Easybuy is a mobile device financing platform operated by Palmcredit, a consumer loan company. With this platform, users get to purchase mobile phones and other devices on credit and pay back in more comfortable monthly installments.
Smartphone prices are apparently on the rise, hence, we listed a few other platforms that lets you finance the purchase of your next device with a loan. And also grants you flexible repayment plans.
This article takes you through the end-to-end process of how you can purchase a device on credit with Easybuy. In essence, how to #BuyNowandPay Later.
The Easybuy Process
i. Locate an Easybuy Agent
Easybuy operates a model where they have ground agents helping to sign people unto the platform. You can find these agents at different shops where mobile phones and other devices are sold. Their agents are uniquely identified by a shirt with the Easybuy logo and brand colors on it. As a first step, you should locate one of these agents.
ii. Pick Your Preferred Phone or Device
After locating an Easybuy agent, you get to decide what phone or device you intend to purchase. Easybuy supports the purchase of a large range of devices, provided the store (where you meet the agent) has it. So, feel free to explore your options at this stage.
iii. Register With the Easybuy Agent
After deciding what kind of phone or device you want to finance, you should register with the Easybuy agent. For this, you will need to provide details and documents like name, phone number, address, company name, salary information, BVN, valid means of identification, debit card information (to enable auto-debit when monthly paybacks are due) and more.
Initial deposit amount and loan tenure is usually decided in this stage. Also, you are obligated to pay at least 30% of the phone or device price as a deposit. It is also worth mentioning that available loan tenures on EasyBuy are either 3 months or 6 months.
Moving forward, you will have to provide at least four (4) people whose words Easybuy will take as collateral. These people (family, friends, colleagues) have to assure them via a phone call that you are who you say you are.
iv. Pay Your Initial Deposit Amount
The payment of your initial deposit amount comes after registration. This payment is made to the store where the purchase is being made alongside the Easybuy agent. As initially stated, the initial deposit must be at least 30% of the price of the mobile phone or device. Behind the scenes, the platform completes your payment to the store, so loan repayment is in turn made to them (Easybuy).
v. Login to the Easybuy Mobile App
After paying your deposit, you can now download and login to the Easybuy mobile app for consumers. After logging in, you are expected to set up your loan repayment instrument/mode. This includes adding a card to enable the platform to automatically debit your account once it’s a due date. You can also decide to pay back your device loan before the due date.
This is the last step here, after which you will be allowed to go with the device purchased.
The Easybuy interest rate varies depending on the loan tenure. While there are no fixed figures, here’s an actual case study of an EasyBuy user we spoke to:
- Device to be purchased: Infinix S4 phone (6GB RAM, 64GB Storage variant).
- Price: N56,000
- Initial deposit amount: N20,000
- Loan amount: N36,000
- Loan tenure: 3 Months
- Interest rate: 0.129738 per month
- Monthly repayment: N15,240.01
- Total amount paid for phone: N65,720.03
- Amount paid as interest on loan: N9,720.03
The loan amount which was spread over three months seems fair.
Ease of Repayment
Paying back a loan with Easybuy is quite convenient for users as the agreed monthly repayment amount is debited automatically from the borrower’s bank account. This happens every month until the loan tenure expires.
Easybuy looks like a great option when it comes to financing mobile devices. The steps involved are quite lengthy but it’s very much understandable as it seems they are being cautious; protecting themselves against bad debt and fraudulent individuals.
To explore other modes of mobile phone or device financing, refer to this article.