EasyBuy is an online loan platform that lets you buy Mobile phones on credit. The service works just like regular loan apps, but instead of disbursing cash to your bank account, you get a mobile phone which you can then pay for in installments.
When you select a phone you want from their catalog, the app will then connect you with one of their physical partner stores where you can go pick up your device. You have to make a downpayment first and also provide your details online before you’ll be eligible to get a phone.
Just like other loan apps, EasyBuy uses a loan software to collect and analyse potential borrowers data. Be sure that you don’t have outstanding loans with other lenders before you apply. To be eligible, be sure to keep good bank transaction messages and record on your phone.
How to Download APK and get a mobile phone from EasyBuy loan app
- Download the EasyBuy mobile phone Loan App exclusively available on the Google Playstore and install on your Android phone.
- Register an account with your phone number.
- Preferably the phone number connected to your BVN as a one time password will be sent to it for verification.
- Choose your preferred phone.
- Fill in your basic Kwow-your-customer KYC information, including your residential address, next of kin and employment details
- You will also be required to provide your Biometric verification number BVN.
- A one-time password OTP will be sent to your phone to confirm your details.
- After the submission of your loan application, you will be giving an installmental repayment plan. Usually between 3 repayment installments and 6.
- Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identity.
- You will be required to make a downpayment before you’re eligible for a phone loan.
Your BVN is linked to your credit score, so if you have an outstanding loan with other lenders or didn’t pay other lenders as at when due, expect your application to be rejected.
Your credit score is a record of your previous borrowings, how early or late you make your payments, cash transactions going in and out of your bank account among other information.
When you download this app you have to consent to it to get access to your phone book contacts that will serve as your guarantors, SMS to see your banking transaction records, apps on your phone to see how you use other loan apps and other details it uses to build your credit score.
Is EasyBuy phone Loan app legit or scam?
Yes, EasyBuy loan app is legit. The app has provided several customers with a mobile phone and a plan to pay for it in installments on a later date. The app has over 1 million downloads with mixed reviews on play store, caution should be taken before taking any online loan Always read other customer’s reviews before you apply for a loan in Nigeria.
You should know that these loan apps are not registered or regulated by the CBN or any government agency in Nigeria. You are responsible for the security of your transactions with them and there is no way to seek redress for poor customer service.
Also its availability on Google play store does not make transactions performed on it secure. The play store merely provides an avenue for download, you are responsible for your own security while using loan apps in Nigeria.
What EasyBuy can improve?
EasyBuy does provide an easy way to get a mobile phone especially when you need one in an emergency and don’t have the complete cash. But the downpayment required to even apply for one can be anywhere starting from 50% of the market value of the phone. If your preferred phone is 100k and above, be prepared to pay at least 50k as downpayment.
EasyBuy mainly has 3 brands in its catalog, iTel, Tecno and Infinix. If your preferred phone is outside these three brands, then this service is not for you.
EasyBuy also have some networking issues that leads to difficulty repaying loans. If you’re trying to repay your loans and the portal is not going through contact support immediately.
What are the requirements to get a phone from EasyBuy?
- Be a legal citizen or legal Resident of Nigeria
- Be at least 18 years old.
- Have a Monthly income source.
- Bind your ATM card to your account
- Provide details of two of your next of kins including their phone numbers.
- Have a good credit score with no outstanding loans from other lenders.
- Make downpayment of atleast 50% of the market value of the phone you want.
- Provide a clear picture selfie.
What will happen if I don’t repay my loan or pay my loan late?
Late loan repayments automatically incur a fee of 2% per day. It is therefore advised that one does not exceed the due date. Repay the loan by its due date allows you to access larger loan sizes. Late repayments will affect your ability to get subsequent or larger loans. If you are very late on your payments, you will be reported to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.
EasyBuy loan app customer service number
Service-Hotline: 018888188 (9 am – 5:30 pm, Mon-Fri)
• Service Email: email@example.com
• Official Facebook Page: https://www.facebook.com/easybuy.loans
• Office Address: 9 Ogunnusi Road, Ogba, Ikeja, Lagos