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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.

Life has a funny way of throwing curveballs just when you think you’ve got everything figured out. You’ve paid your rent, handled the school fees, and sorted out the essentials. Then suddenly, your phone runs out of data during an important meeting, or you realize you’re out of fuel on your way to an appointment. N10,000 may not seem like a lot to some, but in these moments, it’s the lifeline that keeps your day on track.

In today’s world, having access to a small, quick loan can be the difference between resolving a minor inconvenience and spiraling into a bigger financial mess. With a growing number of Nigerians looking for ways to manage unforeseen expenses, getting a fast N10,000 loan is more relevant than ever.

## What can 10,000 naira do for you?
Let’s face it: N10,000 won’t change your entire financial situation, but it can definitely save you from a few headaches. Whether it’s topping up your electricity meter, paying for unexpected transport, or restocking groceries, having a bit of extra cash on hand can provide much-needed breathing space.

Let’s break it down:

### Medical emergencies
Perhaps a family member falls ill unexpectedly, and you need to buy medications urgently. 10,000 naira can help you avoid delay, allowing you to quickly get the care or medicines you need.

### Household expenses
Imagine running out of electricity or gas, and payday is still a week away. With N10,000, you can keep the lights on or prepare meals without borrowing from friends or family.

### Transport costs
Whether it's an urgent trip to handle a family issue or a need to get to work, unexpected transport expenses can throw a wrench into your plans. That quick loan of N10,000 ensures you don’t miss important appointments.

### Phone/data refill
In today’s digital age, being without data can stop many of our daily tasks, from work to personal communication. A small loan like this can ensure you stay connected when it matters most.

When you think about it, N10,000 is more than just a number; it's the reassurance that you can handle minor crises without derailing your budget. [According to recent reports](https://blogs.worldbank.org/en/opendata/nigerias-dichotomy-low-unemployment-high-poverty-rates), access to a quick N10,000 loan could be the key to navigating through a tough week in a country where the unemployment rate hovers around 33%. It’s not about luxury. It's about survival and stability when life’s uncertainties strike.

## Where can you get an urgent 10,000 naira loan?
[Irorun](https://irorun.com/), which means "peace of mind" in Yoruba, offers a smooth loan process ranging from N1,000 to N50,000. You don’t need any collateral or extensive paperwork, just basic information, your BVN, and a valid ID. With a flat interest rate of 15% and a small processing fee, Irorun is perfect for anyone who needs fast cash with minimal hassle. Plus, the money is disbursed in minutes, with repayment periods of up to 30 days.

## Why choose Irorun?
While there are plenty of platforms offering quick loans, Irorun’s simplicity and accessibility make it a top choice:
- Minimal requirements: You only need your BVN, valid ID, and some personal details — no lengthy paperwork involved.
- Inclusive: Whether you're employed, self-employed, or temporarily unemployed, Irorun makes loans accessible to everyone.
- Round-the-clock access: Irorun operates 24/7, meaning you can apply for a loan whenever an emergency strikes.
- Multiple channels: You can access loans via our [mobile](https://play.google.com/store/apps/details?id=com.irorun&hl=en&gl=BM) and [web app](https://app.irorun.com/).

## Get 10,000 naira loan for when you need it the most
Unexpected expenses don’t have to derail your financial stability. [With Irorun](https://lendsqr.com/lenders/irorun), you have a reliable solution at your fingertips, whether you need a small loan of N10,000 or more. Irorun's flexible lending options ensure you can tackle unforeseen costs without added stress or delays.


Need an urgent 10,000 naira loan? Here’s where to get it

“Read the fine prints, ask all the right questions, do all the digging necessary because — it’s money involved”

A highly overlooked question to ask before any loan transaction is the “do you charge extra fees?” question.

When taking out a loan, you must know that various fees differ with each lender. These fees could be paid before, during or after your loan application.

We’ve carefully selected 3 types of loan fees you’re most likely to come across:

## Processing fee
The lender has to bear some administrative costs while processing your loan. This is usually a small amount, which varies from lender to lender and typically costs a small percentage of the total amount of the loan.

Depending on the lender, a processing fee may be paid upfront by a potential borrower just to set things in motion since a lot of work goes into determining whether or not you qualify for a loan. It could also be deducted from your loan amount before disbursal.

The processing fee is meant to compensate the lender for the expertise, time, and effort it takes. Some charge a flat rate while others set the fee as a percentage of the loan amount. This fee is non-refundable even if the loan is denied.

Read more: [7 ways to spot a loan scam](https://irorun.com/blog/7-ways-to-spot-a-loan-scam)

## Late payment fee
The late payment fee as the name implies is a fee that is paid when a borrower fails to meet up with their loan repayment schedule. The late payment fee is also called a penalty charge and it varies from lender to lender. Some lenders offer a grace period unique to their policy before the late payment fee begins.

Late payment fees are either a flat fee or calculated as a percentage of the due amount. If you suspect that you won’t be able to make a payment on time, contact your lender and see what other options are available to you. Read more on late payment fees.

