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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 interest rates may vary with each loan? And sometimes you immediately conclude “you’re being cheated.”

Well, that’s definitely not the case. No responsible lender is out to cheat you of your money. But certain factors could influence a lender’s decision on your interest rate.

Let’s jump right in 

## Type of loan
The type of loan you take out also affects your interest rate. Unsecured loans tend to have a higher interest rate than secured loans, this is because secured loans usually have collateral (usually a valuable item pledged to secure a loan) as a fallback in cases of the borrower being unable to pay their debt.

## Tenor of loan
Tenor refers to the length of time until the loan is due. For example, when you take out a five-year loan, you have a five-year tenor. Once you’re three years into repaying the loan, you have a two-year tenor.

In general, the longer your loan term, the less your interest rate will be. Loans with shorter terms usually have higher interest rates than loans with longer terms. In addition, loans for asset finance usually have lower interest rates.

## Operational expenses
Not all lenders are born equal. Some are manual and their cost per loan is high because of the human factor. This cost is passed to borrowers as fees and interest rates.

However, lenders with good tech and therefore a lower cost of operation usually charge a lower interest rate..

## Credit history and credit score
At this point, we might sound like a broken record with the number of times we mention “credit history” and “credit score” but the truth of the matter is, they hold a lot of importance in the lending world.

Your creditworthiness and history with other lenders can determine if you deserve a high or low-interest rate. It’s almost like being a devoted customer in your favorite store, if you go there enough times they’ll start to give you little benefits like a discount.

With a clean credit history and a good credit score, you have the opportunity of getting lower interest rates which reduces the amount you’d have to pay back. Really, won’t you prefer to have a 5% interest rate on your loan than, say, a 7% interest rate?

## Current employment history
Your current employment history also affects a lender’s decision on your interest rate. It’s generally believed that persons who have a noticeably stable job with high income seem more likely to repay loans as against someone who constantly changes jobs or has a low income and as such the former receives better interest rates.

If there’s a noticeable peak in your current employment status, your lender can determine how well you can handle a large loan with a high or low-interest rate, without default. Job stability is therefore essential if you wish to apply for a large loan.

## Debt-to-income rate
You may have come across this phrase in your search for more information about lending. The debt-to-income ratio is a measure of debt settlement to income, that is, how much debt you have to pay against your monthly income. When salary come, how much you go use pay bills and wetin remain after?

It’s highly advisable to calculate and be certain of your debt-to-income ratio before deciding to take out a loan with any lender. Someone with a high debt settlement, greater than their income is most likely to be rejected for a loan or given a high-interest rate.

## Economic inflation
A surge in economic inflation can have a rebound effect on the lender’s interest rate causing it to be higher than what it would normally be.

Economic inflation refers to the general exaggerated increase in the prices of goods and services. Remember that your lender is first a business owner and so loan interest rates could increase because they need to keep their business afloat as well.

Inflation affects a lot of services(of which lending is a part) in an economy, as such adjustments will be made accordingly, a lender isn’t going to remain stagnant while the economy is changing and causing a negative ripple effect in their business.

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Now that we’ve shared these highly coveted *secrets* with you, send us a message at support@irorun.com and let’s get you started on your first loan!

What influences the interest rates for loans?

So many choices but who to pick from?

If this is you, wondering how you can get the best digital lender that’s a right fit for you. Then you’re in the right place

We’ve curated five(5) things to look out for in comparing digital lenders

Read further…

## Terms and conditions of each lender
No two digital lenders are the same, they might share some similarities but they operate differently and as such have varying terms and conditions.

That’s why when you want to choose a digital lender to borrow from, you should go through their terms and conditions with a fine-toothed comb, to comb out any uncertainty.

Understand the terms and conditions for each loan offer, including the interest rate, fees, and any penalties for late payments or prepayment. Do this for every digital lender you have an interest in and you’ll see the best one for you could be hiding in plain sight.

## The reputation of lenders
There’s a lot to be said about rumours and how they should not be believed, but do know that every rumour holds a grain of truth.

If you have an interest in any particular digital lender, and whispers are going around about them, you should take the time to make confirmations and not just work on blind faith.

Check the reviews of previous clients and see what value each lender is known for. Even a quick search of the lender’s name on a search engine can get you news articles and blog posts about that lender. You can also take a quick stroll on the Google Play Storeor Apple App Store review and see what others are saying.

