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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
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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 found yourself with money that you didn’t need anymore? I doubt it. We all need money.

How about a loan you didn’t need urgently anymore?

…

Now, Imagine a scenario like this:

A health emergency comes up and the bills are due soon. You decide that the best thing to do at that moment is to apply for a small loan, that’ll help clear up the hospital bills.

You find a responsible lender, apply for a loan and days later your loan is approved and sent to you…

But moments after, you receive a message from a family member telling you that they’ll pay the bill.

That’s great but now you’re stuck with a loan that you no longer need, what do you do?

In this case, there are only two things that can be done, and this article will show you.

You can decide to:

## Return the money
From the moment you sign the loan document, a binding contract exists between you and the lender. And every contract has terms attached to them including terms of dissolution.

This means that to return the loan amount without repercussions, you must read the fine print of the loan terms and ensure your lender is good with the new situation. Don’t transfer the money to your lender without proper documentation and agreement on both sides!

Your lender has most likely gone through a lot of effort to get your loan to you and as such, they want to be paid for their time, this is where the origination fee comes in. It’s taken from your total loan amount (i.e. if you borrow #20,000 and the origination fee is #2,500, you will be given #17,500, but you’re to pay the full loan amount of #20,000). Again, read the loan terms and make informed decisions.

There’s also a possibility of a prepayment penalty (if specified in your loan terms) which usually takes the form of a percentage of the loan balance or the interest rate that will be missed out by the lender. (This prepayment fee varies from lender to lender). [Read more on other loan fees including prepayment fees.](https://creditnigeria.com/types-of-loan-fees)

## Spend the money
Knowing that you may have to put in additional money on your loan if you prepay(i.e pay before your repayment date) might convince you to spend the money on something else. This isn’t a bad idea as long as you’re willing to meet up with your repayment date.

If you have taken out an unsecured loan, your lender is not concerned about the end goal of the loan amount, so you have free rein over how you choose to spend the loan. They’re only concerned when you fail to meet up with your repayment date. In cases where one fails to pay back their lender and tries to outsmart them, they’ll be reported to the credit bureau and their credit score will take a hit. [Here are some of the consequences of loan default.](https://medium.com/@Theirorunapp/consequences-of-ignoring-your-loan-obligation-e2ffb939c601)

With a secured loan, your valuables that were placed as collateral will be at stake if you default on your loan. Any attempt to skip out on a loan puts you and your guarantor (if for any reason you needed one to qualify for the loan) in trouble which will affect both your credit history negatively.

…

As always we want you well-informed before any key financial decision is made. Remember, whatever you decide has to be in line with the loan terms you had with your lender.

If you have any questions please send us a message at support@irorun.com!

What happens when you take out a loan but don’t use it?


“We’ve calculated your APR and emailed the xwyzgegbkirjztycb….do you have any questions?”

“None at all! Where do I sign?”

Eissss stop there!!!

Did you truly understand or you just wanted to sign and collect your money?

We understand that you need a quick fix and can’t wait to complete your loan approval process, but being ignorant of the terminologies can cause you great financial loss in the future, especially with bad lenders.

You must understand every term the lender uses during your loan application. And that’s why we’ve curated 10 easy-to-understand terminologies for you below;

Read more: [How to boost your credit score](https://irorun.com/blog/how-to-boost-your-credit-score)

## Borrower/Debtor
This is the person who takes out a loan from a lender and has a legal obligation to repay with any added fees. (Yes! Amaka na borrow you borrow the money, no be dash them dash you).

## Lender/Creditor
This is an organization or an AUTHORIZED individual that lends money to a borrower to provide help while making a profit. Emphasis on authorized. That dodgy-looking man that lends money to people and beats them up when they don’t pay is not an authorized lender. They have a name — “Loan Shark” (Shine your eye and borrow from legitimate sources o!).

## Debit card
The card we all know and love. This card is connected to your bank account from which you carry out both online and offline transactions with the use of an Automated Teller Machine (ATM) or a Point-of-Sale machine (POS). It is also used as a means of loan repayment, although it shares similarities with the direct debit means of payment. There’s a slight difference in loan fees which debit cards tend to charge higher fees.

Read more: [What you should know about loan penalty charges](https://irorun.com/blog/what-you-should-know-about-loan-penalty-charges)

## Direct debit
Now that your loan has been approved, repayment options are made available and one of them is DIRECT DEBIT. This is when money to repay is taken directly from your bank account only after being AUTHORIZED by you, as your bank cannot allow such to happen without your permission. It is a seamless process and only requires you to submit a mandate to your bank giving the lender permission to debit your account when the loan is due.

