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 the best loan app to provide that instant relief.

We value our customers and want to continue to help you meet your needs. As you continue to repay your loans from Irorun, you will have access to higher loans up to N50,000 with the lowest interest rates in the market. We also offer gifts on your birthday and for referring other users to sign up and get a loan.

We recognize our most loyal customers by offering them exclusive benefits, including 0% interest on urgent loans for a short period.

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.


“We’ve calculated your APR and emailed the xwyzgegbkirjztycb….do you have any questions?”

“None at all! Where do I sign?”

Eissss stop there!!!

Did you truly understand or you just wanted to sign and collect your money?

We understand that you need a quick fix and can’t wait to complete your loan approval process, but being ignorant of the terminologies can cause you great financial loss in the future, especially with bad lenders.

You must understand every term the lender uses during your loan application. And that’s why we’ve curated 10 easy-to-understand terminologies for you below;

Read more: [How to boost your credit score](https://irorun.com/blog/how-to-boost-your-credit-score)

## Borrower/Debtor
This is the person who takes out a loan from a lender and has a legal obligation to repay with any added fees. (Yes! Amaka na borrow you borrow the money, no be dash them dash you).

## Lender/Creditor
This is an organization or an AUTHORIZED individual that lends money to a borrower to provide help while making a profit. Emphasis on authorized. That dodgy-looking man that lends money to people and beats them up when they don’t pay is not an authorized lender. They have a name — “Loan Shark” (Shine your eye and borrow from legitimate sources o!).

## Debit card
The card we all know and love. This card is connected to your bank account from which you carry out both online and offline transactions with the use of an Automated Teller Machine (ATM) or a Point-of-Sale machine (POS). It is also used as a means of loan repayment, although it shares similarities with the direct debit means of payment. There’s a slight difference in loan fees which debit cards tend to charge higher fees.

Read more: [What you should know about loan penalty charges](https://irorun.com/blog/what-you-should-know-about-loan-penalty-charges)

## Direct debit
Now that your loan has been approved, repayment options are made available and one of them is DIRECT DEBIT. This is when money to repay is taken directly from your bank account only after being AUTHORIZED by you, as your bank cannot allow such to happen without your permission. It is a seamless process and only requires you to submit a mandate to your bank giving the lender permission to debit your account when the loan is due.

## Guarantor
This is a person that comes in only when the borrower is unable to repay the loan. This person could be a friend or family who signs an agreement, alongside the borrower, to take responsibility for a loan if the borrower defaults or does not pay. Once you’ve agreed to be a loan guarantor, it’s almost impossible to withdraw from the responsibility without the express approval of both the lending authority and the borrower. Most of the time, the lender will only approve if there’s another loan guarantor (Siri play Oniduro mi ese o! Because you’re Oniduro for life ).

Read more: [5 qualities of a good borrower](https://irorun.com/blog/5-qualities-of-a-good-borrower)

## Installment loan
“I go pay the money small-small before you know e don finish”

An installment loan is the above. It is a type of loan where the borrower repays a portion of the principal and also pays interest on the loan in regularly scheduled payments. This is mostly done for large amounts of loan in an attempt to lessen the financial burden on the borrower. (Aww so thoughtful of us abi?).

## Default
This refers to failure to meet the repayment date following what was stated in the promissory note as a result of financial constraints, money emergencies or witchcraft. Yes! Witchcraft (why won’t you pay back what you borrowed na?). Irorun understands that life happens and if for any reason you find yourself struggling to pay back. Don’t. Ghost. Us. Reach out to us at support@irorun.com and we’ll restructure your loan terms.

## Loan deferment
Sometimes life happens and you might default on your repayment date. Relax it’s not the end of the world . Ethical and authorized lenders have a system that delays your loan payment without violating the loan terms. It is an extension of your loan period by the amount of time you are unable to pay. It serves as an option during loan restructuring. This puts you out of the bureau blacklist and saves your reputation. (See why e good to meet better lender?).

Read more: [5 reasons why your loan was declined](https://irorun.com/blog/5-reasons-why-your-loan-was-declined)

## Loan limit
“If something too sweet e dey run for belle”

And that’s why a loan limit serves as the maximum amount of money the lender will loan to a borrower based on several factors (income, creditworthiness, lifestyle). It helps reduce the issue of runaway borrowers and losses by checkmating the criteria for large amounts of loans. If you have ever wondered why you can’t get bigger loans and what you can do to change that. You should check this out, so you can increase your loan limit as well.

