A Step-by-Step Guide to Getting Loans from Easybuy
Easybuy is a leading financial technology company providing digital credit services and installment payment plans to customers across Africa. Whether you need short-term financing to purchase electronics or require a larger cash loan for personal needs, Easybuy offers accessible lending solutions.
This comprehensive guide covers all the key steps involved in getting consumer loans through Easybuy’s app or in-store services in Nigeria and Kenya.
ALSO SEE:
How To Repay Easybuy Loan: Easy Steps
Easybuy Payment Account Number Nigeria
Overview of Easybuy Loans
Easybuy provides the following main categories of loans to retail borrowers:
Installment Purchase Loans: These allow customers to buy products like smartphones, laptops, home appliances etc. through fixed installment plans of 3-6 months. The loans are disbursed at partner retail outlets.
Cash Loans: Direct cash loans not linked to any product purchases. The approved loan amount is disbursed to the borrower digitally or through outlets. Ideal for medical needs, school fees, home repairs etc.
Mobile App Loans: Small short-term loans applied and disbursed through Easybuy’s mobile apps. Useful for quick financing needs.
Easybuy evaluates borrowers based on income, credit scores, repayment history and factors like employment status. Loans have no hidden fees and competitive interest rates.
Getting Installment Loans Via Easybuy App
Here is a step-by-step breakdown of how to get installment purchase loans using Easybuy’s mobile apps in Nigeria:
Step 1: Download Mobile App
- Go to Google Play Store or Apple App Store
- Search for “Easybuy” and download app
- Available apps are Easybuy Nigeria, Easybuy Kenya etc.
Step 2: Register an Account
- Open Easybuy app and click on “Register”
- Provide your phone number and set a password
- You will receive an OTP for verification
Step 3: Browse Products
- In the app, you can browse electronics, furniture, appliances etc.
- See product details like pricing, specs, stores etc.
Step 4: Select Product & Loan Plan
- Choose product you wish to buy on loan
- Select loan duration of 3, 4, 6 months as per repayment capacity
Step 5: Start Loan Application
- Click on “Apply for Loan” on product page
- Answer questions about personal details, income, expenses
- Easybuy assesses eligibility real-time
Step 6: Provide KYC Details
- Submit valid ID proofs like national ID, driver’s license
- Provide PIN for credit check and data verification
- Give details of two referees
Step 7: Get Loan Approval
- Easybuy will review your application based on set criteria
- You will get an instant decision on loan approval or rejection
Step 8: Make Down Payment
- If approved, make down payment of 30-50% of product price
- This can be done via app using cards, wallet etc.
Step 9: Get Product & Repay Loan
- Collect product from partner retail store
- Start repaying loan in equal monthly installments
This convenient digital process makes getting installment loans quick and easy through Easybuy’s mobile apps.
Getting Cash Loans From Easybuy Stores
In addition to digital loans, Easybuy also provides in-store cash loans in countries like Kenya. Here is the step-by-step process:
Step 1: Visit Easybuy Store
- Find your nearest store on Easybuy website
- Physical stores are located across cities in Kenya
Step 2: Meet Sales Agent
- Ask to apply for an Easybuy cash loan
- Sales agent will explain available loan options
Step 3: Fill Application Form
- Provide personal, job, income details in form
- Attach required documents like ID, payslips, bank statements
Step 4: Submit Application
- Sales agent will submit your loan application to Easybuy back-end
- Any additional details needed will be requested
Step 5: Get Loan Decision
- You will receive an SMS/email with loan approval or rejection
- Decision is based on eligibility criteria
Step 6: Provide Guarantors
- If approved, provide 1-2 guarantors for your loan
- Guarantors also submit supporting documents
Step 7: Make Down Payment
- Pay 10-20% of approved loan amount as down payment
- Payment can be done via cash, card, mobile money etc.
Step 8: Get Loan Amount
- Once down payment is received, full loan amount is disbursed
- Disbursal is done digitally or as cash based on preference
Step 9: Start Repaying
- Repay loan in equal instalments on scheduled dates
- Payment channels include mobile money, bank transfer etc.
By visiting an Easybuy branch, you can also get customized cash loans for your needs through trained agents.
Tips for Getting Loans from Easybuy
Here are some useful tips when getting Easybuy loans:
- Check eligibility criteria before applying to avoid rejection
- Read terms and conditions carefully before taking a loan
- Ensure you have required documents ready for KYC verification
- Provide accurate personal and employment details for right credit decision
- Take loans you can comfortably afford to repay on time
- Use official Easybuy channels only to avoid scams
- Track loan details and repayments in your account dashboard
- Contact customer care promptly if you face any issues
Following these tips will help you have a smooth loan experience with Easybuy.
Easybuy Loan Requirements
Here are typical requirements for getting Easybuy loans:
Eligibility
- Minimum age of 18 years
- Employment for at least 3-6 months
- Monthly income meeting threshold
Documents Needed
- National ID card
- Recent payslips
- Bank statements
- Utility bills
- Proof of residence
Fees
- Application fee
- Administration fee
- Insurance premium
Credit Assessment
- Credit bureau check
- Past repayment behavior
- Debt-to-income ratio
Meeting the eligibility criteria and providing complete documents are key to getting approved.
Repaying Your Easybuy Loan
Be sure to repay your Easybuy loan on time each month through the provided channels. Here are some tips:
- Carefully check repayment dates and amounts
- Set payment reminders to avoid missing installments
- Use auto-debit options if available to pay automatically
- Pay before due date to avoid late fees or penalties
- Contact Easybuy immediately if repaying is difficult for any reason
- Take actions to improve credit score if you miss repayments
Responsible repayment habits ensure you maintain a good credit standing for future financing needs.
Conclusion
Getting a loan through Easybuy, either for purchases via their app or for cash needs at stores, simply involves submitting an application, meeting eligibility criteria, providing KYC documents, and making down payment once approved. Following their digital or in-store processes smoothly, maintaining open communication, and responsibly repaying on time can give you access to Easybuy’s quick and affordable financing options across Africa. Use this guide to understand the step-by-step process and requirements.
FAQs on Getting Loans from Easybuy
What types of loans does Easybuy offer?
Easybuy provides installment purchase loans, short-term mobile app loans, and larger cash loans for personal needs.
How quickly is the loan approval decision made?
Easybuy aims to provide real-time loan decisions within hours for fully completed applications meeting eligibility criteria.
What credit score do I need to get approved?
Each lender has their own cut-off, but a credit score above 650 is recommended to have the highest chance of loan approval with Easybuy.
How will I get the approved loan amount?
Disbursal methods include cash pick-up from store, direct account transfer, mobile money wallet, etc. based on your preference.
Do I need a guarantor for my Easybuy loan?
Yes, 1-2 eligible guarantors are typically required for added risk coverage on your Easybuy loans.
What are the charges involved?
Typical costs are processing fees, insurance premiums, late repayment fines, bounced cheque penalties, etc. outlined in your loan agreement.
How do I track my loan repayment status?
You can check repayment schedules, view balance etc. by logging into your Easybuy account dashboard through the app or website.
What if I miss my loan repayment date?
Contact Easybuy immediately if you are unable to repay on time to discuss options. Late payments affect your credit score and can incur fines.
Can I pay off my loan early?
Yes, Easybuy allows you to foreclose or part-prepay your loan ahead of schedule through their website or authorized channels.