A Comprehensive Guide to Applying for Loans Through Easybuy in Nigeria
Accessing quick, short-term loans through mobile apps like Easybuy is becoming increasingly popular in Nigeria. Easybuy offers a convenient way to get a personal loan entirely through their mobile app, without visiting a bank or filling out lengthy applications.
In this detailed guide, we will walk through everything you need to know about getting a loan through Easybuy, including eligibility criteria, required documents, step-by-step application instructions, approval timelines, disbursement details, available loan amounts and terms, interest rates, fees, repayment information, and more.
Whether you need money to cover an emergency, pay bills, finance a business, or consolidate debt, this guide will equip you with the key details to successfully go through Easybuy’s loan application process from start to finish.
Overview of Easybuy Loan App
Easybuy is a loan app owned and operated by Newedge Finance Limited, a financial services company based in Lagos, Nigeria. It offers unsecured personal loans from ₦5,000 up to ₦1,000,000.
Unlike traditional banks, Easybuy uses technology and algorithms to assess creditworthiness quickly based on your application details, BVN, and other alternate data sources. This enables them to provide fast loan decisions and disbursement.
The entire application process happens through Easybuy’s mobile app available on the Google Play Store. They do not require any physical documents or in-person verification. Everything is done digitally for maximum convenience.
Now let’s get into the detailed application process and requirements.
Easybuy Loan App Eligibility Criteria
Before applying for a loan through Easybuy, you should ensure you meet the key eligibility criteria:
- Age: You must be at least 18 years old to qualify for a loan.
- Residency: Currently, Easybuy only lends to Nigerian citizens and residents. You will need a valid government-issued ID.
- Income: You must have a consistent source of income, whether from employment, business activity, investments, or other sources. Easybuy will assess your ability to repay.
- Existing Loans: Having existing loans or defaults may impact approval chances. Easybuy conducts background checks.
- Requested Amount: Higher loan amounts may require additional verification beyond standard eligibility.
Meeting these key criteria makes you likely to get approved, subject to Easybuy’s assessment of your application details. If you do not meet the criteria, you may not be eligible for a loan.
Documents and Information Needed for Your Application
Easybuy aims to provide quick, convenient loans with minimal documents required from you. Here are the key items you will need:
Government-Issued ID: This will usually be your National ID card, driver’s license, voter’s card, or passport. It should be valid and confirm your identity.
Bank Verification Number (BVN): Your BVN is used to access your credit history and confirm your banking details provided.
Proof of Income: Most recent salary slips, bank statements, or audited financial statements if self-employed. Used to assess repayment ability.
Bank Account Details: Account number and bank name where you want the loan disbursed to if approved.
Personal Details: Accurate personal information like full name, date of birth, home address, employer name and contact details.
With just those key documents and information provided through the app, you can complete the application without any physical document submission.
Step-By-Step Guide to Applying for an Easybuy Loan
Here is a step-by-step walkthrough of the loan application process on the Easybuy app:
Step 1: Download the Easybuy App
First, download the Easybuy mobile app from the Google Play Store onto your Android phone. Unfortunately, there is no iOS version currently available. The app is free to download.
Step 2: Sign Up and Create Account
When you open the app for the first time, you will need to sign up for a new account. Click sign up and enter your phone number and Bank Verification Number.
Choose a password for your account. Easybuy will send an OTP to your phone to verify your number. Enter the code and your account will be created.
Step 3: Complete Profile Details
Under the Profile section of the app, fill in your personal details like full name, date of birth, home address, employer details, job title, and monthly income.
Make sure all details entered are completely accurate to avoid issues during approval.
Step 4: Select Desired Loan Amount
Under Loan, choose the amount you wish to borrow. Easybuy offers loans from ₦5,000 up to ₦1,000,000. Select an amount you are comfortable repaying.
Step 5: Choose Repayment Timeline
Next, pick your preferred repayment timeline. Easybuy offers tenors of 1, 2, 3, 6, 9, or 12 months. The longer the timeline, the higher your interest fees.
Step 6: Enter Bank Account Details
Easybuy requires your account number and bank name where you want the loan disbursed to once approved. Make sure your account is active.
