Enabled by Palmcredit, EasyBuy is a mobile phone purchase financing company that allows its customers to buy mobile phones with just 30% of the market price of the mobile phone and pay later in instalments.
This is a well-thought and timely intervention because the prices of smartphones are now at the highest ever! iPhones, Samsung, RedMi, Oppo, Tecno, and the rest are now extremely costly. If you want the best right now, you must spend heavily to get it, simple.
This problem is what EasyBuy has come to solve. EasyBuy enables the common person to conveniently afford the smartphone of their choice. In this article, we are going to explain how to qualify for an EasyBuy loan to purchase a smartphone, how to request for an EasyBuy loan to purchase a smartphone, how to repay an EasyBuy loan, and other things.
How to Qualify for an EasyBuy Loan to Purchase a Smartphone
Eligibility for an EasyBuy loan to purchase a smartphone is extremely easy. You don’t actually need to bring your house documents or heavy paperwork to qualify for an EasyBuy loan.
Here’s simply the criteria you need to satisfy to be eligible for an EasyBuy loan to purchase a smartphone:
- A reliable monthly source of income. EasyBuy would need your last 6 months statement of account or/and payslips from your employer to confirm this. This will also help you and EasyBuy to map out a convenient repayment plan for you.
- Valid means of Identification e.g. international passport, NIN, permanent voters’ card, or drivers licence.
- Your BVN (Bank Verification Number). To get this, you can dial *565*0# on your phone. Learn more here.
- A valid ATM debit card. This must be issued by the same bank where your salary/income comes in.
- A down payment of 30% of the cost of the smartphone of your choice.
With all these intact, you should have a great chance of getting an EasyBuy loan to buy your choice smartphone.
How to Buy Your Smartphone with EasyBuy Loan
After seeing that you have met the requirements (above), you should proceed to actually get the loan and the smartphone.
Here’s a step-by-step guide/procedure on how to get the EasyBuy loan:
1. Approach an EasyBuy Loan Agent or Use EasyBuy App
The easiest way to find EasyBuy Agents is to walk into any mobile/smartphone store. If the store has affiliations with EasyBuy, you will find EasyBuy staff already on ground.
You can visit EasyBuy Head Office @ 9, Ogunnusi Road, Ogba, Ikeja Lagos. You can also use the EasyBuy Mobile App. Download, install, and fill the required details.
2. Provide the proposed smartphone information
Tell the EasyBuy staff the type of smartphone you wish to purchase. They will immediately find out what the cost is.
3. Provide your personal details
You will also provide all your personal/bank details as required. This is to enable the EasyBuy staff to confirm your eligibility for the EasyBuy loan.
4. Provide four(4) guarantors/close family contact details
You will be required to provide the phone numbers, email addresses, names, and physical addresses of 4 adult people to stand as your guarantors. The guarantors may be your friends, relatives, acquaintances, or even a friend.
The purpose of doing this is to make EasyBuy comfortable with giving you the loan to purchase your smartphone. The guarantors should be able to confirm that you are a responsible person, and that they will be liable for outstanding payments should you fail to pay at agreed time/date.
5. Fill the necessary forms with the EasyBuy Staff
Next, complete all the necessary required forms given to you by the EasyBuy staff.
Make sure you complete the application forms truthfully and diligently – this is what EasyBuy will use to rate your risk level. Your application will be immediately sent to a back office EasyBuy staff for proper rating and a credit search.
6. Choose a repayment plan
Here are the standard repayment plans for EasyBuy loans. EasyBuy interest rates are largely dependant on the tenure of the loan:
- Tenor: 90 days, Interest rate: 6 – 7% flat per month
- Tenor: 180 days, Interest rate: 7 – 9% flat per month
I will advise that you look through the terms and conditions of the EasyBuy loan offer before committing to taking the smartphone loan.
7. Pick up your smartphone
Once all of these steps have been locked in and a final verification has been done, you will be notified to pick up your smartphone by the EasyBuy loan staff. Make sure that you are able to pay up the scheduled monthly repayments once it is set up.
How to Pay Back EasyBuy Loan
Easy peasy! There are four (4) good ways to send your monthly agreed repayment money to EasyBuy. Here are the ways:
- Through your bank mobile app (normal transfer)
- Through RAVE by Flutterwave
- Through visiting a bank and paying in cash
- Through the Easybuy Mobile Application
How to Contact EasyBuy
- You can visit EasyBuy’s corporate head office @ 9, Ogunnusi Road, Ogba, Ikeja Lagos.
- You can call EasyBuy on 018888188 (8am – 5pm, Mondays to Fridays)
- You can send EasyBuy an email on email@example.com
- You can reach them on Facebook @easybuy.loans
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