How to Buy a Phone on EasyBuy: Step-by-Step Guide

How to Buy a Phone on EasyBuy in Nigeria: A Step-by-Step Guide

EasyBuy is a popular device financing platform that allows you to pay for phones and other gadgets in installments rather than upfront. With EasyBuy, you can get the latest iPhone or Samsung on credit by following a straightforward loan application process.

In this comprehensive guide, we explore everything you need to know about using EasyBuy to buy phones and pay comfortably over 6, 12 or 18 months.

how to buy phone on easybuy

Overview of EasyBuy

First, let’s look at how EasyBuy works:

  • EasyBuy is a loan service for purchasing mobile phones, tablets, laptops and other devices.
  • Once approved, you only pay a percentage of the full price upfront, then pay off the remaining cost in equal monthly installments with interest.
  • EasyBuy partner stores and dealerships sell the devices and facilitate the loan application.
  • They have partnerships with major phone brands like Apple, Samsung, Infinix, Tecno and others.
  • EasyBuy financing is available for durations of 6, 12 or 18 months depending on phone price.
  • Interest rates range from 9% to 14% p.a. depending on loan period chosen. There may also be additional administration fees.

For many people seeking the latest high-end phones, EasyBuy offers a more convenient and affordable payment option compared to outright cash purchase.

Step 1 – Browse and Select Your Phone

The first step is deciding which phone you want and finding an authorized EasyBuy dealer that sells it. You have two options:


  • Visit the EasyBuy website or mobile app and browse their catalogue of available phone models.
  • Filter and compare phones based on pricing, features, specifications etc.
  • Select your preferred device and note the listed retail price. This will determine your repayment costs.

At Partner Store

  • Find a store near you that displays EasyBuy branding. Authorized dealers include Slot, Pointek, Finebro, and other chains.
  • Visit the store and check if they have the phone you want in stock. Test and inspect the device.
  • Consult the EasyBuy representative in-store for assistance.

Oftentimes, partner stores will have greater variety and ability to negotiate pricing than online. Visit a reputed retailer with reliable customer service.

Step 2 – Apply for EasyBuy Financing

Once you’ve chosen your phone, it’s time to apply for EasyBuy loan financing:

Fill Application Form

  • Provide your personal details like name, address, employment etc.
  • Input your requested loan amount which is a percentage of the full phone price.
  • Select your preferred repayment duration – 6, 12 or 18 months.

Meet Eligibility Criteria

To qualify for EasyBuy financing, you typically need:

  • Minimum age of 18 years.
  • Valid means of ID (national ID card, drivers license, voters card, passport).
  • Verified BVN linked to your bank account.
  • Active bank account and ATM card from which payments will be made.
  • Minimum monthly income level (often ₦50,000 and above).

Get Approval

  • EasyBuy will verify your application details and run credit checks as applicable.
  • If approved, you’ll get a message indicating your allowed loan amount and repayment schedule.
  • Loan amount may be adjusted based on your credit score and risk profile.

Step 3 – Make Down Payment

Once approved, you need to make a down payment towards the phone cost. Typical down payment percentages are:

  • 30% of total cost for 6-month financing
  • 25% for 12-month financing
  • 20% for 18-month financing

For example, if the phone costs ₦150,000:

  • Down payment on 6-month plan would be ₦45,000 (30%)
  • 12-month plan = ₦37,500 (25%)
  • 18-month plan = ₦30,000 (20%)

You pay this down payment immediately using your ATM card. The remaining cost will be repaid in installments.

Step 4 – Select a Repayment Plan

Based on the loan duration you choose, you will have to repay the outstanding amount in fixed installments on a monthly basis.

For the ₦150,000 phone example above, your repayment installments would be:

DurationDown PaymentRemaining CostInterest p.a.Monthly Installment
6 months₦45,000₦105,00014%₦18,500
12 months₦37,500₦112,50012%₦10,000
18 months₦30,000₦120,0009%₦7,400
how to buy phone on easybuy

The longer you take to repay, the lower the monthly costs but the higher the overall interest paid. Pick a plan that aligns with your income flow.

Step 5 – Collect Your Phone

With the loan approved and down payment made, you can finally collect the phone:

  • At physical stores, you get the device immediately once payment is confirmed.
  • For online purchases, delivery may take 1-3 days through a logistics provider.
  • Inspect the phone thoroughly before leaving the store or accepting delivery.
  • Activate and register the phone fully before the return/replacement window expires.

Now you can enjoy your shiny new phone, while repaying gradually each month!

Advantages of Buying Phones on EasyBuy

Here are some benefits that make EasyBuy an attractive option:

More Affordable

  • Smaller down payment is required compared to 100% cash purchase.
  • Balance cost spread over 6 to 18 months makes it easier on your pocket.

Builds Credit

  • Regular repayments are tracked by credit bureaus and enhance your credit profile for future loans.
  • Good repayment can increase your chances of getting larger future EasyBuy loans.

Accessory Financing

  • You can often include accessories like earphones, covers, etc. in your total loan amount.

No Collateral

  • EasyBuy does not require any asset collateral or security.

As long as you repay responsibly, EasyBuy lets you purchase phones previously out of your budget range.

Risks and Considerations

While EasyBuy is beneficial, be aware of a few things:

Interest Charges

  • Interest of 9% to 14% p.a applies based on your chosen tenure. This adds to your repayment cost.

Early Repayment Fees

  • If you complete repayments early, you may still be charged interest for the original full tenure.


  • EasyBuy remains the owner of the phone until you fully repay. Defaulting on installments can lead to repossession.

Credit Approval

  • Application rejection if your credit score or income is below required thresholds.

As long as you carefully consider repayment ability and read terms & conditions, EasyBuy offers an incredible phone financing avenue.


For the many Nigerians seeking to purchase the latest iPhone or high-end Androids, EasyBuy has made owning cutting-edge mobile devices more accessible and affordable. By following the application steps and repaying your scheduled installments on time, you can get any premium phone and pay for it slowly over 6 to 18 months.

Just be prudent with your repayment capacity, watch out for interest charges, and borrow only what your income flow can sustain. Used responsibly, EasyBuy loans will improve your credit profile while letting you enjoy amazing mobile tech.


What is the minimum monthly income required for EasyBuy approval?

EasyBuy requires a gross monthly income of at least ₦50,000 in most cases. Higher income increases your chances of loan approval and loan amount.

Does EasyBuy work for cheap low-end phones?

EasyBuy financing starts at phones of ₦50,000 and above. For cheaper phones, save up and pay cash rather than paying interest.

Can the loan tenure extend beyond 18 months?

Currently, EasyBuy offers 6, 12 and 18 month tenures only. For longer financing, you may have to refinance once your term expires.

What is the maximum loan amount possible on EasyBuy?

Maximum loan amounts depend on your income level and credit score, but typically do not exceed ₦500,000 for first-time borrowers. Higher limits are possible after repaying initial loans successfully.

What should I do if I miss my monthly EasyBuy installment?

Contact EasyBuy immediately if you anticipate being unable to pay your monthly installment on time. Defaulting can hurt your credit badly and lead to phone repossession. See if a payment extension is possible.

Can the phone purchased be used as business stock?

No. EasyBuy loan terms prohibit using financed phones as business inventory or stock. The phone must be for your personal use only.


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