EasyBuy Phone Loan Review: How it Works

In this article, we’ll demonstrate how you can buy any Smartphone that you like with a credit card and be able to pay over time in affordable installments with EasyBuy. We will show all the locations where you can take advantage of this opportunity.

Have you ever found yourself in a situation where you urgently require an upgrade to your smartphone but do not have enough money to buy the one you like? If so, this article is for you because we’ll show you how to solve it.

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Recently my phone fell off, the touch screen got damaged, and I couldn’t use the phone. I tried to find a new touch screen only to discover that I needed to import it. It takes about 2-6 weeks to arrive in the country.

While planning to buy a new phone at the time of Black Friday, I could not purchase a new phone. Black Friday deal, I realized that I had a major problem that many are also facing. I don’t have enough money at the moment to buy the smartphone that I would like.

To find a remedy for my problem, I found Easybuy, an online point-of-sale phone financing program. With Easybuy, I could purchase the phone I wanted with a single payment of 30percent of the cost of the device. I don’t have to be concerned about the balance due because I can pay it in installments at my convenience.

Easybuy: Mobile Financing in Nigeria

Easybuy is a part of Palmcredit, is a full-fledged mobile device finance company that allows users to buy devices using loans and then pay each month in installments of 3 or six months. This is an immense relief for those unable to purchase specific devices due to their price; frankly, smartphones can be expensive.

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The humble beginnings of the platform date back to the beginning of 2019; this platform certainly has brought smiles to people’s faces and brought top-quality devices in their hands to match. Purchasing devices with Easybuy might not be the norm, but it’s hard to argue that it’s an efficient and convenient method to purchase smartphones.

The entire procedure of paying for items in installments is quickly increasing in popularity because it’s the most popular option for people who cannot pay in one go. However, they can pay in pieces. Easybuy is a firm believer in their motto of “Buy Now Pay Later,” which is certainly the situation as stated by their customers. In the process of using Easybuy users, they are expected to pay about 30 percent of the cost of the device at the beginning.

After that, depending on their preference, decide to spread the remaining 70% across 3 or 6 months. This approximates 0.2%-0.8 percent (calculations might differ from actual figures)daily. There’s also a small amount added to the monthly installments due to the interest that Easybuy is offering, which I believe is not too far-fetched compared to what customers get. Additionally, being a good deal, rates of interest are fairly low.

Is the EasyBuy Phone Loan app legitimate or is it a fraud?

Yes, the EasyBuy loan application is legitimate. The app has supplied several customers with a cell phone and the option to pay it off in installments later. The app has over one million downloads and has mixed reviews on the Play Store, and caution must be exercised before obtaining any loan online. Be sure to read reviews of other customers before applying for a loan in Nigeria.

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It is important to know that these loans aren’t licensed or regulated through The CBN or any other government organization in Nigeria. The responsibility lies with you for the safety of your transactions through these apps, and there isn’t any recourse to redress poor customer service.

Its availability in the Google Play Store does not guarantee that transactions conducted on it will be safe. The store is merely the possibility of downloading, and you are accountable for your security when using loan applications in Nigeria.

What are the areas that EasyBuy could they enhance?

EasyBuy provides a quick option to purchase a mobile phone, especially when you require one in an emergency and do not have enough cash. The down payment needed to apply for a phone could be anything from 50percent of the value of the phone. If the phone you want is priced at 100k or more, make sure you can pay a minimum of 50k as a down payment.

EasyBuy has three brands in its catalog: iTel, Tecno, and Infinix. This service may not suit you if you prefer a phone outside these three brands.

EasyBuy also has some network problems that cause difficulty paying back loans. Call assistance immediately if you’re trying to repay your loan, but the site does not work.

What Is EasyBuy?

Easybuy is an at-point mobile finance service that offers the opportunity to purchase any Smartphone of their choice with credit and then pay back in installments according to their convenience. You have to make a modest deposit (about 30 percent), and you’ll get the phone on the same day.

