Easybuy Loan: Ever wondered how to smoothly navigate the world of mobile loans in Nigeria?”
If you’re on the lookout for a reliable app to get that desired loan, the Easybuy app could be your next stop.
Let’s dive deep into understanding this app, its features, and how it’s changing the loan landscape in Nigeria.
What is Easybuy?
Easybuy, a branch of Palmcredit, provides financial assistance to individuals wanting to buy mobile devices, epitomizing the “Buy Now, Pay Later” approach.
Given today’s expensive mobile phones, Easybuy lets you choose your preferred device and repay flexibly, ensuring you never compromise on quality.
How Does Easybuy Loan Work?
Mainly, Easybuy assists individuals aiming to purchase mobile devices but are short on funds.
For instance, if you fancy a mobile phone priced at N50,000 but can’t afford it, you’d first deposit 30% (N15,000). Easybuy then covers the remaining 70%.
Then you’ll reimburse this amount in convenient installments, typically spanning 3 to 6 months.
How Much Can You Borrow From Easybuy?
With Easybuy, you can borrow up to 70% of your phone’s value, but loans are capped at N50,000.
This means loan amounts range from N10,000 to N50,000 on the Easybuy mobile loan app.
Easy Buy Loan Features
The Easybuy cash loan app isn’t just about borrowing. It’s packed with features that make your borrowing experience smooth. These include:
- Transparent Fee Structure: No hidden charges here.
- Versatility: From Easybuy phone loans to the rare Easybuy laptop loan, there’s something for everyone.
- Security: The app ensures your details remain confidential.
See Also: Best Apps for Urgent 2K Loans in Nigeria
Requirements for an Easybuy Loan
Before diving in, it’s vital to ensure you tick all the boxes. Here’s what you need:
- Nigerian Citizenship: Of course, you need to belong to the motherland.
- A Valid National ID/Passport: No way around this.
- An Active Bank Account: Where will the money go otherwise?
- A Functional Mobile Phone: This is your gateway to the Easybuy world.
- 30% Deposit: You need a 30% down payment for the device you want to purchase.
- ATM Card: Your debit card is also required.
How to Apply for an Easybuy Loan
Navigating the loan application process can often be a daunting task. But with the Easybuy loan app, it’s simpler than ever.
To make it even easier, we’ve broken down the process step by step, ensuring you’re well-guided.
Follow these instructions to secure your loan with Easybuy:
1. Download the Easybuy App
- Head over to your device’s app store.
- Search for “Easybuy vip cash loan app”.
- Tap ‘download’ and wait for the installation to complete.
2. Open the App and Choose ‘Sign Up’
- Launch the Easybuy app from your home screen.
- On the welcome page, select the ‘Sign Up’ option.
3. Provide Personal Details
- Enter your full name as it appears on official documents.
- Supply a valid email address for correspondence.
- Insert your active mobile number.
- Input your date of birth and residential address.
4. Verify your Identity
- You’ll be prompted to enter your BVN (Bank Verification Number).
- Upload a clear, recent photograph of your national ID or passport for verification.
- At this juncture, some users might be asked to submit a recent bank statement. If asked, ensure it’s a statement from the last 3 months.
5. Select Desired Loan Amount and Tenure
- Based on your eligibility, you’ll see various loan amounts and repayment durations.
- Pick the loan amount you need and choose your preferred repayment duration.
6. Submit Application and Await Approval
- After providing all necessary details, click ‘Submit’.
- Typically, the Easybuy system reviews applications promptly. You could get a feedback within minutes.
- Once approved, the loan amount will be disbursed to your linked bank account.
7. Keep Track of Repayment Schedule
- The Easybuy loan app offers reminders and has an in-app calendar to help you track your repayment dates.
- Stay informed to avoid late repayment fees.
Remember, while the Easybuy loan app makes borrowing simple and efficient, always borrow responsibly.
Understand the terms of your loan, the interest rates, and ensure you have a repayment plan in place.
Check Out: Best Quick Loan Websites in Nigeria
How To Buy With Easybuy: A Step-By-Step Guide
1. Find an Easybuy Agent
Start by locating an Easybuy agent. You’ll typically find them in mobile phone stores partnered with Easybuy.
Recognizing them is simple; they usually wear blue shirts adorned with the Easybuy logo.
2. Speak with the Agent
The Easybuy agent’s role is to guide you through your purchase.
They’ll explain the process, check your eligibility, and answer any questions you might have.
3. Select Your Phone
After your chat, you’re set to choose your phone. The agent coordinates with the store’s manager – remember, Easybuy and the store are in sync.
4. Register on the Easybuy Loan App
With the agent’s help, sign up on the Easybuy app. They’ll walk you through the application step by step.
5. Pay Your 30% Deposit
Recalling our earlier example? For a N50,000 phone, you’d deposit N15,000. Hand this amount to the store manager.
The agent will take care of the rest, ensuring Easybuy covers the remaining 70%.
6. Set Your Repayment Plan
Now, open your Easybuy app to select your repayment period. Choices range from 3 to 6 months.
Each plan comes with its interest rate, so be sure to pick one that suits your budget.
7. Provide Guarantor Details
Lastly, give the details of four guarantors – they can be family, employers, or mentors. They’re simply individuals who vouch for your credibility.
