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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.


Are you currently considering getting a loan but don’t know how to get on with it?

Then you should read further…

This article shows you 4 reasons why you should consider getting a loan from a digital lending platform:

## Fast processing
There was a time when taking a loan was attributed to being rich because only the wealthy could walk into a bank, drop collateral, go through the plenty-plenty application process and come back home with a loan.

Many individuals found it frustrating and unfair and so wrote off getting a loan legitimately…

But the world has since changed with tons of digital lenders at your beck and call. Loan application and approval time today can be measured in minutes all thanks to the ease of these platforms.

You can now escape the hassle of waiting long periods to get your loan approved and within a few hours your loan amount is sent to you. This quick processing period has proven to be a lifesaver in times of emergencies for many individuals.

Read more: [Bad credit: understanding causes and implications
](https://irorun.com/blog/bad-credit-understanding-causes-and-implications)

## Easy-to-understand documentations
The process of getting online instant loans requires some documents and financial details to be made available (as appropriate), and these documents are put forth in a way that makes it easy for individuals to understand with ease.

Legitimate lending platforms have made loan terminologies and concepts easy to understand, and this has reduced the “fear and uncertainty” surrounding the lending industry. These apps tend to be simple and require less documentation and details. Check out Irorun for example!

An instance where one applies for a loan and is asked to provide their bank verification number (BVN) will be less of a hassle than being asked to provide financial records of their thriving business. Ps: Remember to do your research before giving out your financial details to any lender!

Read more: [How to spot a responsible online lender
](https://irorun.com/blog/how-to-spot-a-responsible-online-lender)

## Better alternative than unregistered lenders
turn to unregistered lenders (loan sharks) when we can’t get approval from traditional banks, but with the help of digital lending platforms, one can avoid a lifetime of grief and harassment from these wolves masquerading as lenders.

Digital lending platforms have strict checks and authorization processes that separate them from unauthorized lenders, this reduces one’s chances of falling prey to bad lenders. Here’s how you can spot authorized and responsible lenders.

Read more: [Where to get 5,000 naira urgent loan
](https://irorun.com/blog/5000-naira-urgent-loan-options)

## Builds credit score
Another major reason why you should consider digital lending platforms is the major role it plays in boosting your credit score.

These platforms usually provide microloans AKA small loans that are easy to repay within the agreed repayment schedule. This is a plus for you as it’s an effective means to build your credit score. Check out other ways to can build your credit score.

Your original goal may not have been to borrow from an online loan app but why not make the most of it? If your credit score was deemed too low to get the amount of money you wanted originally or you’re yet to have a credit score attached to your credit profile, a digital lending platform is the best place for you to start building your credit score.

[With a higher credit score, your chances of securing a larger loan increases and so does your credit profile](https://irorun.com/blog/5-facts-you-must-know-about-credit-score-in-nigeria). In 2023, every adult needs an outstanding credit profile.

Wondering where to go from here? Then send us a message at [support@irorun.com](mailto:support@irorun.com) and we’ll get you started!

4 reasons to consider loans from digital lenders in 2023

Tola’s heart sank as she opened her phone and saw a message from her landlord. The rent was due in just two days, and she still needed 20,000 Naira. As a fashion designer struggling to get her business off the ground, she had already stretched her budget thin this month, pouring every last naira into fabric and supplies for an upcoming market.

The thought of losing her home loomed large, threatening to snuff out her dreams. With no collateral to secure a loan and no family she could turn to, she felt trapped. But then a friend mentioned Irorun, a platform offering quick loans without the usual fuss.

With a mix of hope and skepticism, Tola decided to give it a shot. It was a gamble, but sometimes, you have to take a leap when the stakes are high. If you’re in a similar bind, needing urgent cash without collateral, [Irorun](https://irorun.com/) might just be the help you’re looking for.

## Why small, no-collateral loans like Irorun’s are in high demand
The need for accessible, short-term loans is higher than ever in Nigeria. Here’s why:
- Rising living costs: With food prices up by nearly 38% in the past month, covering even basic expenses can be challenging for many Nigerians​.
- Limited financial inclusion: Only about 45% of Nigerian adults have access to traditional banking services, making digital lending an essential option for people who don’t qualify for standard loans.
- Emergency preparedness: Over 80% of Nigerians pay for healthcare out of pocket, meaning that unexpected medical expenses often require immediate cash, which can be hard to come by without flexible lending options around. With Irorun’s fast and secure process, more people have access to these essential loans when they need them most.

