– Easybuy Loan – How to Use, Loan Requirements, and More –
Gone are the days when people found it hard to purchase their dream devices like mobile phones. Today with Easybuy you can comfortably buy any mobile phone on credit while you pay back in installments. Cool right?
Of course, it is. This is why we have carefully explained below everything you need to know about Easybuy; what it is, how to use it, its loan requirements, and many more.
Fasten your seat belt as we unravel the whole thing.
What Is Easybuy Loan?
Easybuy is a branch of Palmcredit (a popular consumer loan platform) that offers financial aid (loans) to people who wish to purchase mobile devices. A typical example of “Buy Now And Pay Later”.
You can strongly attest to the fact that mobile phones are very expensive these days. If you doubt it, kindly take a walk in the nearest market around you.
However, with Easybuy you can purchase any mobile phone of your choice and pay back at your convenience.
Yes, do not go below your standard for mobile devices due to lack of funds when you have Easybuy ever ready to help you.
How Does Easybuy Loan Work And How Can I Use It?
First, you need to understand that Easybuy provides loan services to those who want to purchase mobile devices but lack the funds.
Here is a practical illustration of how Easybuy works. Let’s assume you want to buy a mobile phone worth N50, 000 but you do not have up to that.
You approach Easybuy for their services, you submit the necessary documents to confirm your trustworthiness and eligibility then you deposit 30% of N50, 000. That is, you must have N15, 000 with you while Easybuy completes the payment for you (70%).
You can then pay back the 70% in installments at your convenience (duration is usually between 3 months and 6 months).
Easybuy Loan App Download
The Easybuy loan app can be downloaded from Google Play Store. Easybuy application helps you to control your loan history like requesting loans and repaying loans.
The Easybuy loan app has got amazing features that make it easy for users to navigate through; very simple with a nice interface.
To further prove how good the Easybuy loan app is, it has gotten over 1, 000, 000 downloads, 47, 000 reviews, and 4.0 ratings on Google Play Store.
To crown it all, the Easybuy loan app has a small size that with just 6.4 MB you can download it.
How To Create An Account With Easybuy?
After downloading your Easybuy mobile loan app, proceed to create an account with them if you wish. The steps below will guide you.
- Launch your app and click on “sign up”
- Enter the required details like phone number, email address, and a strong password.
- Enter the verification code sent to your phone number.
- Accept the terms and conditions and then submit.
- You’ll be directed to the home page of the app.
What Are The Requirements For Getting Mobile Device Loans From Easybuy?
Easybuy can not give out loans like that without confirming whether or not you are eligible for them.
Therefore, if you must engage the service of Easybuy, below are the requirements needed.
A Verified Means Of Identification.
The first requirement on our list is a verified method of identification. This could be your driver’s license, international passport, your voter’s card, or even National ID card.
Bank Verification Number
Your Bank Verification Number (BVN) is also needed. It goes a long way in tracking and tracing criminals and also for the confirmation of your banking history.
Automatic Teller Machine (ATM)
You also need to make provision of your active ATM card.
Good Source Of Income
To be eligible for Easybuy mobile device loan, you need to have a good and reliable source of income. This way, Easybuy will be well convinced that you would pay back your loan when due.
30% Deposit
Having 30% of the total amount of mobile phones you want to purchase is another requirement. It is only the 30% would Easybuy step in.
How To Buy With Easybuy – The Easybuy Process
Follow the steps below to buy your desired mobile phone with Easybuy.
- Locate an Easybuy agent. Easybuy agents are scattered around different mobile phone stores affiliated with Easybuy.
- The work of an Easybuy agent is to help you make your purchases on your mobile phone. To identify Easybuy agents, take a look at their shirts. Their shirts are often blue with the Easybuy logo on them.
- The agent will brief you on the requirements and ask you some questions before you proceed with your purchase.
- After discussion with the Easybuy agent, you can then select your desired phone after the agent has talked with the mobile manager. And yes, Easybuy and the mobile shop work hand in hand.
- After selecting your choice of phone, move to the Easybuy loan app and register with the help of the agent (he will guide you through the process of application).
- The next step is to make payment of your 30%. Do you remember the instance we gave earlier? Where we said if your phone is worth 50, 000 you will have to pay 15, 000 while Easybuy completes the payment.
- You pay 30% to the mobile shop manager while the agent completes it behind the scenes.
- Go to your Easybuy loan app and set up your repayment plan. Remember, the loan tenure is usually between 3 months and 6 months.
- Hence, you can choose the 3 months repayment plan or the 6 months repayment plan. Also, note that each repayment plan has its interest rate.
- Provide the details of 4 people as guarantors. These people could be your family members, employer, or mentors. These people should be able to vouch for you and speak well of you.
This can be achieved easily by letting them know about the loan before your application. It is not wise to suddenly put a call across to someone for vouching without letting them know beforehand.
How Much Can I Borrow From Easybuy?
Easybuy helps you to pay 70% of your mobile phone worth, however, the loan should not be more than N50, 000. This is to say, you can borrow as small as N10, 000 and as much as N50, 000 on Easybuy mobile loan app.
What Is Easybuy Repayment Term And How Can I Repay My Loan?
The loan duration is usually between 3 months and 6 months. Hence, Easybuy has two repayment plans you can choose from.
- The 3 months repayment plan. Here you are expected to repay your loan within three months of purchasing your mobile phone.
- The 6 months repayment plan. Unlike the 3 months repayment plan, here, you repay within 6 months.
How To Repay Your Easybuy Loan.
There are few methods of repaying your Easybuy loans.
- You can pay back your loans through mobile transfer. To do this, you need to contact Easybuy through their email address requesting their bank account details.
- You can pay back your Easybuy loan by visiting the nearest bank around you to pay in cash. Mind you, you need to get Easybuy’s bank account details.
- You can pay back through your Easybuy mobile loan app account. Simply;
- Login to your account and move to your loan history.
- Click on “repay the loan” and enter the amount you want to pay and your payment method.
- Submit and wait for a debit alert and confirmation SMS from Easybuy. Meanwhile, always screenshot your payment in case of unreflected transactions, overpayment, and other related cases.
What Is Easybuy Loan Interest Rate?
Easybuy loan interest rate depends on the repayment plan you chose. The repayment plan on Easybuy is usually between 6% and 9% per month.
You pay 9% for the 3 months repayment plan and 6% for the 6 months repayment plan. Using our illustration earlier;
For 3 months repayment plan
Phone worth=50,000
30% deposit= 15, 000
Interest rate per month= 3,000
The interest rate in 3 months= 13,500
Total amount to be paid=13, 500 + 35, 000= 48,500.
For 6 months repayment plan
Phone worth = 50,000
30% deposit= 15,000
Interest rate per month=3,000
The interest rate in 6 months= 18, 000
Total amount to be paid = 18, 000 + 35,000= 53,000.
What Happens If I Don’t Repay My Loan On Time?
If you do not repay your loan on time, Easybuy may either add extra charges or contact the four persons you dropped their contacts as guarantors.
Do you know what that means? Embarrassment!
Where Is Easybuy Head Office And How Can I Contact Them?
Easybuy indeed has its agent in almost every mobile shop however, their head office is located at Number 9, Ogunnusi Road, Ogba, Ikeja in Lagos, Nigeria.
You can contact them for more information or complaints below;
Phone number: 018888188
Email Address: support@easybuy.com
Conclusion
Easybuy is always at your service to help you purchase your dream mobile devices. Though the processes may look stressful, it is a way of verifying applications to avoid fraudsters. Easybuy is good for you. Join them today!
