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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.

It’s never a great experience to get ripped off your hard-earned money 

In this article, we’ll discuss 7 ways you can spot a loan scam

Check them out 

## The lender assures a high chance of approval
One of the many ways to spot a loan scam is through the “Guaranteed approval” claim. The lender would try to assure you that you have a high chance of being approved for a loan. You might even be honest with them and say you don’t meet all the requirements but they’d tell you that you would be approved. It’s giving sketchy!

Fraudulent lenders aren’t interested in your creditworthiness. They tend to seek borrowers who are more likely to fall behind on loan payments which would lead to them having to pay high late payment fees and penalties. These types of lenders tend to make claims like “Everyone is approved!”. Your best bet is to steer clear of them.

## The lender doesn’t have any evidence of license to lend
Lending is a regulated business and as such lenders are required to be licensed to give loans. Our friends at Lendsqr have done an amazing job of explaining the different licenses a lender could hold before they give out loans.

Loan scammers usually don’t have licenses so you can easily spot one when you check the lender’s website to verify the list of states where it can legally conduct business.

## The lender demands upfront payment
Some scammers have been known to demand debit cards or sensitive banking information from borrowers. They claim they need the information for insurance, collateral or fees. Legitimate lenders may charge a fee for your application, but those charges are deducted from your loan. Any lender who demands an upfront payment in exchange for loan approval is most likely up to no good. Remember, an upfront payment (illegal) differs from a processing fee (legal).

## The lender pressures you to act immediately
When a prospective lender gives you an ultimatum or a deadline to apply for a loan with them, with a warning of “offer expires soon”. There’s a possibility such a lender is either hiding something or It may be a ploy to get you to make a rash decision without having time to do your research to uncover the scam they’re running. Shine your eyes o!

## The website is not secure
There are scammers out there with active and running websites in hopes of seeming legitimate, and they use these unsecured websites to steal sensitive information by using a malware bug. It works just like any other loan website and sometimes can be tricky to uncover unsecured websites, but here’s a helpful clue - Unsecured websites usually begin with “HTTP” instead of “HTTPS”.

## The lender is not transparent about extra fees
Most predatory lenders will avoid posting their fees on their websites or disclosing them when asked. They may also tell you that you’ve been approved for a loan and then demand a fee from you upfront. While some reputable lenders do not list their fees on their websites, fees should be disclosed during the application process and before you sign anything.

Hidden fees that are imposed after loan approval are a huge red flag!

## Too good to be true syndrome
The reality of this situation is that if a loan offer sounds too good to be true, it probably is. Legitimate lenders won’t just call you out of the blue with an irresistible loan offer. You likely won’t qualify for a loan with an unbelievably low rate or a bad credit history. As always, remember that a lender who’s unafraid to lose their money is definitely one to steer clear off!

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Now that you know how to spot and avoid loan scams, it’s a good time to send us a message at support@irorun.com and let’s get you started on taking your first loan!

7 ways to spot a loan scam

Reading your loan terms and conditions should be a necessity for any potential borrower, but just in case you don’t see why you should…

Here are eight(8) reasons why you should read the terms and conditions of your loan.

## Know your interest rate
Every lender has a different way of calculating their profits on a loan, and by profit, we mean interest rate. Just because lender A gives you an interest rate of 10% on a 300k loan doesn’t mean it’ll be the same for lender B.

Interestingly, lender B might even offer you a 5% interest rate on that 300k loan. When you get a loan offer with a slightly high-interest rate (any interest rate, really), you should compare it with the offers of other lenders to see if it’s the best for you or if you could find something better. In essence, you can find a loan’s interest rate clearly stated in the terms and conditions.

## Other processing fees
Some fees will be paid during the processing period that might not be explicitly mentioned but will be in the loan terms and conditions. Sometimes you wonder why you’d apply for a #50,000 loan and you’d be given #48,500, well that fee deducted is called a processing fee that you may not know about, except you take the effort to read through the terms and conditions.

Once again, we advise that you find out if any other fees are included in your principal amount (loan + interest rate) by reading the terms and conditions, then factor these fees into your budget before proceeding with the loan transaction.

## Repayment terms
Most borrowers tend to assume how or when they’ll pay back their loan but the truth is, you might think one thing and your lender, another.

