Easy Buy Review: In today’s fast-paced world, staying connected is more important than ever. Having a reliable smartphone is not just a luxury but a necessity.
However, the high prices of phones can be a barrier for many people. Fortunately, EasyBuy offers a convenient solution for Nigerians to access the latest smartphones through their loan app and website.
In this article, we will explore Easy Buy’s offerings, the phones they provide, and their prices in Nigeria.
What is Easy Buy?
EasyBuy is a fintech company that aims to make smartphones accessible to everyone in Nigeria. They provide an innovative loan app and a user-friendly website, which allows customers to purchase smartphones on credit.
This means you can own your desired phone and pay for it in easy installments, making it affordable for all.
How Does Easy Buy Work?
The process of acquiring a smartphone through Easy Buy is simple and straightforward. Here’s how it works:
1. Loan Application
Download the Easy Buy app on your smartphone or visit their website. Create an account and complete the loan application form with necessary details.
2. Eligibility Check
EasyBuy will evaluate your eligibility based on the information provided. They take into account various factors, including credit history and financial stability.
3. Choose Your Phone
Once approved, you can browse through a wide range of smartphones available on the platform. EasyBuy offers an extensive collection of popular brands and models.
4. Select a Payment Plan
You can choose a payment plan that suits your budget. EasyBuy provides flexible repayment options, allowing you to pay in installments over several months.
5. Receive Your Phone
After selecting the phone and payment plan, EasyBuy will deliver the device to your doorstep. You can now enjoy your new smartphone while paying for it gradually.
Available Phones and Prices
EasyBuy offers an impressive selection of smartphones from various manufacturers. Here are some popular models along with their prices:
1. Iphone
2. Samsung
3. Tecno
4. Redmi etc..
Moreover, at EasyBuy, there is an array of smartphones available, catering to different budget preferences, ranging from affordable choices to top-of-the-line flagship devices.
The assortment of phones in their collection includes well-known models like the Samsung Galaxy S21 series, Tecno Camon 17, Infinix Hot 10, and many others.
EasyBuy consistently keeps its website up to date with the latest phone models and their features, ensuring you always have access to the most recent technological advancements.
Whether you’re in search of a phone with a large display, an excellent camera, or a durable battery life, you can be confident that EasyBuy offers a diverse selection of phones to suit your specific requirements.
Advantages of Using EasyBuy
1. No Upfront Payment
With EasyBuy, you can get the latest smartphone without paying the full amount upfront. This helps you manage your finances better.
2. Easy Approval Process
The loan application process is quick and straightforward. EasyBuy aims to approve applications as soon as possible.
3. Wide Range of Phones
EasyBuy offers a diverse range of smartphones, ensuring there’s something for everyone.
4. Flexible Repayment
You can select a repayment plan that aligns with your financial capabilities.
5. Convenient and Safe
Shopping through the EasyBuy app or website is secure, and the delivery process is hassle-free.
How Do You Qualify For Easybuy?
In order to qualify for an EasyBuy mobile financing loan, you must fulfill the following conditions:
- Maintain steady employment or possess a reliable monthly income source.
- Provide a valid form of identification, such as a Driver’s License, International Passport, Voter’s Card, or NIMC National ID Card.
- Submit your Bank Verification Number (BVN) as part of the application process.
- Possess a valid and active ATM card.
- Make an initial payment of 30% for the mobile phone you wish to purchase.
Once you have met these criteria, you can proceed with the loan application through EasyBuy.
What Is Easybuy Interest Rate In Nigeria?
The interest rate for Easybuy loans varies depending on the chosen repayment plan. The repayment plan options typically range from 6% to 9% per month.
For the 3-month repayment plan, the interest rate applied is 9% per month. Let’s use the previous example to illustrate:
Assuming you purchase a phone worth 50,000 with a 30% deposit of 15,000, the interest rate per month would be 3,000. Over the course of 3 months, the total interest paid would amount to 13,500. Thus, the total amount to be paid after three months would be 48,500 (original price + total interest).
