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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.

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“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

In the lending industry, there are concerns about legal and ethical boundaries regarding loans. These concerns arise when borrowers are don’t make timely payments of their loan.

In Nigeria today, numerous lenders have maligned individuals who defaulted on personal loans, going beyond the usual reports to the credit bureau.***

Lenders should not engage in such unethical actions, but when they do, they often escape accountability because borrowers are unaware of their rights, including their repayment terms.

Today, we address the issue of lenders slandering loan defaulters, focusing on what borrowers themselves can do in such situations.

## Document the slander
A lender with malicious intentions is likely to start throwing threats around in hopes of damaging your reputation. They may go as far as carrying out these threats; sending derogatory messages to your phone contacts, unsavory posts about you on social media platforms. etc

If you ever find yourself in such a dilemma, here’s what you should do: meticulously record all derogatory messages (or images) sent to you or posted online by any means. This includes details like loan amounts, credit scores, and credit reports if relevant. Capture them as a screenshot or screen record, but make sure to have it stored. This will serve as your evidence in case the situation escalates further.

## Review the loan agreement
Revisit the loan terms and agreement, and read it thoroughly. Carefully examine the fine print for any hidden details that might allow the lender to commit slander.

Check for any clause related to communication and dispute resolution, this can help create a strategy on how you can approach the lender with complaints about their ill-treatment.

## Contact the lender
Now that you’ve read the fine print, you are armed with everything you need to confront the lender and control the situation. Note that control does not equal aggressiveness. Going at your lender aggressively would only mean they’d reciprocate with the same energy.

Address the issue calmly. Seek clarification on their reasoning for posting derogatory content or the agreement terms allowing such actions. Request for the removal of all derogatory content and rebuttal of all slanderous statements.

## File a complaint
Working things out with the lender does not make the issue settled, contrary to popular belief. Regardless of a resolved issue, we strongly advise that you report the lender to the proper regulatory bodies (credit bureaus, FCCPC***) overseeing financial institutions especially if the lender’s actions go against industry standards as they may continue to carry out the acts with other unsuspecting borrowers. Be your brother’s keepers.

## Seek legal advice and redress
Consult legal advice to understand your rights as a borrower***; this can help you build a solid case of slander against the unethical lender. Even if the lender repents, your reputation has already been tarnished, and slander can negatively impact various aspects of your life.

While lenders have the right to report defaulters to credit bureaus, slanderous actions are not legal. Upholding legal and ethical standards in debt collection is very important, if at any time you feel violated by a lender’s actions don’t hesitate to follow the steps above and see redress.

As always, you’re safe with Irorun as your ethical lender. Send us a message now at support@irorun.com and let’s get you started with the right loan.

Is it legal for lenders to slander loan defaulters

When it comes to personal finance, two unsung heroes take the stage: direct debit and debit cards. While often overshadowed by newer technologies, these two remain the pillars of our everyday financial transactions.

In this article, we’ll dissect the features and distinctions of both, and also help you navigate the right fit for all your transactions.

Let’s jump right in 

## Direct debit
This payment method allows an account holder to give permission to a third-party to withdraw money from their bank account. It’s convenient and ensures payments are on time. This payment method lets an account holder authorize a third-party to take money from their bank account. It is convenient and ensures timely payments. The account holder can schedule automatic withdrawals for specific amounts on certain days, like a Netflix or Dstv subscription. 

## Debit card
A debit card allows customers to buy things or get cash from ATMs by taking money directly from their bank accounts. It also allows customers to make purchases or withdraw cash from ATMs using money from their bank accounts. Debit cards do not involve borrowing money like credit cards. Instead, they use the account holder’s own funds for transactions. When you use a debit card for a purchase, the same amount is taken from your linked bank account. You can also use debit cards in stores or online, and they often display logos from card networks such as Verve, Visa, or Mastercard.