The loan terms and conditions always contain accurate information on how long you’ll be repaying a loan for, how you’ll be repaying it and how lenient the lender will be towards a loan renegotiation.

Everything that has to do with your repayment will be included in your terms and conditions. Rather than assumptions or guessing games, ensure you read through the loan terms and conditions.

## Penalties
Now there may come a time when you’ll be unable to pay your loan on time (never say never), you may be offered a grace period by your lender or you may not (you have to inform them either way) but there will definitely be a penalty fee levied against you (amount differs between lenders)

All these (the grace period and penalty fee) will be included in your loan terms and conditions and happen to be very important knowledge to have for when you unintentionally miss your loan repayment. See why you should read T&C?

## Reporting
The lender might not outrightly say it but it may be stated in your loan terms and conditions. They have the right to report you to any of the functioning credit bureaus in the country if you default on your loan.

It’s advisable you read up on your loan terms and conditions for the knowledge of who you would be reported to if you perhaps bail out on your loan repayment.

## Guarantors
One thing you must take note of is that any guarantor (family or friend) that aids you in getting a loan is going to be punished if you default on loan repayment.

The loan terms and condition also contains what your lender is legally able to do to any defaulting guarantor. This is why you should be well informed of the consequences of defaulting on your loan obligation either as the direct borrower or as a guarantor. Here are some other consequences of defaulting on your loan obligation.

## Borrower’s rights
Yes, you do have rights as a borrower which means that there are things that you can and can’t do as a borrower. As well as things that can and can’t be done to you by a lender.

Reading the terms and conditions can help you discover and understand what you can and cannot do and if your rights have been infringed upon in any way. Check out some other rights you have as a borrower.

## Room for more questions
You can never have too many inquiries and reading the terms and conditions is bound to leave you with more than a few.

Reading the terms and conditions allows you to ask a lot of questions you’ve had in mind and even those you didn’t think about previously. It will help you clear up any misunderstandings and uncertainties before transacting.

Remember, any lender who’s not interested in providing clear answers to your questions may just be one you should steer clear of.

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Send us a message at support@irorun.com and let’s help you get your first loan!

8 reasons why you should read loan terms and conditions

We’ve all been there. It’s mid-month, and your wallet feels lighter than a feather. You think you’re good until you remember your transport budget is spent, the stove’s out of kerosene, or you get a call about an unexpected bill. Suddenly, that small 5,000 naira becomes the difference between calm and chaos.
But in a country with a minimum wage of N30,000, N5,000 might not sound like much. Still, when life happens — and it often does — this “small” amount can feel huge. And for many Nigerians, having quick access to just 5,000 naira could make all the difference. It’s the lifeline that keeps your day running smoothly or helps you manage an unexpected crisis.

## What can 5,000 naira do for you?
Don’t let the number fool you. N5,000 can stretch surprisingly far. Imagine needing medicine at the pharmacy or a last-minute grocery run. Maybe you’ve run out of gas for cooking, or worse, you need urgent transport to an important meeting.
These aren’t “luxury” expenses but essential ones. And with N5,000, you can cover those emergency needs without digging into funds meant for rent, school fees, or other significant expenses. It’s the cash buffer that helps you keep things on track when life throws a wrench into your carefully planned budget.
[According to a recent report, about 40% of Nigerians live on less than N10,000 per month](https://www.thisdaylive.com/index.php/2024/06/07/bagudu-despite-economic-growth-40-of-nigerians-still-live-below-poverty-line/), which makes N5,000 significant for short-term relief in tight situations. It’s not about reckless spending. It’s about preparing for life’s little surprises.

## Where can you get an urgent 5,000 naira loan?
True to its name, which means "peace of mind" in Yoruba, [Irorun](https://irorun.com/) offers a hassle-free way to get a loan ranging from N1,000 to N50,000 without collateral or extensive documentation. You can apply through our app or website, and your loan will be disbursed in minutes. Irorun’s flat interest rate is around 15%, with a processing fee of N400. The repayment period is flexible, ranging from 3 to 30 days. It’s designed for Nigerians who need quick access to credit without jumping through hoops.

