Gone are the days when you have to save for several months before you can afford to buy properties and gadgets. Thanks to technology, anyone can now buy anything and pay later courtesy of emerging fintech. In this post, we will talk about easy buy phone financing – which is a way of buying a new phone and paying in instalments.
Understanding the Concept of Easy Buy Phone Financing
Buying a new smartphone and paying back months or years later isn’t a new concept. Developed countries have been doing this for ages. In these countries, network carriers, smartphone manufacturers, and vendors partner to provide instalment pricing options for the financing of the purchase of a new gadget.
This makes it easier for consumers in these countries to buy the latest iPhone, Samsung, and any other phone brands of their choice. In Nigeria, however, we don’t have this luxury until recently. As a result of fintech penetration, anyone in the country can now get a loan to buy a phone and pay it back later.
Without further ado, let me show you how you can take advantage of easy buy phone financing.
How to Buy a New Phone & Pay Later in Nigeria
When it comes to buying a phone on credit and paying for it later, the most popular way of doing it is through the use of a platform called Easybuy. This platform is developed by Palmcredit, which happens to be a consumer loan company. Follow the steps below to use the platform.
- Locate an agent
Before you can use the platform, the first thing you have to do is locate an agent, who is responsible for registering users to the platform. You can easily locate an agent by walking into phone shops near you and asking if they have one. Better still download this document to see the list of Easybuy partner phone stores across Nigeria.
If you live in Lagos, you will easily get an Easybuy agent in the numerous phone stores in Computer Village. You will easily identify the platform’s agents by their customized shirt that carries the Easybuy logo.
- Pick your preferred phone
After locating an agent, the next step in your easy buy phone financing is to pick a phone you like. At the point of this publication, the platform gives loans ranging from NGN10,000 to NGN50,000. Therefore, the phone you are picking should be within this range.
- Register with the agent
This process is simple, but to ensure you finish everything at once, go to the phone store and meet the agent with the following information and documents:
* Your name
* Phone number
* Address
* Company name
* Salary information
* BVN
* Valid means of identification
* Debit card information
* Other related know-your-customer (KYC) documents
Aside from this documentation, you are expected to pay at least 30% of the phone’s price as a deposit. It is at this point you also decide on the loan tenure convenient for you. The tenure ranges from 91 days to 180 days, and the monthly interest rate ranges from 6% to 9%.
It is worth noting that this registration process does not require any collateral, and everything being equal, the process should be completed within 30 to 60 minutes.
- Being the initial deposit
As stated above, your easy buy phone financing requires you to pay a 30% initial deposit. You will make this payment to the owner of the phone store, in the presence of the agent. The expectation is that the company behind Easybuy balances the payment for the store owner, and you pay back the loan based on the interest rate and loan tenure.
- Download and log in to the Easybuy mobile app
Once you have sorted the initial deposit, it’s time for you to download the Easybuy mobile app from the Google Play store. After the download, log in to the application and set up your loan repayment instruction. This step involves adding your debit card so that the platform can automatically debit you when your loan repayment is due. If you like, you can pay back your loan before the due date.
In case you want to make more enquiries about how to buy a phone now and pay for it later through the platform, call the easy buy phone number: +01-8888188. You can as well send them an email via [email protected]
Other Ways to Buy a Phone Now and Pay Later
Aside from the Easybuy platform, there are also some other ways of securing a loan to buy a phone. Below are a couple of them and their requirements for securing a loan.
- Carbon Zero
The platform allows you to buy any products, including phones, which at least 25% initial payment, and you can spread the balance over 6 months. The most interesting thing about Carbon Zero is that it does not charge any interest on the loan you take to buy a phone; this means that you will pay back the original price of the phone when your loan is due for payment.
The only limitation of the platform is that it is only available to salary earners who earn a minimum of NGN120,000 per month. Also, Carbon Zero’s easy buy phone financing is only available for selected online e-commerce merchants, and they include:
- Konga
- Electromart
- I store
- The Simba Den
- Solar Flares
- Piqit
- Ebeosi
- VG stores
- Prag
- Sales 366
- Ansvel
- Babbliss
- Argonne World
To use the platform, all you need to do is download the Android or iOS application. After that, create an account and select your preferred merchant, item, and price. You will then be asked to upload the bank statements for your salary account, and that’s all. Your application will be reviewed and if successful, you will be able to buy the phone and pay for it later with 0% interest.
- SLOT Buy Now Pay Later
As you may already know, SLOT is one of the largest phone retailers in Nigeria. The company has over sixty stores across 18 states in Nigeria, meaning you are likely to have one in your state. SLOT buy now pay later requirements are not different from the requirements of Easybuy (i.e valid ID Card, workplace address, residence address, and debit card detail). However, they also need the detail of your four trusted contacts (2 males and 2 females).
To get started with their easy buy phone financing, walk to their store and fill out the application form. Also, SLOT has a partnership with PageFinancials, and through this partnership, you can get up to NGN300,000 to buy a phone. This offer is only available through SLOT branches in Lagos, and the expected payback time is within six months.
The above are three easy ways of financing your new phone with a loan when you don’t have the cash readily available. Whichever of the three options you go with, make sure you pay back the loan at the due time. If you don’t, it will negatively impact your credit rating, and in the future, you won’t have access to new loans.
You may be thinking that if a loan company stops granting you a loan because you default, you will switch to another. The bad news is that all loan companies work with organisations called credit bureaux, which are responsible for maintaining the credit rating of Nigerians.
If you default on a loan, your information is shared among loan companies, including Banks, and this will soil your reputation and prevent you from getting loans from any financial institution in future. As such, try hard to pay the loan for your easy buy phone.
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