## Customer service of lenders
The customer care service of any organization is usually the link between the customer and the business. So, you must keep an eye out because they’re who you’ll go to if you have any problems before, during and after a loan transaction.

Find out how responsive their customer service team is, their tone when they respond to their clients, how fast they respond to their clients (or if they respond at all), and what others have said about their services.

This can help you get a better idea of what it will be like if you ever find yourself needing help from the lender.

## Total cost of loan
It’s not just the loan amount + interest rate offered that you should look out for in a loan, most times there are extra processing fees that you might know nothing about added to the total cost.

This is why it’s a good idea to always read the loan terms or better still, ask your prospective lender. Look out for extra fees attached to the loan and make sure that it’s something you can comfortably work with. Here are some other questions you can ask your lender.

## Extra perks, rewards and discount
There isn’t anyone who doesn’t like to be rewarded or receive a discount on any of their purchases, Now imagine that in a loan setting. Awesome right?

There are numerous perks you could get for choosing one lender that you might not get with another. This is why you should find out what perks or rewards they offer; if they have reduced interest rates, flexible terms for loyal customers etc.

These discounts and rewards could be the defining choice that makes one lender more attractive than another.

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Now that we’ve shared our award-winning tips with you send us a message at support@irorun.com and let’s get started on your first loan!

How to compare different digital lenders

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

Frustrating right?

Trying to reach out to a brand and not getting a response for days has to count as one of the most frustrating moments!

It gets even worse when it involves an issue that requires urgent attention.

At Irorun, we understand how frustrating and disappointing it could be especially when it involves money and that’s why we constantly find ways that allow you to communicate with us with ease via various mediums.

Everyone has a preferred contact method, and sometimes different problems have different ways they can be addressed. Here are 3 ways you can make inquiries/solve your problems with Irorun:

Read more: [How to spot a destructive small loan](https://irorun.com/blog/how-to-spot-a-destructive-small-loan)

## Contact us via email or phone number
At Irorun, we make it our priority to be available to assist all of our users, including prospective clients. This is why you can always, and at any time, send an email to Irorun if you have any inquiries or concerns that need to be addressed. In a matter of minutes or a few hours, you can get a reply to your inquiries and concerns.

If you feel like an email is not your style(and also doubt that your reply was written by a human), you can also contact us through our helpline made readily available for you on our website. We have representatives available to listen and help you solve your problems.

Read more: [What is a credit report and what can be found on it](https://irorun.com/blog/what-is-a-credit-report-and-what-can-be-found-on-it)

## Chat with an Irorun representative using our live chat feature
The world is miles ahead of Nigeria as regards technology. But Irorun quickly adapts and that’s why the live chat feature has been made available for you. It connects you with one of our representatives right there on the website or even on the app. This way you don’t have to worry about your contact details being in the wrong hands.

With our live chat feature, a representative will be there to guide you through any issue you’re struggling with, by giving you suggestions and directions on what approach can quickly solve your specific issue. All on the website.

Read more: [6 loan myths that have been debunked](https://irorun.com/blog/6-loan-myths-that-have-been-debunked)

## Go through our frequently asked questions (FAQs)
There may be inquiries that you need to make that others have made before you. When situations like this happen, Irorun takes a count of how many people have asked that particular question (phrased in different ways) and provides an answer for it which will then be made available on the website. These questions and answers are called FAQs — Frequently Asked Questions.

Most times, when you make inquiries through the live chat feature, you’ll be directed to the FAQs if it’s a question that has been answered. Irorun has a wide selection of FAQs that you can go through to find an answer to your inquiries and a solution for any problem you may be stuck on. Here’s a look at Irorun FAQs.

Read more: [How to compare different digital lenders](https://irorun.com/blog/how-to-compare-different-digital-lenders-and-choose-the-best-one-for-you)

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Reach out to us with your inquiries at [support@irorun.com](mailto:support@irorun.com) and we’ll be sure to give you more tips.

3 ways you can make inquiries/solve your problems with Irorun

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Irorun Blog

What influences the interest rates for loans?

How to compare different digital lenders

The costly error of uploading incorrect IDs on your loan application

3 ways you can make inquiries/solve your problems with Irorun

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