If you are in Lagos, there is every possibility that you have heard about EasyBuy, it is a mobile financing platform for new mobile owners to get a new mobile and paying in installments, with EasyBuy loans you can buy the top mobile brands devices in Nigeria like Samsung, iPhone, Inifinix, Huawei, Tecno Etc. if you think that is cool, read on to find out more how easy it works.
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?
EasyBuy Loan: How it Works
EasyBuy loan is a mobile device financing platform that is getting more popular in Nigeria, the platform has sold thousands of mobile devices to Nigerians on easy installment payments, which is quite interesting. If you desire to own your dream phone and short on cash then you can consider the option of mobile financing from theses credit providers EasyBuy.
They have deals for you on the top mobile phone brands so you don’t have to worry if they can cover your mobile phone of choice.
Prices for smartphones are obviously increasing when compared to what it used to be some years ago before the exotic mobiles start arriving, and we have mentioned a couple more ways to fund the purchasing on your next mobile with EasyBuy loan. And you do have flexible loan terms that you can explore based on your convenience.
With EasyBuy you are allowed to make a choice of your ideal smartphone, then you make some down commitment in little cash, then you have the remaining payment spread within months and paid by installments.
EasyBuy had had their mobile app launched, on the mobile you can be able to see the list of available devices and other details available on the platform.
However, there are agents in authorized stores who can help you with the registration process. So as an intending customer that wants mobile financing from EasyBuy, you will be offered a POS loan so you can buy your device. So to get started, you need to walk into any of designated EasyBuy outlets and shops, there are EasyBuy operatives to walk through the process, however, here is some information you may require.
EasyBuy has two loan systems, and each of the plans, a minimum of 30% downpayment is required:
- 3 Month EasyBuy Mobile Financing at 9% Interest
- 6 Months EasyBuy Mobile Financing at 6% interest
- 0.2 Daily Interest Rate
On Each of the Plans, you are required to:
- Pay up to 30% Down payment
Requirements & Eligibility for EasyBuy Mobile Financing Loan
- First, you need to be employed or be an income earner
- You need to have a valid means of Identification like – Driver’s License, International Passport, Voter’s Card, NIMC National ID Card, all means of ID must still be valid
- Bank Verification Number (BVN)
- ATM Card
- Your 30% Initial payment for the mobile of your choice
To key into the EasyBuy mobile financing loan, here are some popular mobile phone outlets you can go to to meet EasyBuy.
- Slot Computer Village
- Spectrum, Otigba Computer Village
- 3C HUB Zenco Plaza Computer Village
- Iyana Ipaja, Oki Street, Lagos.
EasyBuy Loan Process
These EasyBuy Flexible plans will afford you the opportunity to get any mobile of your choice without having the full payment at hand, making it possible to achieve your dream of getting your new phone with easy financing.
1. Find an EasyBuy Agent
Your mobile loan financing journey starts from finding an EasyBuy agent, these agents are usually stationed in top mobile phone outlets like the ones we have listed above, they are usually in blue branded T-shirts in the company name so they are not so difficult to identify when you see them.
2. Know how it works
They will talk you through all the requirements of your mobile loan financing and as well answer all the question you may have about your chosen mobile device
3. Choose your mobile
Once you are ok with all the terms and conditions met out by EasyBuy, the next thing is to choose your mobile phone of choice, you do not have to worry about buy costly phones as the EasyBuy platform allows you to go for any mobile of your choice with the best financing terms that works for you.
4. Sign Up for EasyBuy
Now that you have picked the mobile phone of your choice, you will need to sign up on the EasyBuy platform, you need not bother much about all the details as the EasyBuy agents will walk you through all of the processes and the information that you may require to give.
5. Make down Payment
In this point, the actual sum of the deposit and term of the loan is generally determined. You will always pay at least 30 percent of the price of the mobile or device as a deposit.
6. Choose Repayment terms
It should also be remembered that the available EasyBuy loan terms are either 3 months or 6 months.
7. EasyBuy Verification Process
You will have a total of four (4) individuals whose names are used as collateral by Easybuy. Such individuals (family, acquaintances, colleagues) have to verify that you are who you claim you are on the telephone call.
Once you pass the verification you are handed your new mobile phone and the EasyBuy app is setup on your mobile so you can track your mobile loan easily.
How to Payback for EasyBuy Phone Loan
You can payback for the loan via their mobile app, install the app, login and make a payment on each due installments
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.
EasyBuy needs to work on its customer care channels so that customers can have firsthand information and have their subsequent issues attended to in good time. Our comment section is full of many dissatisfied customers who have issues with loan repayments, fault mobile devices, and other issues but they are still clueless on how to reach the customer care of EasyBuy as the available channel are not available.
EasyBuy Contact Details & Customer Care
You can get more information added to what you’ve read here on this page, on their website @ www.easybuyloans.com. Other Details:
- Email: [email protected]
- Phone: +01-8888188, +2347043257113.