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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.

Have you ever wondered why some people get their loans approved and others don’t?

It all boils down to the qualities that endear lenders to them.

No lender wants to take a chance on someone they’re “unsure” of.

So, here are 5 qualities that’ll endear you to responsible and ethical lenders:

## Creditworthiness
Good credit history is one quality lenders tend to look out for in a borrower. A good credit score, and a squeaky-clean reputation, go a long way in helping you secure that loan you want.

When a lender looks through your credit history and sees that you have built up a high credit score by being very meticulous about paying back your debts on time and have never defaulted on your loan, they will be less likely to deny the loan amount you are asking for. A good name is better than riches

## Good money management skills
A good borrower should be self-aware of their financial standing and tailor their loans to expenses that are of the utmost importance. The ability to separate wants and needs is a skill that is highly underestimated among many today but is one that can make or break a borrower.

Good money management skill helps in maintaining a favourable standard of living even while in debt and also helps one clear them quickly without trouble.

Most of the time, bad money skills are why many shy away from loans. The misconception that loans are responsible for debts is completely false. Bad money management skills are the reasons why people fall into debt.

## Trustworthy
Another quality of a good borrower is to have a profile that screams “I can’t and won’t run away with your money.” If a lender cannot trust you with their smallest loan amount, how can they be expected to trust you with a significantly larger amount?

Building trust is not just about paying back your debts on time, it also involves communicating with your lender If there are any issues you may have with repayment.

Building trust with your lender also increases your chances of getting approved for a much larger loan.

## Punctual repayment
This quality is a favourite of most lenders. It not only builds trust with your lender but also boosts your credit profile.

A good borrower should always endeavour to meet up with the scheduled repayment date and inform their lender if they will be unable to meet up, so that an alternative may be decided on. Ghosting your lender is not a good look. It screams yahoo-yahoo.

## Good spending habits
As much as your lender has no say in how a borrower should spend their loan, having good spending habits is an attractive quality a borrower should have. A good money quality everyone should have is the ability to cut down unnecessary spending habits and create alternatives that help save money while also meeting one’s needs.

An individual in debt should not be using their loan to buy items they can do without. No Amara you don’t need another pair of pink shoes.

Even though good money habit is not the key to wealth — at least it’ll help you keep the wealth when you get there.

Thank you for coming to Irorun’s TEDtalk. Stay rich rockstar!

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Our support is here for you as always, so send us a message at support@irorun.com!

5 qualities of a good borrower


Sometimes all you really need is a small and quick fix to sort out that financial crisis…

And that’s where a MICROLOAN comes into play.

There are a lot of benefits associated with taking out a microloan and today we’ll be exploring 5 of these benefits:

## Easy application
If you think about it, you are more likely to give a friend 5k if they ask for it rather than give them 500k. True or true?

It’s the same with lenders; they’ll be more likely to approve a small loan than a larger one especially when it’s your first or second time borrowing from them. Small loans tend to be less of a hassle considering plenty of documentation and interviews are not required unlike with a larger loan. Larger loans require a lot of documentation, interviews and a higher level of loan worthiness and therefore are harder to apply for.

## Credit history/score building
One key benefit of a microloan is the ease of being able to pay back with little to no inconvenience.

Now picture this scenario; You take out a microloan that you are dead sure you will be able to pay back and keep this cycle for, say about 7 months. Your credit history is going to be very long and ATTRACTIVE to lenders, won’t it?

Why?

Because you have a LONG history of paying back your loan on time.

This is a great strategy for building your credit score and giving you a packed credit history (Remember, with a clean and extensive credit history you become eligible for LARGER loans). [Here are some other ways to boost your credit score](https://medium.com/@Theirorunapp/how-to-boost-your-credit-score-e723bd2ce497).

## No collateral required
A commonly spread myth about loans is the assumption tHat eVerY lOan rEquiRes cOllaTerAl. This isn’t true, some loans, especially micro-loans require no collateral.

No one is going to take away your car if you take out a 20k loan. Collateral is mostly required for large loans and has to be of equal or greater value than the loan amount. Microloans can easily be paid back, so collateral tends to not be a requirement. This means that you can easily get that loan to build up your credit score without the feeling of impending doom hovering above you.

## Predictable repayment schedule
Microloans, because of their size, tend to have a standard repayment method. This is because most microloans are installments and have a fixed schedule attached to them. Repayment dates are usually seven days after taking the loan.

If you time it right, you will always be able to repay your loan on time, this means that you can predict the repayment date, take out loans accordingly and have control of your finances. Win-win.

