Sometimes, instant loans are the go-to if you need money urgently. However, the problem is that some loan apps are not just worth it. So, in order to help you make a good decision, we will be reviewing Irorun loan app so you can see whether it is worth it or not. ‘Irorun’ is Yorùbá for peace of mind. But could this Irorun app actually be the opposite of its meaning? We’ll find out
Irorun loan app allows you to get loans. And like any loan app, you first have to sign up with your personal information and request a loan. Unfortunately, while Irorun claims that you’ll receive an instant loan in your wallet, it’s not always the case.
Irorun is a product of Irorun Technologies Limited fully approved by the FCCPC (Federal Competition & Consumer Commission). So, yes, this loan app is legit but not perfect. Just stick around because you’ll learn a lot more about this app in this review.
Irorun Loan App Review: Is it Legit?
The first impression you’ll get about Irorun is, “Don’t download; you’ll be wasting your data.” Somehow, it’s just an exaggeration by users, especially since this app is legit. However, like most apps, Irorun isn’t perfect. For example, it tends not to know when a loan has been repaid or when it hasn’t.
The Irorun loan app is 100% legit and fully approved by the FCCPC. One thing we have to give to this app is its response to negative customer reviews. The team doesn’t ignore complaints, even though a lot of their responses are for users to send them an email. This is still something, compared to some of the loan apps we have reviewed. Sometimes, Irorun will offer suggestions to customers publicly, which can be helpful to others. However, let’s be honest. Some of the responses are so AI-generated. So, it’s like customer care copies the question onto an AI app to generate a response.
There are also customer reports about missing funds from customers’ accounts. Hopefully, Irorun will be able to resolve such complaints to strengthen its trust.
The only major problem with Irorun loan app is maintenance issues here and there. The app is also very buggy, but hopefully, the team will work harder on fixing this. An example of a common problem has to do with the network connection. This issue is reported by a lot of borrowers, so Irorun just throws you offline for whatever reason. You may also face difficulty getting past the face verification stage—this has particularly left lots of users frustrated.
How Does Irorun Loan App Work?
Irorun is the go-to app for small loans from N5,000 up to N50,000. You need to be 21 or older to be eligible for a loan. The time you have to pay back the loan is typically between 60 and 90 days. The interest you’ll pay, let’s say you borrow on a monthly term, can be from 3% to 5%, but the highest yearly rate (APR) is 36%, according to Irorun. You can’t trust the figures they claim, which is why you have to review every loan you take from this lender.
An example, let’s say you take a loan for 3 months (90 days) and borrow N10,000 from Irorun. You’ll be charged a monthly interest of 3%. Over the 3 months, you’ll pay N900 in interest. So, you’ll end up paying back N10,900 in total. Note that this is only an example because Irorun’s interest rate is much higher than in this example. Also, their loan term can be as short as 7 days.
How to Use Irorun Loan App
Let’s look at two sections—opening an account and repaying the loan.
Opening an account
- Install Irorun loan app.
- Open an account with your personal information, including your BVN (bank verification number and a photo of your face).
- Apply for a loan.
You should receive your loan directly in your wallet if it’s approved. Unfortunately, it’s typically not an instant approval.
Repaying Loans
You get to decide how long you want to take to pay back. According to Irorun, you can request up to 7 days depending on your borrowed amount. Irorun is a loan shark, so make sure you can repay the loan amount following the loan agreement. Do not borrow what you cannot afford to repay.
Pros and Cons
Pros
- Available on Android.
- Available as a web app via app.irorun.com, so no need to install the app.
- Fully approved by the FCCPC.
- It’s legit and actually gives a loan.
- User-friendly interface.
Cons
- Registration is a long process.
- Not available on iOS.
- Irorun app is filled with bugs.
- Loan application is usually not instant.
- High interest rate.
- Charges a loan processing fee.
- A loan shark.
Is Irorun Loan App Safe?
Well, like any loan app, Irorun promises to protect your personal information. However, if your gut thinks it’s not worth it, then don’t. We’ll look at the information that Irorun will collect from you, and then use that to decide if you really want Irorun to store this information.
This app will collect personal information, including your name, address, email address, phone number, age, username, password, and the like. Irorun will also ask for your financial information such as your mobile money details, bank information, and BVN. You’ll also have to submit a photo of yourself through the face verification process.
Other device-related information collected will be your phone’s IMEI or serial number and information about your SIM card. Irorun checks what network you’re registered on, your device operating system the browser you use, your location, and your timezone.
When you install Irorun loan app, you’ll have to give it access to your device, including your contacts, call and message history, any social media or financial apps you use, and your photos and videos.
Just so you know, this lender can share the information it collects from you when you download or use our app with credit reference bureaus. If you have been treated unfairly by this lender, you can report Irorun app to the FCCPC.
Conclusion
The irorun loan app is legit but not perfect. With this review, you should be able to make up your mind about installing this app and requesting a loan with it.
Read Also: Flexi Cash Loan App Review
