Easybuy Loan: Everything You Need to Know

If you have insufficient fund to buy any gadget of your choice, then EasyBuy Loan is exactly what you need.

Getting gadgets today has become one of the easiest, unlike before, when it would take a lot of savings to get that dream gadget, especially a mobile phone.

I could remember when I was going to get my first mobile phone and how long it took me to gather the money needed to acquire it.

Today, it has become a thing of the past because there are platforms that allow individuals to purchase any mobile phone of their choice and pay in installments.

These platforms provide loans to individuals with minimal requirements and criteria, so it is easy to apply.

Furthermore, they allow individuals to pay in installments with little interest and a considerable repayment schedule.

Additionally, they also work closely with individuals in order to help them and make sure they do not find it difficult to repay the loan.

Knowing that you can comfortably buy any gadget of your choice on credit and pay comfortably is one of the coolest things ever.

So, in this article, you may find everything you wish to know about Easybuy, including its loan requirements, how to apply, and many more.

Relax, get a cup of coffee or anything that sits well with you, and let’s dive in.

What is EasyBuy Loan?

Easybuy is a subsidiary of Palmcredit, a well-known loan app that gives quick loans to individuals to take care of their personal needs.

This platform allows individuals to buy any gadget of their choice on credit and payback in installments. This is referred to as buy now and pay later.

The recent economic challenges have made the purchase of mobile phones very challenging for individuals.

Sometimes, this can make you get a mobile phone below your standard because of the cost.

However, with Easybuy, this has now become less of a burden as people can buy any phone and pay back gradually without difficulty.

Additionally, you do not also have to go for a mobile phone below your choice or standard due to a lack of funds or not being able to meet the price.

How Does Easybuy Loan Work?

Easybuy loan concept is very simple and straightforward.

Simply put, they provide loans to those with insufficient funds to purchase a mobile device.

One of the requirements is that you provide 30% of the money for the mobile phone you wish to purchase.

So, you should know that you will have to provide a down payment before you can qualify for the Easybuy loan.

Let me illustrate how this works. Let’s say you want to purchase a mobile phone worth N100,000 and your money is not up to that amount.

Visit any of the phone dealers that partner with Easybuy with the necessary documents for them to confirm if you are eligible.

Once it is confirmed, you make a down payment of 30% of the N100, 000, which is N30, 000, to complete the buying process.

The remaining 70% of the money will be paid in installments at a stipulated time, which will be within 3 to 6 months.

EasyBuy Loan App

The Easybuy app is found in verified stores such as the Google Play Store or the Apple Play Store.

The mobile app helps in monitoring your loan history, such as knowing how much of your loan is left to be paid and when your next loan is due to be paid.

Additionally, the interface is easy to use and navigate for anyone, so you will not find it difficult to use the mobile app.

There is no need to doubt its reliability because it is a branch of Palmcredit that is licensed to operate in Nigeria by the Central Bank of Nigeria.

How to Setup an Account with EasyBuy

Before you can make use of Easybuy, you need to download the mobile app and then proceed with setting up an account.

To do that, here is a step-by-step process that will guide you.

Open the app and select Sign Up on your screen.
Input the required information, such as phone number, email address, and a good password for security.
Enter the verification code that will be sent to your mobile phone to verify that you are the one who wants to use the service.
Immediately after you complete the sign-up, you will be redirected to the home page to begin your loan application process.

Requirement for an Easybuy Loan

Easybuy needs to confirm your eligibility before giving you access to purchase any gadget of your choice.

So to make use of the platform, there are requirements and criteria you must meet to qualify for the loan.

They are listed below:

A verifiable means of identification such as NIN, driver’s license, voter card, or international passport
Bank Verification Number (BVN)
An active ATM card
A good source of income will enable you to repay the loan.
30% of the cost of the mobile device you intend to purchase.

How to Purchase a Gadget with EasyBuy

Buying a gadget is easy once you have met the criteria that are required, because that is the only way to get access to the loan offer.

Below is a step-by-step process to get that device.