## Fixed interest rate
Microloans tend to have a fixed interest rate, there will be no changes to the interest rate even in the case of inflation, so when you take out the loan you can calculate how much your interest will be before the due date. This combined with a predictable repayment schedule can make your loan journey very enjoyable. No surprises there abi?

With much larger loans, the interest rate is dependent on the type and terms of the loan, a fixed-interest loan will keep the interest predictable but a variable loan would be unpredictable as it could rise/fall with inflation/deflation.

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Remember that [Irorun](https://irorun.com/) offers microloans as small as N5,000 and as large as N50,000.

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

5 Benefits of a microloan AKA small loan

Sometimes life hands you a bill, and payday isn’t anywhere in sight. Maybe your car decides to break down right before an important trip, or a family member needs some immediate assistance. Whatever the reason, a quick 50,000 naira loan for a short period. The key is knowing where to find a reliable lender without the stress of lengthy paperwork.

Here’s everything you need to know about getting that 50,000 naira in a pinch and how to make the most of it without disrupting your budget.

## How to get a 50,000 naira loan from Irorun
When it comes to reliable lending options, Irorun is designed for flexibility and convenience. With a seamless online platform, Irorun offers fast, easy access to loans without the complexities associated with traditional banks. Here’s how Irorun makes the process simple and accessible:

- Application process: Irorun’s application can be completed in just a few minutes. You need only your [BVN](https://irorun.com/blog/why-do-lenders-need-bvn-is-it-necessary-to-get-a-loan), [a valid ID](https://irorun.com/blog/what-you-should-know-about-uploading-id-on-irorun), and some basic personal information. Simply log in via the [mobile app](https://play.google.com/store/apps/details?id=com.irorun&hl=en&gl=BM) or [website](https://irorun.com/), select your loan amount (up to 50,000 naira), and fill out the required fields.
- Quick review and approval: Irorun’s approval process is fast, often within minutes of application submission. Once approved, the funds are sent to your account almost immediately.
- Transparent fees: Irorun offers a straightforward, a 10  - 15% interest rate . There are no hidden fees, so you know upfront what the repayment amount will be, which makes planning easier.
- Flexible repayment: With a 30-day repayment period, you can plan to repay on your next payday or schedule accordingly, making it easy to manage your cash flow without pressure.

## What makes Irorun stand out?
Many platforms offer small loans, but Irorun’s approach is designed for today’s busy and unpredictable lifestyle. Here’s what makes Irorun a trusted option:
- Fast funding: Irorun prides itself on quick processing. From application to disbursement, the entire process can be completed in minutes, which is perfect for emergencies.
- No collateral needed: With Irorun, there’s no need for collateral or guarantors. This no-hassle approach ensures that borrowers can access funds without stress.
- Easy access, anytime: Irorun’s platform operates 24/7, meaning you can apply for a loan whenever you need it, whether it’s day or night.
- Budget-friendly terms: With the option to choose a loan amount that fits your situation, Irorun helps you manage repayment without straining your budget.

## Tips for managing your 50,000 naira loan
While a short-term loan is helpful, managing it wisely is key to making sure it works for you. Here are a few strategies:
- Budget your repayment: Set aside part of your next paycheck or income to cover the loan’s repayment. Planning ahead can prevent last-minute struggles.
- Use the loan for necessities: Focus on essential expenses like medical bills, repairs, or business needs. This way, the loan works as a bridge to help you through a temporary challenge without accumulating unnecessary costs.
- Stay in contact with Irorun: If your financial situation changes, reach out to Irorun. [They have a helpful customer service team](support@irorun.com) ready to discuss repayment options if needed.

## Get a 50,000 naira loan in minutes with Irorun
Life doesn’t always give us time to prepare for financial surprises. A 50,000 naira loan from Irorun offers immediate relief with minimal fuss. No collateral, fast approval, and transparent costs mean you can handle urgent expenses with ease.
Whether it’s a health bill, an important payment, or just getting through a tough month, Irorun’s 30-day loan can provide the support you need without adding unnecessary stress. So, next time you’re in a pinch, remember that with Irorun, a quick solution is just a few taps away. [Apply for a 50,000 naira loan for 30 days now](https://lendsqr.com/lenders/irorun).



Where to get 50,000 naira loan for 30 days

Bad credit, simply put, is what an individual gets when they don’t handle their money well, which results in a low credit score.

A credit score is a three-digit number that shows how trustworthy someone is when it comes to borrowing money; the higher your credit score, the more trustworthy you seem, but when someone has bad credit, it becomes harder for them to borrow money. This is mostly because lenders begin to see lending to them as a risk not worth taking.

An individual with bad credit might have trouble getting loans, credit cards, or even renting a home. To improve bad credit, it’s important to start paying bills on time, paying off debts, and using credit responsibly. Over time, these actions can help rebuild a better credit score.