## Principal
This is the original amount of money without any interest and/or charges. It is the amount that ‘you say you want to’ borrow. For example, If you borrow N10,000,000 to buy a car and your loan amounted to N10,050,000. Your principal is N10,000,000. It is the main part of your loan.

Read more: [How to qualify for a loan with a low income](https://irorun.com/blog/how-to-qualify-for-a-loan-with-a-low-income)

…

Do you want to learn more loan terminologies in this same fun way? Reach out to us at support@irorun.com

You want to inquire how to get started on your loan application? Reach out to us at [support@irorun.com](mailto:support@irorun.com)

You have further questions or need us to work with you through taking a loan with us? Reach out to us at support@irorun.com

Also, tell a friend about us!

10 loan related terms you must know


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.

…

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

In the lending industry, there are concerns about legal and ethical boundaries regarding loans. These concerns arise when borrowers are don’t make timely payments of their loan.

In Nigeria today, numerous lenders have maligned individuals who defaulted on personal loans, going beyond the usual reports to the credit bureau.***

Lenders should not engage in such unethical actions, but when they do, they often escape accountability because borrowers are unaware of their rights, including their repayment terms.

Today, we address the issue of lenders slandering loan defaulters, focusing on what borrowers themselves can do in such situations.

## Document the slander
A lender with malicious intentions is likely to start throwing threats around in hopes of damaging your reputation. They may go as far as carrying out these threats; sending derogatory messages to your phone contacts, unsavory posts about you on social media platforms. etc

If you ever find yourself in such a dilemma, here’s what you should do: meticulously record all derogatory messages (or images) sent to you or posted online by any means. This includes details like loan amounts, credit scores, and credit reports if relevant. Capture them as a screenshot or screen record, but make sure to have it stored. This will serve as your evidence in case the situation escalates further.

## Review the loan agreement
Revisit the loan terms and agreement, and read it thoroughly. Carefully examine the fine print for any hidden details that might allow the lender to commit slander.

Check for any clause related to communication and dispute resolution, this can help create a strategy on how you can approach the lender with complaints about their ill-treatment.

## Contact the lender
Now that you’ve read the fine print, you are armed with everything you need to confront the lender and control the situation. Note that control does not equal aggressiveness. Going at your lender aggressively would only mean they’d reciprocate with the same energy.

Address the issue calmly. Seek clarification on their reasoning for posting derogatory content or the agreement terms allowing such actions. Request for the removal of all derogatory content and rebuttal of all slanderous statements.

## File a complaint
Working things out with the lender does not make the issue settled, contrary to popular belief. Regardless of a resolved issue, we strongly advise that you report the lender to the proper regulatory bodies (credit bureaus, FCCPC***) overseeing financial institutions especially if the lender’s actions go against industry standards as they may continue to carry out the acts with other unsuspecting borrowers. Be your brother’s keepers.

## Seek legal advice and redress
Consult legal advice to understand your rights as a borrower***; this can help you build a solid case of slander against the unethical lender. Even if the lender repents, your reputation has already been tarnished, and slander can negatively impact various aspects of your life.

While lenders have the right to report defaulters to credit bureaus, slanderous actions are not legal. Upholding legal and ethical standards in debt collection is very important, if at any time you feel violated by a lender’s actions don’t hesitate to follow the steps above and see redress.

As always, you’re safe with Irorun as your ethical lender. Send us a message now at support@irorun.com and let’s get you started with the right loan.

Is it legal for lenders to slander loan defaulters


“Do you know your rights?”

“Or do you just know you have rights?”

Yes! Read it again!

Both have very different meanings and more often than not, people only know they have rights but have no idea what these rights are.

In the world of MONEY, there are so many cunning individuals ready to take advantage of your lack of knowledge. (Sad but true).

And that’s why, Irorun wants to educate you so you never have to take rubbish again.

Here are seven rights that you must know as a borrower;

## Right to data privacy
We know you don’t read an app’s “Privacy policy” when you sign up.

But here’s something you should be reminded of; you have [a right to data privacy!](https://medium.com/@Theirorunapp/irorun-would-never-misuse-your-data-11f26da8ae4e)

You have control over how your data is accessed, collected, managed, shared and used and lenders handling your data in any contrary way is a violation of your right to data privacy. “What type of data is collected?” “Where will it be kept?” “How long will it be kept?” These are the questions that are associated with data privacy, and you as a borrower have every right to ask them.

