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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.

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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.


“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

Loan request declined? We’ve got good news for you! 

There’s still a chance to get that loan approved. As always, Irorun is here with actionable and helpful tips for you.

Check out 5 actions to take if your loan gets declined 

## Review the decline notice
The first thought that tends to come to mind for several people when they get declined for a loan is “Why?”. You start to question the lender’s judgement because as far as you’re concerned, everything was in order at your end, but instead of making assumptions or giving up completely, you can review your decline notice to learn and understand the reason for it. Doing this already puts you one step ahead in solving the problem. PS: Secrets are always hidden in the fine print. So read the fine prints!

Read more: [5 facts Irorun first-time users should know
](https://irorun.com/blog/5-facts-Irorun-first-time-users-should-know)

## Ask for more details if you can
When you get rejected for a loan and receive a decline notice, even after reading the notice, you should make an effort to ask the lender for more details about your loan rejection. Most times, it isn’t all details that have been placed on the notice and you can gain a lot more understanding by asking the lender to clarify what was written on the notice or simply asking for more information. If your lender doesn’t mind or if it’s not against their policy, they could be willing to share what went wrong in your application that warranted a decline.

Read more: [What to do if you can’t repay your loan when due
](https://irorun.com/blog/what-to-do-if-you-can%E2%80%99t-repay-your-loan-when-due)

## Review your credit report
How often do you review your bank statements, credit reports and financial documents? 

Most people hardly check through these reports, because it’s believed that everything is as it should be, but the truth is, it’s not always so. Your finances, just like any other aspect of your life deserves regular checks and review.

When you get declined for a loan, you should take the time to check for inaccuracies in your credit report as these might’ve been what the lender saw that made them decline your loan application.

Your credit report holds most of the power in your approval for a loan, so you should take the time to make sure that it’s as accurate as it can be as even a tiny error can lead to a loan rejection.

Read more: [Consequences of ignoring your loan obligation
](https://irorun.com/blog/consequences-of-ignoring-your-loan-obligation)

## Pay off other pending debts
A genuine lender checks your past credit history with the credit bureau to ensure there are no defaults, disputes and uncertainties.

If the lender reviews your past credit history and finds one or more unpaid debts, best believe your loan request will be declined. The fact that you are still indebted to other lenders may make them believe that you don’t have the capacity or even worse, the willingness, to pay off any loan that they may lend you. Remember, a lender who’s unafraid to lose their money is a red flag.

Your best bet is to pay off all other pending debts you may have before trying to take out another loan.

Read more: [A simple guide to the Irorun loan application process
](https://irorun.com/blog/a-simple-guide-to-the-irorun-loan-application-process)

## Apply for a smaller loan amount
When you get declined for a loan, it’s advisable you apply again but for a smaller amount than what you previously applied for. There’s a possibility that the lender has noticed an unclear detail in your documentation that affected their belief in your capacity to repay the loan amount you requested.

You can try for a smaller loan amount, an amount that can be paid back with ease and speed. This increases your chances of getting approved and not declined.

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

…

We hope you’d try out these tips and let us know how it works out for you. For more clarification and assistance in applying for a loan, send us a message at [support@irorun.com](mailto:support@irorun.com)!

5 actions to take if your loan was declined

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


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

Know your rights as a borrower

5 actions to take if your loan was declined

Bad credit: understanding causes and implications

What you should know about loan penalty charges

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