Get quick loans to meet your urgent needs

We value and reward loyalty and consistency

Exclusive interest free loans for our VIP customers

We work with you, for you, and never against you

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.


“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

Most lenders take pride in how ‘fair’ they are in their dealings, putting the needs of their clients first and offering them the ‘best’ loan experience.

They often forget that what happens after the loan has been completely paid off also adds to the loan experience.

The final payment of a borrower is like the close of a sales deal. Each person goes away happy (or at least mildly satisfied) with what they got. So why then do some lenders continue to call and send messages to customers, who are no longer interested in their services, about incomplete payments or ‘exclusive’ loan offers.

Well, we can’t exactly tell you their reasons when we don’t know why ourselves. But, what we can do is provide you with tips on how to get these red flag-ridden lenders off your back!

Tip 1 (just kidding but not really): never collect loans from sketchy lenders, there are more reputable lenders like Irorun ready to provide for you.

Now onto the tips proper!

## Review your loan agreement
Let’s be honest with ourselves for a minute, no one reads the terms and conditions except when they really have to. Therefore, this situation is a great time to put on your reading glasses.

There might be a clause in your loan agreement about post-payment communication, specifying when the lender can contact you after you’ve paid off your loan. This clause will also clarify your rights as related to the loan you have borrowed.

## Contact the lender, professionally
You can professionally reach out to your lender. We’re not asking you to start a fight, but politely inquire about the reason for the continuous contact. It could be a payment processing issue or an administrative error.

As mentioned in the previous tip, a clause in your loan terms can state situations where your lender can contact you. An administrative or payment error definitely counts. Again read the fine print.

## Document all communications
To handle these persistent lenders, you have to bring out the tactics that would save you in an escalated situation. Record every interaction with your lender; call logs, emails, SMS etcetera.

These situations rarely escalate and in the slim chance that they do, it’s beneficial to have evidence of the lender’s actions and all your interactions with them.

## File a complaint with the regulators
At this point, we’ve all heard of the credit bureau, the one place no borrower wants to be marked down as a defaulter but It may please you to know that lenders have regulators as well. See how to report unethical lenders.

The regulators are there to ensure that lenders behave within the ambits of the laws. So whenever a lender starts acting suspiciously and you have concrete evidence, report them to their regulator. Don’t say we haven’t done anything for you. 

## Check credit report
Your credit report is an important document that you should check periodically and most importantly whenever you repay a loan.

If the lender does not update your repayment status, they could use this to obtain additional funds from you. So periodically check your credit report to ensure your status has been updated to ‘paid’ or ‘closed’. An incorrect report can impact your credit score negatively.

As always, send us a message at support@irorun.com and let’s pair you with a loan with a responsible and ethical lender.

How to deal with persistent “lender” contact after repayment

Have you been struggling with navigating loan repayment?

All that struggle is about to be history

In this article, we’ll show you 4 ways to repay loans on Irorun.

Let’s dive in, shall we?

## Fund your Irorun virtual account via debit card
To use this method, you need a valid Mastercard or Visa card (unfortunately, Verve cards are not accepted) alongside a unique link created for you.

When you click on this link, you’ll be redirected to a payment gateway page where you’ll be required to input your card details which include: card number, card expiry date and CVV (the three-digit number on the back of your debit card).

Once that is done, a confirmation email or message will be sent to you with a code to verify that yes! you are the one making the transaction (the email or phone number will be the one connected to your card/bank account).

Read more: [10 interesting facts about loans
](https://irorun.com/blog/10-interesting-facts-about-loans)

## Bank transfer to your Irorun virtual account
This might just be the most common method of funding an Irorun wallet account (right after using a debit card, of course).

This method is quite easy. When you originally log in to your Irorun web or mobile app as you, your Irorun-issued virtual account detail is on your dashboard (AKA Sparkle account).

Copy this account detail and input it into your bank app to make the transfer. The details given to you will include an account name and an account number unique to your Irorun account.

As long as you use the virtual account created for you upon your registration, you will be able to make transfers for your loan repayment.

Read more: [What does it mean when your loan is pending?
](https://irorun.com/blog/what-does-it-mean-when-your-loan-is-pending)

## Fund your Irorun virtual account via USSD
This method is a lot like the bank transfer method but without the use of the bank app. Every bank has a unique USSD code that allows you to carry out bank transactions (transfers, bill payments, buying airtime etc.) without the bank app and need for data.

First, you copy your virtual account number from your dashboard when logged in and then you make a transfer to that account using your respective bank USSD code.

This method is great for individuals who can’t access mobile data and are short on time.

Read more: [What’s next for the newly adopted student loan act?
](https://irorun.com/blog/whats-next-newly-adopted-student-loan-act)

## Use the payment link
This fourth option is a combination of all three(3) options above. All Irorun users are assigned a unique link that is either used to make loan payments directly or indirectly as in friends and family. Here’s how others can help you pay back your Irorun loan.

Once this link is clicked, the user is shown three(3) options with which to make payments. These options are:

- Pay with bank transfer: Once you choose this method, you’ll be given your Irorun wallet account details to make a bank transfer.
- Pay with card: This method redirects you to a payment gateway page where you are required to input your card details.
- Pay with USSD: With this method, you’ll be required to make a bank transfer to your Irorun virtual account using your bank’s associated USSD code.

