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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.

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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?

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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?

Back when banks used to be the only way to get a loan in Nigeria, getting one felt like applying for a visa: plenty of paperwork, long queues, and a waiting game you couldn’t afford to play. But over the past few years, apps like FairMoney, Carbon, and Irorun have turned lending on its head. Today, with just a smartphone, you can get a loan in minutes.

But not all loan apps are created equal. Some are genuinely helpful, licensed, and transparent. Others? They’ll spam your entire contact list, call your boss, and still charge you sky-high interest.

In this article, we’re putting three of the most talked-about apps: FairMoney, Carbon, and the rising underdog, Irorun, side by side. If you’re wondering which one to use in 2025, let’s break it down by features, reliability, repayment policies, user experience, and more.

## FairMoney
FairMoney started as a mobile lending app but has grown into a licensed microfinance bank (FairMoney MFB), regulated by the Central Bank of Nigeria (CBN). The app is available only on Android and has crossed over 10 million downloads on the Google Play Store. It offers personal loans, SME loans, savings accounts, bill payments, and virtual cards.

### Key features
- Loan amounts: ₦1,500 to ₦3,000,000 (up to ₦5 million for business customers)
- Interest rates: Monthly interest from 2.5% to 30%, depending on credit profile and repayment history
- Loan tenure: 1 to 12 months
- Savings interest: Up to 30% annual interest for fixed plans
- Disbursement: Instant transfer to your bank account once approved
- Requirements: Android phone, BVN, valid ID, linked ATM card

### Pros
- One of the few loan apps that doubles as a licensed bank
- Easy in-app savings options with high interest returns
- Transparent pricing with clear repayment terms
- Loans get larger and cheaper over time with good repayment behavior
- Offers cards and utility bill payment services

### Cons
- No iOS app; iPhone users are left out entirely
- Some users complain about being forced to link their ATM cards even before getting approved
- Lower-tier users often get short loan tenures (as little as 7 days)
- Limited offline customer support channels

FairMoney works best for Android users looking for an end-to-end financial app: loans, savings, bills, and virtual banking, all in one place.

## Carbon
Carbon (formerly Paylater) was one of the first players to pioneer app-based lending in Nigeria. Over the years, it has evolved into a full-fledged digital bank, offering everything from loans to savings, investment, bill payments, debit cards, and free transfers. Carbon operates on both Android and iOS, giving it a wider reach than FairMoney.

### Key features
- Loan amounts: ₦2,500 to ₦1,000,000
- Interest rates: From 4.5% to 30% per month, depending on your risk profile
- Loan tenure: 1 to 12 months
- Savings & investment: Offers Carbon Save and Carbon Grow for users to earn up to 15.5% per annum
- Cards: Virtual and physical debit cards with 1% cashback on POS transactions
- Disbursement: Instant to your bank account
- Requirements: Smartphone, BVN, valid ID, ATM card (for first-time users)

### Pros
- Available on both Android and iOS
- Transparent pricing and improved credit scoring over time
- Cashback incentives on card spend (POS only)
- Offers more than just loans: digital banking, savings, investment, cards
- Simple user interface with a transaction history log for better financial tracking

### Cons
- Interest rates can be high for new or low-score users (APR can go as high as 195%)
- Some users report delays in receiving debit cards
- Customer support is largely app-based and response times can be slow
- Requires linking ATM cards and validating bank account

Carbon is ideal for users who want more than a loan, those looking for an everyday digital financial solution. If you use your card often, the cashback bonus adds extra value.

## Irorun
Unlike FairMoney and Carbon, Irorun focuses on keeping lending ethical and user-friendly. The name "Irorun" means "ease" or "peace of mind" in Yoruba, and that’s exactly what they aim to provide. Irorun is fully licensed, does not shame users over late repayments, and keeps its terms simple. It doesn’t have savings features, cards, or bill payments for now. Instead, it focuses purely on lending, with a philosophy of respect and trust.

### Key features
- Loan amounts: ₦5,000 to ₦50,000
- Interest rates: Monthly rates start at 5%
- Repayment terms: Flexible, based on borrower history
- Disbursement: Funds go to Irorun Wallet, and then can be withdrawn to any bank
- Repayment: Through app or via wallet deduction
- Requirements: Phone number, BVN, ID. No excessive data permissions required.

