Irorun and Urgent10k are two popular Nigeria-based loan apps that provide quick financial solutions to people who are in need of money. Both apps offer fast and convenient access to loans, with a user-friendly interface. In this research article, we will take a deep dive into both apps to assess their products, fees, and interest rates from the perspective of a typical Nigerian borrower.

Irorun

Irorun is an online platform that offers personal loans without collateral. It’s really easy to borrow money through this platform. It merely makes use of the data on your phone, such as your phone information, to confirm your identity and make a loan to you. For now, this platform is only available to Nigerian residents. This means you can’t get any loans from Irorun if you don’t reside in Nigeria. If you want to access mobile loans in Nigeria with peace of mind, Irorun says they should be your choice. Irorun is more of a micro-credit platform because they’re focused on small loans. Irorun, which means peace of mind in the Yorùbá language, makes it easy for you to access loans just when you need them. Sign up in a few seconds, apply for a loan, and receive your money in your wallet. You can transfer funds to your bank accounts immediately. It’s a fast, convenient, and reliable way to fix your spending gap. Irorun also provides borrowers with an easy and convenient repayment structure. The app is available on both the Google Play Store and the Apple Play Store. Irorun offers loans up to N50000 with 15% interest, a repayment period of between 7 and 15 days, and a processing fee of N400. To apply for a loan, users need to register with their BVN and provide additional personal and financial information. The app also requires users to link their bank accounts and social media profiles. Irorun charges a daily interest rate of 1%. Aside from requesting a loan, you can also pay your bills and purchase airtime on your phone. Your phone line will be credited, and your wallet will be debited, that’s how it works.

Urgent10k

Urgent10k provides easy and hassle-free loans in Nigeria with no documentation and no collateral. Applying for a loan is a very simple process on Urgent10k. To apply for a loan, users need to register with their BVN and provide additional personal and financial information. Once you are logged into the App, navigate to the Loan section and fill in your personal and employment details for a loan request. You can borrow from as little as N5,000 to N100,000 with an interest rate of 1.75% per day, a repayment period of between 7 and 15 days, and a processing fee of N500. Urgent10k is available on both the Google Play Store and the Apple Play Store. Urgent10k also provides borrowers with an easy and convenient repayment structure. For now, this platform is only available to Nigerian residents. This means, you can’t get any loans from Irorun if you don’t reside in Nigeria. Urgent10k also offers a chance to earn when you refer loved ones.

Irorun and Urgent 10k Table of Comparison

Features	Irorun	Urgent 10k
Product	Short-term loans	Short-term loans
Loan amounts	5000 - 50000	5000 - 100000
Repayment Period	7 to 15 days for starters	7 to 15 days for starters
Daily interest rate	1%	1.75%
Required Information	Personal and Financial information	Personal and Financial Information, Employment details.

As you can see, Urgent10k offers a higher maximum loan amount compared to Irorun. However, Urgent10k charges a higher daily interest rate. Both apps require similar information from borrowers to evaluate their creditworthiness. In order to improve, both Irorun and Urgent10k could consider lowering their interest rates, providing more transparent information about fees and terms, and improving customer service, as some borrowers have also reported difficulties getting in touch with customer service. They could also consider extending the repayment period to help borrowers manage their finances better and avoid late repayment fees. Additionally, these apps need to have robust data security and privacy measures in place to protect the personal and financial information of their users. As part of my assessment of the two apps, I rated them on the Google Store with my honest opinion, and below is evidence of the rating with screenshots.