## Irorun’s 4-step process
Here’s how Irorun makes it simple to get 20,000 naira in minutes:
Step 1: [Download and register on the Irorun app](https://play.google.com/store/apps/details?id=com.irorun&hl=en&gl=BM): Download Irorun’s app from the Google Play Store. You’ll start by registering and setting up a basic profile.
Step 2: [Fill in your details](https://irorun.com/blog/a-simple-guide-to-the-irorun-loan-application-process): The application is straightforward. Enter your BVN, a valid ID, and a few personal details. There’s no paperwork or need to pledge any assets as collateral, making it accessible to more people.
Step 3: [Choose your loan amount and review terms](https://irorun.com/blog/what-is-found-in-a-typical-loan-terms-and-conditions): For this scenario, select 20,000 naira as your loan amount. Irorun charges a flat 10% interest, so you’ll know right away that your repayment will be 22,000 naira after 7 to 30 days, depending on your repayment choice.
Step 4: [Approval and disbursement in minutes](https://irorun.com/blog/do-you-want-your-loan-approved-try-these-5-hacks): Once you submit, Irorun processes applications almost instantly. Approved funds are sent directly to your bank account, typically within minutes, which is ideal for real-time needs.

## Criteria for obtaining a 20,000 naira loan with Irorun
If you're looking to apply for a N20,000 loan from Irorun, you'll need to meet the following essential criteria:
- Valid identification: You must present a government-issued ID, such as a National ID, driver's license, or voter’s card, to verify your identity.
- Bank statement: A recent bank statement is required to showcase your income and ability to repay the loan, helping Irorun confirm that you have a steady salary.
- Employment verification: Since Irorun caters specifically to salary earners, you'll need to submit proof of employment, such as an offer letter or a document verifying your current job status.
- BVN (Bank Verification Number): Your BVN is needed for identity verification and to ensure the security of your loan application.
- Video attestation: You'll need to record a brief video confirming your identity and that you are applying for the loan yourself, adding an additional layer of security.

## Apply for a loan now
Help is just a few clicks away. Whether it’s for 20,000 naira or more, [Irorun is here to support you](https://lendsqr.com/lenders/irorun) with hassle-free access to quick loans, keeping you focused on what really matters.







Where to get urgent 20,000 naira without collateral


Sometimes all you really need is a small and quick fix to sort out that financial crisis…

And that’s where a MICROLOAN comes into play.

There are a lot of benefits associated with taking out a microloan and today we’ll be exploring 5 of these benefits:

## Easy application
If you think about it, you are more likely to give a friend 5k if they ask for it rather than give them 500k. True or true?

It’s the same with lenders; they’ll be more likely to approve a small loan than a larger one especially when it’s your first or second time borrowing from them. Small loans tend to be less of a hassle considering plenty of documentation and interviews are not required unlike with a larger loan. Larger loans require a lot of documentation, interviews and a higher level of loan worthiness and therefore are harder to apply for.

## Credit history/score building
One key benefit of a microloan is the ease of being able to pay back with little to no inconvenience.

Now picture this scenario; You take out a microloan that you are dead sure you will be able to pay back and keep this cycle for, say about 7 months. Your credit history is going to be very long and ATTRACTIVE to lenders, won’t it?

Why?

Because you have a LONG history of paying back your loan on time.

This is a great strategy for building your credit score and giving you a packed credit history (Remember, with a clean and extensive credit history you become eligible for LARGER loans). [Here are some other ways to boost your credit score](https://medium.com/@Theirorunapp/how-to-boost-your-credit-score-e723bd2ce497).

## No collateral required
A commonly spread myth about loans is the assumption tHat eVerY lOan rEquiRes cOllaTerAl. This isn’t true, some loans, especially micro-loans require no collateral.

No one is going to take away your car if you take out a 20k loan. Collateral is mostly required for large loans and has to be of equal or greater value than the loan amount. Microloans can easily be paid back, so collateral tends to not be a requirement. This means that you can easily get that loan to build up your credit score without the feeling of impending doom hovering above you.

## Predictable repayment schedule
Microloans, because of their size, tend to have a standard repayment method. This is because most microloans are installments and have a fixed schedule attached to them. Repayment dates are usually seven days after taking the loan.

If you time it right, you will always be able to repay your loan on time, this means that you can predict the repayment date, take out loans accordingly and have control of your finances. Win-win.

## Fixed interest rate
Microloans tend to have a fixed interest rate, there will be no changes to the interest rate even in the case of inflation, so when you take out the loan you can calculate how much your interest will be before the due date. This combined with a predictable repayment schedule can make your loan journey very enjoyable. No surprises there abi?

With much larger loans, the interest rate is dependent on the type and terms of the loan, a fixed-interest loan will keep the interest predictable but a variable loan would be unpredictable as it could rise/fall with inflation/deflation.

…

Remember that [Irorun](https://irorun.com/) offers microloans as small as N5,000 and as large as N50,000.

Send us a message to get started at support@irorun.com!

5 Benefits of a microloan AKA small loan

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.

…

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

4 reasons to consider loans from digital lenders in 2023

Where to get urgent 20,000 naira without collateral

5 Benefits of a microloan AKA small loan

What influences the interest rates for loans?

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