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How to Pay Easybuy Loan

How to Pay Easybuy Loan

Did you collect a loan from Easybuy? If yes, it’s important you pay back on time. The process isn’t as difficult as you might think, and in this guide, we’ll explain how to pay Easybuy loan. Read on.

What is Easybuy and How Does it Work?

EasyBuy is a popular service transforming smartphone ownership in Nigeria, particularly for those on a tight budget. Its allure lies in its straightforward proposition: pick a smartphone, pay a fraction upfront, and spread the remaining cost over a few months. It’s like layaway, but you get your phone right away.

The process is hassle-free. You start by choosing a phone from an EasyBuy-affiliated store. Then, pay 30% to 40% of the phone’s price as a down payment. What follows is a flexible repayment plan, usually spanning 3 to 6 months, depending on what suits your pocket best.

Documentation is minimal — typically, just a BVN, a means of ID, and a few personal details. Once approved, you’re set. It’s an innovative solution, giving many Nigerians a shot at owning the latest smartphones without the financial burden of an outright purchase.

Easybuy Loan Repayment Process

Loan Wooden Blocks White Piggy Bank Think Management Money Investment — Stock Photo, Image

Repaying an EasyBuy loan is as simple as the initial purchase designed to be straightforward and user-friendly. Here’s how it works:

  1. Open the EasyBuy app on your smartphone and navigate to the ‘Repayment’ section.
  2. You’ll see your loan details and the repayment amount. Select the period for which you want to make the repayment — whether it’s your monthly installment or you’re settling the entire amount.
  3. Next, choose your preferred payment method. EasyBuy typically offers a variety of options, including bank transfers, debit cards, and even mobile money solutions.
  4. Once you’ve selected your payment method, you’ll be prompted to enter your PIN code for verification. This is a security measure to ensure that it’s indeed you making the repayment.
  5. Finally, confirm all details and click the ‘Complete’ button. You should receive a notification confirming your repayment.

The process is designed to be seamless, ensuring that you can fulfill your repayment obligations without any hassle. With just a few clicks, your repayment is sorted, keeping you on track and in good standing with EasyBuy.

Read Also: 5 Best Instant Loan Apps In Nigeria

What is the Interest Rate on Easybuy Loan?

White Paper Written Interest Rates Markers — Stock Photo, Image

Understanding the interest rate on an EasyBuy loan is crucial for any prospective borrower. Unlike a flat rate across the board, EasyBuy’s interest rates are variable and depend significantly on the repayment plan you select.

Here’s a general overview:

  • Short-Term Repayment Plans: If you opt for a shorter repayment duration, your interest rate will likely be on the lower end of the spectrum. Rates for these plans typically hover around 6% per month.
  • Long-Term Repayment Plans: For individuals who need more time to repay and choose a longer repayment plan, the interest rate slightly increases. Under these plans, you could expect an interest rate of up to 9% monthly.

To put it into perspective, let’s say you purchase a smartphone worth ₦50,000. Under a short-term repayment plan with a 6% monthly interest rate, you’d pay an additional ₦3,000 monthly interest. Conversely, with a 9% interest rate on a longer-term plan, your interest payment would rise to ₦4,500 monthly.

It’s crucial to carefully consider your financial situation and select a repayment plan that’s both manageable and cost-effective in the long run. Always remember the longer the repayment period, the more you’ll pay in interest. Therefore, assess your financial flexibility and opt for the shortest repayment term that your budget comfortably allows. This ensures you get the most out of your EasyBuy loan without overburdening yourself with high interest costs.

How to Use Easybuy Loan Repayment Calculator

Navigating the waters of loan repayment can be perplexing, but with the Easybuy Loan Repayment Calculator, it becomes a breeze. This handy tool simplifies understanding your repayment structure, ensuring you’re well-informed before diving into a financial commitment.

Here’s how to use the Easybuy Loan Repayment Calculator:

  1. Access the Calculator: Start by navigating to the Easybuy Auto Finance website, where the loan repayment calculator is readily available.
  2. Input Loan Details: You’ll need to input three key pieces of information:
  • Loan Amount: Enter the total amount you plan to borrow.
  • Annual Interest Rate: Input the interest rate. Remember, this varies from 6% to 9% monthly, depending on your chosen repayment plan.
  • Loan Term: This is the duration of the loan in years. Convert months into years if necessary (for example, 18 months would be 1.5 years).
  1. Calculation and Results: Once you’ve filled in the necessary fields, click the ‘Calculate’ button. The calculator will instantly compute and display your monthly repayment amount.
  2. Assessment: You can now assess the monthly repayments against your budget. This step is crucial, as it helps determine if the loan terms are manageable within your financial scope.

For instance, if you’re taking a loan of ₦50,000 at an 8% monthly interest rate for a 1-year term, inputting these details will provide you with the exact monthly amount you need to set aside for repayments. 

Conclusion: Are Easybuy Loans Legit? 

Financial services, especially loans, can be tricky. You want to ensure that the service you’re using is legitimate. Easybuy stands as a trustworthy option for many reasons.

First, Easybuy is a regulated entity. This means they adhere to the financial laws and regulations, adding a layer of security and legitimacy. The company’s transparent approach to interest rates and repayment terms signals its legitimacy. They ensure you know what you’re getting into, with no hidden surprises.

Another strong indicator of Easybuy’s legitimacy is the customer feedback. Positive reviews and successful loan stories are common, suggesting a reliable service. So, Easybuy ticks all the boxes of a legitimate loan provider.