EasyBuy Loan App | Requirements, Interest Rate, Website And How To Apply

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Michael Amos Thursday, 7 December 2023, 7:29 pm

EasyBuy Loan App | Requirements, Interest Rate, Website And How To Apply

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EasyBuy Loan App is a Nigerian mobile loan app that allows users to borrow money quickly and easily. It is operated by Newedge Finance Ltd., a financial technology company that provides consumer financial products and services in Nigeria.

EasyBuy Loan App

EasyBuy Loan App is a mobile loan app developed by Newedge Finance Limited, a licensed microfinance bank in Nigeria. It offers instant loans to qualified borrowers without collateral or paperwork.

Requirements

To be eligible for an EasyBuy loan, you must:

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Be a resident of Nigeria
Be at least 21 years old
Have a valid BVN
Have a regular source of income

Interest Rate

The interest rate on EasyBuy loans ranges from 5% to 30% per annum, depending on the loan amount and repayment period.

Website

The EasyBuy Loan App website is https://web-ng.easybuy.loans/eb-online/

How to Apply

To apply for an EasyBuy loan, you can:

Download the EasyBuy Loan App from the Google Play Store.
Create an account and provide your basic information.
Select the loan amount and repayment period.
Submit your application and wait for approval.

Once your loan is approved, the money will be disbursed into your bank account within minutes.

Example

If you borrow N10,000 from EasyBuy Loan App with a 5% interest rate and a 6-month repayment period, you will repay a total of N10,500.

Tips for Applying for an EasyBuy Loan

Make sure you meet all the eligibility requirements.
Provide accurate information in your application.
Choose a loan amount and repayment period that you can afford.
Make sure you have a steady source of income to repay the loan.

Quick Method To Create EasyBuy Account

Download and install the EasyBuy mobile app from the Google Play Store or Apple App Store.
Open the app and tap on “Create Account.”
Enter your phone number, email address, and create a strong password.
Tap on “Next” and enter the verification code that is sent to your phone number.
Review and accept the EasyBuy terms and conditions.
Tap on “Submit” to create your account.

Once your account has been created, you can start shopping for products and services on EasyBuy and pay for them in installments.

Here are some tips for quickly creating an EasyBuy account:

Have your phone number and email address ready before you start the process.
Create a strong password that is at least 8 characters long and includes a mix of upper and lowercase letters, numbers, and symbols.
Review the EasyBuy terms and conditions carefully before accepting them.
If you have any questions or problems, you can contact EasyBuy customer support for assistance.

Please note that you may need to provide additional information to verify your identity and eligibility for an EasyBuy account, such as your government-issued ID and proof of income.

EasyBuy Loan Requirements

EasyBuy is a Nigerian financial platform that allows users to purchase items on credit and pay for them in installments. To be eligible for an EasyBuy loan, you must meet the following requirements:

Be a Nigerian citizen
Be at least 21 years old
Have a valid Bank Verification Number (BVN)
Have an active ATM card
Have a regular source of income

In addition to the above requirements, EasyBuy may also ask for additional information, such as your employment status, monthly income, and expenses.

To apply for an EasyBuy loan, you can download the EasyBuy app from the Google Play Store or the Apple App Store. Once you have created an account and verified your identity, you can browse the EasyBuy marketplace and select the items you want to purchase. You can then choose the number of installments you want to pay the loan over. EasyBuy will review your application and let you know if you are approved.

If you are approved for an EasyBuy loan, you will need to pay an initial deposit of 30% of the purchase price of the item. You will then pay the remaining balance in equal installments over the course of your loan term. EasyBuy offers loan terms of 3, 6, and 12 months.

ALSO READ: How To Get Loan Without ATM Card, ID card, No BVN, Selfie Required or Needed

EasyBuy loans have a competitive interest rate of 2.99% per month. This means that for a 12-month loan, you would pay an overall interest rate of 35.88%.

EasyBuy is a convenient way to purchase items on credit, even if you do not have a good credit history. However, it is important to remember that EasyBuy loans are still loans, and you should only borrow what you can afford to repay.

How To Buy With Easybuy

Find a store that sells the product you want and has an Easybuy agent. Easybuy agents are usually identified by their Easybuy-branded shirts.
Choose the product you want to buy. Easybuy supports a wide range of products, including smartphones, laptops, TVs, and furniture.
Register with the Easybuy agent. You will need to provide your personal information, such as your name, phone number, address, and employment status. You will also need to provide a valid means of identification and your BVN.
Pay the initial deposit. The initial deposit is typically 30% of the product price. You can pay the initial deposit in cash or with your debit card.
Sign the loan agreement. Once you have paid the initial deposit, you will need to sign a loan agreement with Easybuy. The loan agreement will outline the terms of your loan, such as the interest rate and repayment schedule.
Take home your product! Once the loan agreement is signed, you can take home your product. Easybuy will pay the remaining 70% of the product price to the store on your behalf.

You can make your loan repayments to Easybuy through the Easybuy app or through your bank. Easybuy offers a variety of repayment plans, so you can choose one that fits your budget.

Here are some additional things to keep in mind when buying with Easybuy:

Make sure you understand the terms of your loan agreement. This includes the interest rate, repayment schedule, and any late payment fees.
Make your loan repayments on time. Late payments can damage your credit score and result in additional fees.
If you have any questions or concerns about your Easybuy loan, contact Easybuy customer support.

Overall, Easybuy is a convenient and affordable way to buy products that you need or want. However, it is important to understand the terms of your loan agreement and to make your repayments on time to avoid any negative consequences.

How To Repay Your Easybuy Loan

Log in to your Easybuy account.
Go to your loan history.
Click on the “Repay Loan” button.
Enter the amount you want to repay.
Choose your payment method.
Click on the “Repay” button.

You can repay your Easybuy loan using the following payment methods:

Debit card
Credit card
Bank transfer
Over-the-counter payment at selected banks

Once you have completed the payment process, you will receive a confirmation message from Easybuy.

Here are some additional tips for repaying your Easybuy loan:

Make sure to make your payments on time to avoid late payment fees.
If you are unable to make a payment on time, contact Easybuy customer support to discuss your options.
You can also set up a recurring payment plan to make it easier to manage your loan repayments.

What Is Easybuy Loan Interest Rate?

EasyBuy loan interest rate depends on the repayment plan you chose. The repayment plan on EasyBuy is usually between 6% and 9% per month.

For example, if you borrow ₦35,000 and choose the 3-month repayment plan, you will pay a total of ₦48,500, including interest. The interest rate for the 3-month repayment plan is 35%.

If you choose the 6-month repayment plan, you will pay a total of ₦53,000, including interest. The interest rate for the 6-month repayment plan is 50%.

Here is a table showing the different repayment plans and interest rates:

Repayment Plan	Interest Rate
3 months	35%
6 months	50%

Please note that these interest rates are subject to change. It is always best to check with EasyBuy directly for the most up-to-date information.

Please also note that EasyBuy loan interest rates are relatively high compared to other loan providers in Nigeria. However, EasyBuy is a popular choice for many people because it is easy to apply for and does not require any collateral.

In Conclusion:

EasyBuy offers flexible repayment plans and relatively high interest rates compared to other loan providers in Nigeria. While the interest rates may be a deterrent for some, many people choose EasyBuy because of its ease of application and the fact that it does not require any collateral. However, it is important to stay updated with the most recent information from EasyBuy, as the interest rates are subject to change.