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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.


Do you have a [good credit score?](https://www.cnbc.com/select/what-is-a-good-credit-score/)

Or you don’t want to talk about it…

A credit score is a three-digit number, typically issued by a credit bureau, that helps lenders to determine your creditworthiness. Credit scores are generated to reflect the credit risk associated with borrowers; basically, the probability that you will repay the loan.

The higher your credit score, the better. A good credit score helps you get lower interest rates, puts you on the best loan terms with lenders, increases your chances of securing a larger loan and overall increases your creditworthiness.

And that’s why Irorun is bringing you easy and fast ways to boost yours today!

## Start with small loans
Now you have to know that a credit score does not just show up out of nowhere. To get one (or to begin the process of building one) you have to take out loans.

“But I thought I can not get loans if I do not have a credit score?”

No, no, You can not get LARGE LOANS if you do not have a good credit score or no credit score at all. That is why you have to start with small loans, little amounts that should give you no trouble while paying back. (Remember, the goal here is to boost your credit score).

Furthermore, you can sign up with AUTHORIZED and ETHICAL lenders like Irorun that you can apply for small loans from, without hassle, repay in no time at all and this helps to boost your credit score. (What are you waiting for?).

## Make repayments on time
As much as taking out loans helps to boost your credit score, it doesn’t mean much if you refuse to make repayments on time, your credit score is bound to go lower if you keep on making late repayments and this is one way you can boost your credit score faster.

Your credit score helps to determine your creditworthiness, so doing right by your loan and making your repayment on time will give you a reputation as a very good borrower as well as boost your credit score. It’s for this reason, that if you are unable to make your repayments on time, inform your lender before the due date so that renegotiation can be made (Amaka don’t run away with our money).

## Avoid round-tripping or sweeping
Your money story nor clear finish –Your lender.

Round tripping or sweeping is that fishy process where one immediately withdraws or transfers money that comes into one’s account the moment it arrives usually to places where their spend pattern cannot be analyzed (Egbon it’s giving yahoo-yahoo).

Your lender likes being able to see through your bank statement to get a read on what your spend and gain pattern looks like(A.K.A wetin dey chop your money and wetin dey give you money).

So a bank statement that simply contains credit and then an immediate debit does not look good. It seems sketchy, doesn’t it?

This can cause you problems with your bank and affect your credit score because that account’s bank statement cannot be used to properly assess your eligibility for a loan.

## Avoid negative account balance
There are times when your account balance reads its lowest or does not have enough for what you need so you decide to take an overdraft (this in and of itself holds no issue), a problem pops up when you are unable or refuse to pay that overdraft and your account ends up reading in the negative.

Remember that an overdraft is still a type of loan that banks give and that a refusal or inability to pay lowers your credit score.

In the same sense, banks also have a habit of taking their charges from your account even though it reads almost empty, this puts it in the negative and thus affects your credit score.

## Check for error and report any mistakes on your credit report
A credit report is a record of a borrower’s credit history from different sources e.g banks, credit card companies, government agencies etc…

You must be wondering how you can get yours?. The good news is that you’re eligible to get one free credit report per year, and you can get yours when you apply with [First Central](https://firstcentralcreditbureau.com/), [CRC](https://www.crccreditbureau.com/product/crc-self-enquiry?coupon=FREEREPORT&ref=_home) or [CreditRegistry](https://creditconnection.creditregistry.ng/).

An instance where you identify an error on your credit report, you must immediately contact the credit bureau with your details;

1. Your full name
2. Phone contact
3. BVN
4. Gender
5. Evidence of payment
6. Letter of non-indebtedness

As long as you’re able to prove that you’re not indebted to any lender, you can [repair you history with the credit bureaus](https://medium.com/@Theirorunapp/how-to-repair-your-history-with-the-credit-bureaus-c5ffd45a52f2).

As a rule of thumb; Request for your credit report at least once a year, check for errors and report accordingly so that the proper corrections can be made to prevent future grievances with your lender.

…

Now, you know how to boost your credit score. Don’t you think it’s time to start with the first step?

Reach out to us at support@irorun.com to get started on your first small loan that’ll take you to LARGER LOANS!

How to boost your credit score

It’s absolutely heartbreaking to get a “no” when you so desperately need a “yes”, especially in time-sensitive cases where you urgently need cash.

And that’s why Irorun has curated 5 reasons why your loan can get declined. To prevent it from happening to you.

