Learn how to use Easybuy app to buy phones on instalments. Easybuy is a mobile instalment app where loans are approved instantly. The financial platform app is owned and operated by Palmcredit – a consumer loan company.
Before we show you how to buy phones from Easybuy, it is important to know how their loan system works. Every loan platform has its own terms and conditions when it comes to giving out loans.
Easybuy’s mobile staging loans is between N10,000 to N50,000. While the loan duration is between 91 to 180 days i.e. 3-6 months. For the loan monthly interest rate, the platform charges 6% to 9% while the Annual Percentage Rate (APR) is 72% to 108%. If all these numbers are confusing, take a look at the example below;
Let’s say you’re given a loan of N50,000 which is the maximum and you choose the 6 months repayment plan. The Easybuy interest rate is 6% per month.
6 divided by 100 * N50000 = 0.06 x N50,000 = N3,000.
So you’re going to be paying N3,000 interest monthly.
N3,000 x 6 months = N18,000
The interest in the N50,000 loan is N18,000. So in total you’re required to pay N50,000 + N18,000 = N68,000 within six months.
How to Buy Phone on Instalment on Easybuy.
Below you will find a guide on how to use the Easybuy app to buy phones on instalmental basis
Now let’s go to the main purpose of this article, which is how to use the Easybuy app to buy phones on instalments. You can download the Easybuy mobile app for Android by following the link here or here.
- After downloading the app, follow the steps below to purchase a phone on credit via the app;
- Locating an agent of Easybuy: The company’s system requires that you met up with an agent on the ground. These agents are located in mobile phone stores like Slot and can be identified with the Easybuy’s shirt.
- After meeting up with the Easybuy agent, you decide and pick the preferred phone you wish to buy. As long as the phone is available at the store where you meet the agent, you can work something out with Easybuy.
- The next step is registering with the Easybuy agent. Ensure you go with your BVN, Valid ID, debit card information for auto-debit, and other personal information.
At this stage, the initial deposit amount and loan tenure will be decided and agreed upon. Note that you’re obligated to pay at least 30% of the phone’s price you’re buying. For example, if the phone is priced at N100,000, you’ll be required to pay N30,000. And like I said earlier, Easybuy repayment plan is between 3-6 months.
Even though the company doesn’t accept/ask for physical collateral, you’re going to provide information of at least four (4) people who will assure the company via phone call that you’re who you say you are. These people could be family, friends or colleagues.
After the registration, pay the initial deposit of at least 30% of the phone’s price. The payment is made directly to the store where you are. Easybuy will pay up the remaining 70%, so the loan repayment is in turn made to them afterwards.
Upon successful deposit, create an account on the Easybuy app with your phone number. You will be required to create a password to login to the Easybuy mobile app and set up the loan repayment plan.
You’ll also enter your debit card information to allow the company debit you automatically once the repayment is due. You can also opt to pay pack before the due date.
This is everything you need to know about how to use the Easybuy app to buy phones on instalments. No paperwork or collateral is required here. And the whole process takes less than two hours to get done.