Lenders are liable to pay a heavy fine for a breach of borrowers’ data privacy (That’s why Irorun is extraaa careful with your data). Don’t hesitate to report lenders for unethical practices.

## Right to be heard
Taking out a loan is not some forbidden thing! Never allow any lender to silence you! They’re not doing you a favor! It’s a business transaction with mutual benefits.

So, SPEAK! Sórósokè!

You have every right to be HEARD.

Lenders should never refuse to hear what you have to say, deflect your questions or wave you off and make you feel foolish for making inquiries. Run away from such lenders. The last thing you need when going over loan agreements is ambiguity. This shouldn’t only apply to right before taking out a loan. Even after you’ve taken out a loan, there are a lot of things that might happen during your repayment period, the lender should be able to address these issues as well.

Any lender who refuses to listen to what you have to say doesn’t care about your needs and will most likely make your loan experience tough.

Get yourself a lender who is willing to listen to you (like Irorun).

## Right to ethical treatment by the lender
In recent times, there has been a rise in cases of unethical treatment of borrowers by lenders, especially with cases of privacy compromise. Irorun wants you to know that they’re wrong! You should never be treated badly because you borrowed from a lender.

There is no acceptable reason; whether you are unable to pay back your loan or are asking for a term adjustment due to financial constraints, that a lender should treat you with violence, harassment and privacy violation. (Totally barbaric! Don’t take nonsense! But you sef pay back o!). A responsible lender will engage a defaulting borrower in accordance with the LAW. You have a right to be treated ethically and humanely by lenders.

If a lender is one who is fond of using harassment and the threat of violence and to try and force you to repay, [then you should report such unethical practices immediately](https://blog.lendsqr.com/how-to-report-lenders-for-unethical-practices/) and cut your losses. Desperation should not be a reason to remain with a bad lender. (Please avoid wahala na).

## Right to advance and sufficient notice
Just like a landlord can’t simply ask a tenant to move out without any advance notice, a lender cannot change the terms of a running loan without first giving them prior adequate notice.

As a borrower, you are entitled to advance and sufficient notice to prevent both you and the lender from getting into situations that puts you at odds.

Reminders for loan due dates or any change in terms should be communicated before penalties are implemented. Even notices should be given to inform you of what your penalty is and when it is due. Ignorance isn’t always bliss especially when it involves money!

## Right to request restructuring to your loan
Many factors can affect the status of your loan repayment and in these instances, you can request a restructuring or renegotiation of your loan to create a schedule for repayment that would benefit both you and the lender.

Such instances could be a job change or an unplanned emergency. (Life sure happens sometimes).

You can request to restructure your loan repayment if you fear you might not be able to meet up, to avoid default. This restructuring will involve either a loan holiday, rescheduled loan repayment or lowered interest rates. Approval typically depends on the lender’s terms.

## Right to the documentation and terms of loan offers
“Claims without evidence is null and void”

This is where documentation comes in. You should always make certain that you have records of all your loan activities with a lender. The documentation is your legal entitlement and should be provided by the lender.

Documentation that shows interest rates and fees associated with the loan, repayment period, penalty fees, proof of payment, and any other special condition should be given to you without hassle. (It’s your right sis!). Don’t let any lender try to scam you.

## Right to prepay your loan without penalties
Not all lenders have a prepayment penalty as it is something that is becoming less and less common.

As a borrower, you have a right to prepay your loan without penalty as long as it has been stipulated in the loan terms and agreed upon both by yourself and the lender. (Read the fine print!).

Most lenders tend to hide the prepayment clause in the fine print and if you are someone who tends not to read their terms completely then you might be setting yourself up for drags. (Again, read and re-read the fine print sisss! ).

…

Ensure you understand the terms of your contract, ask questions for clarification, make suggestions where necessary and avoid red flags of lenders that infringe on your rights!

Irorun wants you fully knowledgeable of your rights, so you can spot a bad lender with ease and FLEE!

For further assistance and questions, quickly shoot us an email at support@irorun.com.

Know your rights as a borrower

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 without documents or collaterals. Get disbursed in minutes.

Get ₦50,000 for 3 Months Instantly for Your Urgent Needs

Irorun Blog

10 loan related terms you must know

5 Benefits of a microloan AKA small loan

Is it legal for lenders to slander loan defaulters

Know your rights as a borrower

Download now