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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.


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


“I hear say those loan apps dey…”

We know you might have heard some hearsay about microloan(small loan) apps and you’re unsure if there are any good options left for you.

Today, [Irorun](http://irorun.com/) wants to clear the air and separate myths  from facts.

## Myth 1: You need a high credit score to get a microloan
It’s a well-known fact that you need to have a high credit score to qualify for a large loan but does the same apply to microloans? Many individuals seem to believe so and therefore shy away or believe that they are unable to take out microloans.

## Fact 1: You can get a microloan as a new borrower
Contrary to word on the streets, it can be said that microloans were made specifically with NEW borrowers in mind because of the ease of paying back. It also simultaneously caters to your needs and boosts your credit score. A double win right!

## Myth 2: Interest rates on loan apps are significantly higher
Some people get discouraged from using loan apps due to a multitude of reasons, one of which is the belief that interest rates tend to be higher when loans are taken out using the loan app.

## Fact 2: Loan apps provide flexibility of interest rates
Irorun would have you know that the interest rate on loans is determined by several factors including but not limited to loan amount and purpose. [The Irorun loan app provides](https://irorun.com/) flexible interest rates that ensure repayment is no hassle.

## Myth 3: Loan apps are illegal and/or fraudulent
Sadly, many have fallen prey to scammers disguised as microlenders and this has further increased the belief that loan apps are illegal and are working outside the law under pretenses. But can this be considered the truth about ALL loan apps?

## Fact 3: Lenders who are authorized, registered and ethical exist
“Two truths can co-exist”

Yes! Some malicious lenders work under pretenses to steal from others.

Yes! There are also AUTHORIZED and ETHICAL Lenders with a history of giving out loans, respecting borrowers’ privacy and maintaining good relationships ([Irorun](https://irorun.com/) is one of such).

Before you carry out any loan transactions with your prospective lender, please conduct proper investigations to determine their authenticity.

If you’ve had contact with an unethical lender, [here’s how you can report them](https://blog.lendsqr.com/how-to-report-lenders-for-unethical-practices/).

## Myth 4: All loan apps are the same
“A loan app is a loan app, it doesn’t matter if it has a different name” — Somebody who hasn’t tried [Irorun](http://irorun.com/).

The loan app ecosystem has had a lot of bad press due to the unethical practices of malicious lenders and so many believe that all loan apps are the same.

## Fact 4: Loan apps are not all the same
Despite loan apps having a general purpose of giving out loans, they are not all the same.

On one hand, some loan apps are hassle-free and take a small amount of time to work out their processes *coughs Irorun*. While on the other hand, others have a way of causing stress during repayments and hiding extra fees. *side-eye*

In the same light, not all loan apps offer the same opportunities; Some apps, like Irorun, offer microloans of #5,000–#50,000, while some offer large loans and others offer a mix of both.

## Myth 5: Loan apps steal your data and harass you when you can’t pay
Unfortunately, this is common with a lot of unethical loan apps. This behavior has built up the fear of taking out loans due to the belief that your data will be used to harass you and those closest to you.

## Fact 5: Ethical lenders will never breach your data privacy
Although this may sound cliché, [Irorun](http://irorun.com/) would like to apologize to any borrower out there who has been faced with the despicable unethical behavior of some lenders and also appeal to you that we would NEVER breach your privacy in any way or harass you and your loved ones.

We would like to assure you that there are ethical loan apps out there that would never cause you distress. [Again, you should know that you can always report unethical lenders who breach your privacy](https://blog.lendsqr.com/how-to-report-lenders-for-unethical-practices/).

…

We hope we’ve been able to dispel some of the myths held against microloan apps.

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

Myths vs. Facts of microloan apps


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

What have you heard about credit reports?

If you’d like to know more…then you’re welcome

First, let’s see what it means…

A credit report is a thorough examination of your credit history prepared by a credit bureau. Credit bureaus gather financial information about you and use it to generate credit reports, which lenders use along with other details to determine your creditworthiness.

In the same sense, you could simply say a credit report is a summary of your past and current credit information. Your credit report may be regarded as a dependable friend or a looming shadow it all depends on the status of your credit accounts at the time and the history of your bill and loan payments. This means that a dirty financial past may turn the ever-dependable credit report into a dark shadow hanging over you.

The process of applying for a loan may seem overwhelming if your financial past has been bumpy. You can prepare for what to expect by knowing what information is on your credit report and how it affects your credit score.

What information appears on your credit report?
Let’s take a look at what’s inside the credit report.

Credit reports contain a wide range of financial information peculiar to you. The following information is frequently found on a credit report, regardless of the credit bureau.

## Personal information
Identifying information, such as your entire name (and any alternative names you may have used in past credit applications, such as surnames before marriage, and your name without your middle name.)

It also contains information such as your birth date, current and previous residences linked to your credit accounts, phone numbers linked to your credit accounts, current and previous employers you’ve listed on credit applications, and more.

This information helps in the confirmation of your identity and to prevent fraudulent acts from being carried out with your identity.

## Accounts
The credit report contains information about your current and historical credit accounts from the last seven(7) to ten(10) years, including installment accounts (loans), the name of the creditor/lender, the opening date and/or closure, the status (such as current or past due), the credit limit (for credit cards) or loan amount, your payment history, and so on.

## Inquiries
Additionally, your credit report contains details about the organizations — loan companies included — that have viewed your report as well as the dates and times of those accesses.

## Information that does not appear on your credit report
Credit reports contain a lot of information, but they also exclude some personal and financial details. Here are a few details you won’t ever find on your credit report:

## Marital status
An individual’s past or present marital status has no place in their credit report. Apart from it being deeply personal and intrusive, it’s not a suitable measure of an individual’s financial status (good or bad) and therefore, has no effect whatsoever on one’s credit score.

## Income
One’s income from their place of employment is also not included in a credit report. Although some lenders require such information before making a loan application decision.

## Bank account details
The credit report also doesn’t contain an individual’s bank account details. However, certain details, such as your bank account statement are considered by a lender when reviewing a loan application. This confirms one’s cash inflow and outflow and helps the lender determine if the client can afford the loan.

## Education
The educational level or history (past or present) is not included in a credit report. So don’t worry if you crashed out of the university, it has no bearing on your creditworthiness. What must be noted is the individual’s age, as any loan application is only legal for persons aged 18 and above.

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As always, Irorun brings the most useful information to you and is further available to answer your questions and offer assistance in securing your first loan, send us a message at support@irorun.com!

What is a credit report and what can be found on it

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Irorun Blog

5 Benefits of a microloan AKA small loan

Myths vs. Facts of microloan apps

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

What is a credit report and what can be found on it

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