Finance

Easybuy loan : How to use, loan requirements & more

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Easybuy loan: How to use, loan requirements & more

Easybuy: How to use, loan requirements & more

A mobile financial business called Easybuy, a division of Palmcredit, provides loan services. You can borrow money from Easybuy Service to purchase a mobile phone and repay it over time in installments.
Everyone is aware of how expensive smartphones are right now. Even though certain low-end phones can be quite inexpensive, most high-end phones are often more expensive.
You may buy a high-end phone in Nigeria using the Easybuy financing program for just 30% of the cost. The remaining 70% can be paid back over the course of three or six months.

Easybuy loan requirements

You must fulfill the requirements listed below in order to be eligible for an EasyBuy mobile financing loan.
  • You must be employed or have a reliable monthly source of income
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  • You must have a valid means of Identification. You can tender your Driver’s License, International Passport, Voter’s Card or NIMC National ID Card
  • Your Bank Verification Number (BVN) will also be required
  • ATM card (still valid)
  • Your initial payment of 30% for the mobile phone you want to purchase
After meeting up these requirements, you should proceed with getting the loan from Easybuy.

How to get a Smartphone loan from Easybuy

1.Find an Easybuy Agent

Choosing an Easybuy agent is the initial step in this process. Many Nigerian phone companies are partners and affiliates of Easybuy.
As a result, Easybuy representatives are present in numerous phone shops. You can immediately recognize them because they all wear the official Easybuy uniform, which consists of blue branded T-shirts.

2.Provide necessary details

To make sure you qualify for the loan, an Easy Buy advisor will go over the conditions with you.
The agent will also ask you a few questions and gather some information, and they will record your answers.

3.Select the Mobile Phone you wish to buy

The agent collaborates closely with the workers in every mobile phone retailer associated with the Easybuy program. You will then be redirected to the Easybuy agent after choosing the desired mobile phone and accepting the pricing.

4.Sign up for your Easybuy loan

The following action is to register on the Easybuy website. Your information (which was earlier gathered) will be used for the loan application during these steps, which will be handled by the agent.
Additionally, a photo of you will be taken during the application process. Another representative from the Easybuy corporate office can possibly be requested to speak with you (through a phone call).

5.Make an initial payment of 30%

Here, you will be asked to pay at least 30% of the phone price. For example, if the mobile phone costs ₦40,000, you must make an initial deposit of at least ₦12,000.

6.Set a convenient repayment term

When applying for an Easy Buy loan, you have the option to:
  • Repay within 3 months
  • Repay within 6 months
  • Each repayment term has a different interest rate. Be sure to confirm before making your decision.
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7.Final verification

This is the final stage in the process of getting an Easy Buy mobile phone loan in Nigeria.
Four of your closest friends and family members’ names and phone numbers will be requested. The following people:
  • Can be your family members, friends, relatives, employer or coworker
  • Are to vouch that you are a responsible person
  • Will be contacted if you digress on your repayment term (fail to pay on/after the due date)
Here’s a suggestion: Let them know before you apply for the loan and ask them to recommend you.
Additionally, after applying for the Easybuy loan, make sure to pay on time at all costs. If you don’t, the loan firm will get in touch with those 4 people and inform them of your inaction, which could be embarrassing.

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