### Pros
- No harassment or contact shaming even on defaults
- Friendly, minimalist interface designed for first-time borrowers
- Repayment flexibility: borrowers can choose to forgo overdue penalties after covering their principal and agreed interest
- Perfect for users new to credit or recovering from bad experiences with predatory apps

### Cons
- Loan amounts are small, not suitable for high-value needs
- No iOS app as of now
- Doesn’t yet offer additional financial services like savings or cards
- Still growing; less visibility compared to FairMoney or Carbon

Irorun is best for people looking for a safe, respectful, and non-aggressive way to borrow, especially if you’re testing out digital credit for the first time.

## Which loan app should you choose in 2025?
It all boils down to your needs and values. Use FairMoney if you’re focused on getting larger loans and want a full-featured digital banking app with high-interest savings. But only if you’re on Android. Go with Carbon if you want cross-platform access, banking tools, and rewards like cashback. Just be ready to handle higher interest rates if you’re new. Try Irorun if you care more about ethical treatment, small but fast loans, and not having your phone contacts used against you. It’s ideal for those who’ve had negative experiences with other loan apps. No matter which you choose, remember: Loan apps are tools, not permanent solutions. Borrow responsibly. Understand the terms, repay on time, and avoid borrowing for consumption.





FairMoney vs Carbon: which loan app is better in 2025 and how does Irorun compare?


If your reason for NOT applying for a loan owes to the fact that your income is low, then you should read further…Irorun has something for you 

Yes! Even with a small salary, you can get your loan approved by an AUTHORIZED lender. Here are ways on how you can qualify for a loan with a low income;

## Include every eligible source of income
It’s possible that you feel that your income from your job won’t be considered good by your lender and will thus lead to a loan application rejection, while this has some truth, there are ways to get ahead. Let Irorun show you how

Income doesn’t just mean money you get from a contracted job, it also includes money you receive regularly, therefore the money you receive from your business, side hustles, assets and investments count as income.

Lenders like to see that there are contingencies (plan B) in place that will enable you to pay back your loan. They want borrowers who they are at least 101% sure will be able to pay back (with interest) any amount of money loaned to them and that’s why you must include other sources of income to boost your chances of getting your loan approved.

## Apply for smaller loans
If you have an income of, say N50,000 and apply for a loan of N5m with no extra income source, it’d be tough for you to qualify for a loan. No respectable lender would willingly take that risk. Maybe a loan shark would but you’d be paying back for a very long time.

Ethical Lenders do ensure that they do not disrupt your standard of living while giving you loans and for this reason, they have a basis to refuse your loan application especially if you do not have other sources of income or suitable collateral to back you up. We care too much abi?

Applying for a smaller loan of 30k, 50k or 120k is more likely to be approved because your inflow of cash can carry through without a disruption in your standard of living.

## Add a guarantor
Another way to qualify for a loan even with a low income is to have a trusted family or friend that earns higher than you stand as a guarantor.

A guarantor is someone who agrees to hold responsibility for someone else’s debt if they default. This makes the guarantor equally responsible for paying off the loan. [Read more on who a guarantor is](https://medium.com/@Theirorunapp/10-loan-related-terms-you-must-know-a0185213bdf1).

Having a guarantor with a large income will, in the eyes of the lender, be as if you have a large income (since you’ll both be held responsible for the loan). This could make you eligible for larger loans even if you earn a lot less than your guarantor.

## Build trust with the lender
“Trust is built with consistency”

And this is true for a lender-borrower relationship as well. No reputable lender is going to give you a large loan on your first loan application, with no credit history you are simply not eligible AKA loan-worthy.

You will do better if you take out small loans from your lender over a long period to build up your credit history and trust with your lender.

A lender that you have had several good interactions and loan transactions with will be more likely to approve your large loan. Fostering trust between you and your lender allows for easy loan approval. [Here’s how to build trust with your lender](https://medium.com/@Theirorunapp/why-cant-i-get-a-higher-loan-amount-as-a-new-borrower-200e68bad968).

…

At Irorun, we’ll always show you different routes to seamlessly getting your loan approved.

For further questions or assistance, reach out to us at support@irorun.com now!

How to qualify for a loan with a low income

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

Who are the credit bureau and what do they do?

FairMoney vs Carbon: which loan app is better in 2025 and how does Irorun compare?

How to qualify for a loan with a low income

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

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