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.

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

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

Tola’s heart sank as she opened her phone and saw a message from her landlord. The rent was due in just two days, and she still needed 20,000 Naira. As a fashion designer struggling to get her business off the ground, she had already stretched her budget thin this month, pouring every last naira into fabric and supplies for an upcoming market.

The thought of losing her home loomed large, threatening to snuff out her dreams. With no collateral to secure a loan and no family she could turn to, she felt trapped. But then a friend mentioned Irorun, a platform offering quick loans without the usual fuss.

With a mix of hope and skepticism, Tola decided to give it a shot. It was a gamble, but sometimes, you have to take a leap when the stakes are high. If you’re in a similar bind, needing urgent cash without collateral, [Irorun](https://irorun.com/) might just be the help you’re looking for.

## Why small, no-collateral loans like Irorun’s are in high demand
The need for accessible, short-term loans is higher than ever in Nigeria. Here’s why:
- Rising living costs: With food prices up by nearly 38% in the past month, covering even basic expenses can be challenging for many Nigerians​.
- Limited financial inclusion: Only about 45% of Nigerian adults have access to traditional banking services, making digital lending an essential option for people who don’t qualify for standard loans.
- Emergency preparedness: Over 80% of Nigerians pay for healthcare out of pocket, meaning that unexpected medical expenses often require immediate cash, which can be hard to come by without flexible lending options around. With Irorun’s fast and secure process, more people have access to these essential loans when they need them most.

## Irorun’s 4-step process
Here’s how Irorun makes it simple to get 20,000 naira in minutes:
Step 1: [Download and register on the Irorun app](https://play.google.com/store/apps/details?id=com.irorun&hl=en&gl=BM): Download Irorun’s app from the Google Play Store. You’ll start by registering and setting up a basic profile.
Step 2: [Fill in your details](https://irorun.com/blog/a-simple-guide-to-the-irorun-loan-application-process): The application is straightforward. Enter your BVN, a valid ID, and a few personal details. There’s no paperwork or need to pledge any assets as collateral, making it accessible to more people.
Step 3: [Choose your loan amount and review terms](https://irorun.com/blog/what-is-found-in-a-typical-loan-terms-and-conditions): For this scenario, select 20,000 naira as your loan amount. Irorun charges a flat 10% interest, so you’ll know right away that your repayment will be 22,000 naira after 7 to 30 days, depending on your repayment choice.
Step 4: [Approval and disbursement in minutes](https://irorun.com/blog/do-you-want-your-loan-approved-try-these-5-hacks): Once you submit, Irorun processes applications almost instantly. Approved funds are sent directly to your bank account, typically within minutes, which is ideal for real-time needs.

## Criteria for obtaining a 20,000 naira loan with Irorun
If you're looking to apply for a N20,000 loan from Irorun, you'll need to meet the following essential criteria:
- Valid identification: You must present a government-issued ID, such as a National ID, driver's license, or voter’s card, to verify your identity.
- Bank statement: A recent bank statement is required to showcase your income and ability to repay the loan, helping Irorun confirm that you have a steady salary.
- Employment verification: Since Irorun caters specifically to salary earners, you'll need to submit proof of employment, such as an offer letter or a document verifying your current job status.
- BVN (Bank Verification Number): Your BVN is needed for identity verification and to ensure the security of your loan application.
- Video attestation: You'll need to record a brief video confirming your identity and that you are applying for the loan yourself, adding an additional layer of security.

## Apply for a loan now
Help is just a few clicks away. Whether it’s for 20,000 naira or more, [Irorun is here to support you](https://lendsqr.com/lenders/irorun) with hassle-free access to quick loans, keeping you focused on what really matters.







Where to get urgent 20,000 naira without collateral


Are you currently considering getting a loan but don’t know how to get on with it?

Then you should read further…

This article shows you 4 reasons why you should consider getting a loan from a digital lending platform:

## Fast processing
There was a time when taking a loan was attributed to being rich because only the wealthy could walk into a bank, drop collateral, go through the plenty-plenty application process and come back home with a loan.

Many individuals found it frustrating and unfair and so wrote off getting a loan legitimately…

But the world has since changed with tons of digital lenders at your beck and call. Loan application and approval time today can be measured in minutes all thanks to the ease of these platforms.

You can now escape the hassle of waiting long periods to get your loan approved and within a few hours your loan amount is sent to you. This quick processing period has proven to be a lifesaver in times of emergencies for many individuals.

Read more: [Bad credit: understanding causes and implications
](https://irorun.com/blog/bad-credit-understanding-causes-and-implications)

## Easy-to-understand documentations
The process of getting online instant loans requires some documents and financial details to be made available (as appropriate), and these documents are put forth in a way that makes it easy for individuals to understand with ease.

Legitimate lending platforms have made loan terminologies and concepts easy to understand, and this has reduced the “fear and uncertainty” surrounding the lending industry. These apps tend to be simple and require less documentation and details. Check out Irorun for example!

An instance where one applies for a loan and is asked to provide their bank verification number (BVN) will be less of a hassle than being asked to provide financial records of their thriving business. Ps: Remember to do your research before giving out your financial details to any lender!

Read more: [How to spot a responsible online lender
](https://irorun.com/blog/how-to-spot-a-responsible-online-lender)

## Better alternative than unregistered lenders
turn to unregistered lenders (loan sharks) when we can’t get approval from traditional banks, but with the help of digital lending platforms, one can avoid a lifetime of grief and harassment from these wolves masquerading as lenders.

Digital lending platforms have strict checks and authorization processes that separate them from unauthorized lenders, this reduces one’s chances of falling prey to bad lenders. Here’s how you can spot authorized and responsible lenders.

Read more: [Where to get 5,000 naira urgent loan
](https://irorun.com/blog/5000-naira-urgent-loan-options)

## Builds credit score
Another major reason why you should consider digital lending platforms is the major role it plays in boosting your credit score.

These platforms usually provide microloans AKA small loans that are easy to repay within the agreed repayment schedule. This is a plus for you as it’s an effective means to build your credit score. Check out other ways to can build your credit score.

Your original goal may not have been to borrow from an online loan app but why not make the most of it? If your credit score was deemed too low to get the amount of money you wanted originally or you’re yet to have a credit score attached to your credit profile, a digital lending platform is the best place for you to start building your credit score.

[With a higher credit score, your chances of securing a larger loan increases and so does your credit profile](https://irorun.com/blog/5-facts-you-must-know-about-credit-score-in-nigeria). In 2023, every adult needs an outstanding credit profile.

Wondering where to go from here? Then send us a message at [support@irorun.com](mailto:support@irorun.com) and we’ll get you started!

4 reasons to consider loans from digital lenders in 2023

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



Sign up to Irorun and 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 ₦5,000 for 1 Month Instantly for Your Urgent Needs

Irorun Blog

Bad credit: understanding causes and implications

Where to get 50,000 naira loan for 30 days

Where to get urgent 20,000 naira without collateral

4 reasons to consider loans from digital lenders in 2023

Download now