I learned about EasyBuy from my sister when I wanted to get a new phone which I only have a part of the money. My sister now told me about EasyBuy, which is an option I should try if I really want the phone. To know more, I visited the store to try this option that allows one to buy a phone and pay the fee in installments.
What is EasyBuy?
EasyBuy is a financing platform that allows you buy any electronics or smartphone in any EasyBuy authorised store and pay in installments. In simple terms, they are giving you a loan to pay for the device or gadget you intend to purchase. You are expected to pay back the loan (principal + interest) for 3 or 6 months. EasyBuy is powered by some quick loan providers. EasyBuy application is done on the EasyBuy mobile app which is yet to be released to Play Store and App Store. The application/registration process is also handled by agents in the authorised store and they will also assist you with any questions, enquiries and required information.
How EasyBuy Works
This is how EasyBuy works. You will first find out the price of the phone you want to buy and after knowing this, you will walk to the EasyBuy stand. Tell the agent on duty that you want to buy a phone using EasyBuy. The agent will ask for the price and he/she will confirm this and let you know how much you will be paying back (principal + interest) using the EasyBuy app. If you’re cool with the payment terms and conditions, the agent attending to you will proceed by collecting some personal information which includes your Real Name, Phone Number, Home Address, Photograph, Bank Verification Number (BVN) and other documents which will be used to complete the registration. After submitting and uploading all required documents, your application will be reviewed and your EasyBuy application status will be sent to your phone number as an SMS and to the agent in charge.
If your EasyBuy loan application is approved, you are required to pay a minimum of 20% of the smartphone price as a down payment. If you have more than 20%, you can pay it. The advantage of this is that it will reduce the amount of money you will be paying back. Kindly note that there are two repayment options:
- 3 months with 9% interest
- 6 months with 6% interest
You must choose one of the options above before submitting your application.
The Documents or Information required for EasyBuy
You will be asked to provide all of the following information and documents.
- First and last name
- Current home or residential address
- Phone number
- Date of birth
- Marital Status
- Employment status
- Monthly income
- Business address
- Means of Identity (National identity card, voters’ card, international passport, etc.)
- Active ATM card
- Names and phone numbers of four referees which will include father or mother, sibling, work colleagues and friends. Ensure you submit valid and correct numbers because they will be called to verify.
Where or How to Access EasyBuy Approved Store
There are some EasyBuy approved stores in major cities in Nigeria. You can contact them by calling +018888188 or emailing email@example.com to know the EasyBuy stores in your state or city. Kindly note that there is no way to use the EasyBuy app yet without visiting their store. It is in this store that the agent that attends to you will install the app on your smartphone.
Why your EasyBuy Application was disapproved or rejected?
Have you tried to apply for EasyBuy and your application was disapproved? If yes, I have listed some of the reasons why your application was rejected.
- You have a low credit score due to late payment of loans or unfulfilled loan repayment
- You are serving a loan currently
- Wrong BVN
- Name mismatch i.e. the name on your bank account or ID card is different from what is on your BVN
- Phone number submitted is different from what is on your BVN
- Date of birth does not correlate with what is on the BVN
- Couldn’t reach your referee on phone