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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.


As you dey plan for money…na so money sef dey plan for you! 

Have you ever been in a position where you’ve saved up a particular amount more times than you can count?

You save. Obinna needs money to buy a lecturer’s handout. You spend.

You save again. Mama falls sick. You spend.

You save AGAIN! Water from the flooded streets of Lagos knocks your car engine. You spend.

Frustrating right?

When it comes to loans… you may be tempted to run away…

This is your reassurance that GOOD lenders ([like Irorun](https://irorun.com/)) understand that LIFE HAPPENS to everyone and even when you plan to repay on the due date, an unplanned emergency could pop up and you hit a roadblock. If this happens to you, there’s no need to panic or abscond (you’re not a thief are you?!).

Take a deep breath and follow the steps below to make informed decisions that’ll get you out of financial muddy waters in no time…

## Contact the lender immediately
The first instinct most people have when they realize they are unable to pay back their loan on time is to panic, dread and hide. While this might be a natural response, it does more harm than good.

They sit, fret and wait for the lender to call and ask why they haven’t paid their debt or inform them of the seizure of their collateral.

This is what most people go through, but you are not most people and can avoid this. It’s quite simple, when you get into a tight situation that’ll deprive you of meeting the repayment date, it’s now time to make that ‘bound-to-be-uncomfortable’ but ‘needed’ CALL to the lender.

Explain your situation to them with sufficient evidence, so they don’t think you are trying to skip on your payment. Informing them of your struggles on or after the due date makes you seem like a fraud, so contacting the lender and keeping them informed shows a level of trustworthiness they might not have known existed. (Don’t blame us! We are used to super-stories from borrowers too).

## Ask for a grace period
The next thing you should do when you can’t make loan payments on the due date is to ask for an extension AKA GRACE PERIOD.

Now that you’ve contacted the lender and explained your situation, you can ask for a grace period as a means to smooth out any problem affecting loan payment.

Depending on their terms, lenders may grant a grace period of 0 to 30 days after the due date.

During this extended period, you will be free to work through your financial difficulties, and here’s something really interesting — when you resume debt payment you won’t be asked to pay a late fee. (See why honesty is the best policy!). The grace period also gives you a chance to restructure your loan with the lender and agree on terms that are fit for you and the lender.

## Restructure your loan terms
Restructuring the terms of your loan can take the form of reduced interest rate, extended repayment period or reducing the remaining balance. (Plenty of options available for you!)

It will give you some relief and make it easier for you to repay your debt. It could be temporary or permanent. Temporary restructuring is such that your terms will be adjusted for the period you are facing problems while permanent restructuring is such that your loan terms are adjusted and the adjustments are kept even after your problems have been solved.

## Budget and save towards clearing up debt
Once your loan has been restructured…

The panic dies down and you relax back into your any-how money routine.

No! Don’t do that.

Now would be the time to swiftly get your finances in check and pay back your loan. And you do that by strict budgeting, that’ll allow you to save up enough to clear up your debts within your grace period.

Remember that for the duration of your grace period any debt paid off will not attract a late fee.

And while it may entice you to look for get-rich-quick investments, you should not succumb to the temptation, as a high-risk investment is another means to splurge your money and end up in the financial trenches. AGAIN! (Suffer nor dey tire you?).

## Pay your debt
Well, this speaks for itself. Doesn’t it?

Once you’ve followed the above steps; contacting the lender, asking for a grace period, restructuring your loan terms and budgeting to save up, you can now pay your debt with ease.

The lender will thank you for it and might even sneak your name into the responsible borrowers’ list. [Here’s a way to know how you can make that list](https://medium.com/@Theirorunapp/are-you-a-responsible-borrower-6564b24a9e6a).

A rule of thumb is to always clear up pending debts before your grace period elapses. It not only boosts your credibility but also your loan worthiness for the future. 

…

As always, Irorun will always get you out of sticky financial crises with our never-ending curated information just for your consumption!

We’re always happy and available to offer you expert advice and opinions…

Shoot us a message at support@irorun.com for more clarification on what to do when you fall short on repayment!

What to do if you can’t repay your loan when due

Are you thinking of your first loan application attempt?

Irorun has carefully selected common issues you are likely to come across and how to tackle them.

Let’s jump right in 

## Choosing a lender
Many borrowers find it difficult to choose who to borrow from and when it comes to small loans, you will find hundreds of lenders out there, each claiming to be the best. This can be an issue for borrowers.