EasyBuy Loan: How it Works

EasyBuy loans are a mobile device finance platform becoming more well-known in Nigeria. It has sold thousands of mobile phones to Nigerians with easy installment payments that are quite fascinating. If you’re interested in owning the perfect phone but have cash shortages, you should think about the possibility of financing via mobile from these credit companies, EasyBuy.

They offer deals on the most popular mobile phone brands, so you do not have to be concerned about whether they will protect the mobile phone you want to use.

The cost of smartphones is growing compared to what it was a few years ago before the new smartphones started to arrive in the market. We have also listed other options to finance your next smartphone purchase with EasyBuy loans. There is also the option of flexible loan terms, which you can research depending on your needs.

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With EasyBuy, you can select your preferred smartphone, and when you sign a down payment in small amounts, you can pay for the remainder to be spread over months and made in installments.

EasyBuy has had its mobile application launched. On the mobile, you will view the list of devices available and other information via the website.

However, store representatives are authorized to assist you with the registration procedure. So as you a looking to purchase mobile finance from EasyBuy, You will be given a POS loan that will allow you to purchase your device. To begin, you must walk into any of the EasyBuy stores and outlets where there is EasyBuy personnel to guide you through the procedure, but below is some info you might need.

EasyBuy offers two loan plans within each plan; at least a 30% down payment is required.

  • 3 Month EasyBuy Mobile Financing at 9% Interest
  • 6 Months of EasyBuy Mobile Financing with 6percent cost of interest
  • 0.2 Daily Interest Rate

For each one of these Plans, you will be required to:

  • You can pay up to a 30% down payment.

Requirements & Eligibility for EasyBuy Mobile Financing Loan

  • To begin, you must be employed or a self-employed income earner.
  • You will require an acceptable means of identification such as a Driver’s License or International Passport or Card Voters Card, NIMC National ID Card, and all other forms of identification must be valid.
  • Bank Verification Number (BVN)
  • ATM Card
  • Your initial 30% payment for the mobile you want to use

How To Repay EasyBuy Mobile Device Loans

For your monthly payment, download the EasyBuy application (this will be given to you upon the time of purchase) and on the designated date, use it to pay or payment to the Access Bank account no 0775630482. Name of account TRANSNET FINANCIAL NIG LTD

Please send proof of payment to [email protected] upon payment with your name and the telephone number linked to your BVN.

What happens if I fail to repay my loan or make payments on my loan in time?

Late repayments automatically result in a cost of 2.2% per day. Therefore, it is recommended that you do not go over deadlines. The loan paid back by the due date lets you access larger loan amounts. The late payment will limit your ability to obtain future or bigger loans. You’ll be recorded to the First Central Credit Bureau if you’re extremely late with your payments. The blocklisting process by the First Central Credit Bureau may impact your ability to get loans from other lenders.

What are the conditions for obtaining a mobile from EasyBuy?

  • You must be a legal citizen or a resident of Nigeria.
  • At minimum 18 years old.
  • A monthly income source.
  • Attach your ATM card to your account
  • Please provide the names of the two next of kin, including their telephone numbers.
  • A good credit score without any outstanding loans from lenders.
  • You must pay a minimum of 50 percent of the value of the phone you wish to purchase.
  • Take a clear selfie.

EasyBuy Loan

How do I download APK and receive a mobile phone using the EasyBuy loan app?

  • Get the EasyBuy mobile phone Loan App only available through the Google Playstore and install it on the Android phone.
  • Create an account using your telephone number.
  • It is recommended that the number you have linked to the BVN as a one-time password will be provided to the BVN to verify your identity.
  • Pick the preferred phone.
  • Input your essential Know-your customer KYC details, including your residence address, next of kin, and employment information.
  • You’ll also have to supply the Biometric Verification Number BVN.
  • One-time security code OTP is sent directly to your mobile to confirm your account details.
  • After submitting your loan application, You will be required to provide an installment-based repayment plan. Typically, between 3 repayment installments and 6 installments.
  • You should ensure that you use an appropriate phone with sufficient memory capacity, as you’ll have to snap a live selfie to prove your identity.
  • You’ll need to pay a downpayment before getting qualified for a loan on your phone.
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