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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.

What have you heard about credit reports?

If you’d like to know more…then you’re welcome

First, let’s see what it means…

A credit report is a thorough examination of your credit history prepared by a credit bureau. Credit bureaus gather financial information about you and use it to generate credit reports, which lenders use along with other details to determine your creditworthiness.

In the same sense, you could simply say a credit report is a summary of your past and current credit information. Your credit report may be regarded as a dependable friend or a looming shadow it all depends on the status of your credit accounts at the time and the history of your bill and loan payments. This means that a dirty financial past may turn the ever-dependable credit report into a dark shadow hanging over you.

The process of applying for a loan may seem overwhelming if your financial past has been bumpy. You can prepare for what to expect by knowing what information is on your credit report and how it affects your credit score.

What information appears on your credit report?
Let’s take a look at what’s inside the credit report.

Credit reports contain a wide range of financial information peculiar to you. The following information is frequently found on a credit report, regardless of the credit bureau.

## Personal information
Identifying information, such as your entire name (and any alternative names you may have used in past credit applications, such as surnames before marriage, and your name without your middle name.)

It also contains information such as your birth date, current and previous residences linked to your credit accounts, phone numbers linked to your credit accounts, current and previous employers you’ve listed on credit applications, and more.

This information helps in the confirmation of your identity and to prevent fraudulent acts from being carried out with your identity.

## Accounts
The credit report contains information about your current and historical credit accounts from the last seven(7) to ten(10) years, including installment accounts (loans), the name of the creditor/lender, the opening date and/or closure, the status (such as current or past due), the credit limit (for credit cards) or loan amount, your payment history, and so on.

## Inquiries
Additionally, your credit report contains details about the organizations — loan companies included — that have viewed your report as well as the dates and times of those accesses.

## Information that does not appear on your credit report
Credit reports contain a lot of information, but they also exclude some personal and financial details. Here are a few details you won’t ever find on your credit report:

## Marital status
An individual’s past or present marital status has no place in their credit report. Apart from it being deeply personal and intrusive, it’s not a suitable measure of an individual’s financial status (good or bad) and therefore, has no effect whatsoever on one’s credit score.

## Income
One’s income from their place of employment is also not included in a credit report. Although some lenders require such information before making a loan application decision.

## Bank account details
The credit report also doesn’t contain an individual’s bank account details. However, certain details, such as your bank account statement are considered by a lender when reviewing a loan application. This confirms one’s cash inflow and outflow and helps the lender determine if the client can afford the loan.

## Education
The educational level or history (past or present) is not included in a credit report. So don’t worry if you crashed out of the university, it has no bearing on your creditworthiness. What must be noted is the individual’s age, as any loan application is only legal for persons aged 18 and above.

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As always, Irorun brings the most useful information to you and is further available to answer your questions and offer assistance in securing your first loan, send us a message at support@irorun.com!

What is a credit report and what can be found on it


Unlicensed lenders AKA loan sharks mostly prey on families of low income or those who find themselves in difficult times and in dire need of a quick fix. *Urgent 2k*.

Here are a few ways to recognize them. As they operate outside the law, you’ll likely:

**Be offered a cash loan:** Most loan sharks tend to operate with cash, but do take note that some may operate online as well.

**Notice a lack of paperwork:** Loan sharks won’t give you a formal agreement which makes it easy for them to change loan terms in their favor at the drop of a hat.

**Get poor/vague loan terms:** Loan sharks tend to be unclear about the amount of interest they charge and repayment terms. Sometimes, they might straight up give you outrageous terms to work with. (But since you’re in urgent need… you feel as though you have no other option).

Get a loan without the necessary checks: Loan sharks won’t conduct any checks or assessments before giving out a loan. (It’s giving sketchy abi?).

**Face harassment and threats if you are behind on repayment:** Unauthorized lenders are not afraid to resort to threats of violence and harassment if you are behind on your loan repayment.

**Be pressured into borrowing more:** The moment a loan shark gets you to borrow from them, they’ll charge you such high-interest rates that you’ll never be able to repay in full. They may even convince you to borrow more from them in the illusion of paying off your previous debt with the new one.

The purpose of this article is not just to help you recognize these loan sharks but to give you a way to sort out any issues that you as a borrower may face when confronted with a loan shark you borrowed from.

## Formal report to the authorities
When you are being harassed and threatened by a loan shark, a formal report can be made to the authorities with proof that your life is being threatened. And that can be acted on.

It’s very important to note that just because a loan shark can’t take legal action against you for not repaying your loan because they’re unlicensed, doesn’t mean that they won’t take drastic measures illegally. Remember, these individuals operate outside of the law. It would do you good to not purposefully antagonize a loan shark.

**PS:** Licensed lenders have the right to take legal action against you if you default on loan repayment, as it’s still a civil offense.

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At Irorun, we understand that it can be tough to find an ethical lender that respects [your rights as a borrower](https://medium.com/@Theirorunapp/know-your-rights-as-a-borrower-a7bdbfda3f8), that’s why we constantly bring you actionable tips on how to get the best borrowing experience.

Feel free to send us a message at support@irorun.com to get started with your loan!

How to deal with loan sharks

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?

Have you always had this thought about loan repayment? — “it doesn’t matter when I pay back, as long as I pay.”

Here’s the thing, there are key benefits (you may or may not have been missing out on) for individuals who pay off their loans early and since we’re still in the season of giving, we’d like to share 5 of these benefits with you.

Check them out!

## Improve credit score
One’s credit score is a major ticket to getting larger loan amounts, better approval rates, as well as favourable terms and conditions. How can you get a good credit score? By paying off your loan early.

Taking the initiative to pay off your loan early, before the due date elapses can help you improve your credit score and make you eligible for better loan options.

## Get out of debt faster
No one likes to be in debt and when they are, they want nothing more than to get out of it. You should work to get out of debt faster by paying off your loan early As this enables you to focus your finances on other key expenses. It’s also important to know that the faster you get out of debt, the less likely you’re to fall prey to financial woes.

## Improve cash flow
Another major benefit of paying off your loan early is the improvement it brings to your overall finances, especially your cash flow. When thinking about their daily expenses, one takes into account their cash flow (income + expenditure). An individual who is in debt has a reduced inflow of cash to cater for their other expenses, this is because a part of their income is removed to focus on clearing debt. But, when the individual channels all their resources to pay off their loan early, it creates more room for them to have full control and ownership over their income.

## Good reputation with lenders
Paying back your loan on time helps you build a good relationship with your lender. A lender who trusts that you will always pay back your loan on time will be willing to lend to you.

Having a good reputation with lenders opens you up to better opportunities to be eligible for larger loan amounts and longer loan terms.

You can’t go wrong with having a lender that trusts you, they will be eager to cater to your loan needs especially in times of emergencies because they are certain you won’t delay your repayment or try to trick them.

## Peace of mind
There is nothing better than knowing that you are debt-free and can spend your money on what you need and also what you want.

Debts, most times, can be a huge weight on your shoulder. They tend to stress you out and take away your focus from your financial goals.

Paying back your loan early can give you the peace of mind that allows you to concentrate and smash the other financial goals you’ve set for the year.

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If you require further information or assistance on how you can get your first loan, please send us a message at support@irorun.com, we’ll be happy to help!

5 benefits of paying off your loan early

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Irorun Blog

What is a credit report and what can be found on it

How to deal with loan sharks

Tinubu has approved loans for students — are you eligible?

5 benefits of paying off your loan early

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