With the recent advent and influx of smartphones into the Nigerian market, there has been an ever-increasing high demand for a variety of these devices for personal and business use on a daily basis. While these devices come in different specifications and grades, it is a widely-known fact that getting the best, could come along with empty or hole-filled pockets, breakage of saving boxes, and a handful of monetary issues that may arise. In Nigerian terms, you fit broke.
I was once in a situation where I really wanted this Samsung phone I knew deep down I couldn’t afford. Next thing this friend of mine bought 2 of them. How? I was a little confused. After all, I earned three times what he did at the time, and so, I asked how he went about it curiously. He said and I quote: “Guy, na Easybuy I use run am o!” After a few dedicated hours of researching on Easybuy, I decided to give it a go and now, fast-forward to present day, I have purchased my dream smartphone and I totally love it.
What many potential smartphone buyers don’t know is that a few initiatives have been set up for the single purpose of tackling the issue of not purchasing smartphone devices because of the seemingly hefty price tags that they may carry. These initiatives offer a service where you can purchase devices by paying in installments. It’s genuinely more convenient when you pay for that device you’ve wished for in bits without breaking the bank or stretching your pockets. One of such initiatives that provide this service is Easybuy (Remember Easybuy from the conversation with my friend?).
Easybuy: Mobile Financing in Nigeria
Easybuy, which is a subsidiary of Palmcredit, is a full-fledged mobile device finance service that provides users with the opportunity to purchase devices via loans and paying in installments monthly for either 3 or 6 months. This really brings a huge sigh of relief to users who have trouble purchasing certain devices due to their high cost and honestly, smartphones CAN be costly.
With humble beginnings dating early 2019, this platform indeed has brought smiles to users’ faces and high-quality devices to their palms to go with. Purchasing devices using Easybuy may not be conventional but it cannot be argued that it is a smart and convenient way for smartphone-purchase.
The whole process of paying for products in installments is rapidly becoming more popular daily as it is seen as the go-to option for those who may not be able to pay once, but in bits. Easybuy diligently stands by their slogan: “Buy Now Pay Later” and this has been the case as reported by their users. Summarizing the process of taking advantage of Easybuy, each user is to pay about 30% of the total cost of a particular device initially.
Then depending on his/her choice, spread the payment of the 70% left over a span of 3 or 6 months which roughly aggregates to about 0.2%-0.8% (calculations may vary slightly to the official figures)daily. There is also a little amount that is added to the monthly payments as interest for the service Easybuy has made available which I personally feel isn’t far-fetched for what users are getting. Besides, the interest rates are relatively low.
Now we have clarified how Easybuy functions, how can one participate and become a beneficiary?
Steps to Apply for Easybuy Mobile Loan
Easybuy has arranged procedures to be taken and adhered to before and during partaking in their offer. However, these steps may prove to be rather tedious and time-consuming. This will be excused by the time you consider that they have to be wary to avoid fraudulent persons and bad debts. The procedures for participating in Easybuy loans are as follows:
Find an Easybuy Agent: Easybuy functions in a manner whereby their agents help customers register into the platform. These agents are usually found in and around stores where smartphone devices are sold and can be distinguished by their appearance (shirts projecting the Easybuy platform logo).
Select the device to be purchased: The next step is to select your desired smartphone. You may have already made your choice but due to the variety of available smartphones on offer, your choice may be subject to change. Whichever way, you can take your time picking a device.
Register: After picking a device, you are to register with the Easybuy agent. During the registration phase, the Easybuy agents would require you to provide details such as your full name, Bank verification Number (BVN), debit card information (to activate monthly automatic debiting), and a valid means of identification to name a few. It is at this phase you’ll be required to finalize and confirm the initial 30% of the total cost price and thereafter select the repayment tenure you are comfortable with (3/6 months).
The final step is to provide the contacts of 4 individuals to stand as collateral for you. You may be required to send them a call & speak to them to confirm your identity.
Pay the initial deposit fee: On completion of the previous procedure, you are to pay the initial 30% amount. The Easybuy agent would assist you as payment is to be made to the nearby smartphone store linked to Easybuy.
Login to the Easybuy mobile app: Once you have made the initial payment, you are to download and sign in to the Easybuy mobile app. The mobile app can be found in mobile app stores. When you have it downloaded and are logged in, you are to set up your repayment method by adding a debit card to perform auto-debits when monthly repayments are due. You may choose to pay before then if you wish to.
There you have it. Those are the main procedures for participating in the Easybuy platform.
How to Contact EasyBuy
- Phone: +01-8888188, +2347043257113.
- Email: [email protected]
- Website: www.easybuyloans.com.
The Easybuy platform is a very favorable one in my opinion. I must say that applying, and successfully qualifying for a loan with them may not be as easy as 5 steps and for good reason. It is very important they try as much as possible to filter those they give access to loans to avoid repayment issues subsequently.
There have been a few raised eyebrows on their Terms & Conditions in that it is said that user data may be shared if Easybuy decides to merge with another body (possibly Palmcredit). That aside, Easybuy has been standing strong since its inception in 2019 and has helped thousands of users “buy now, pay later”. I think it’s worth giving a try.