Irorun: How effective is this lending app?
Irorun, which means peace of mind in the Yorùbá language, claims it makes it easy for you to access loans just when you need it.
According to Irorun, you can sign up 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.
* Create an account.
* Apply in seconds.
* Receive your loan straight into your wallet.
* Increase your loan limit every time you repay a loan.
REPAYMENT TERMS FOR ALL LOANS
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.
RATES AND FEES
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.
* When processing your loan request for eligibility, we look at several signals, such as your credit score, past loan performance, etc. We require 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.
We’re eager to hear from you as we welcome feedback and tips to make our services better. If you have any feedback, questions, or concerns, please contact us at email@example.com.
LETS READ FEEDBACK FROM CUSTOMERS
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
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
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!
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
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