Now that you’ve been briefly introduced to bad credit, let’s delve further into it shall we? 


## Causes of bad credit
Let’s take a look at some of the triggers of bad credit

## Late or missed payments on loans or credit cards
When one consistently fails to make payments on time or skip payments altogether for loans or credit cards, it demonstrates unreliability in managing your financial obligations. These late or missed payments can harm your credit history and contribute to bad credit. Lenders are wary of anyone with consistently unreliable loan repayment schedules.

## High level of outstanding debt
Carrying a significant amount of debt compared to your income can indicate financial strain and an increased risk of default. When one’s outstanding debt is high, it suggests a heavy financial burden and makes lenders more hesitant to lend and even extend further credit, contributing to bad credit. Smart lenders stay running from those deep in debt.

## Unresolved financial obligation or default
Failing to fulfill your financial obligations, such as neglecting loan repayments or neglecting to settle outstanding debts, can lead to defaults. Defaults indicate a breach of trust between you and your creditors, negatively impacting one’s credit score. No lender wants to bet on uncertainty.

## Limited credit history or lack of credit account
If you have a limited credit history or no credit accounts at all, lenders have little information to evaluate your creditworthiness. Without a track record of responsible credit management, it becomes challenging to establish trust and can make it harder to obtain credit, potentially leading to bad credit. Very few lenders would take a chance on a first-timer or a no-timer.

## Implications of bad credit in Nigeria
Let’s take a look at some of the consequences of bad credit

## Difficulty obtaining loans in the future
Bad credit can make it challenging to secure loans from lenders. Due to a history of credit problems, lenders may view you as a higher-risk borrower, resulting in potential loan rejections or limited borrowing options. Oh! Bummer 

## Higher interest rates and fees on borrowed money
When you have bad credit, lenders may consider you a higher-risk borrower, which often leads to higher interest rates on loans or credit cards. Additionally, lenders may impose additional fees or charges to compensate for the perceived risk. Higher fees spell trouble for the individual trying to get by 

## Challenges in accessing bank loans and financial services
Banks and financial institutions typically have stricter lending criteria, making it harder for individuals with bad credit to access their services. This limitation can include obtaining bank loans, mortgages, or other financial products that require a good credit history. Not a good look on your credit profile 

## Difficulty starting or expanding a business due to limited financing options
Bad credit can hinder entrepreneurs and small business owners from securing financing to start or expand their ventures. With limited access to business loans or lines of credit, it becomes harder to fund necessary investments and achieve business growth. Most dreams are funded by loans or startup capital. Bad credit means a lower chance of getting that business off the ground or funded at all. 

## Negative impact on employment prospects and rental applications
Some employers and landlords consider an individual’s credit history as part of their screening process. Bad credit can raise concerns about financial responsibility, potentially impacting your chances of being hired or approved for a rental property. HRs are definitely not keen on betting on an employee with an awful financial history.

## Improving a bad credit score
Here’s how you can improve bad credit

## Paying bills and debts on time to establish a positive payment history
Consistently making timely payments for your bills and debts is crucial in improving your credit. This is a key factor in boosting your creditworthiness and staying off the bad credit path.

## Reduce outstanding debt by creating a repayment plan
Creating a structured repayment plan to tackle any outstanding debt is essential in improving your credit situation. By consistently making payments and reducing your debt balances, you demonstrate responsibility and decrease your overall debt-to-income ratio. A win-win for all!

## Building a positive credit history over time through responsible financial behaviour
This is essential for building a positive credit history. It includes managing your credit accounts wisely if any, taking out loans responsibly, and avoiding excessive debt. Over time, your consistent responsible financial behavior will contribute to a much-improved credit profile. Again, we cannot stress how important good credit is to your financial reputation!

Avoiding bad credit is important, but what’s even more important is aiming for good credit. It offers you a smooth gateway access to loans and financial opportunities, lower interest rates, and improves your chances of snagging that job.

Good credit brings stability and expands your options for achieving the goals you’ve set out. By being financially responsible, paying bills on time, reducing debt, and building a positive credit history, you lay the foundation for a better financial future. Rockstars can’t be caught slacking when it comes to money. And that’s why Irorun always curates the best all-you-need-to-money-right articles 

We know you have questions, shoot us a quick message at support@irorun.com and let’s get you making the right money choices ASAP!

Bad credit: understanding causes and implications

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Irorun Blog

5 qualities of a good borrower

5 Benefits of a microloan AKA small loan

Where to get 50,000 naira loan for 30 days

Bad credit: understanding causes and implications

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