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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.

Jingle coins…Jingle coins…Jingle all the way (to the bank) 

As the holidays are fast approaching, we’ve curated 5 money mistakes you should avoid this season

Dive in!

## Impulse buying
There are a lot of people who believe that holidays are a perfect time to spend money on miscellaneous items due to rapid inflation in prices, the thought process is usually “I don’t know how much it would be after the holiday so let me just buy it now.” Irorun is here to tell you to relax.

When the urge to buy every random item crosses your mind, fight it! You’re not missing out on anything.

Satisfying every “buy me” impulse may leave you broke before the holidays are even over. Be a little intentional about curbing those impulsive habits, to avoid regret and unchecked expenses.

## Having no holiday budget
A sure way to curb impulse buying during the holiday season is to set a realistic holiday budget that covers all your major expenses for the season. This holiday budget will help you put a check on your spending limit.

Having a holiday budget will give you that sense of responsibility that you didn’t even know you needed and that’s why you need one (because life doesn’t end at the holidays). Having no budget affects your thought process, it becomes a free-for-all, and you just might end up struggling to keep up after the holidays are over.

## Not saving for January 35th
We can’t be the only ones to have noticed that the days after the holidays seem to stretch on forever and seem to have a lot of expenses piled up (It’s like the universe has decided to punish you for having too much fun). You seem to realize that in your bid to enjoy the holidays to the fullest you are left with nothing and are now struggling. God forbid! Abi? That’s where budgeting comes in. Remember, when making a budget, you are always advised to set aside some savings. January has 35 days o!

One piece of advice we’d love to give you regarding saving is this — Don’t just save for the rainy days with cloudy skies, save for sunshiny days with clear skies too.

## Don’t get lost in the holiday spirit
Many holiday decisions are made under the influence of the “holiday spirit”. It’s easy to get lost in the bubble and fritz of the holiday and that’s why some people only decide to travel and visit family during this period. For someone who is trying to survive till after the holidays, this would mean extra expenses for you. Village people would want more than greetings o!

Unless you have enough to spare for a holiday trip, you shouldn’t be taking one on a whim. Even when others travel for holiday adventures in other parts of the world doesn’t mean that you should.

Imagine getting stranded in another state or country because in the ‘spirit of the holiday’ you wanted to visit some random family member or go on an adventure without making plans for it. Ha! don’t do it!

## Hosting the Joneses
Say it out loud “I’m not at home!”

We know that sometimes it’s hard to outrightly say ‘no’ when asked for a favour from family or friends. But sometimes learning how to say “no” saves you from unplanned and burdensome expenses.

Take, for instance, a family member or friend suggests “spending the holiday with you”. Although it seems like a nice holiday gesture, it would be best to decline if your finances cannot accommodate so much at that point. Taking on extra expenses in a bid to “save face” may cost you more than you expect.

…

It’s the festive season soon and as always, we want you to make great financial choices and plans in preparation for the new year.

Irorun is still in the business of providing the best loan options. Send us a message at support@irorun.com to find out more.

5 money mistakes to avoid this holiday


“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

Wait!!!

Before you apply for that loan, hear us out

To reduce the myths surrounding loans, we’d first have to break the stereotypes around them.

For your sake and ours as well, you should never have to apply for a loan “unsure” or “undecided.”

And that’s why we’ve listed out 3 important questions you should ask yourself before taking that loan:

Read more: [How to qualify for a loan with a low income](https://irorun.com/blog/how-to-qualify-for-a-loan-with-a-low-income)

## Do you need a loan?
This is a highly underrated but important question to ask yourself before applying for a loan. Are you actually in need of it or are you craving credit alert?

We know that the joy that comes with receiving a credit alert is incomparable and very tempting but, we urge you to take another look at your finances and be 100% sure you want to take out a loan. Are you ready to pay back with the added interest? Are you ready to face the scrutiny? Are you ready to lose something you own or face court charges in a case where you default on loan repayment?

If taking out a loan does not benefit or aid you extensively in the long run then there is no need for you to take out one.

