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Easybuy Loan, How to Use, Loan Requirements, And More.

Sirmike Sunday, 10 December 2023, 1:22 pm

Easybuy Loan, How to Use, Loan Requirements, And More.

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Easybuy is a mobile loan app that provides short-term loans to users in Nigeria. The app is available on both Android and iOS devices. To qualify for an Easybuy loan, you must be a Nigerian citizen with a valid national ID card or passport. You must also have a bank account and a mobile phone.

The amount of money you can borrow from Easybuy depends on your credit score. The maximum loan amount is N50,000. The interest rate on Easybuy loans is 6% to 9% per month. The repayment period is 3 to 6 months.

To apply for an Easybuy loan, you must download the app and create an account. You will then be asked to provide some basic information, such as your name, email address, phone number, and national ID number. You will also be asked to upload a copy of your ID and a recent bank statement.

Once you have submitted your application, Easybuy will review it and approve or deny your loan within 24 hours. If your loan is approved, the money will be deposited into your bank account within 24 hours.

Easybuy loans can be used for a variety of purposes, such as paying for unexpected expenses, consolidating debt, or making a large purchase. However, it is important to note that Easybuy loans are high-interest loans. Therefore, you should only borrow money from Easybuy if you are sure that you can afford to repay the loan on time.

What is the interest rate for Easybuy phones?

The interest rate for Easybuy phones varies depending on the tenure of the loan. The following are the standard repayment plans for EasyBuy loans:

Tenor: 90 days, Interest rate: 6 – 7% flat per month.
Tenor: 180 days, Interest rate: 8 – 9% flat per month.
Tenor: 360 days, Interest rate: 10 – 11% flat per month.

For example, if you purchase a phone worth N50,000 and choose a 90-day repayment plan, you will need to make a down payment of N15,000 and repay the remaining N35,000 in three equal installments of N11,666.67. The total amount you will pay for the phone, including interest, will be N58,000.

It is important to note that Easybuy loans are subject to credit approval. You will need to provide your personal information and employment history to qualify for a loan.

Here are some of the pros and cons of Easybuy loans:

Pros:

Easy to qualify for
Convenient way to purchase a phone
No collateral required
Competitive interest rates

Cons:

High-interest rates
Short repayment terms
Late payments can result in additional fees
May not be available to everyone

If you are considering an Easybuy loan, it is important to compare the interest rates and repayment terms offered by other lenders. You should also make sure that you can afford the monthly payments before you sign up for a loan.

Does EasyBuy work for iPhone?

Yes, EasyBuy works for iPhone. EasyBuy is a mobile device financing platform that allows you to buy a phone now and pay for it later. You can use EasyBuy to buy any iPhone model, including the latest iPhone 13. EasyBuy offers a variety of financing options, so you can find a plan that fits your budget. You can also choose to pay off your balance early, without any penalty.

Here are the steps on how to buy an iPhone with EasyBuy:

Go to the EasyBuy website or app.
Select the iPhone you want to buy.
Choose a financing plan.
Enter your personal information.
Submit your application.

Once your application is approved, you will be able to pick up your iPhone from a participating retailer. You will start making payments on your EasyBuy loan immediately.

Here are some of the benefits of using EasyBuy to buy an iPhone:

You can get the iPhone you want now, even if you don’t have the money to pay for it all at once.
You can choose from a variety of financing options to fit your budget.
You can pay off your balance early, without any penalty.

If you are looking for a way to buy an iPhone without having to pay for it all at once, EasyBuy is a great option. EasyBuy offers a variety of financing options and flexible repayment terms, so you can find a plan that fits your budget.

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What happens if I don’t pay my EasyBuy loan?

If you do not pay your EasyBuy loan, you may be subject to the following:

Late payment fees: EasyBuy charges a late payment fee of 10% of the outstanding balance for every day that the loan is late.
Increased interest rate: EasyBuy may increase your interest rate if you are late on a payment.
Collection efforts: EasyBuy may hire a collection agency to collect the debt if you are unable to make your payments.
Legal action: EasyBuy may take legal action against you to collect the debt, including garnishing your wages or taking your property.

It is important to note that EasyBuy may also take additional actions if you do not pay your loan, such as reporting your delinquency to the credit bureaus. This could damage your credit score and make it more difficult to obtain loans or credit in the future.

If you are unable to make your EasyBuy loan payments, you should contact EasyBuy as soon as possible to discuss your options. They may be able to work with you to create a payment plan that you can afford.

Here are some tips for managing your EasyBuy loan:

Make a budget: This will help you track your income and expenses so that you can make sure you have enough money to make your payments.
Set up automatic payments: This will help you avoid late payments and late fees.
Pay more than the minimum payment: If you can, try to pay more than the minimum payment each month. This will help you pay off your loan faster and save money on interest.
Be prepared for unexpected expenses: Things happen, so it’s a good idea to have a cushion in your budget in case you have an unexpected expense that comes up. This way, you won’t have to borrow more money and risk falling behind on your payments.

If you are struggling to make your EasyBuy loan payments, there are resources available to help you. You can contact EasyBuy for help, or you can contact a credit counseling agency. A credit counseling agency can help you create a budget and develop a plan to pay off your debt.