Read more: [4 Financial scams to watch out for
](https://irorun.com/blog/4-financial-scams-to-watch-out-for)
…

Now that you’re well acquainted with how to repay your loan. Let’s find out what could possibly go wrong if one fails to pay back their loan and also the benefits of timely loan repayment.

## Woes of avoiding your loan obligation
- A formal report will be made to the credit bureau and one ends up on a hard-to-wipe-off blacklist
- Court charges and multiple fines to pay, which end up being more of a financial constraint
- Ruined reputation and thus make it increasingly hard to get loans from other lenders
- Credit score takes a hit (as much as 110 points from just one missed payment) and this lowers one’s chance of getting favourable loan terms (large loan amounts and low-interest rates) and loans from other lenders in general
- Accumulation of extra debt in the form of late payment fees or prepayment fees (depending on your perceived offence).

Read more: [What happens when you take out a loan but don’t use it?
](https://irorun.com/blog/what-happens-when-you-take-out-a-loan-but-don%E2%80%99t-use-it)

## Benefits of timely loan repayment
- Credit score gets a boost which increases chances of favourable loan terms
- One gains a trustworthy reputation in the lending world, this increases the chance of lenders willing to trust you with their money
- One attains a more stable financial position allowing them to save up money, and have all debts cleared off while maintaining a good standard of living
- Less feeling of anxiety and stress (no more hide and seek with lenders).

Read more: [5 facts Irorun first-time users should know
](https://irorun.com/blog/5-facts-Irorun-first-time-users-should-know)
…

As always, we’re available to answer all your loan-related questions and assist you in applying for your first loan. Send us a message at [support@irorun.com](mailto:support@irorun.com) and let’s get you started!

4 ways to repay loans on Irorun

Do you still frown your face and feel uneasy when you hear the word “loan?”

Do you still have some unresolved fear or doubt about anything loan-related? 

Then you’re in the right place — this article shows you 7 reasons why taking out a loan is no longer considered scary.

Check them out

## Increased accessibility
One of the major reasons why individuals used to be apprehensive about taking out loans, was mostly due to the inaccessibility of loan agencies and credible lenders. Fortunately, with the steady rise of online lending platforms, it has become easier for individuals to access loans even from the comfort of their homes with minimal documentation, favorable fees and hassle-free. This has greatly improved the face value of how most individuals view loans these days.

## Improved lending standards
Lenders have become more stringent in their lending standards, ensuring the utmost principles and values are upheld. They’ve also made it tougher for malicious individuals to run away from their loan obligations. These standards have also made it difficult for fraudsters and identity thieves to carry out criminal plots, and have made it nearly impossible for individuals to take out loans if they don’t have the means to do so. All of these improved standards have helped in assuring individuals that it’s okay to apply for a loan now. It’s not so scary anymore.

## Better loan products
There are now loan products that cater to the specific needs of individuals. Previously, there were recurrent issues with loans because of the rigidity, as loan terms could hardly be renegotiated and this caused a lot of borrowers to fall into default.

Now, loans can be adjusted to meet the needs of the borrower with terms that are acceptable to both parties. Do you see why it’s not so scary again?

## Greater transparency
Some lenders, without the enforced laws, previously relayed their terms and conditions with lending jargon. Some lenders were also guilty of hiding or stylishly omitting certain key information that could affect a borrower’s loan, causing the individual to get stuck in bad debt.

Fortunately, the laws and policies enacted have made it compulsory for lenders to disclose all terms and conditions clearly and concisely, making it easier for borrowers to understand the full cost of borrowing.

## More flexibility
Loans are no longer scary and it’s also thanks to the flexibility of some loan products, there is now an increased repayment period flexibility, which allows borrowers to choose a repayment period that suits their budget.

In this way, borrowers can take out loans and pay them back without putting a huge dent in their finances.

## Improved customer service
It used to be difficult for borrowers to make enquiries about loans or get in touch with the lender when they had a problem that may affect loan repayment.

Lenders have now improved their customer service to help borrowers throughout the loan process and to answer any questions they may have. Send our customer support team a message at support@irorun.com and let’s get you started on a loan product that fits you.

## Better loan management tools
It’s not easy to manage a loan and that’s why many lenders now offer loan management tools online that help relieve that burden.

Tools like automatic payments and portals for tracking payments and balances have been made to help ease loan repayment and keep track of current or previous debts. All of these tools help borrowers stay out of bad financial situations and protect their credit history.

…

Now that we’ve been able to convince you that the lending world is not so scary anymore — Reach out to us at support@irorun.com, and let’s put you on a loan that fits your current financial situation.

7 reasons why taking out a loan is no longer considered scary

Irorun is your go-to instant loan app in Nigeria for immediate relief. Need {{amount}} today? 

Apply now and enjoy the fastest service available.


Get {{amount}} for {{period}} {{period_type}} Instantly for Your Urgent Needs



Irorun is where to get an {{amount}} loan for {{period}} {{period_type}} to meet your immediate needs with only NIN, BVN and no collaterals. Get disbursed in minutes.

Get ₦30,000 for 5 Months Instantly for Your Urgent Needs

Irorun Blog

10 loan related terms you must know

How to deal with persistent “lender” contact after repayment

4 ways to repay loans on Irorun

7 reasons why taking out a loan is no longer considered scary

Download now