Easybuy in Nigeria is a "Buy Now Pay Later" payment service that enables individuals and businesses to purchase smartphones like Tecno, iTel, Infinix, Samsung and iPhone on credit. It's more like a loan platform but they don't dispense cash into your bank account. Instead, you can only get your gadgets on credit and pay installmentally.
Easybuy is a subsidiary platform of PalmCredit, a financial company in Nigeria rivalling with OPay and PalmPay. However, the major focus of PalmCredit is offering of Loan. Hence, it put maximum effort on Easybuy for it to successfully in the Nigeria's Buy Now Pay Later Market.
In today's naira devaluation in Nigeria, we've seen all phones price goes up. That's to say; Smartphones are now costly, making it difficult for average people to afford a good phone that's featured with high-grades functionalities.
However, Easybuy has come to our rescue. If you cannot afford your desire smartphone, worry less because with Easybuy Loan Service, you are eligible to buy any high functionalities-featured smartphones in Nigeria with just 30% down payment and pay the rest installmentally per day, per week, or per month. You're allowed to payback the remaining 70% between the range of 3 months and 6 months.
How does Easybuy work in Nigeria?
Easybuy maintain partnerships with several smartphones retailers in Nigeria. The Buy Now Pay Later platform also have dedicated agents across the nation debuting services or being an intermediary between retailers, consumers and Easybuy.
Here is the equation: Easybuy >> Agent >> Phone Retailer >> Consumer. This actually work in the sense that when you walk into a phone shop and pick the smartphone you wish to purchase on credit, all your necessary documents such as BVN, NIN, Capture and ATM Card will be obtained by Easybuy Agent for proper registration.
After that, the system will go through your credit history and credit score to determine your eligible status. If you're eligible, then you will be asked to pay at-least 30% of the phone price and schedule your preferred repayment duration. However, you can also deposit more than 30%; the higher down payment you paid, the lesser the loan interest rate.
Once the registration processes are done and confirmed by the Easybuy Agent, the phone seller will hand-over your smartphone and you can walk away. You've successfully purchased a smartphone on credit using Easybuy.
After that, the Easybuy Agent will settle the phone retailer. Hence, the deal has been closed at the retailer side. You're now dealing directly with Easybuy; paying your outstanding loan according to your chosen repayment schedule. You can daily, weekly or monthly, even after you've selected payback schedule.
This is exactly how Easybuy work in Nigeria. However, do note that you must not default a repayment for more than a month. If you do, your phone will be locked with "Easybuy Security Plugin" until you make payment for the outstanding month.
Requirements to get Easybuy Phones in Nigeria
Here are eligible requirements to get mobile financing from Easybuy in Nigeria:
- Good Credit Score: This is the number one thing Easybuy will look in your financial record. The platform's system will check whether you're not having any outstanding loan with any digital loan apps, lenders, and banks.
- National ID Card: Another thing required to get a mobile financing loan from Easybuy is providing your valid national means of identifications. Easybuy accepts NIMC's National Identification Number (NIN), International Passport, Voter's Card, and Driver's License.
- BVN: Your Bank Verification Number (BVN) will also be required during registration. However, do note that Easybuy does not have access to your BVN or your bank account through BVN. The collection of BVN is for confirming your provided detail; whether you provided correct information or not.
- Bank ATM Card: Your bank ATM card is also needed. Easybuy Agent will link this card to your Easybuy Account/App for the purpose of paying back your loan easily through the app on your phone.
- Lastly, you will need at least 30% initial payment for the phone you're buying on credit.
Overall, do note that maintaining a good credit history/score gives you higher chances of securing a mobile loan with Easybuy in Nigeria.
How to Buy Easybuy Phone in Nigeria
Follow these procedure to buy Easybuy Phone in Nigeria:
Find an Easybuy Agent
Walk into a phone store and firstly ask the receptionist if Easybuy payment is available. Meanwhile, nowadays, you'll rarely see a phone retail shop without an Easybuy Agent. Once the agent is ready to attend to you, provide required documents and proceed to capturing.
Pick your desire Smartphone
Wait! Before you continue to Easybuy Account registration and capturing, select the phone you wish to buy and negotiate price with the seller. When you guys agree on price, then you can proceed to the agent for capturing.
Create a Easybuy Account
Once the phone price has been agreed upon, the Easybuy agent will create your loan account and take a picture of you holding your national ID card. Once that's done, you will also be required to submit three (3) mobile numbers of your relatives in case of emergencies.
Furthermore, you may also be asked to speak to another Easybuy agent at the headquarter for questioning and confirmation. Meanwhile, I think this isn't compulsory again; it was among the previous requirement.
Pay 30% of the Phone Price
Once your account is approved, you can then make the initial payment of at-least 30 percent of the phone price. For example, if you're purchasing a smartphone of N100,000, you will be required to pay an initial payment of N30,000.
