Irorun loan app review 2024

Irorun loan app stands out as one of the best loan apps in Nigeria, offering a micro-credit platform that caters to small loan needs. With its quick loan disbursement, transparent interest rates, and no collateral requirements, Irorun loan app has garnered trust among users seeking financial flexibility.

Irorun, which means peace of mind in the Yorùbá language, makes it easy for you to access loans just when you need it.

The app’s availability on iOS and android devices ensures widespread accessibility, and its commitment to building credit histories empowers users to access credit with peace of mind. Irorun loan app exemplifies how technology can revolutionize the financial landscape and enhance financial inclusion across Nigeria.

So, if you are in need of a small loan in Nigeria with quick access and reasonable terms, Irorun loan app should undoubtedly be your go-to mobile lending platform, unlike fake loan apps in Nigeria. that are quick to harass their customers with unethical loan recovery practices.

Features of Irorun Loan App

1. Loan Amounts Irorun caters to the varying financial needs of its users by offering loan amounts ranging from N2,500 to N50,000 and for some users, it’s usually more than that. This diverse range ensures that both small and moderate financial requirements can be met through the app.
2. Interest Rate The interest rate for loans on Irorun falls within the range of 4.5% to 35% per month. The specific interest rate applied to each loan is determined by various factors, including the borrower’s creditworthiness and repayment history.
3. Annual Percentage Rate (APR) The Annual Percentage Rate (APR) on Irorun varies from 29% to 120%. APR provides a comprehensive understanding of the total cost of borrowing, taking into account both the interest rate and any additional fees.
4. Loan Tenure Irorun offers a flexible loan tenure, allowing borrowers to choose a repayment period between 60 to 180 days. This feature empowers users to tailor the loan term according to their financial capacity and preferences.
5. Repayment Channels Borrowers on Irorun have the convenience of selecting their preferred repayment channels. They can manually make repayments or opt for the auto-debit service, ensuring timely and hassle-free payments.

How to sign up on Irorun Application

You can sign up for Irorun loan application in a few seconds, apply for a loan, and receive your money into your wallet. You can transfer to your bank accounts immediately. It’s a fast, convenient, and reliable way to fix your spending gap, so the app says. Please do the following to get started:

* Create an account.
* Apply in seconds.
* Receive your loan straight into your wallet.
* Increase your loan limit every time you repay a loan.

How to Apply for a Loan on Irorun

Applying for a loan on Irorun is a straightforward process:

1. Download and install the Irorun app from the App Store on your iOS device or Google play store.
2. Sign up for an account by providing the required personal and financial details.
3. Complete the verification process, which may include submitting identification documents.
4. Enter the loan amount and select the preferred tenure.
5. Review the interest rate and repayment terms before proceeding.
6. Submit the loan application.
7. Wait for the loan approval, which usually takes a short time.
8. Upon approval, the loan amount will be disbursed to your registered bank account.

How to repay Irorun Loan

Depending on the loan amount for which you are eligible, you have the option to choose repayment terms for up to 180 days. Choose the loan term that’s right for you within the app.

Benefits of Using the Irorun Loan App

1. Quick Loan Disbursement Irorun prides itself on its swift loan disbursement process. Upon successful application, borrowers can expect to receive the loan amount in a matter of minutes. This feature proves invaluable during emergencies and urgent financial needs.
2. Ease of Access The Irorun app provides unparalleled ease of access to loans. Borrowers can apply for loans anytime, anywhere, eliminating the need to visit physical banks or endure lengthy paperwork.
3. Micro-Credit Platform As a micro-credit platform, Irorun is specifically designed to cater to small loan requirements. This focus on micro-lending ensures that borrowers can access smaller loan amounts without unnecessary complexities.
4. Transparent Interest Rates Irorun maintains transparency in its interest rate structure. Borrowers are informed about the applicable interest rates upfront, allowing them to make informed borrowing decisions.
5. No Collateral Required One of the standout benefits of Irorun is that it offers unsecured loans, meaning borrowers are not required to pledge any collateral to obtain the loan. This approach fosters financial inclusion and expands access to credit for a broader population.
6. Builds Credit History Timely repayments on Irorun contribute to building a positive credit history for borrowers. This credit history can be beneficial for future loan applications and access to other financial products.