Easybuy’s Interest Rates
When considering a loan, one of the key elements to factor in is the interest rate. It’s essentially the cost you pay for borrowing money.
Easybuy, like other loan providers, charges its users interest, but how does this rate play out for you?
Easybuy offers an interest rate range between 6% to 11% monthly. The exact rate you get hinges on your selected repayment period.
Here’s a breakdown:
- 90 days: For loans that last three months, expect a monthly interest rate of 6 – 7%. This means if you borrow ₦10,000, your monthly interest could be between ₦600 to ₦700.
- 180 days: For a half-year loan, the monthly interest rate ranges from 8 – 9%. Borrowing ₦10,000 would mean monthly interest amounts of ₦800 to ₦900.
- 360 days: Annual loans have monthly interest rates between 10 – 11%. With a ₦10,000 loan, this translates to a ₦1,000 to ₦1,100 monthly interest.
Practical Application of EasyBuy Phone Loan Interest Rates: A Real-world Scenario
- Imagine you’re purchasing a phone priced at N50,000. You’re eyeing the 90-day repayment plan.
- First, you’ll make a down payment, say N15,000.
- This leaves a balance of N35,000.
- Now, with an interest rate of 6-7% monthly for this tenure, let’s assume an average of 6.5% interest monthly.
- Monthly repayment = (Principal + Interest) / 3
- Monthly repayment = (N35,000 + (N35,000 x 6.5/100)) / 3
- Monthly repayment ≈ N11,775
- Over three months, you’d repay approximately N35,325.
- Add your initial down payment, and the total cost of the phone stands at N50,325.
However, do note that the above example assumes the interest rate at a single point within the provided range.
Actual amounts could vary slightly based on the precise rate applied.
More so, be aware of potential additional costs, like late payment fees. For instance, Easybuy charges a 10% fee on the outstanding balance for every late day.
Easybuy Loan Repayment
“How to pay Easybuy loan?” is a question many have. Once you’ve utilized the Easybuy money loan, repayment is flexible.
You can either use the Easybuy repayment app or opt for a direct bank transfer. But beware of the Easybuy late payment charges; always try to repay on or before the due date to avoid any hitches.
Easybuy Loan: Pros and Cons
Pros:
- Quick Approvals
- Flexible Repayment Tenures
- Minimal Documentation
- Versatile Loan Amounts
- Convenient Repayment Methods
Cons:
- High Interest Rates
- Requires a little Collateral Information such as BVN
- Potential for Overborrowing
- Late Payment Penalties
- App Dependent
See Also: How to Get a Car Loan in Nigeria
Downloading the Easybuy App
With a few clicks, you can have the Easybuy cash loan app downloaded.
Whether you’re on the Play Store or App Store, search for “easybuy vip cash loan app download” and you’re good to go!
As an Android user, you can get to download EasyBuy loan for android phone, and IOS users too can download the Easybuy loan app for iPhone on the App Store.
Signing Up on Easybuy
As previously discussed, once the Easybuy loan app download is complete, the sign-up is pretty intuitive. Be sure to follow all prompts and secure your account.
Logging in and Navigating the Easybuy Platform
Once you’ve got your account up, logging in is a breeze. The Easybuy website and app interfaces are user-friendly, ensuring even first-timers find their way around with ease.
From tracking your loan status to modifying account details, everything is a tap away.
Using Your Easybuy Loan
Whether it’s that new gadget, an emergency, or consolidating debts, the Easybuy money loan is versatile.
However, always borrow responsibly. Considering the high-interest rates, always ensure you can handle the Easybuy payment schedules.
Troubleshooting and Support
Lost your Easybuy login details? No worries. Their support team is always on standby.
Whether it’s about how to borrow money from Easybuy or any other query, they’ve got you covered.
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EasyBuy App – FAQs
How to Apply for an Easybuy Loan?
Download the Easybuy app, register, provide personal details, upload ID and bank statement, and submit for approval.
What if I miss an Easybuy Payment?
If you miss your EasyBuy payment, you’ll incur a late fee of about 10%, potentially face increased interest rates, and might affect your credit score.
Can I get an Easybuy Loan for a Phone?
Absolutely! Easybuy specializes in offering phone loans, including for top brands.
Can I borrow money from Easybuy?
Yes, Easybuy offers loans ranging from ₦10,000 to ₦50,000 based on creditworthiness. Or in other words 70% of your phone cost.
What is the interest rate on Easybuy VIP loans?
Easybuy VIP loans have varying interest rates, typically between 6-11% flat per month.
What is the disadvantage of Easybuy?
Potential high-interest rates, privacy concerns with BVN, risk of overborrowing, and late payment penalties.
Can I buy iPhone in EasyBuy?
Yes, you can purchase an iPhone using Easybuy’s financing options.
Does Easybuy work for iPhone?
Absolutely! Easybuy supports financing for various iPhone models.
Is EasyBuy a Nigerian company?
Yes, EasyBuy operates in Nigeria, catering specifically to the Nigerian audience.
Conclusion
The world of mobile loans can seem overwhelming. But with apps like Easybuy Nigeria’s platform, the journey is less daunting.
As always, be sure to borrow responsibly and understand all terms before committing.
