Easybuy: How To Apply For Easybuy Loan

In today’s digital age, smartphones have become an essential part of our lives. If you’re in need of a new smartphone but don’t have the immediate funds to make the purchase, EasyBuy offers a convenient solution—a smartphone loan.

In this guide, we will walk you through the process of obtaining a smartphone loan from EasyBuy, including eligibility criteria, required documents, and repayment options.

What is the Easybuy Loan?

Easybuy is a subsidiary of Palmcredit, that provides Loan and flexible financing option designed to provide individuals with instant access to funds for their various needs. EasyBuy loan gives their customers the ability to purchase mobile phones with a loan and payback in installment.

As costly as smart phones are, Easybuy users can purchase these high grade phones and pay only 30% of the price while the other will be paid in installment over a 3 to 6 months period.

Eligibility Requirements For Easybuy Loan

To qualify for an Easybuy Loan to purchase a mobile phone, you need to meet certain eligibility requirements. Below are some of the common requirements:

  • Minimum age of 18 years
  • Proof of stable income
  • Good credit history
  • Valid identification documents(Driver’s license, International Passport, Voter’s card, National Identity Card)
  • Bank Verification Number (BVN)
  • ATM card (A valid one)
  • Your initial deposit of the 30% for the mobile phone you want to purchase

Documents Required For Easybuy Loan

When applying for an Easybuy Loan, you will typically be asked to provide the following documents:

  • Identification proof (such as a passport or driver’s license)
  • Proof of income (such as pay stubs or bank statements)
  • Address verification (such as utility bills or rental agreement)

How To Apply For Easybuy Loan

In order to take advantage of the Easybuy loan service to purchase your mobile gadget, you will have to follow the procedure below:

1. Locate An Easybuy Agent

Before you can begin your purchase you will have to find an Easybuy agent near you. This will not be difficult as Easybuy has partnership and affiliation with most phone companies in Nigeria. You can visit any phone shop and ask for the Easybuy agent and you will be introduced to one.

2. Provide Your Information

When you have identified the Easybuy agent, you will be asked some questions by the agent to prove your eligibility for the loan. Please be ready with all your information and answer any question they might ask you as your answers will be written down.

3. Select Your Desired Mobile Phone

The next thing to do after you have provided your information, is to select the mobile phone you wish to purchase. Here the mobile phone agent will help you with your selection and the price will also be bargained. Once you are done with your selection you will be directed back to the Easybuy agent.

4. Sign up for your Easybuy loan

After you have selected the mobile phone, you will need to sign up for the Easybuy loan. At this stage the Easybuy agent will assist you with this process. The agent will make use of the information gathered earlier to complete the application of your Easybuy loan.

All the requirements mentioned on this post will be requested for including your photograph which will be captured by the agent.

5. Make Your 30% Initial Payment

At this stage you will be required to pay for the phone. The amount you will pay is the 30% Initial deposit that is required. Whatever is the cost of the phone, you will pay 30% of the price at the spot. Make sure you have enough money for this.

6. Choose a Convenient Repayment Term

In this stage of your application you will need to choose a repayment term that is convenient for you. Easybuy loan has two options when it comes to repayment term. There is the payback in 3 months and payback in 6 months.

Whichever one you choose to go with comes with its interest rate. Therefore find out all you need to about the repayment term from the agent before choosing it.

7. Final verification

For this stage you will be asked to provide the phone numbers of 4 people close to you. These could be your family members, friends or coworker. They will be required to vouch for your trustworthiness and sincerity.

These guarantors will be contacted if you fail on your repayment. Make sure you keep your end of the bargain so as to avoid embarrassment.

How Much Loan Can You Apply For On Easybuy

As a first time user you can get a loan that is between ₦10,000 and ₦50,000. This is determined by your eligibility and how well you keep the repayment terms.

Easybuy loan term

Easybuy has two different loan term. There are:

  • 3 months repayment term
  • 6 months repayment term

Easybuy Loan Interest Rate

As earlier stated Easybuy loan interest rate depends on the repayment term you select.

  • For 3 months repayment term the monthly interest rate is 9%.
  • For 6 months repayment term the monthly interest rate is 6%.

How To Repay Easybuy Loan

There are many options you can choose to repay Easybuy loan. No matter the method you choose to repay your loan, they will all give you the desired result. Below are some of the ways you can repay Easybuy loan:

Through The Easybuy Mobile App

To pay for your Easybuy loan using their mobile app, follow the procedure below:

  1. Download the Easybuy Mobile App from the app store. It is available for android and iOS.
  2. Login into the Easybuy App dashboard
  3. Navigate to “loan history” on the Menu
  4. Click on “repay the loan” and input the amount you want to pay.
  5. Click on “Repay with Bank card” and enter your card details.
  6. Submit and wait for a debit alert and confirmation SMS from Easybuy.

Note: It is important to screenshot your repayment process as evidence incase of dispute or any issue that might arise from using the Easybuy mobile app to pay.

Through The Mobile Transfer

You can also pay your Easybuy through mobile transfer. In order to do this you will need Easybuy account number. You can contact them through their email address or phone number to request for the account number

Through Bank Deposit

Another way you can repay Easybuy loan is to deposit the money into their bank account. Do this by visiting the bank near you and request for a deposit slip. You will also require the Easybuy account number to make this deposit. Therefore contact them for that information.

Benefits of a Smartphone Loan

  • Instant access to the latest smartphones: With a smartphone loan, you don’t have to wait to save up for the full amount. You can get the latest smartphone model and enjoy its features right away.
  • Flexible repayment options: EasyBuy understands that everyone’s financial situation is unique. Therefore, they offer flexible repayment options, allowing you to choose a repayment plan that fits your budget and financial goals.
  • Instant approval: With the EasyBuy Loan, you don’t have to wait for days or weeks to receive loan approval. In most cases, you can expect instant approval, allowing you to purchase your desired phone.

Frequently Asked Questions

1. What is the minimum age requirement for a smartphone loan from EasyBuy?

The minimum age requirement for a smartphone loan from EasyBuy is 18 years.

2. Are there any hidden charges associated with the smartphone loan?

It’s important to carefully review the terms and conditions of the loan agreement to identify any hidden charges or fees associated with the smartphone loan.

3. Can I choose any smartphone model for the loan?

Yes, you can choose any smartphone model within the price range specified by EasyBuy.

4. Is there a limit on the loan amount I can get for a smartphone purchase?

The loan amount for a smartphone purchase depends on various factors, including your income, creditworthiness, and the policies of EasyBuy.

5. Can I apply for a smartphone loan if I’m self-employed?

Yes, EasyBuy provides smartphone loans for both salaried individuals and self-employed individuals, subject to meeting the eligibility criteria.

Conclusion

With the smartphone loan from EasyBuy, you can easily finance your new smartphone purchase. By following the application process, meeting the eligibility criteria, and providing the required documents, you can obtain the funds needed to get the latest smartphone model of your choice.

Remember to consider the repayment options, interest rates, and compare with other financing options to make an informed decision.

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