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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.

Hello there Rockstar!

Today, we’d be telling you all you need to know about uploading a valid means of identification on the Irorun platform.

Let’s get to it right away

## It is mandatory to upload a valid ID
Getting a loan is a delicate process that requires you to be identified properly, and to do this you need to provide the right information alongside a valid means of identification.

At Irorun, it’s required that you upload a valid means of identification such as a driver’s license, national ID card, Permanent Voter’s Card or an international passport.

If you don’t have one of these four government-issued IDs, then you would be unable to register for an account on Irorun and apply for a loan with us.

## Loan application can be done immediately after ID upload
Usually, you would have to wait a while for your ID to be confirmed before you can take out a loan but with Irorun, you definitely don’t have to do that. Awesome right?

Irorun allows you the opportunity to apply for a loan as long as all needed information has been provided including but not limited to a valid means of identification.

There is no need to drag your feet and keep on waiting for a confirmation message. You can immediately apply for a loan once your valid ID and other necessary information have been uploaded. Read the next point to get the full gist.

## ID can be verified at the point of approving the loan
Remember, we said you can immediately apply for a loan after you successfully upload a valid means of identification. Well, that’s because Irorun can simultaneously confirm and approve the authenticity of your ID while also assessing your loan application. This way you don’t have to wait for a million years *yawns*  before getting that loan.

You also don’t need to worry, as this doesn’t mean that your ID won’t be approved if you don’t immediately take out a loan.

## Incorrect ID uploads could lead to loan decline even if eligible
As we earlier said, there are only four(4) valid IDs that can be approved by Irorun when you sign up with us. See Number 1 point.

It’s important that you make an effort to upload a valid and accepted type of ID to avoid getting your loan declined. Even if you turn out to be eligible for a loan with Irorun, a valid ID is simply mandatory.

## School IDs are not accepted as valid IDs for loan application on Irorun
Unfortunately, students are not exceptions to the rules when it comes to ID upload on Irorun. A student ID card is not considered a current and valid means of identification in our loan application process. Relax, we’ll tell you why…

Most student ID cards don’t contain all the information needed to confirm your identity and are very easy to forge ??, so students are urged to provide one of the four (4) accepted valid IDs to be considered eligible for a loan.

## Certain types of loans require work ID as proof
Although work IDs will not be required from you as a means of identification, certain types of loans require a valid work ID as a form of proof that you work.

A good example is the payday loan or the salary advance loan. These types of loans require you to provide your work ID as proof that you actually work where you say you do. In such cases, we implore you to comply and provide said ID.

Now that you’re well aware of the nitty-gritty details of successfully uploading a valid ID on Irorun, we can’t wait to get you started on your first loan. Reach out to us at support@irorun.com to get started ASAP!

What you should know about uploading ID on Irorun

Hey there Rockstar! Today we’ve simplified the Irorun loan application process into 5 simple steps.

Come along let’s help you get your first loan:

## Set up your account
Visit the Irorun website and follow the prompts to either download any of the apps and sign up or just sign up directly on the web app. Once you are signed up successfully, you also need to do the following as they are mandatory requirements to apply for a loan:

## Update your address and also add the details of your next of kin
Add a government-issued ID card such as a drivers’ licence, international passport, etc.
Add a valid and active debit card. We usually accept only Mastercard or Visa debit cards
Now you’re ready to apply for a loan with Irorun.

## Apply for a loan
With the Irorun app installed on your device (or you may be registered on the web app), it’s time to get your first loan.

## Log on to your dashboard and click on the “Apply for a loan” icon.
- Fill out the application form: You’ll be shown an application form, in which you’re required to fill in your relevant personal data. For example, name, age, email address, valid ID card, bank verification number etc.
- Assess the form thoroughly and ensure you fill in the correct data.
- Submit loan application form.
- Complete the final verification process

Once you have submitted your loan request, it would be in pending status. You would then get an email from Irorun stating that your documents have been received, however, you would need to speak with the Irorun loan team to complete the final stage of verification. The number to call would be in the email sent by Irorun. This final stage is necessary to help us curb the issue of identity theft or lending to scammers using the identity of innocent and unaware individuals.

Please note that leaving a voicemail or voice message does not count as a call to the Irorun representative.

## Kindly wait for our feedback email
Once you’re done with the final stage i.e the phone call verification, look out for one final email with either an approval or denial of your loan request. This final email will only be sent to you if you have completed the phone call verification.

Kindly note that Irorun operates on an algorithm-driven database and this means that after your credit profile is vetted, you’re matched to the loan option that is the best fit for you.

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For further questions and assistance send us a message at support@irorun.com!

A simple guide to the Irorun loan application process


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

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

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Irorun Blog

What you should know about uploading ID on Irorun

A simple guide to the Irorun loan application process

5 Benefits of a microloan AKA small loan

7 common loan issues

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