## Guarantor
This is a person that comes in only when the borrower is unable to repay the loan. This person could be a friend or family who signs an agreement, alongside the borrower, to take responsibility for a loan if the borrower defaults or does not pay. Once you’ve agreed to be a loan guarantor, it’s almost impossible to withdraw from the responsibility without the express approval of both the lending authority and the borrower. Most of the time, the lender will only approve if there’s another loan guarantor (Siri play Oniduro mi ese o! Because you’re Oniduro for life ).

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

## Installment loan
“I go pay the money small-small before you know e don finish”

An installment loan is the above. It is a type of loan where the borrower repays a portion of the principal and also pays interest on the loan in regularly scheduled payments. This is mostly done for large amounts of loan in an attempt to lessen the financial burden on the borrower. (Aww so thoughtful of us abi?).

## Default
This refers to failure to meet the repayment date following what was stated in the promissory note as a result of financial constraints, money emergencies or witchcraft. Yes! Witchcraft (why won’t you pay back what you borrowed na?). Irorun understands that life happens and if for any reason you find yourself struggling to pay back. Don’t. Ghost. Us. Reach out to us at support@irorun.com and we’ll restructure your loan terms.

## Loan deferment
Sometimes life happens and you might default on your repayment date. Relax it’s not the end of the world . Ethical and authorized lenders have a system that delays your loan payment without violating the loan terms. It is an extension of your loan period by the amount of time you are unable to pay. It serves as an option during loan restructuring. This puts you out of the bureau blacklist and saves your reputation. (See why e good to meet better lender?).

Read more: [5 reasons why your loan was declined](https://irorun.com/blog/5-reasons-why-your-loan-was-declined)

## Loan limit
“If something too sweet e dey run for belle”

And that’s why a loan limit serves as the maximum amount of money the lender will loan to a borrower based on several factors (income, creditworthiness, lifestyle). It helps reduce the issue of runaway borrowers and losses by checkmating the criteria for large amounts of loans. If you have ever wondered why you can’t get bigger loans and what you can do to change that. You should check this out, so you can increase your loan limit as well.

## Principal
This is the original amount of money without any interest and/or charges. It is the amount that ‘you say you want to’ borrow. For example, If you borrow N10,000,000 to buy a car and your loan amounted to N10,050,000. Your principal is N10,000,000. It is the main part of your loan.

Read more: [How to qualify for a loan with a low income](https://irorun.com/blog/how-to-qualify-for-a-loan-with-a-low-income)

…

Do you want to learn more loan terminologies in this same fun way? Reach out to us at support@irorun.com

You want to inquire how to get started on your loan application? Reach out to us at [support@irorun.com](mailto:support@irorun.com)

You have further questions or need us to work with you through taking a loan with us? Reach out to us at support@irorun.com

Also, tell a friend about us!

10 loan related terms you must know


Pulling yourself out of debt can be incredibly challenging especially when other necessary expenses are fighting for your resources as well.

We want to make the process smoother and quicker, by showing you several mistakes you must avoid during this time, so you too can be debt free!

## Bad spending habit
When someone is in debt most of their effort, rationally, should go towards paying off the debt, so why then would they still consider frivolous expenses? (I know you’re not like that sha).

But if for any reason you struggle with bad spending habits that are hindering your finances and you urgently need to clear up debts, here’s what you can do — find better and cheaper alternatives to curb overspending; You want to eat out with friends to catch up? Host an indoor movie hangout with a home-cooked meal. New clothes? You haven’t finished wearing the ones you have . Gadget upgrade? Beautify the one you have (change the screen and get a new pouch). Make a genuine effort to avoid bad spending habits that are likely to push you deeper into debt.

## Trying to do it alone
“No man is an Island”

Being in debt doesn’t automatically make you a lone wolf, you can ask for help from family and friends, and if you can’t do that (you may feel uncomfortable going to them and that’s okay) there are always other options.

You can turn to people around you who can help you create an effective budget system or also try getting an extra income from working for sure jobs. Look through some of your under-utilized skills and start monetising them. So many options available abi?.

Taking on all that pressure alone can be bad for your mental health, so please do ask for help.

## No practical budget
One mistake you must avoid is having no form of budgeting, this would not only slow down your debt repayment, but your finances will also be jaga-jaga.

And that’s why you must create a detailed and realistic budgeting system.

Every aspect of your spending is taken into consideration when making a budget, expenses that you can do without should be taken out entirely and expensive necessities should be exchanged for cheaper alternatives.