On the other hand, if you opt for the 6-month repayment plan, the interest rate applied is 6% per month:
With the same phone price of 50,000 and a 30% deposit of 15,000, the monthly interest would still be 3,000. Over the 6-month repayment period, the total interest paid would sum up to 18,000. Consequently, the total amount to be paid after six months would be 53,000 (original price + total interest).
How Do I Repay My Easybuy Loan?
Repaying your Easybuy loans can be done through multiple methods. One way is to initiate a mobile transfer by reaching out to Easybuy via email and requesting their bank account details.
Another option is to make a cash payment at the nearest bank, using the provided Easybuy bank account information.
Alternatively, you have the convenience of using the Easybuy mobile loan app. To do so, log in to your account, access your loan history, and select “repay the loan.” Then, input the desired amount and your chosen payment method before confirming the transaction. Afterward, patiently await a debit alert and confirmation SMS from Easybuy.
As a precautionary measure, it’s advisable to take a screenshot of your payment, which can serve as documentation in the event of any issues, such as unreflected transactions or overpayments.
What Is The Disadvantage Of EasyBuy?
While Buy Now Pay Later model offers convenience, it is not immune to drawbacks. One of the main concerns is impulse buying, where individuals may be tempted to purchase unnecessary items.
Moreover, the system may entail additional fees for late payments or defaults, and the lack of control over payment timing could potentially impact one’s ability to secure future loans if payment obligations are not met, thereby encouraging spending beyond one’s means.
What Happens If I Don’t Pay Easy Buy?
Failure to make timely repayments on your Easybuy loan will result in additional charges. Moreover, non-payment of your Easybuy loan can hinder your ability to secure loans in the future, not only from Easybuy but also from other lending platforms.
Additionally, Easybuy may notify your contacts about your loan default. Another consequence may involve the temporary suspension of your mobile phone access until the loan is repaid.
To prevent these undesirable outcomes and any potential embarrassment, it is crucial to ensure you have the means to repay the loan before obtaining it.
What Are The Benefits Of Easy Buy?
Below, we will explore the various benefits of EasyBuy and how it has revolutionized the way people can own their dream smartphones.
- Access to High-Quality Phones
One of the primary benefits of EasyBuy is that it grants access to high-quality smartphones that might otherwise be beyond the budget of many individuals.
As technology continues to evolve, newer models with advanced features are introduced frequently. These smartphones often come with a hefty price tag, making it challenging for budget-conscious consumers to keep up with the latest trends.
With EasyBuy, customers can overcome this hurdle by purchasing their desired high-grade smartphones on credit, allowing them to enjoy the latest technology without a massive upfront payment.
- Flexible Payment Options
EasyBuy understands the financial constraints of its customers and has designed a flexible payment structure to suit their needs.
The service requires customers to pay only 30% of the phone’s price upfront. This significantly reduces the initial financial burden, making it more accessible for individuals from different economic backgrounds.
The remaining 70% can be paid back over a period of 3 or 6 months, depending on the customer’s preference.
This installment plan ensures that owning a smartphone doesn’t become a financial strain and can be comfortably managed over time.
- Enhanced Affordability
With EasyBuy, owning a high-quality smartphone becomes a reality for many who would otherwise struggle to afford one.
The service empowers customers to break down the cost of the smartphone into manageable monthly installments, transforming an expensive purchase into an affordable investment.
This democratization of technology ensures that individuals from all walks of life can enjoy the benefits of modern smartphones, bridging the digital divide and promoting digital inclusion.
- Convenience and Speed
Applying for an EasyBuy loan is a straightforward and quick process, designed to provide customers with a hassle-free experience.
The service is available through a mobile platform, making it easily accessible to a wide range of users. The loan approval process is efficient, and customers can get a decision within a short period, allowing them to proceed with the purchase promptly.
This convenience and speed make EasyBuy a preferred choice for individuals who urgently need a new phone but may not have the full amount available upfront.
Conclusion
Owning a smartphone in Nigeria is now more accessible than ever, thanks to EasyBuy’s loan app and website. With their user-friendly platform and affordable repayment options, you can purchase your desired phone without breaking the bank. Stay connected, stay productive, and enjoy the convenience of a modern smartphone with EasyBuy.
Take advantage of EasyBuy’s offerings today and step into the world of seamless connectivity!