## Low credit score
One common reason your loan may be declined is having a very low credit score, which is a blaring sign for two things — a new borrower or a loan defaulter, both of which can be risky to lend to. Your credit score shows how creditworthy you are, and when it sits in the lower range, it raises the question “Can I trust this borrower to pay back with ease?”

Having a very low credit score does not stand alone as a reason for a declined loan application but it could play a big role.

Lenders like Irorun endeavour to give fair treatment to all new and earnest borrowers. Read more on how to boost your credit score.

## Unstable income
When you apply for a loan, your lender is always going to inquire about a source of income whether you have one or not. Lenders want their prospective borrowers to have a stable source of income as it shows that they will be able to pay back their loan on time.

An unstable source of income is a red flag to many lenders as it’s a sign that you may not be able to afford a loan at the moment.

Remember, a stable source of income doesn’t mean one source of income like a salary. It just means that your bank statement should reflect constant monthly cash inflow. This reduces your chance of having your loan declined.

## Invalid means of identification
A lack of a current and valid means of identification is another reason that your loan may be declined, as, without one, a lender has no means to verify your identity and as such cannot be sure that you are who you say you are.

Declining a loan application made without a current and valid ID is simply done to prevent fraud and identity theft as we can never be too careful. Therefore, a lack of proper identification increases your chances of getting a “no.”

## Applying for a large loan amount
Large loans are usually reserved for our loyal users who have proven to us numerous times, that they can not only be trusted but also afford to pay us back with ease. If you’re new to Irorun, and you apply for a large loan, there’s a high probability that your request will be declined.

Not to worry, here’s how you can get bigger loans with us in the future.

## Not meeting the basic requirements
To be eligible for a loan some basic requirements are to be met. They include:

- Being of legal age to apply for a loan (18 years and above)
- Being a legal citizen of a country with a valid ID card
- Up-to-date bank statements or some form of financial record/verification.

Not meeting up with these requirements automatically puts you out of the running for a loan, you should ensure that before applying for a loan you meet these requirements, to avoid your loan being declined.

…

For more clarification and assistance, reach out to us at support@irorun.com!

5 reasons why your loan was declined

The newly elected president of the Federal Republic of Nigeria has been making the news since his inauguration. From fuel subsidy removal to the electricity act, and now our latest law in place; THE STUDENT LOAN ACT.

This act was signed into law as an effort to make education accessible to students from all backgrounds who are at their tertiary level of education. The new student loan act offers up to N500,000 a year at an interest-free rate, as well as provides funds for all education-related issues, including textbooks, and research.

And since Irorun is your one-stop for the best financial news, we’ve curated an all-you-need-to-know article on the new student loan act. You’re welcome!

Facts you should know about the student loan act
We never want you to run on hearsay or “dem say dem say” and that’s why we’ll be taking a closer look at some of the facts of this new act. Shall we?

## Application criteria

You may already be wondering “What are the requirements, and how do I know I’m eligible?”. We got you!

The applicant must have gained admission into any Nigerian University, Polytechnic, College of education, or Vocational school established by the Federal Government or any state government: This means that the student loan act is only applicable to students studying in Nigeria. Sorry to our Diasporan readers…
The applicant’s family must have a yearly income that does not exceed N500,000: For those whose parents or guardians earn about a million a year, they don’t qualify for the student loan. Please note that this means; the monthly income in your family must be about N42,000.
Each intending applicant must have a minimum of two guarantors who must fall into one of the following categories:
Civil servants of at least Level 12 in the service — this refers to a civil servant with grade level 12 and earns between N255,000 to #N700,000 monthly
Lawyers with a minimum of 10 years of post-call experience — this refers to a lawyer of the federation with a minimum of 10 years of experience after being called to the bar.
Judicial officers or Justices of the Peace — a local judicial official who is empowered chiefly to administer oaths, perform marriage ceremonies, certify documents, and in some states may have additional judicial powers (as to issue summonses).
Disqualification criteria

We’ve seen the eligibility criteria, now let’s take a look at the disqualification criteria.

Parental loan default: If the intending applicant’s parent has been found to have defaulted on a previous loan, the applicant is immediately disqualified.
Applicant’s loan default: For an applicant who has taken out a previous loan and is found to have defaulted on the said loan, there is also an immediate disqualification.
Criminal offenses: If an applicant is found to be convicted of a felony (any offense punishable by death or imprisonment of 3 years or more without previous conviction), be found to be involved in a drug case or has been/is involved with examination malpractice, they are automatically disqualified from participating in the student loan act.
Repayment and penalties

This seems a tad bit unreal, doesn’t it? We’re all skeptical about how effective and helpful this new act will be to the average Nigerian youth

You may already be wondering how the student loan will be repaid and the associated penalties. Again, we’ve got you covered.

