Easybuy is a mobile financing platform in Nigeria that provides Quick Loan service which helps customers buy dream phones. Using their services, you can buy a smartphone and pay for it in installments. Instead of paying the full price upfront, Easybuy lets you make a small down payment and then spread the balance over a few months. It’s fast, convenient, and helps people get access to the phones they need without breaking the bank.
How Does Easybuy Work?
The process is pretty simple:
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Choose Your Phone: Visit any Easybuy-partnered phone store and pick the smartphone you want.
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Make a Down Payment: You’ll be required to pay around 30% of the phone’s price upfront.
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Sign Up for a Loan: You’ll fill out a short application, and if approved, Easybuy will cover the rest of the phone’s cost.
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Pay Monthly: You’ll repay the balance in 3 to 6 months or even a year, depending on your plan. Payments can be made through your bank or with a linked card.
Requirements for Easybuy
To qualify for Easybuy, you need:
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A valid means of identification (like a NIN slip or Voter’s Card)
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BVN (Bank Verification Number)
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A working phone number
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A bank account
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At least one guarantor (usually required)
Pros of Using Easybuy
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Instant Access: Walk out with your desired smartphone the same day.
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Flexible Payment: Choose a repayment plan that suits your income.
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No Credit History Needed: Many people are approved without a formal credit score.
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Things to Consider
While Easybuy offers convenience, there are a few things to keep in mind:
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Interest Rates: The total amount you pay will be more than the original phone price due to interest. If the loan amount is NGN 100,000 and the term is 12 months, the total interest rate is 15%.
Total interest for 12 months: 100,000 x 15% = 15,000 NGN
Monthly interest cost: 15000/12 = 1,250 NGN
Total payment: 100000 + 15000 = 115,000 NGN
Monthly payment amount: (100000+15000)/12 = 9,583.33 NGN
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Penalties for Late Payments: If you delay your payments, penalties may apply.
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Strict Collection Practices: Easybuy takes repayments seriously, so make sure you can commit to the plan.
Easybuy customer care service
They are available 24/7 to assist you with your requests
• Service-Hotline: 02018888188 (9 am – 5:30 pm, Mon-Fri
• Service Email: support@easybuy.loans
• Office Address: Easybuy, Lagos, Nigeria
If you need any information and help, please contact them through the customer service hotline and email address.
Is Easybuy Worth It?
If you urgently need a phone but can’t afford the full price upfront, Easybuy is a useful option. Just be sure to understand the terms and choose a repayment plan you can manage. Also make sure to payback on the agreed time to avoid embarrassment from their agents.