Irorun: How effective is this lending app?

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.

GETTING STARTED
* 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.

ADDITIONAL NOTES
* 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.

CONTACT US
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 support@irorun.com.

LETS READ FEEDBACK FROM CUSTOMERS

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
10
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

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JOIN THE QLA BUSINESS CLUB. SAVE, INVEST, BORROW MONEY WITH EASE.

1. Quick Loan Arena offers a social support initiative for members of its QLA Business Club.. The Club is to help members save and invest and earn monthly interest on their savings. It’s also for members to borrow soft loans at a very low interest rate for short term projects.

2. QLA Business Club will assist members raise pay day loans or soft loans for tenure up to one month.

3. You must be a member of QLA Business Club to be qualified to save, invest, earn interest or collect a loan or participate in the group activities.

4. To become a member of QLA Business Club, you must register with a membership fees of N5,000. After filling out our registration form.

5. QLA Business Club Members are expected to make voluntary weekly or monthly or fixed sum contributions which will earn 2% interest every month.

6. Loan amounts are N5k, N10k, N15K, N20k and N50k for tenure up to 30 days.

7. Members are free to invite other people to become members and shall be eligible to 25% of their registration fees as commission.

8. QLA Business Club loans are subject to a guarantee of 100% coverage of your loan amount partly in form of your savings and partly in form of 1 or 2 guarantors’ contributions who must be members of the club.

9. Loan disbursement commenced Tuesday 29th December, 2021 for members.

10. All members of QLA Business Club are hosted on a special forum where discussions and strategies are held regularly.

You can speak with any of our Loan Consultants for more information! Call or Whatsapp our business telephone (0) 915 382 1578.

Sign up and Join the Club.

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

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