Irorun Loan App Download

To download the Irorun app, follow these simple steps:

1. Visits your app store on your mobile device.
2. In the search bar, type “Irorun” and tap the search icon.
3. Locate the Irorun app from the search results.
4. Tap the “Download” or “Get” button next to the app’s icon.
5. The app will be downloaded and installed on your device.
6. Once installed, open the Irorun app and proceed with the sign-up process.

Rates and fees of Irorun

Irorun provides microloans with amounts ranging from N5,000 to N50,000. You must be at least 21 years at your last birthday to be eligible. The loan tenor ranges from 60 days to 90 days. Interest rates range from between 3% to 5% per month with a typical APR of 36%.

A TYPICAL EXAMPLE:
If you choose to get a 3-month (90 days) loan of N10,000, Irorun charges an interest rate of 3% per month. Your total interest amount for the 6-month period would be N900; the total amount you will pay back is N10,900 (N10,000 principal + N900 interest).

– It claims it usually require no collateral or guarantors. However, for loans beyond certain amounts, we may require additional documentation. Nevertheless, all you need is to download our Irorun app and apply right from your mobile phone.

FAQs

Is Irorun available on Android devices?

As of now, Irorun is exclusively available on the iOS platform for iPhone and iPad users. There is no Android version of the app yet.

What are the eligibility criteria for obtaining a loan on Irorun?

The specific eligibility criteria may vary, but generally, users must be Nigerian residents, possess a valid identification document, and meet the minimum age requirement (usually 18 years old).

What happens if I miss a loan repayment?

Missing a loan repayment on Irorun may lead to late fees and negatively impact your credit score. It is essential to make timely repayments to avoid any adverse consequences.

Can I repay the loan before the end of the tenure?

Yes, Irorun allows borrowers to make early repayments without any penalty. Clearing the loan before the end of the tenure can also positively impact your credit score.

Feedback from real Irorun Customers and Users

Charles DolmicA
11 December 2021
For me,my experience is so terrible thatal at the point I needed money,the loan took so long before running,now the money was kept in the wallet,I transferred it expecting it to appear in my acct,since yesterday,till forever sef if not seen it,I went to bank to check no disburstment. On the 10 the of december.am sure u know No repayment for such loan

Isha Anap
6 December 2021
Nice loan app the only problem I have is the interest. I requested for 5000 was disbursed 4600 and am expect to pay 5000 with other smaller charges. The reason am giving it a 3 star is because I was credited as soon as i apply

Eze Ogbonnaya
13 December 2021
I don’t understand this app I opened the account in order to start savings, I couldn’t find a savings plan in the app as Irorun have claimed to have different plans for savings. But aside from that I believe the app is recommendable to all borrowers. Thanks!

MICHAEL THOMAS
17 November 2021
Please i need a candid answer….is this loan app alive in operation or is just taking up space on playstore? See me oo!! I just downloaded this app and I have filled in my necessary info on it and my account was created successful but I don’t get pass the dashboard. Nothing else is working on the other side of the information displayed in front of the dashboard. Information like, next of kin, contact address, account card binding and many more!! Please if there is nothing going on here, remove

BUKOLA ADETUNJI
22 October 2021
If you need money urgently, this app is not for you. It takes them eternity to approve 5000 naira loan. It’s over 3 days now, my loan is still showing pending after collecting all my documents including my valid ID card oo. They are nothing but a scammer Run away from them.

Conclusion

When processing your loan request for eligibility from Irorun, several signals such as your credit score, past loan performance, etc are looked into. The app requires that loan applications be filled with the correct information as any falsification could delay your loan request, or your profile may be blacklisted. For cases of fraud, you may be reported to the authorities. If you have any feedback, questions, or concerns, please contact the platform at support@irorun.com.