements of the lender, both salaried and non-salaried persons can and should apply for loans.

## Digital lenders are scammers
Another loan-related myth that has been dispelled but always rears its ugly head is the idea that all digital lenders are scammers and should never be trusted.

Loan scammers are unregistered and unethical lenders. They are unauthorized and yet always find ways to take advantage of unsuspecting individuals. But here’s the good part, If you exercise due diligence and verify a prospective lender’s legitimacy before applying for a loan, you won’t fall victim to these scammers. And on that note, here’s how you can spot a loan scammer.

## Loan application is complex
Decades ago, this was true. Now, the process of getting a loan is easier than ever. All thanks to the technology of digital lenders

The age-long misconception that you must wait weeks or even months for your loan application to be processed is now a myth. Nowadays, obtaining a personal loan is as simple as filling out an online form and waiting a few minutes to a few hours for a response.

## Loans always have high-interest rates
A large majority of loans these days don’t require collateral, so it’s believed that they will have very high-interest rates, and this tends to put off people from applying for loans.

In reality, the interest rate varies from lender to lender and usually depends on your credit score and many other factors. Interest loans can be as small as 3% or as large as 40%. There are no hard and fast rules to it. The factors that come into play are the determinants of interest rates.

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If you have further questions or would like to get on board your first Irorun loan, send us a message right now at support@irorun.com!

6 loan myths that have been debunked

Have you ever wondered why interest rates may vary with each loan? And sometimes you immediately conclude “you’re being cheated.”

Well, that’s definitely not the case. No responsible lender is out to cheat you of your money. But certain factors could influence a lender’s decision on your interest rate.

Let’s jump right in 

## Type of loan
The type of loan you take out also affects your interest rate. Unsecured loans tend to have a higher interest rate than secured loans, this is because secured loans usually have collateral (usually a valuable item pledged to secure a loan) as a fallback in cases of the borrower being unable to pay their debt.

## Tenor of loan
Tenor refers to the length of time until the loan is due. For example, when you take out a five-year loan, you have a five-year tenor. Once you’re three years into repaying the loan, you have a two-year tenor.

In general, the longer your loan term, the less your interest rate will be. Loans with shorter terms usually have higher interest rates than loans with longer terms. In addition, loans for asset finance usually have lower interest rates.

## Operational expenses
Not all lenders are born equal. Some are manual and their cost per loan is high because of the human factor. This cost is passed to borrowers as fees and interest rates.

However, lenders with good tech and therefore a lower cost of operation usually charge a lower interest rate..

## Credit history and credit score
At this point, we might sound like a broken record with the number of times we mention “credit history” and “credit score” but the truth of the matter is, they hold a lot of importance in the lending world.

Your creditworthiness and history with other lenders can determine if you deserve a high or low-interest rate. It’s almost like being a devoted customer in your favorite store, if you go there enough times they’ll start to give you little benefits like a discount.

With a clean credit history and a good credit score, you have the opportunity of getting lower interest rates which reduces the amount you’d have to pay back. Really, won’t you prefer to have a 5% interest rate on your loan than, say, a 7% interest rate?

## Current employment history
Your current employment history also affects a lender’s decision on your interest rate. It’s generally believed that persons who have a noticeably stable job with high income seem more likely to repay loans as against someone who constantly changes jobs or has a low income and as such the former receives better interest rates.

If there’s a noticeable peak in your current employment status, your lender can determine how well you can handle a large loan with a high or low-interest rate, without default. Job stability is therefore essential if you wish to apply for a large loan.

## Debt-to-income rate
You may have come across this phrase in your search for more information about lending. The debt-to-income ratio is a measure of debt settlement to income, that is, how much debt you have to pay against your monthly income. When salary come, how much you go use pay bills and wetin remain after?

It’s highly advisable to calculate and be certain of your debt-to-income ratio before deciding to take out a loan with any lender. Someone with a high debt settlement, greater than their income is most likely to be rejected for a loan or given a high-interest rate.

## Economic inflation
A surge in economic inflation can have a rebound effect on the lender’s interest rate causing it to be higher than what it would normally be.

Economic inflation refers to the general exaggerated increase in the prices of goods and services. Remember that your lender is first a business owner and so loan interest rates could increase because they need to keep their business afloat as well.

Inflation affects a lot of services(of which lending is a part) in an economy, as such adjustments will be made accordingly, a lender isn’t going to remain stagnant while the economy is changing and causing a negative ripple effect in their business.

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Now that we’ve shared these highly coveted *secrets* with you, send us a message at support@irorun.com and let’s get you started on your first loan!

What influences the interest rates for loans?

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Irorun Blog

Why January is the best time to get a small loan: 5 reasons you can’t ignore

How to compare different digital lenders

6 loan myths that have been debunked

What influences the interest rates for loans?

Download now