Featured read: Do you want your loan approved? Try these 5 hacks!***

## Similarities
Direct debit and debit cards share common features that revolve around electronic payment, the linkage to a bank account, and the process of payment authorization.

## Electronic payment
Both direct debit and debit cards enable electronic payments, facilitating transactions without the need for physical currency.

## Linked to a bank account
A fundamental similarity is their association with a bank account. Debit cards are directly linked to your bank account, providing instant access to funds whenever you make a purchase or withdrawal. Similarly, direct debit involves a connection to your bank account, allowing authorized parties to withdraw funds for recurring payments.

## Payment Authorization
In both cases, payment authorization is necessary. With a debit card, you authorize transactions by providing your PIN or a signature. In direct debit, initial authorization is granted to specific entities to deduct funds from your account on agreed-upon dates.

## Differences
Some of the key differences between both methods are classified under purpose, payment initiation, security and dispute.

## Purpose
- Direct debit: is primarily intended for automated recurring payments, like utility bills and subscriptions, ensuring timely settlements without constant manual involvement.
- Debit card: is designed for versatile financial transactions including purchases, ATM withdrawals, and online payments, allowing instant use of available funds. Think “ATM cards”.

## Payment initiation and transfer processing
- Direct debit: Payments are initiated by the payee, who obtains your authorization beforehand. Funds are requested from your account and debited on agreed-upon dates.
- Debit card: You trigger payments by presenting the card at point-of-sale terminals or ATMs. Funds are instantly transferred from your account to the recipient during the transaction.

## Payment security
- Direct debit: Requires initial authorization, lowering the risk of unauthorized transactions. Although, automated processing can potentially be a security concern if not properly monitored.
- Debit card: Your participation is needed for every transaction, either through a PIN or a signature. Ergo, cardholders have more control over transaction validation.

## Transaction dispute
- Direct debit: Disputes may arise from unauthorized transactions or errors in payment amounts, involving coordination between your bank and the payee to resolve.
- Debit card: Transaction disputes are relatively straightforward. If you spot an unauthorized or incorrect transaction, notifying your bank triggers an investigation that can lead to a reversal.

## Pros and cons of direct debit
Before you choose this method of payment, let’s learn about some of its benefits and drawbacks:

## Pros
**Convenience**: Direct debit offers convenience by automating regular bill payments, eliminating the need for you to remember due dates.

**Timely payments**: It ensures timely payments, reducing the risk of late fees and penalties.

**Financial discipline**: Direct debit encourages financial discipline by ensuring essential bills are paid consistently.

**Reduced administrative burden**: With automated payments, you spend less time managing bills and can focus on other aspects of your finances.

## Cons
**Lack of control**: Automated payments might lead to overlooking bill amounts or changes in service fees, potentially resulting in unexpected withdrawals.

**Insufficient funds**: If a direct debit is processed and your account doesn’t have enough funds, you incur overdraft fees or face declined payments.

**Cancellation challenges**: Cancelling or modifying direct debit arrangements might involve contacting both the payee and your bank.

**Potential errors**: Mistakes in payment amounts or incorrect deductions could occur, requiring time and effort to rectify.

Featured read: How small loans help overcome financial emergencies in present-day Nigeria***

## Pros and cons of debit card
Consider the advantages and disadvantages of using debit cards for financial transactions before using them:

## Pros
**Immediate access to funds**: Debit cards offer quick and convenient access to the money available in your bank account for purchases or withdrawals.

**No debt accumulation**: Transactions with debit cards use your own money, eliminating the risk of accumulating debt as with credit cards.

**Budget management**: Debit cards help you manage your budget by preventing overspending, as they use your existing funds.

**Widely accepted**: A vast majority of merchants and ATMs accept debit cards, making them versatile and accessible.

## Cons
**Limited fraud protection**: Debit cards may offer limited fraud protection compared to credit cards, and unauthorized transactions could tie up your funds during the investigation.