However, it is essential to know that one lender is not the best for all borrowers. One size doesn’t fit it all.

You should compare lenders based on their various loan terms such as loan amount, interest rate, repayment period, eligibility criteria, document requirements, customer service, and other parameters. This makes it easier to choose one that offers your required loan rate with suitable terms and conditions.

## Failure in the first stage
As unbelievable as it may be, a lot of borrowers do not even pass the first stage of verification. There are many rejections due to an inability to meet the prospective lender’s requirements as well as other issues such as age inconsistencies or an unstable income.

One way to avoid such a situation would be to ensure the eligibility criteria of lenders. When completing a loan application, it’s important to state all the details correctly.

The lender will check your credit report and verify your details. If both parties are not compatible, there is a good chance your application will be rejected.

## Hidden charges
Most people tend to ignore any charge that is not the interest rate. You shouldn’t do this. These charges can become a really big problem later. Some fees that are not mentioned when you take out a loan are processing fees, fines on late payment, charges on prepayment, transactional fees etc.

As a rule of thumb, it’s important that you ask your prospective lender questions regarding other fees to prevent surprise fees.

## Credit score
One’s credit score says more about their finances than one could ever say about themselves. It’s an honest indication of your financial skills. And no responsible lender will be enthusiastic to “compromise” when it comes to your credit score.

Lenders need to verify your creditworthiness before lending because as we always say, a lender who’s not afraid to lose their money is dangerous. No lender would lend to someone if they were unsure of the person’s capability to repay the loan with interest. Here are some tips to help you boost your credit score.

## Documentation mishap
Several go into loan application and approval, fortunately, digital lending platforms have made the process oh-so-easy.

Yet, there are some necessary checks that lenders can’t compromise on. Lenders carry out a careful assessment of your documents as well as confirm genuineness through live-means and this can be an extensive process.

However, all the work that goes into this process is not only important but also essential to avoid any future issues. The best method to go about this process is to make a checklist of all the required documents before submitting them to the lender. This prevents issues of misspelled names, inconsistent data etc…

## Liveness check
We earlier mentioned how lenders verify your identity through live-means. This is what we mean — Irorun, for example, will need you to do a face match to confirm “genuineness”. This becomes an issue when one is in an environment with bad lighting, thereby discrediting their authenticity. We no fit give loan to who him face no show o!

Although it might seem frustrating, Irorun only does this in your best interest. You should put an effort in making sure your facial details show up clearly (take pictures in places with good lighting), failure to do so can lead to a rejection.

There are scammers out there who could have the complete details of another individual but they won’t have the same face. So, a facial match helps prevent fraudulent acts like identity theft.

## Access to data
People tend to feel vulnerable when they give a site or app access to their data, they tend to think of the worst-case scenario. I mean who can blame them, there are some malicious lenders out there, but despite all that, ethical lenders will never misuse your data. Here’s why you can trust Irorun to never misuse your data.

Granting access is not necessarily a bad thing as some vital information they need to process your identity could be gotten from your device. Some people, without knowing the implication, deny lenders access to their devices and this can cause lenders to doubt your authenticity. Remember, that the lender is also taking the risk of lending to you.

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We’re just a message away, talk to us at support@irorun.com to get answers to all your questions and assistance in securing your first loan!

7 common loan issues


Unlicensed lenders AKA loan sharks mostly prey on families of low income or those who find themselves in difficult times and in dire need of a quick fix. *Urgent 2k*.

Here are a few ways to recognize them. As they operate outside the law, you’ll likely:

**Be offered a cash loan:** Most loan sharks tend to operate with cash, but do take note that some may operate online as well.

**Notice a lack of paperwork:** Loan sharks won’t give you a formal agreement which makes it easy for them to change loan terms in their favor at the drop of a hat.

**Get poor/vague loan terms:** Loan sharks tend to be unclear about the amount of interest they charge and repayment terms. Sometimes, they might straight up give you outrageous terms to work with. (But since you’re in urgent need… you feel as though you have no other option).

Get a loan without the necessary checks: Loan sharks won’t conduct any checks or assessments before giving out a loan. (It’s giving sketchy abi?).

**Face harassment and threats if you are behind on repayment:** Unauthorized lenders are not afraid to resort to threats of violence and harassment if you are behind on your loan repayment.

**Be pressured into borrowing more:** The moment a loan shark gets you to borrow from them, they’ll charge you such high-interest rates that you’ll never be able to repay in full. They may even convince you to borrow more from them in the illusion of paying off your previous debt with the new one.

