Easybuy, a subsidiary of Palmcredit, is a mobile financial service that offers loan services. With Easybuy Service, you can buy your mobile phone with a loan and payback in installments.
It’s a fact known to all that smartphones are now costly. Although some low spec phones can be very affordable, most ones with high-grade features are usually expensive.
Easybuy loan service allows you to purchase a high-quality phone in Nigeria while paying only 30% of the price. You can pay back the remaining 70% over a period of 3 or 6 months.
Easybuy loan requirements
To be eligible for an EasyBuy mobile financing loan, you need to meet up the requirements below.
- You must be employed or have a reliable monthly source of income
- You must have a valid means of Identification. You can tender your Driver’s License, International Passport, Voter’s Card or NIMC National ID Card
- Your Bank Verification Number (BVN) will also be required
- ATM card (still valid)
- Your initial payment of 30% for the mobile phone you want to purchase
After meeting up these requirements, you should proceed with getting the loan from Easybuy.
How to get a Smartphone loan from Easybuy
1. Find an Easybuy Agent
The first step here is locating an Easybuy agent. Easybuy has partnerships and affiliations with many phone companies in Nigeria.
As a result, Easybuy agents are stationed in many mobile phone stores. They all wear the official Easybuy uniform (blue branded T-shirts), so you can identify them easily.
2. Provide necessary details
An Easy Buy agent will brief you on the requirements, just to make sure that you are eligible for the loan.
Some questions and details will also be asked and the agent will note down your response.
3. Select the Mobile Phone you wish to buy
In any mobile phone store affiliated with Easybuy service, the agent works hand-in-hand with the staff. So once you select the mobile phone of your choice and agree to the price, you will be directed back to the Easybuy agent.
4. Sign up for your Easybuy loan
The next step is to sign up on the Easybuy platform. The agent will be in charge of these steps and your details (that were collected earlier) will be used for the loan application.
Your photograph will also be taken during the application process. You may also be asked to speak with another agent from the Easybuy head office (through a phone call).
5. Make an initial payment of 30%
Here, you will be asked to pay at least 30% of the phone price. For example, if the mobile phone costs ₦40,000, you must make an initial deposit of at least ₦12,000.
6. Set a convenient repayment term
When applying for an Easy Buy loan, you have the option to:
- Repay within 3 months
- Repay within 6 months
Each repayment term has a different interest rate. Be sure to confirm before making your decision.
7. Final verification
This is the last step involved in obtaining a mobile phone loan from Easy Buy in Nigeria.
You will be asked to provide the names and phone numbers of 4 people close to you. These individuals:
- Can be your family members, friends, relatives, employer or coworker
- Are to vouch that you are a responsible person
- Will be contacted if you digress on your repayment term (fail to pay on/after the due date)
Here is a tip: You should inform them before applying for the loan and tell them to put in a good word for you.
And after applying for the Easybuy loan, make sure to by all means pay on the due date. Failure to do so may lead to embarrassment, as the loan company will contact those 4 individuals to notify them of your inaction.
How much loan can you get from Easybuy?
As long as you meet up with the requirements, you are allowed to get a loan between ₦10,000 and ₦50,000. You can’t obtain a loan higher than this amount from Easybuy.
Easybuy loan term
Easybuy provides its users with 2 different repayment terms. We have the:
- 3 months (91 days) repayment term
- 6 months (180 days) repayment term
Easybuy interest rate
Easybuy loan interest rate varies depending on the repayment term you select in your application. The 3 months (91 days) repayment term has a monthly interest rate of 9%.
The 6 months (180 days) repayment term has a monthly interest rate of 6%.
Easybuy: Repayment of loan
You can repay your Easybuy loan through the following ways:
- By using the Easybuy app
- Through mobile app transfer
- Visiting a bank branch and paying in cash
- RAVE by Flutterwave
How To Repay Loans Through The Easybuy App
If you want to pay through the official Easybuy app, follow the steps below:
- Open the Easybuy application and log in
- Open “loan history” and click on “Pay now“
- Tap “Repay with Bank card” and input your card details.
Users are often advised to screenshot their repayment process whenever they pay through the official app. This may prove useful in cases of overpayment, unreflected payments and other errors.
If you need assistance or face any system error during your loan repayment, you should contact Easybuy via their customer care number or email address.
Easybuy App Download
To use Easy Buy loan services and monitor your repayment term, you can download the official Easybuy on the Google Play Store.
Easybuy Head Office
Generally, Easybuy operates from many mobile phone stores all over Nigeria. That means you can just walk into any phone store that is affiliated with Easybuy if you need to speak with an agent. Here is a list of some Easybuy partner stores in Nigeria.
For effective customer care services, you can visit Easybuy head office in Lagos, Nigeria. It is located at Number 9, Ogunnusi Road, Ogba, Ikeja in Lagos, Nigeria.
Easybuy customer care and email address
For enquiries and complaints, you can always contact Easybuy customer support through their email address and phone number.
- Phone number: 018888188 (9 am to 5:30 pm, Monday to Friday)
- Email Address: firstname.lastname@example.org
You can also reach out to them on their official Facebook Page: https://www.facebook.com/easybuy.loans.