## Why choose Irorun?
Irorun stands out from the crowd not only because of its simplicity but also due to its customer-centric approach:
- No documentation: Just your basic details, BVN, and a valid ID. No need for cumbersome paperwork.
- Available for anyone: Irorun caters to all, whether you’re self-employed or working full-time.
- 24/7 online access: Get a loan anytime, anywhere — no waiting for business hours.
- Multiple channels: You can access loans via mobile and web app.

## What if you can’t get a loan from Irorun?
Irorun understands that sometimes, one may not qualify for a loan due to circumstances like poor credit history or insufficient verification. However, we don’t leave you hanging. We recommend other trusted platforms like [SnapCash](https://lendsqr.com/lenders/snapcash), [Urgent10K](https://www.urgent10k.ng/), and [Blocka Cash](https://blocka.cash/), ensuring you can still find the funds you need. This dedication to helping customers, even when they can’t assist directly, sets Irorun apart.

## Get 5,000 naira loan now!
Help is just a few clicks away. Whether you need N5,000 or more, [Irorun is here to support](https://lendsqr.com/lenders/irorun) you with hassle-free access to quick loans, keeping you focused on what really matters.



Where to get 5,000 naira urgent loan


If your reason for NOT applying for a loan owes to the fact that your income is low, then you should read further…Irorun has something for you 

Yes! Even with a small salary, you can get your loan approved by an AUTHORIZED lender. Here are ways on how you can qualify for a loan with a low income;

## Include every eligible source of income
It’s possible that you feel that your income from your job won’t be considered good by your lender and will thus lead to a loan application rejection, while this has some truth, there are ways to get ahead. Let Irorun show you how

Income doesn’t just mean money you get from a contracted job, it also includes money you receive regularly, therefore the money you receive from your business, side hustles, assets and investments count as income.

Lenders like to see that there are contingencies (plan B) in place that will enable you to pay back your loan. They want borrowers who they are at least 101% sure will be able to pay back (with interest) any amount of money loaned to them and that’s why you must include other sources of income to boost your chances of getting your loan approved.

## Apply for smaller loans
If you have an income of, say N50,000 and apply for a loan of N5m with no extra income source, it’d be tough for you to qualify for a loan. No respectable lender would willingly take that risk. Maybe a loan shark would but you’d be paying back for a very long time.

Ethical Lenders do ensure that they do not disrupt your standard of living while giving you loans and for this reason, they have a basis to refuse your loan application especially if you do not have other sources of income or suitable collateral to back you up. We care too much abi?

Applying for a smaller loan of 30k, 50k or 120k is more likely to be approved because your inflow of cash can carry through without a disruption in your standard of living.

## Add a guarantor
Another way to qualify for a loan even with a low income is to have a trusted family or friend that earns higher than you stand as a guarantor.

A guarantor is someone who agrees to hold responsibility for someone else’s debt if they default. This makes the guarantor equally responsible for paying off the loan. [Read more on who a guarantor is](https://medium.com/@Theirorunapp/10-loan-related-terms-you-must-know-a0185213bdf1).

Having a guarantor with a large income will, in the eyes of the lender, be as if you have a large income (since you’ll both be held responsible for the loan). This could make you eligible for larger loans even if you earn a lot less than your guarantor.

## Build trust with the lender
“Trust is built with consistency”

And this is true for a lender-borrower relationship as well. No reputable lender is going to give you a large loan on your first loan application, with no credit history you are simply not eligible AKA loan-worthy.

You will do better if you take out small loans from your lender over a long period to build up your credit history and trust with your lender.

A lender that you have had several good interactions and loan transactions with will be more likely to approve your large loan. Fostering trust between you and your lender allows for easy loan approval. [Here’s how to build trust with your lender](https://medium.com/@Theirorunapp/why-cant-i-get-a-higher-loan-amount-as-a-new-borrower-200e68bad968).

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At Irorun, we’ll always show you different routes to seamlessly getting your loan approved.

For further questions or assistance, reach out to us at support@irorun.com now!

How to qualify for a loan with a low income

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Irorun Blog

7 ways to spot a loan scam

8 reasons why you should read loan terms and conditions

Where to get 5,000 naira urgent loan

How to qualify for a loan with a low income

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