The purpose of this article is not just to help you recognize these loan sharks but to give you a way to sort out any issues that you as a borrower may face when confronted with a loan shark you borrowed from.

## Formal report to the authorities
When you are being harassed and threatened by a loan shark, a formal report can be made to the authorities with proof that your life is being threatened. And that can be acted on.

It’s very important to note that just because a loan shark can’t take legal action against you for not repaying your loan because they’re unlicensed, doesn’t mean that they won’t take drastic measures illegally. Remember, these individuals operate outside of the law. It would do you good to not purposefully antagonize a loan shark.

**PS:** Licensed lenders have the right to take legal action against you if you default on loan repayment, as it’s still a civil offense.

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At Irorun, we understand that it can be tough to find an ethical lender that respects [your rights as a borrower](https://medium.com/@Theirorunapp/know-your-rights-as-a-borrower-a7bdbfda3f8), that’s why we constantly bring you actionable tips on how to get the best borrowing experience.

Feel free to send us a message at support@irorun.com to get started with your loan!

How to deal with loan sharks

Are you still in holiday high spirits? Or are you swarmed with so many January expenses?

If you’re the latter, read further. We had you in mind when we wrote this article. Check out 7 reasons you should consider a small loan for meeting your short-term financial needs this month and the many months to come…

Dive in

## Flexibility
One of the many perks of a small loan is the flexibility it offers to you as the borrower and the lender as well. It might be tempting to get a large loan when you have a minor financial issue, usually because you might want to spend what’s left of it on something else. Unfortunately, these large loans have more rigid terms attached which makes it tougher to get — unlike small loans.

With large loans, it’s more likely fixed for a specific purpose, for example; car loans, home renovation loans etc. Small loans, on the other hand, are more flexible, they can be used for a variety of short-term financial needs which tend to be along the line of unexpected expenses, emergencies or covering the cost of minor purchases etc.

## Speed
Smaller loans have faster processing time than larger loans and as such are great for meeting pressing financial obligations. It’s often faster to obtain a small loan than its counterpart — large loans

The speed at which you can get your loan matters even when your financial needs are short-term or not very pressing. This is another solid reason, small loans are best recommended for short-term and urgent financial needs.

## Ease of qualification
When applying for a large loan, the amount of documentation needed can honestly be quite frightening, but the same can’t be said for small loans.

Small loans often have less rigid qualification requirements than larger loans and as such makes them more accessible to obtain. Yes! We once again ask you to stick with small loans for your immediate financial needs.

## Affordable payments
Smaller loans have short repayment periods which makes them less likely to lead you into a financial dilemma or loan default. Before you blink twice, you don pay back sharp sharp

The shorter repayment period makes it easier to manage the loan without spending money kept aside for other expenses.

## Credit building
The importance of a good credit score can not be overemphasized. Small loans are easy to pay back and as such leads you to always pay back your loan on the due date. This produces a rebound effect of a credit score boost and an overall improvement in your credit profile. It also helps you establish a positive reputation in the credit world.

Some people take out small loans for building up a credit score that will get them the large loan that they require. Read here to find out more ways to boost your credit score.

## Convenience
Another star reason you should consider a small loan for meeting your short-term financial needs is the convenience it offers. Digital lenders now offer quick loans on the web or through mobile apps which is more convenient as opposed to the old way of seeking loans from financial institutions (coughs in many documentation and rejection).

These lenders have made it easier for you to apply and swiftly receive funds through an efficient system. Although there may be many predatory lenders who use this means to steal from borrowers — Here are ways you can check the authenticity of a digital lender.

## Customization
Small loans are flexible and not just in what they can be used for, they are also flexible in terms of your needs. This means that some lenders offer customized loan products that can be tailored to suit your needs.

So if one term or the other of your loan choice doesn’t agree with your need, you can opt for a customized loan instead. Loan customization is not offered by all lenders and it varies with each lender. We advise that you do your due diligence by asking your prospective lender the necessary questions.

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As always dear Rockstar , send us a message at support@irorun.com and let’s get you started on your first loan for the year!

7 reasons to consider a small loan for meeting your short-term financial needs Irorun

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Irorun Blog

What to do if you can’t repay your loan when due

7 common loan issues

How to deal with loan sharks

7 reasons to consider a small loan for meeting your short-term financial needs Irorun

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