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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.

Hello Rockstar!! 

How’s the economy at your end? We understand these days might be tougher than others and we thought to bring some light to the beginning of the tunnel.

If you ever get stuck in a situation where you need that extra help to fulfill your loan obligation, you can always turn to family and friends to help (well, those that have money to spare) and as such we give you 3 ways your friends and family members can help you pay back your loan with Irorun.

Read more: [What influences the interest rates for loans](https://irorun.com/blog/what-influences-the-interest-rates-for-loans)

## Direct transfer
When you are in need of money to pay back your loan and have had a nice long discussion with that Uncle (or friend) that wants to help, you can send them your bank account details so that they can directly send you the money.

From there you can now wire the pending loan amount to your Irorun virtual account. This is everyone’s choicest method, the individual gets in touch with a friend or family member who’s kind enough to offer help, and they send the money to them so that the individual can make the payments themself.

Read more: [Who are the credit bureau and what do they do](https://irorun.com/blog/who-are-the-credit-bureau-and-what-do-they-do)

## Share your Irorun virtual wallet
This method can work well alongside direct transfer. Instead of asking a friend or family to send the money to your bank account, you can simply provide them with your Irorun-issued virtual account number. They can directly send the money to your virtual account and then you can pay it back with ease. This method is especially helpful as a means to avoid any extra transfer charges your bank might slap you with.

## Share your payment link
Another method others can use in helping you pay back your loan is the payment link method. This link takes the friend or family to a webpage created for the specific purpose of paying money into your Irorun virtual account. A payment link is usually single-use, so it can’t be used more than once.

Read more: [4 ways to repay loans on Irorun](https://irorun.com/blog/4-ways-to-repay-loans-on-irorun)

Payment links tend to have many purposes but in this sense, [they offer an individual a way to clear up a loan debt](https://irorun.com/blog/mistakes-you-must-avoid-when-paying-off-debts). Remember, if you ever get stranded in paying back a loan at Irorun, you have the option to share the payment link with a friend or family member willing to help you out.

…

At Irorun, we understand that some days are tougher than others and you can have great intentions to pay back your loan, but life just happens.

We urge that you don’t keep us in the dark or be unruly to us, send us a message at [support@irorun.com](mailto:support@irorun.com) and find out the options available to you.

Best of luck rockstar!

3 ways others can help you to pay back your loan

Have you ever had that “debt” that you planned to repay but something just happened and you found it difficult to repay?

The truth is most of us never planned to owe. We all think we can pay until it’s time to pay.

Today we want you better prepared to tackle any unforeseen circumstances that might hinder you to pay back your loan at the right time.

Check out 5 ways you can prepare for loan repayment before borrowing:

## Create a budget
Creating a budget after you take out a loan is a great idea when considering your repayment but creating a budget before you take out a loan is even better.

Here’s why; when you take out a loan before creating a budget, you automatically have to tailor your budget to cater firstly to your loan repayment regardless of the effect it has on your living standard. On the other hand, when you create a budget before taking out the loan, it ensures that you don’t borrow more than you need or can repay.

It’s important to create a budget that takes into account your monthly income and expenses, as well as how much you can afford to set aside for loan repayment.

This also helps when you are negotiating loan terms. Yes or Yes?

## Shop around for the best loan
There is no rule that states “The first lender you meet is the one you must borrow from.” There’s a possibility you may not like the first lender at all; their terms may not suit your current needs. There is no harm in you checking out various lenders to find a loan option (and lender) that works best for you.

Compare different loans from different lenders to find the one that offers the best interest rate and terms that suit your needs. Check out how to compare different digital lenders and choose the best one for you.

## Understand the loan terms
Another way you can prepare for your loan repayment is by fully understanding the loan terms. Never rush into taking out a loan. Yes, you may have found the perfect loan option for you, but there are some necessary checks you must do before you transact with the lender.

Take the time to ask questions to get a better understanding of what the loan offers, read the terms and conditions applied to the loan option and seek clarification for any unclear detail. Do this before you accept the loan, as it helps you make a solid decision that will protect your finances as well as your standard of living. Always read the fine print!

## Consider the total cost of the loan
The total cost of a loan is a lot more than just the principal and interest. Other fees like processing fees, late payment fees, and prepayment fees should also be taken into account.

It’s important to consider the total cost of the loan before you borrow.

Ask yourself questions — “If I am unable to pay on the due date, will I be able to pay the late fee?”, “Will I be able to handle the extra cost of prepayment?”

These questions are important in assessing if you can afford a loan and also prepares you for repayment.