The budgeting system should be made around the debt to be paid and with that, every other expense can be calculated in a way that is affordable and efficient. And that’s a smooth path to the “debt-free” bus stop.

## Tackling multiple debts at once
The idea that splitting your finances to tackle multiple debts at the same time will speed up repayments is false. It does work in few cases but puts a damper on your standard of living and leaves you drained in the long run.

A more effective way of debt repayment would be to pay off the larger debt first as they are likely to have higher interest rates. This will free you up from financial constraints in a better fashion than trying to pay off all loans at the same time.

## Not engaging with your creditor
A very common mistake that you must avoid at all costs is the mistake of hiding from your lender when faced with a financial crisis and being unable to repay your loan on time.

The truth is, engaging with your lender honestly and asking for a loan term restructure is well within [your right as a borrower](https://medium.com/@Theirorunapp/know-your-rights-as-a-borrower-a7bdbfda3f8).

Lenders are obligated to listen to your struggles regarding debt repayment they would like to know because your struggles also affect their business. They are willing to make adjustments where it is necessary (reducing interest rate, extending repayment period). [Here’s a step-by-step process on what to do if you can’t repay your loan when due](https://medium.com/@Theirorunapp/what-to-do-if-you-cant-repay-your-loan-when-due-773eb03f7084). Nevertheless, it’s not only during times of struggle that your lender would like engagement, feedback on the loan processing and repayment is also welcome and help to build rapport with your lender.

…

As always, [Irorun](https://irorun.com/) wants you to enjoy a seamless borrowing experience through AUTHORIZED and ETHICAL Lenders (*coughs*like us).

Send us a message today at support@irorun.com and get matched with the loan that’s just right for you!

Mistakes you must avoid when paying off debts


It’s an awesome idea to [opt for small loans to build your credit score!](http://irorun.com/) We agree!

But here’s the thing; many predatory lenders are eagerly waiting to get hold of anyone who’s in desperate need of a QUICK loan.

And because you’ve been our day one we’re going to tell you 3 red flags you must watch out for before you transact with any lender:

## Insanely high-interest rates
A predatory lender is out to take advantage of anyone who’s in desperate need of a quick fix, so they are likely to give out small loans with ridiculously high-interest rates.

Take, for instance, you have plans to take out a loan of N5,000 and a lender offers an interest rate of 50%, at first having to pay N2,500 on N5,000 might not seem like a big deal to you but the more you stew on it the clearer it’ll become. A 50% interest rate on such a small loan could be likened to daylight robbery and any lender who offers you such either expects you to be ignorant or desperate.

This over-inflation of interest rate on small loans is a big red flag for predatory lenders and could cripple your finances.

## No credit report checks
We know that to get approved for any loan there are important documents that should be provided and your bank statement/credit report is one of them.

So for a lender to jump straight to giving you a loan without any strict checks is really fishy isn’t it?

A high credit score is needed to be considered loan-worthy, especially for a large loan. Predatory lenders will try to play off this fact and get you to agree to a loan term outside your comfort zone with false promises of “your credit score doesn’t matter”. (This, my dear friend, is the first of many signs that this lender is setting you up for a destructive loan. FLEE!).

A credit report check shows more than just your borrowing and repaying, it also shows your spending and earning capability, and helps the lender provide the best loan terms for you.

For a lender to ignore your creditworthiness, no matter how small the loan is, is cause for concern (It’s giving we-don-catch-am vibes).

## Extra adjustable repayment terms
When you are given very long or very short repayment terms, it becomes a big problem.

A very long repayment schedule will mean that your interest gets higher as time goes on and it might even get to be equal to your principal(i.e original amount — interest rate).

While a very short loan repayment term can cause problems for you as you stand the risk of being unable to pool your funds together due to a lack of time. This is why an ethical lender ascertains the right repayment schedule for you through thorough checks on your credit history, bank statements and overall finances, leaving enough room for flexibility. Unlike the predatory lender whose methods of lending usually ties you to a destructive loan.

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Irorun understands that emergencies have a way of disrupting plans and making anyone susceptible to manipulation from predatory lenders and their destructive loans.

And that’s why we’ve shown you what to look out for in cases like that. Remember we’re only a message away from setting you up with the loan that’s right for you.

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

How to spot a destructive small loan

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Irorun Blog

What happens when you take out a loan but don’t use it?

10 loan related terms you must know

Mistakes you must avoid when paying off debts

How to spot a destructive small loan

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