Irorun Loan App Review: Secure and convenient loan platform for Nigerian Citizens
Irorun is a Nigerian loan app that provides microloans with amounts ranging from N5,000 to N50,000 for users to meet emergency needs. Users can access collateral free loan products with minimal documentation which in 100% online process. The app used to have a savings feature which has since been discontinued and is now exclusively a loan app.
This app has just over 50k downloads so far on Google play store and uses a loan software to collect prospective customers information including phone records, banking transaction alerts, BVN to build the credit score of each borrower.
To qualify for a loan or higher amounts, be sure to keep good bank transaction messages on your phone and do not have outstanding debts with other loan apps!
Application is simple, just download the app from Google play store, provide some information about yourself, the algorithm will analyze your information, calculate your credit score and make you a loan offer all Within a few hours.
How to Download APK and get a loan from Irorun app
- Download the Irorun loan App exclusively available on the Google Playstore and install on your Android phone.
- Register an account with your phone number.
- Preferably the phone number connected to your BVN as a one time password will be sent to it for verification.
- Fill in your basic Kwow-your-customer KYC information, including your residential address, next of kin and employment details
- You will also be required to provide your Biometric verification number BVN.
- You’ll be charged N30 to bind your ATM card to your account to increase your chances and get a higher loan amount.
- A one-time password OTP will be sent to your phone to confirm your details.
- After the submission of your loan application, the software will analyze your credit score and the final result will be shown in the APP.
- The result should be displayed in less than two minutes and if you qualify for a loan, the loan amount will be disbursed into the bank account directly.
- Make sure you’re using a good phone as you will be required to take a clear live selfie for identify.
Your BVN is linked to your credit score, so if you have an outstanding loan with other lenders or didn’t pay other lenders as at when due, expect your application to be rejected.
When you download this app it gets access to your phone book contacts, SMS, and other details it uses to build your credit score.
Is Irorun loan app legit or scam?
Yes, Irorun Loan app is legit and does give out loans to customers but with extremely high interest rates most especially for first time borrowers. Always read other customer’s reviews before you apply for a loan in Nigeria.
You should know that these loan apps are not registered or regulated by the CBN or any government agency in Nigeria. You are responsible for the security of your transactions with them and there is no way to seek redress for poor customer service.
Also its availability on Google play store does not make transactions performed on it secure. The play store merely provides an avenue for download, you are responsible for your own security while using loan apps in Nigeria.
What Irorun loan app can improve?
Irorun loan app contains some coding errors, you might have repaid your loan long before your due date and still notice that you in-app dashboard hasn’t been cleared. If this happens to you, you should keep your proof of repayment handy in case you’re challenged to pay late fees.
These coding errors also lead to difficulty in registration, some customers have complained that the app is crashing sometimes during registration.
There’s also are high interest rate on this app, You will typically get a loan of N5000 as a first time user, some customers have complained that they didn’t get the full N5000 disbursed to their account and still had to pay the full amount back plus interest.
Because there is no regulations in Nigeria, most of these apps are loan sharks who might threaten to send messages to your family members calling you a scammer if you default on your repayment. It is best to avoid these apps if you have other options.
Irorun app interest rate?
Loan time tenure: from 91 days to 365 days.
Loan amount range: from ₦5000 to ₦ 500,000.
Loan interest: the total interest range is from 2% to 24%. The equivalent monthly interest is from 1% to 2% and APR is from 12% to 24%.
Example Interest calculation:
If the loan amount is ₦20,000 for 91 days (3 months), the APR is 20%, the interest and total amount to pay on the due date is
Interest: ₦ 20,000 * 20% / 365 * 91 = ₦ 997
Principal repayment = ₦20,000
Total amount of repayment: ₦20,000 + ₦997 = ₦20,997
As the repayment period is for 3 months:
Monthly repayment is ₦20,997 / 3 = ₦6,999
This interest rate and tenure is just as an example, expect your loan amount and period to be significantly lower if you’re borrowing for the first time. You can increase your amount by keeping good records and paying back loan on time.
What are the requirements?
- Be a legal citizen or legal Resident of Nigeria
- Be at least 18 years old.
- Have a Monthly income source.
- Bind your ATM card to your account
- Provide details of two of your next of kins including their phone numbers.
- Have a good credit score with no outstanding loans from other lenders.
- Have an active bank account.
- Your phone number must be the one connected to your BVN.
- Have a valid government issued ID card.
What will happen if I don’t repay my loan or pay my loan late?
Late loan repayments automatically incur a fee of 2% per day. It is therefore advised that one does not exceed the due date. Repay the loan by its due date allows you to access larger loan sizes. Late repayments will affect your ability to get subsequent or larger loans. If you are very late on your payments, you will be reported to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.
Irorun loan app customer service number
If you have any feedback, questions, or concerns, please contact email@example.com.