Irorun Loan is an online lending company that is new in the game of granting personal loans to Nigeria without documents.
It’s easy to apply. Just download the app from the Google Play store and provide some information about you. The algorithm will analyze your data, calculate your credit score, and offer you a loan within a few hours.
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How to download APK and obtain a loan through the Irorun app
- Install the Irorun Loan App only available on Google Playstore.
- Register with your phone number to create an account
- For verification, you should use the phone number associated with your BVN.
- Please fill in your Kwow-your customer KYC information. This includes your residential address and next of kin details.
- Your Biometric verification number BVN will also be requested.
- To bind your ATM card with your account, you will be charged N30. This will increase your chances of getting a higher loan amount.
- To confirm your details, a one-time OTP password will be sent to you.
- After you submit your loan application, the software will evaluate your credit score. The final result will appear in the APP.
- You should see the result in less than 2 minutes. If you are eligible for a loan the amount will be transferred directly to your bank account.
- You will need to take clear selfies for identification.
Your BVN is tied to your credit score. If you have an outstanding loan from another lender or have not paid other lenders on time, your application will be denied.
This app allows you to access your phone contacts, SMS, and other information that it uses to improve your credit score.
Is Irorun a legit loan app or a scam?
Yes, Irorun Loan App is legitimate and offers loans to customers. However, the interest rates are very high for first-time borrowers. Before you apply for a loan in Nigeria, make sure to read reviews from other customers.
These loan applications are not registered with the CBN or any other government agency in Nigeria. They are responsible for your transactions and you cannot seek redress for bad customer service.
Its availability on the Google Play store does not guarantee that transactions made on it are secure. You are responsible for your security when using loan apps in Nigeria through the play store.
How can the Irorun app help?
The Irorun app has some coding mistakes. You might have paid off your loan before the due date but still, see that your in-app dashboard is not cleared. This could happen to you. If this happens, keep your proofs of repayment handy.
This app has a high-interest rate. You’ll typically receive a loan of N5000 for your first use. However, customers complain that they didn’t get N5000 and had to repay the entire amount plus interest.
Most of these apps are loan sharks and may threaten to send you messages calling your family members a fraudster if you default on your payment. If you have other options, it is better to avoid these apps.
Irorun app interest rate?
The loan term can be extended from 91 days up to 365.
The loan amount range is N5000-N500,000
The total interest range for loans is 2% to 244. Monthly interest ranges from 1% to 2.2%, and APR from 12% to 244.
Example Interest Calculation:
The APR for N20,000 is 91 days (3 months) and the total amount due on the due date is N20,000.
Interest: N 20,000 * 20 / 365 * 9 = N 997
Principal repayment = N20,000
Repayment total: N20,000 +N997 = N20.997
The repayment period is 3 months
The monthly payment is N20.997 / 3 =N6,999
As an example, the interest rate and tenure are lower if you borrow for the first time. By keeping good records and repaying the loan on time, you can increase your amount.
What are the requirements?
- You can be a Nigerian citizen or resident.
- At least 18 years of age
- A monthly income source.
- Attach your ATM card to the account
- Give details about two of your closest relatives, including their telephone numbers.
- You have a high credit score and no outstanding loans from any other lenders.
- Maintain an active bank account
- Your BVN must have your phone number.
- You must have a valid ID card issued by the government.
What happens if I fail to repay my loan on time?
Late loan repayments are subject to a 2% daily fee. Therefore, it is important to adhere to the due date. You will be able to get larger loans if you repay the loan on time. You will not be eligible to receive larger loans or any other loan products if you make late repayments. You will be reported to First Central Credit Bureau if you are late with your payments. The First Central Credit Bureau could blacklist you, which may impact your ability to borrow money from other lenders.
Irorun customer service number
If you have any feedback, questions, or concerns, please contact support@irorun.com