Easybuy, operated by NewEdge Finance (a subsidiary of Transsnet Financial Nigeria under Transsion Holdings), is a form of loan app that operates as a “Buy‑Now‑Pay‑Later (BNPL)” mobile financing platform that enables consumers—primarily in Nigeria—to purchase smartphones and appliances with a down payment, followed by flexible installments.
Easybuy Cash Loan App Requirements – What You Need to Apply
Based on current sources (2025), here’s what applicants generally need:
- Age & Income: Must be aged 18–55 and have a consistent source of income.
- Identification: Valid government-issued ID (driver’s license, international passport, voter’s card, or NIMC National ID).
- BVN & ATM Card: Bank Verification Number (BVN) and a valid bank ATM/debit card are required.
- Down Payment: Typically, you must pay at least 30% of the item’s price upfront.
- Guarantors (in some cases): Some agents may ask for guarantor(s), including individuals you authorize as references.
Application Process
- Download & Register: Install the Easybuy app (version 2.0.1, updated June 19, 2025) from the app store.
- Apply: Register, apply, and await approval.
- Pay Down Payment: Make your initial 30% payment.
- Collect Device: Visit an agent-equipped store or have the product delivered.
- Repayment: Use the app or linked bank account to make installments through your chosen duration—ranging from 3 to 12 months.
Interest Rates & Loan Details
- Interest: Monthly interest rates range from 6% to 9%, with an APR between 72%–108%, depending on your plan.
- Example: A ₦50,000 loan over 6 months at 6% monthly results in ₦18,000 interest; total payout: ₦68,000.
- Example: A ₦50,000 loan over 6 months at 6% monthly results in ₦18,000 interest; total payout: ₦68,000.
- Loan Range: Borrow between ₦10,000 and ₦50,000, covering roughly 70% of the device’s value.
- Processing Time: App registration to approval typically completes within 30–60 minutes.
2025 Updates & Expansion
- Latest App Version: Easybuy’s app version 2.0.1 was released on June 19, 2025.
- Product Range: Now includes a broader selection—smartphones plus appliances like TVs, fridges, air conditioners, generators, microwaves, and more.
- Infrastructure: Easybuy partners with nearly 3,000 physical stores across Nigeria for in-person device delivery and support.
Easybuy Cash Loan App Reviews & Cautionary Notes
While Easybuy delivers convenient access to devices, several concerns persist:
- App Usability: Some users report glitches—delayed payment recognition or failures in processing repayments.
- Recovery Practices: Reports suggest aggressive or even harassing debt recovery actions, including threats, public shaming, or contacting your contacts.
- Privacy Risks: Easybuy’s data policies allow storage and transfer of user data—even outside Nigeria—raising user privacy concerns.
- Regulatory Warnings: In Nigeria, regulators have questioned such practices and warned against abusive conduct by loan apps.
Is Easybuy Worth It?
Easybuy offers a fast, paperless way to access smartphones and appliances through flexible installment plans. It’s especially useful if you can’t afford full upfront payment and need immediate access.
However, be cautious:
- Understand repayment terms and interest rates clearly.
- Research the current app reputation and read user feedback.
- Be prepared for stringent or aggressive recovery tactics.
- Consider data privacy implications before consenting to app permissions.
Conclusion
Easybuy offers a flexible way to own smartphones and appliances through convenient installment plans. While it’s a great option for those who can’t pay upfront, it’s important to understand the interest rates, repayment terms, and privacy concerns. Borrow wisely, stay informed, and ensure it fits your financial capacity before committing.