## Plan for unexpected expenses
“Expect the Unexpected”

As much as creating a budget and searching for the best plan can help you prepare for repayment, you should also take into account, emergencies.

Sometimes, the wheels of fate may spin and land on an unfavorable spot, and then one gets into a sticky situation.

Irorun encourages you to always have a plan ready for unexpected expenses such as job loss, illness, or other emergencies that may impact one’s ability to make loan repayments.

…

Now that you’re sufficiently prepared to handle a loan and all that it comes with, send us a message ASAP at support@irorun.com and let’s get you started on a loan option that suits your need.

5 ways to prepare for loan repayment before borrowing

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


Do you know why Nigerians struggle with paying back the money they borrowed?

IMPUNITY. Yes! Most borrowers believe there are no consequences for defaulting on a loan.

Source — We no fit lie give you.

You may or may not know that most lenders also finance the money they lend to you from other sources and as such they can’t afford to forfeit. (Pity lenders, it’s really not a charity organization).

And that’s why there are PENALTY CHARGES for [defaulting on a loan](https://medium.com/@Theirorunapp/5-consequences-of-defaulting-on-a-loan-c1b1996a63c7).

PENALTY is the fine that lenders apply to borrowers who don’t pay back on time. It’s a common charge by lenders globally and also in Nigeria.

[Irorun](http://irorun.com/) wants you to be aware of all that is involved in applying, accessing and repaying a loan. Read further to find out what you should know about loan penalty charges:

## Each lender offers a different penalty fee
Although not widely known, each lender has different rates on their penalty charge. This charge normally ranges from 1% to 5% of the principal + interest for late payment and while this may be true for one lender, it may not be for another. Usually, the penalty charge is computed every day after a number of days the loan has gone past due. This is what is usually called the Grace Period. Fall from grace, and the penalty comes to you like a hammer.

Each lender’s charge varies, so before applying for a loan, you should take the initiative to find out what the lender’s fees are. Knowing what could happen when you violate loan terms can help you plan for future emergencies that may make you financially unstable and render you unable to pay back loans. (So that you’ll not say “They’ve stolen extra money from you” meanwhile you didn’t ask questions).

## Penalty charges may cause a dent in your finances
Money no dey×2, you dey add extra wahala on top the one you get 

The reason you may want to take out a loan or have taken one already owes to the fact that your financial standing at the time isn’t the best for one reason or the other, that is, you don’t exactly have the cash in hand or your bank account.

So imagine having to pay back extra on a loan that is already a hassle to repay, it will certainly put a dent in your low finances.

This is one reason you should endeavor to pay back your loan on time or request for a restructuring of your repayment terms if you are unable to repay the loan with the current terms. [Here’s what to do if you can’t repay your loan when due](https://medium.com/@Theirorunapp/what-to-do-if-you-cant-repay-your-loan-when-due-773eb03f7084).

## Your credit score may be affected
Remember “Credit Score = Creditworthiness (Loan Worthiness)”.

Your penalty payments are added to your credit history and this can end up lowering your credit score. If there were times that you owed long enough to be charged a penalty then there’s a good chance it’ll reflect in your credit history. Remember that your credit history is what helps in calculating your credit score, so with each penalty charge, there is a reduction or stagnancy in your credit score. (Lenders go begin dey run from you if your credit score low o!).

You may have paid up your debt, but the one time it went unpaid is still taken into consideration and this lowers your credit score, you become ineligible for larger loans. [Not to worry, Irorun can show you how to boost your credit score](https://medium.com/@Theirorunapp/how-to-boost-your-credit-score-e723bd2ce497).

## Difficulty in obtaining future loans
As you now know, your credit report is an important aspect of the loan application process and can be the reason you end up being unable to take any more loans.

Well, the reason is more than your credit report, after all, it only reflects what you have or haven’t done.

When you end up penalized for a violated loan term, it ends up on your credit report (even if it is rectified), this same report is used when applying for other loans.

Lenders are put off by the history of multiple penalties in your credit report and this affects your chances for future loan approvals. Every penalty present on your credit report is a stain on your reputation as a borrower and lenders will always be wary of bad borrowers.

…

[Irorun](https://irorun.com/), like other responsible lenders, may apply a penalty to you if you don’t pay back on time and you never discussed restructuring with us.

And that’s why you can always reach out to us at support@irorun.com to inquire about our loan process as well as restructure your loan terms.

Better safe than sorry right?

Send us a message now!

What you should know about loan penalty charges

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Irorun Blog

3 ways others can help you to pay back your loan

5 ways to prepare for loan repayment before borrowing

Where to get 5,000 naira urgent loan

What you should know about loan penalty charges

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