A mobile financial business called Easybuy, a division of Palmcredit provides loan services. You can borrow money from Easybuy Service to purchase a mobile phone and repay it over time in instalments.
Everyone is aware of how expensive smartphones are right now. Even though certain low-end phones can be quite inexpensive, most high-end phones are often more expensive.
You may buy a high-end phone in Nigeria using the [mfn]Easybuy financing programme[/mfn] for just 30% of the cost. The remaining 70% of the loan can be paid back over three or six months.
Easybuy loan specifications
- You must fulfil the requirements listed below in order to be eligible for an EasyBuy mobile financing loan.
- You must be working or have a consistent monthly revenue source.
- A legitimate form of identification is required. You may present your driver’s licence, passport, voter card, or NIMC national identification card.
- Additionally necessary will be your Bank Verification Number (BVN) ATM card (still valid)
Your 30% down payment for the smartphone you want to buy
Once you’ve satisfied these prerequisites, you should go ahead and apply for the loan with Easybuy.
How to apply for an Easybuy loan for a smartphone
1. Find an Easybuy Agent first
Choosing an Easybuy agent is the initial step in this process. Many Nigerian phone providers are partners and affiliates of Easybuy.
As a consequence, Easybuy representatives are present in several phone shops. You can immediately recognise them since they all wear the official Easybuy uniform, which consists of blue branded T-shirts.
2. Give the pertinent information
To make sure you qualify for the loan, an [mfn]Easy Buy advisor[/mfn] will go through the conditions with you.
The agent will also ask you a few questions and gather some information, and they will record your answers.
3. Decide on the smartphone you want to purchase.
The agent collaborates closely with the workers at every mobile phone retailer associated with the Easybuy programme. You will then be sent to the Easybuy agent after choosing the desired mobile phone and accepting the pricing.
4. Apply for an Easybuy loan.
The next action is to register on the Easybuy website. Your information (which was previously gathered) will be utilised for the loan application throughout these phases, which will be handled by the agent.
Additionally, a picture of you will be taken throughout the application process. Another representative from the Easybuy corporate office can possibly be requested to talk with you (through a phone call).
5. Make a 30% down payment.
You must pay at least 30% of the phone’s cost here. For instance, if the mobile phone costs 40,000, you must put down a minimum of 12,000 in the beginning.
6. Choose a reasonable payback period.
- When requesting an Easy Buy loan, you may choose to:
- Within three months, repay
- Payback within six months
The interest rate varies depending on the payback period. Before choosing a choice, be careful to confirm.
7. Last-minute confirmation
This is the last stage in the process of getting an Easy Buy mobile phone loan in Nigeria.
Four of your closest friends’ and family members’ names and phone numbers will be requested. The following people:
It might be a member of your family, friends, relatives, coworkers, or employer.
are to attest that you are a trustworthy individual.
If you fall behind on your repayment terms (fail to pay by the due date or later), you will be notified.
Here’s a hint: Before submitting an application for the loan, you should let them know and ask them to recommend you.
Additionally, after applying for the Easybuy loan, be sure to pay on time at all costs. If you don’t, the loan firm will get in touch with those 4 people and inform them of your inactivity, which might be embarrassing.
If you fall behind on your repayment terms (fail to pay by the due date or later), you will be notified.
Here’s a hint: Before submitting an application for the loan, you should let them know and ask them to recommend you.
Additionally, after applying for the Easybuy loan, be sure to pay on time at all costs. If you don’t, the loan firm will get in touch with those 4 people and inform them of your inactivity, which might be embarrassing.
How much credit is offered by Easybuy?
You are permitted to obtain a loan between 10,000 and 50,000 as long as you comply with the requirements. This is the maximum loan amount that Easybuy will provide.
Easybuy offers its customers two distinct repayment options.
We have the:
- payback period of three months (91 days)
- 180 days or 6 months of payback
The interest rate for easy buy
The repayment term you choose in your application will affect the interest rate on your Easybuy loan. The monthly interest rate for the three months (91 days) of payments is 9%.
The monthly interest rate is 6% for the six months (180 days) of payments.
Easybuy: Loan repayment
1. The following methods are available for repaying your Easybuy loan:
2. Through the Easybuy app
3. By way of app transfer on mobile
4. visiting a bank location and making a cash payment
5. By Flutterwave, RAVE
How to Pay Back Loans Using the Easybuy App
Follow these instructions to pay using the official Easybuy app:
- Launch the Easybuy app and sign in.
- Click “Pay now” in “debt history” after opening it.
- Enter your card information and select “Repay with Bank Card.”
Every time a user pays via the official app, they are frequently recommended to take a snapshot of their payback procedure. In instances of overpayment, unreflected payments, and other problems, this might be helpful.
Contact Easybuy via their customer service hotline or email if you require assistance or experience any system errors when repaying your loan.
To Download the Easybuy App
You can download the official Easybuy app from the Google Play Store to use Easy Buy loan services and track your payback period.
Easybuy Headquarters
Typically, Easybuy operates out of a variety of mobile phone shops around Nigeria. This implies that if you need to speak with an agent, you may just stroll into any Easybuy-affiliated phone store. Here is a list of some Nigerian Easybuy partner stores.
Visit the Easybuy headquarters in Lagos, Nigeria, for efficient customer care services. It can be found at Ogunnusi Road, Number 9, Ogba, Ikeja in Lagos, Nigeria.
Conclusion
However, it is obvious that EasyBuy has put in place a safety net for any upcoming purchases. The way the terms were written makes it seem as though the software wasn’t designed to stand alone as a service.
Recruiting as many people as possible before joining forces with a larger organisation seems more like an offline expansion strategy. When the terms for Easybuy, Palmcredit, and PalmPay are taken into account, this material becomes stronger.
Similar to a carbon copy, PalmCredit stated that in the event of a merger or acquisition, user data will be disclosed.