**Potential overdrafts**: Spending more than your available balance may result in overdraft fees, which can be costly.

**No credit building**: Debit card usage does not contribute to building a credit history or improving your credit score, unlike responsible credit card usage.

## Choosing the right payment method
What are some key points you should consider before choosing between both payment methods?

We’ve noted them for you below:

## Frequency and type of payment
Determine how often you make payments and the nature of these transactions. For regular bills like rent, utilities, loan repayments or subscriptions, direct debit can simplify your life by automating payments. Debit cards suit daily expenses like groceries perfectly.

## Budgeting and spending habit
Examine your spending habits and budgeting style. Debit cards act as a guardrail, allowing you to spend only what you have. This can curb impulse spending and help you stick to your budget.

## Security preference
Evaluate your security priorities. Debit cards offer security through immediate fund deduction and require a PIN for transactions. This reduces credit risk and enhances control. Credit cards typically have robust fraud protection, and zero-liability policies shield you from unauthorized charges.

## Best for the situation
Analyze the context of your payment. Debit cards are widely accepted and handy for day-to-day spending. Having stable finances and a preference for automated payments to avoid late fees or missed payments makes direct debit the most convenient option.

You stuck with us until the very end and so we’re sure you’ve learnt a thing or two.

As always, send us a message at support@irorun.com and let’s get you started on your first loan with your most preferred payment method.

Common features and differences of direct debit and debit cards

Some months back, we broke down in bits all the nitty gritty details of the newly signed student loan act. We helped you fully understand just what the government had put into law and what it meant for Nigerian students. Today, we bring you an update as to when the official commencement of this act will take place.

## Here’s a brief recap on the student loan act 
President Bola Ahmed Tinubu signed the Access to Higher Education Act 2023 into law on Monday, June 12, which was a significant decision. He fulfilled his promise by starting a test student loan program. The program aims to help more people access education, regardless of their background.

The “Student Loan Act” aims to provide Nigerian students in college with interest-free loans. Additionally, the Act establishes an Education Loan Fund, designed to assist Nigerians in funding their higher education interests.

On June 14, 2023, the government promised to prepare for the student loan program to start between September and October 2023. Since the announcement, there has been no updates or progress on the scheme.

Of course, we know the government has been working tirelessly to see this bill come into play. Good things take time after all. 

Many people may have expected the delay in commencement, but the recent tuition hikes at many higher institutions were unexpected. Students and parents from the affected higher institutions have expressed worry and anxiety as the combination of increased tuition costs and the postponed introduction of the loan program has created financial instability amongst many. Coupled with the many other hikes in various spheres of the Nation.

## Here comes the good news  
Many Nigerians are skeptical about the bill’s implementation, given the government’s history of poor follow-through. This skepticism is understandable. President Tinubu announced that the government will start giving student loans to Nigerians in January 2024.

At a summit in Abuja, the President announced plans to expand the student loan program to help Nigerians, easing their difficulties and reaffirming his commitment to this goal.

David Adejo, the Permanent Secretary of the Federal Ministry of Education, confirmed that the Nigerian government will begin offering student loans in the 2023/2024 school year. This announcement was made during a meeting with the House of Representatives Committee on Student Loans.

However, he dismissed rumors that federal universities have increased fees following the enactment of the Students Loan Act. We beg to differ. 

As we await more action and less talking from the Government, we keep our fingers crossed and hope the implementation is more effective than we expect.

Now, fellow Nigerians, the ball is in your court. Share your thoughts on the latest update, we’d love to know what you think about the student loan act. Do we just stick to fast loan apps for educational loans or consider the Government’s new initiative. Send us a message now at support@irorun.com.

What’s next for the newly adopted student loan act?

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Irorun Blog

Myths vs. Facts of microloan apps

Is it legal for lenders to slander loan defaulters

Common features and differences of direct debit and debit cards

What’s next for the newly adopted student loan act?

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