Choose Repayment Schedule
This is the last step in the process of purchasing an Easybuy Phone in Nigeria. After all the registration and initial payment, you will be required to choose your preferred repayment schedule and duration.
In the Easybuy app, there are only two repayment durations; 3 Months and 6 Months, and three repayment schedule; daily repayment, weekly repayment, and monthly repayment.
Choose as it suits you. However, do note that each repayment term has a different interest rate. Hence, be sure to confirm and rethink over your decision before making the final decision.
Easybuy Interest Rate
Usually, Easybuy Interest Rate ranges between 6% to 9% per month depending on your loan duration. If you choose 3 months (91 days) repayment schedule in your mobile loan application, then you will get an interest at the rate of 9% per month. But if you choose the 6 months (180 days) repayment term, you will get an interest at the rate of 6% per month.
For Example, assuming you purchased a N100,000 smartphone using Easybuy and you select 3 months repayment term in your application, you will have to payback N127,000, adding N27,000 as the interest for the loan. However, assuming you select 6 months repayment term, you will have to repay N136,000, adding N36,000 as the interest for the mobile loan.
Calculations
PHONE PRICE = N100,000, INTEREST RATE/3MONTHS = 9%, INTEREST RATE/6MONTHS = 6%, Find PRICE for the total Loan Interest for 3 months and 6 months.
For 3 Months:
3 Months * 9% + N100,000 = N127,000.
The LI for three months will be N27, 000.
For 6 Months:
6 Months * 6% + N100,000 = N136,000.
The LI for six months will be N36, 000.
Easybuy Repayment Methods
Here are the payment methods accepted on Easybuy in Nigeria:
- Repay via Easybuy App
- Payment via Bank Transfer
- Repay via Easybuy Agent
- Payment via Rave by Flutterwave
- Repay using Credit/Debit Card
Easybuy App
The Easybuy Mobile App is an easy-to-use and flexible payment app that allows you to repay your mobile loan easily, conviniently and securely. With the app, you can check your Easybuy balance, repay your loan and even have control or manage your account.
Easybuy App is available for download on Google Play Store and Apple App store for iOS users. However, upon phone purchase, the app will be installed on your phone by the Agent. The main usage of the app is to repay your mobile loan. Furthermore, you can also download the Easybuy APK on APK store like Softonic.
How to Use Easybuy App
You can use Easybuy Mobile App to repay your outstanding loans, check balance, update your repayment schedule e.g daily, weekly or monthly, edit and manage your account and more. Here's how to use the Easybuy App:
Repay Mobile Loans
Follow theses steps to pay your Easybuy Phone Loan via App:
- Login your Account in to the Easybuy App
- Tap on "Loan History" in your dashboard
- Tap on "Pay Now"
- Select "Payment Method" out of the saved list. Credit/Debit card is the default method, that's why your ATM is required during registration.
- Tap "Repay with Bank Card"
- An OTP maybe sent to your card registered number, confirm the code
- Tap "Pay Now" and viola, you've successfully pay for your mobile loan.
Check Easybuy Balance
To check your outstanding balance or remaining loan balance on the Easybuy App; Tap on "Account" tab in the app, then scroll down and select "Loan History." In the Loan History section, you will see all your available balances including outstanding balance and paid balance.
However, you can also check your "Easybuy Balance" via web. Simply login your account on "Easybuy Nigeria Website" and navigate to "Account Management" section. Now, Tap on "Loan History" to see all your transactions history including the remaining loan balance and paid balance.
Manage Account, Profile and Payment Account
You can manage your Easybuy Account/Profile on the app. You can also check your payment account details on the Easybuy Mobile App.
To do that, kindly tap on "Account" tab in the app and tap on "Payment" to view all your payment details such as payee names, account number, payment methods e.g., credit/debit card and more.
In addition, you will also be able to see your repayment due date, default payments and all payment history.
Easybuy Nigeria Contact Information
You can contact the Easybuy Nigeria Customer Care center via the following means:
- Emails: support@easybuy.loans and support@palmcredit.loans
- Phone Number: +23490311EASYbUY
- Official Nigeria Website: https://web.newedgefinance.com/easybuy/index.html
- Headquarter: No 9, Ogunnisi Road, Ogba, Ikeja Lagos, Nigeria.
Final words
Easybuy Nigeria isn't just about buying phones. It's about unlocking possibilities for people across the country. It's the neighbor offering a helping hand to get that phone that connects you to loved ones, the corner store owner making that fridge dream a reality, the key to that first step up the ladder.
Easybuy understands that sometimes, all it takes is a little boost to turn "wish list" into "welcome home." It's not just about finance, it's about empowering people to build their own versions of success, one installment at a time.
Remember, that new phone isn't just a gadget, it's a link to education, opportunity, and maybe even a brighter future. Easybuy gets that, and that's what makes them more than just a loan app – they're a silent cheerleader for everyday dreams in Nigeria.