EasyBuy Loan is a loan service(s) via the EasyBuy Loan App that is offered through a division of Palmcredit called Easybuy, a mobile financial company.
To acquire a mobile phone in Nigeria, you can borrow money from Easybuy Service and repay it over time in installments.
The current cost of smartphones is well known to all. Although certain low-end phones can be fairly affordable, the majority of high-end phones are frequently more expensive.
With the Easybuy loan financing scheme, you can purchase a high-end phone in Nigeria for just 30% of the price. Over the course of three or six months, the remaining 70% of the loan can be repaid.
Easybuy Loan Requirements
To qualify for an EasyBuy mobile financing loan, you must meet the standards given below.
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• You need to be employed or have a reliable monthly income.
• You must present a valid form of identification. Your driver’s license, passport, voter card, or national identification card from the NIMC may be shown.
• Your Bank Verification Number is also required (BVN).
ATM card (still valid)
• Your 30% down payment for the desired cell phone
Once you’ve met these requirements, you should move forward and submit an application for the loan with Easybuy.
How To Apply For Easybuy Loan
1. First, locate an Easybuy Agent.
This process begins with selecting an Easybuy agent. Easybuy has a lot of partners and affiliates among Nigerian phone companies.
Therefore, Easybuy salespeople can be found in many phone stores. They all don the official Easybuy uniform, which comprises blue branded T-shirts, so you can recognize them right away.
2. Provide the necessary details.
An Easy Buy advisor will go over the requirements with you to ensure that you are eligible for the loan.
The agent will also quiz you and get some information from you; they will record your responses.
3. Make A Decision Regarding The Smartphone You Plan To Buy
Each employee of a mobile phone retailer participating in the Easybuy program works closely with the agent. After selecting the chosen cell phone and agreeing on the pricing, you will then be transferred to the Easybuy representative.
4. Make an Easybuy loan application
The next step is to sign up on the Easybuy website. During these steps, the agent will handle the loan application, using the information that was gathered earlier.
During the application process, you will also have your picture taken. It may be possible to ask for a different employee from the Easybuy corporate office to speak with you (through a phone call).
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5. Put 30% down as a deposit
Here, you must contribute at least 30% of the phone’s price. For instance, you must initially put down a minimum of 12,000 if the mobile phone costs 40,000.
6. Pick the Appropriate Repayment Duration
You have a few options when applying for an Easy Buy loan:
• Payback within three months
• Repayment in six months
Depending on the period of repayment, the interest rate varies. Be sure to confirm before making a decision.
7. Final confirmation
The process of obtaining an Easy Buy mobile phone loan in Nigeria ends with this step.
We will need the names and phone numbers of four of your closest friends and relatives. the following individuals:
• They can be members of your family, friends, coworkers.
• Those set of individuals Are to vouch for your character as a reliable person?
• Finally, If you fall behind on your repayment conditions (don’t pay by the due date or after it), these set of people will be contacted.
Here’s an idea: Tell them before you apply for the loan and get their endorsement.
Additionally, after requesting the Easybuy loan, do all in your power to make your payments on schedule. If you don’t, the loan company will contact those 4 persons and let them know about your inaction, which could be awkward.
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