Step 7: Submit Application
Carefully review all the application details entered, then submit your loan request. You will get an on-screen confirmation that it has been received.
That completes the application process! Easybuy will now conduct their review and assessment.
Loan Approval and Disbursement Process
Once you submit your loan application on Easybuy, here is what happens next:
- Review Process: Easybuy will conduct background checks on your personal and income details provided. They will also pull your credit report using your BVN.
- Approval Timeline: If your application is successful, expect to get approval within 24-48 hours in most cases. You will receive an SMS and in-app notification.
- Loan Agreement: You will need to accept the loan terms and conditions digitally within the app. Review before signing.
- Disbursement: Once approved and e-agreement signed, the loan amount is disbursed directly to your bank account, usually within minutes to a few hours.
- Declines: If your application is unsuccessful, Easybuy will notify you of the decline reason via email for your records. You can re-apply after 6 months.
That’s the easy process to get approved and receive your funds from Easybuy!
Loan Amounts, Interest Rates, and Repayment Timelines
Here are some key details on the loans that Easybuy offers:
- Loan Amounts: ₦5,000 minimum up to ₦1,000,000 maximum. Higher amounts may need additional verification.
- Interest Rates: Ranges from 1.33% to 2.5% per month, based on amount borrowed and repayment timeline.
- Repayment Period: Choose a tenor between 1 and 12 months. Longer timelines have higher interest rates.
- Repayment: Loan is repaid in equal monthly installments (EMIs) until fully settled. EMIs are automatically deducted from your bank account.
- Early Repayment: You can repay the full outstanding loan amount early without extra fees.
Review the amortization schedule in the Loan Agreement to see the full break down of your EMIs and interest charges based on the loan details you selected.
Fees and Additional Information to Note
Here are some other fees and key information to keep in mind:
- Processing Fee: Easybuy charges a one-time processing fee that gets deducted from the loan amount before disbursement to your account.
- Late Repayment Fees: If you miss your EMI repayment on the due dates, additional late fees are charged based on the number of days overdue.
- Rollover: You can request a rollover to push your repayment timeline if you are unable to pay EMIs on time. Rollover fees apply.
- Loan Top Up: Once you repay a certain percentage of your existing loan, you can apply for a top up. This allows you to borrow again before fully closing your current loan.
- Credit Reporting: Easybuy reports your payment behaviour to credit bureaus, which will impact your overall credit profile and future loan eligibility.
Conclusion
In summary, the Easybuy Loan App makes accessing quick, short-term personal loans easy through their fully digital application process. Just download the app, provide your personal and income details, select the loan amount and tenor, and get an approval decision within 48 hours in most cases.
Be sure to carefully check the loan agreement terms before accepting your offer. Borrow only what you can comfortably repay on schedule to avoid extra fees. And use the funds mindfully for productive purposes.
With Easybuy’s fast, convenient lending platform, you can get access to financing for your needs without extensive paperwork or long waits. Just follow this application guide for the key steps and requirements.
Frequently Asked Questions
Q: What are the documents needed for an Easybuy loan?
A: The main documents are government ID, BVN, proof of income, and your bank account details. No physical documents are submitted.
Q: How long does it take to get loan approval from Easybuy?
A: You can expect to receive a loan decision within 24-48 hours after submitting your completed application.
Q: Can I get more than one loan from Easybuy at a time?
A: You can only have one active loan. Once you have repaid a certain percentage, you become eligible for a top-up.
Q: What credit score do I need to qualify for an Easybuy loan?
A: There is no specific minimum credit score. Easybuy will assess your creditworthiness based on your application details provided.
Q: How quickly is the loan amount disbursed after approval?
A: Disbursement to your bank account is usually done within minutes up to a few hours once you accept the loan agreement.
Q: What happens if I miss my loan repayment?
A: You will be charged late fees based on the number of days past due. Multiple missed payments can impact your credit score.
Q: Can the loan be repaid before the end of the tenure without extra fees?
A: Yes, you can repay your full outstanding loan amount ahead of schedule without prepayment penalties.
Q: Is there a customer service number to call for assistance?
A: Yes, you can contact Easybuy customer support on +23419503311 or email them at info@easybuy.ng.
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How To Repay Easybuy Loan: Easy Steps