Students are required to begin repayment for the loan 2 years after their National Youth Service Corps (NYSC) program with a deduction of 10% from their monthly salary or total monthly profit (if they are self-employed).
Self-employed individuals must submit relevant information and documentation such as business name, address, location, registration documents (if applicable) within 60 days to the committee.
The chairman of the committee is to be notified of a job change within 30 days of working under new employment.
Failure to pay back the student loan will result in a fine of N500,000 or imprisonment for a term of 2 years.
This scheme is set to be managed by the Central Bank of Nigeria on behalf of the federal government. The governor of the CBN shall set up a special committee and head this committee as the Chairman. He shall also appoint a committee secretary.

According to the new act, students applying for loans must apply to the chairman of the education Fund committee through the student affairs officer of their respective institutions upon satisfying the criteria above. Loan disbursements are made within 30 days of the application reaching the chairman of the committee.

Now that you’re well informed of all the necessary details of the new student loan act. Will you be applying anytime soon? Are you eligible? 

Tell us what you think in the comments!

Tinubu has approved loans for students — are you eligible?

One of the most common mistakes borrowers make when applying for a loan is uploading the wrong identity documents, unintentionally or intentionally.

Your ID is more than a formality; it’s an important part of your financial profile. Ensuring that your ID documents are exact and up to date in your loan applications can help you prevent trouble that may arise in your loan approval process.

Before we get to the implications of incorrect ID uploads, we’d like to share a few helpful ID-upload tips for all our Irorun Rockstars (new and prospective).

## Mandatory document upload
When you’re considering getting a loan from Irorun, one important thing to know is that we need you to give us an official, accepted and up-to-date means of identification, like your national ID, driver’s license, or passport.

There’s no bargaining or talking your way out of it. It’s like having to show your ID to open a bank account; we need to know you are who you claim to be. Your ID is like your ticket to the loan, and you’ve got to have it ready when you apply. No negotiations allowed.

## Accepted forms of IDs
Before diving into lending with us at Irorun, you should know what you can use to prove your identity when applying for a loan. We know that different organizations have various means of identification that they accept, and the same applies to us, too.

We acknowledge these as the only acceptable means of identification: National Identity Card (NIN), Voter’s card, Driver’s license, NIN slip, and International passport. Any other form of identification will be deemed invalid and rejected during the loan application process.

## Commonly mis-uploaded IDs
Despite the clear guidelines provided to our dear customers, some persons ‘unintentionally’ upload IDs that we don’t accept at Irorun. While work IDs and National Youth Service Corps IDs serve as a valid means of identification to other organizations, they are not valid at Irorun.

Submission of these documents will not be accepted, and loan applications will promptly be rejected.

## Implication of incorrect ID uploads
Uploading the wrong identification documents can lead to various complications and cause delays in your loan processing. Some of these include:

## Verification challenges
The verification procedure may be affected if the information on your identification documents is wrong. This might cause annoying delays in getting your loan approved, increasing the stress for you and the lender.

## Risk of loan denial
Your loan application may be declined when you provide an ID that the digital lender doesn’t acknowledge. This means you may not receive the necessary financial assistance you seek and may also incur additional financial issues.

## Document rejection
Identification documents with inaccuracies are more likely to be rejected. This denial means you’ll have to resubmit the right ID, which can prolong the loan application process. So a quick once-over of your personal information before submission is important when transacting with digital lenders. Afterall, these these lenders receive a high influx of other applicants daily.

It doesn’t take a lot to carefully verify and ensure that you are uploading one of our accepted forms of ID. This prevents unnecessary time wastage while also shortening the loan application review process. Win-win for all of us involved!

As a security measure, remember to stay vigilant when exchanging personal information with digital lenders. Read more on what to keep in mind when providing personal information to a digital lender****.

Shoot us a quick message at support@irorun.com and let’s get you started on that loan application!

The costly error of uploading incorrect IDs on your loan application

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Irorun Blog

How to boost your credit score

5 reasons why your loan was declined

Tinubu has approved loans for students — are you eligible?

The costly error of uploading incorrect IDs on your loan application

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