Read more: [Myths vs. Facts of microloan apps](https://irorun.com/blog/myths-vs-facts-of-microloan-apps)

## Prepayment fee
Some lenders also charge a prepayment fee when a borrower pays back their loan before the scheduled repayment date. [Early payment reduces the interest that the lender would have gotten throughout the loan](https://irorun.com/blog/what-influences-the-interest-rates-for-loans). Thus the lender issues a penalty to compensate for the loss.

Always confirm with your prospective lender whether prepayments are against the terms of the loan. The actual cost of a prepayment penalty will vary depending on how it’s being charged. It can be charged in one of three ways:

- As a percentage of your loan balance
- As the extra interest, your lender is missing out on since you paid off the loan early
- As a fixed fee

As a rule of thumb, we encourage you to inquire from the lender what other fees or payment policies there might be before any transaction is carried out. This prevents cases of I-didn’t-know or they-cheated-me. It also prevents issues of loan default and dispute.

Read more: [How to spot a destructive small loan](https://irorun.com/blog/how-to-spot-a-destructive-small-loan)

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We hope this helps you make informed loan decisions as you go.

For any further questions or assistance, shoot us a message at [support@irorun.com!](mailto:support@irorun.com)

3 types of loan fees you should know about


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

Are you thinking of your first loan application attempt?

Irorun has carefully selected common issues you are likely to come across and how to tackle them.

Let’s jump right in 

## Choosing a lender
Many borrowers find it difficult to choose who to borrow from and when it comes to small loans, you will find hundreds of lenders out there, each claiming to be the best. This can be an issue for borrowers.

However, it is essential to know that one lender is not the best for all borrowers. One size doesn’t fit it all.

You should compare lenders based on their various loan terms such as loan amount, interest rate, repayment period, eligibility criteria, document requirements, customer service, and other parameters. This makes it easier to choose one that offers your required loan rate with suitable terms and conditions.

## Failure in the first stage
As unbelievable as it may be, a lot of borrowers do not even pass the first stage of verification. There are many rejections due to an inability to meet the prospective lender’s requirements as well as other issues such as age inconsistencies or an unstable income.

One way to avoid such a situation would be to ensure the eligibility criteria of lenders. When completing a loan application, it’s important to state all the details correctly.

The lender will check your credit report and verify your details. If both parties are not compatible, there is a good chance your application will be rejected.

## Hidden charges
Most people tend to ignore any charge that is not the interest rate. You shouldn’t do this. These charges can become a really big problem later. Some fees that are not mentioned when you take out a loan are processing fees, fines on late payment, charges on prepayment, transactional fees etc.

As a rule of thumb, it’s important that you ask your prospective lender questions regarding other fees to prevent surprise fees.

## Credit score
One’s credit score says more about their finances than one could ever say about themselves. It’s an honest indication of your financial skills. And no responsible lender will be enthusiastic to “compromise” when it comes to your credit score.

Lenders need to verify your creditworthiness before lending because as we always say, a lender who’s not afraid to lose their money is dangerous. No lender would lend to someone if they were unsure of the person’s capability to repay the loan with interest. Here are some tips to help you boost your credit score.

## Documentation mishap
Several go into loan application and approval, fortunately, digital lending platforms have made the process oh-so-easy.

Yet, there are some necessary checks that lenders can’t compromise on. Lenders carry out a careful assessment of your documents as well as confirm genuineness through live-means and this can be an extensive process.

However, all the work that goes into this process is not only important but also essential to avoid any future issues. The best method to go about this process is to make a checklist of all the required documents before submitting them to the lender. This prevents issues of misspelled names, inconsistent data etc…

## Liveness check
We earlier mentioned how lenders verify your identity through live-means. This is what we mean — Irorun, for example, will need you to do a face match to confirm “genuineness”. This becomes an issue when one is in an environment with bad lighting, thereby discrediting their authenticity. We no fit give loan to who him face no show o!

Although it might seem frustrating, Irorun only does this in your best interest. You should put an effort in making sure your facial details show up clearly (take pictures in places with good lighting), failure to do so can lead to a rejection.

There are scammers out there who could have the complete details of another individual but they won’t have the same face. So, a facial match helps prevent fraudulent acts like identity theft.

## Access to data
People tend to feel vulnerable when they give a site or app access to their data, they tend to think of the worst-case scenario. I mean who can blame them, there are some malicious lenders out there, but despite all that, ethical lenders will never misuse your data. Here’s why you can trust Irorun to never misuse your data.

Granting access is not necessarily a bad thing as some vital information they need to process your identity could be gotten from your device. Some people, without knowing the implication, deny lenders access to their devices and this can cause lenders to doubt your authenticity. Remember, that the lender is also taking the risk of lending to you.

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We’re just a message away, talk to us at support@irorun.com to get answers to all your questions and assistance in securing your first loan!

7 common loan issues

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Need an urgent 10,000 naira loan? Here’s where to get it

3 types of loan fees you should know about

5 types of loans common in Nigeria

7 common loan issues

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