Read more: [Mistakes you must avoid when paying off debts](https://irorun.com/blog/mistakes-you-must-avoid-when-paying-off-debts)

## How urgently do you need the loan?
Another thing you should consider before applying for a loan is the “urgency of the situation.” The type of emergency you’re facing also determines if you truly need the loan at that moment. Some emergencies need a more immediate reaction than others, for instance, if you had to choose between taking out a loan for a health emergency and a car emergency, you’d obviously pick the health emergency (your health is more important than a broken bonnet).

You’d need to take out an immediate loan to solve a health emergency but a car emergency can be postponed to another time (while you make do with other alternatives). The urgency of a situation can also be a deciding factor your lender may use.

Read more: [5 actions to take if your loan was declined](https://irorun.com/blog/5-actions-to-take-if-your-loan-was-declined)

## How do you intend on paying back?
Okay, so you’ve answered the questions above and it’s looking a lot like you need to take out that loan. There’s just one more thing to consider — How are you going to pay back the loan? Do you have a stable source of income that will help you compensate for the loan while maintaining an acceptable living standard? Or are you just trying to press your luck and hope for the best?

When you decide to take out a loan you have to cover all ground and that also includes how you’re going to repay your lender without ending up living below standards. The idea that loans are destructive and cripple one’s finances is totally wrong! It’s bad financial choices that cripple one’s finances. With the right financial plans, a loan can very well be a boost to your overall standard of living.

Once you’ve worked out how you’re going to repay your loan then there should be nothing holding you back.

Read more: [7 ways to spot a loan scam](https://irorun.com/blog/7-ways-to-spot-a-loan-scam)

…

As always, Irorun is more than just a loan app. We care about the money choices you make and we contribute our quota in ensuring you never lack good financial knowledge.

Remember, we’re just one message away. Reach us at [support@irorun.com](mailto:support@irorun.com) today!

3 questions to ask yourself before you apply for a loan


Unlicensed lenders AKA loan sharks mostly prey on families of low income or those who find themselves in difficult times and in dire need of a quick fix. *Urgent 2k*.

Here are a few ways to recognize them. As they operate outside the law, you’ll likely:

**Be offered a cash loan:** Most loan sharks tend to operate with cash, but do take note that some may operate online as well.

**Notice a lack of paperwork:** Loan sharks won’t give you a formal agreement which makes it easy for them to change loan terms in their favor at the drop of a hat.

**Get poor/vague loan terms:** Loan sharks tend to be unclear about the amount of interest they charge and repayment terms. Sometimes, they might straight up give you outrageous terms to work with. (But since you’re in urgent need… you feel as though you have no other option).

Get a loan without the necessary checks: Loan sharks won’t conduct any checks or assessments before giving out a loan. (It’s giving sketchy abi?).

**Face harassment and threats if you are behind on repayment:** Unauthorized lenders are not afraid to resort to threats of violence and harassment if you are behind on your loan repayment.

**Be pressured into borrowing more:** The moment a loan shark gets you to borrow from them, they’ll charge you such high-interest rates that you’ll never be able to repay in full. They may even convince you to borrow more from them in the illusion of paying off your previous debt with the new one.

The purpose of this article is not just to help you recognize these loan sharks but to give you a way to sort out any issues that you as a borrower may face when confronted with a loan shark you borrowed from.

## Formal report to the authorities
When you are being harassed and threatened by a loan shark, a formal report can be made to the authorities with proof that your life is being threatened. And that can be acted on.

It’s very important to note that just because a loan shark can’t take legal action against you for not repaying your loan because they’re unlicensed, doesn’t mean that they won’t take drastic measures illegally. Remember, these individuals operate outside of the law. It would do you good to not purposefully antagonize a loan shark.

**PS:** Licensed lenders have the right to take legal action against you if you default on loan repayment, as it’s still a civil offense.

…

At Irorun, we understand that it can be tough to find an ethical lender that respects [your rights as a borrower](https://medium.com/@Theirorunapp/know-your-rights-as-a-borrower-a7bdbfda3f8), that’s why we constantly bring you actionable tips on how to get the best borrowing experience.

Feel free to send us a message at support@irorun.com to get started with your loan!

How to deal with loan sharks

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Irorun Blog

5 money mistakes to avoid this holiday

Myths vs. Facts of microloan apps

3 questions to ask yourself before you apply for a loan

How to deal with loan sharks

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