Visit a store that is affiliated with Easybuy.
Locate an Easybuy agent. You can identify them by the Easybuy t-shirt they are always putting on. Their duty is to guide you through the process of purchasing with the loan app on your phone.
They will furnish you with the details and requirements and also ask you some important questions before proceeding with the purchase.
Proceed to choose the desired gadget of your choice and register on the mobile app with their assistance.
Make a payment of 30% of the price of the gadget to the store, and it will be updated on your mobile app.
Set the repayment plan for the balance on the Easybuy mobile app, which will be repaid with interest. The repayment is usually within 3 to 6 months.
Provide four (4) phone numbers of people who can speak well for you. The Easybuy agent will call them to ask for some basic information about you.

This can be the phone number of your close friends or family members.

It is advisable to notify them about the loan before they apply so that they are aware.

This will enable them to put in some good words for you and make the loan approval process easy.

How to Repay the EasyBuy Loan

You can repay the Easybuy loan using various methods.

To repay the loan through the mobile app

Launch the mobile app and login to your account.
Locate the loan history in the dashboard and click on’repay the loan’
Enter the amount you want to repay.
Select the payment method and make your payment.
You will get an SMS from Easybuy confirming your loan payment.

To repay through bank or mobile transfer

Contact Easybuy through their email address or call customer support to request their account details.
Send the loan amount to their account, send the receipt to their email address, and wait for confirmation.

EasyBuy Loan Interest Rate

The interest rate depends on the repayment plan selected from the mobile app, so the interest rate is between 6% and 9%. You pay 6% for a 6-month loan and 9% for a 3-month loan.

For example, if you purchase a phone worth N100, 000 and make an initial deposit of N30, 000 to secure the loan, the interest rate per month is N6, 000.

So in 3 months, that will be N18, 000, which is added to the 70% loan (70,000), and the total will be N88, 000, which will be repaid in 3 months.

How to Increase Your Easybuy Loan Limit

To qualify for higher loan amounts:

Always make your loan payment on time so that you can be eligible for bigger loan amounts.
Keep your credit score high.
Show that you have a good and reliable source of income.

Comparison with Other Loan Services

Although Easybuy focuses on loans for electronic gadgets compared to other platforms like Crabon Zero, FlexiPay, and PayQart that offer similar Buy Now and Pay Later (BNPL) service. Easybuy stands out due to its connection with PalmCredit, a reliable name in the Nigerian financial industry, and its specific focus on making mobile phones and other electronics easily accessible to all.

Penalty for Late Payment on Easybuy Loan

It is very important that you go for a device that you can conveniently repay. In the event that you default on the loan, Easybuy may do one of the following:

Charge you a penalty fee, which will be added to your loan amount.
Call the contacts you provided as guarantors.
Restrict you from having access to some function on the device.

How can I locate Easybuy’s head office?

Easybuy’s head office is located at 9 Ogunnusi Road, Ogba, Ikeja, Lagos, Nigeria.

You can also contact them for more information through:

Phone number: 018888188
Email address: support@easybuy.com

Data Privacy and Security

Easybuy values your privacy and makes sure that your personal and financial information is kept secure and private. As a licensed financial institution under the Central Bank of Nigeria (CBN), Easybuy sticks to strict data protection regulations.

Frequently Asked Questions (FAQs)

How much can I get from Easybuy as loan to purchase a new phone?

Easybuy will pay 70% upfront for the price of the phone, while you pay 30% before you can get the device.

However, you have to repay Easybuy the 70% with interest within 3 to 6 months.

Can I buy any type of product with Easybuy?

No, Easybuy only works with electronics and mobile phone dealers.

What is the interest rate Easybuy charges for its loan?

Easybuy charges 9% interest on a 3-month loan and 6% on a 6-month loan.

Do I get penalized for a loan default?

Yes, Easybuy charges you a penalty fee for default, and they add it to your loan amount.

However, if you continue to default, they might take other drastic measures, such as calling the phone numbers of the people you provided during the application and so on.

Can I find Easybuy anywhere in Nigeria?

Easybuy is in almost all the major cities in Nigeria; just locate a store that is affiliated with the platform.

In conclusion

Easybuy has completely changed the way Nigerians buy mobile phones and other electronics, providing an easy, flexible, and installment-based lending option.

It is your best option if you want to buy the newest phone but do not have the money to pay for it all at once.

Take the first step toward owning your dream device by downloading the Easybuy app now to get started!

Finally, Do you have any questions concerning Easybuy? Please let us know in the comment section, and we will provide you with the best assistance.

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