What happens if I don’t pay my Easybuy loan?

Read all about what happens if I don’t pay my Easybuy loan

Easybuy is a financial service company that offers you loan to buy a smartphone and pay back in installments in an agreed period, usually from 3 – 6 months.

When you want to buy a mobile phone with Easybuy, you will need to register and provide details like a valid ID, BVN and more.

You will also have to make a down payment of about 30% and you can make the remaining 70% payment in installments over a period of months.

If you want to know what happens if you fail to pay Easybuy loan, then you will need to continue reading this post.

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About Easybuy loan?

Easybuy is a subsidiary of Palmcredit that offers you loan to purchase smartphones and lets you pay in installments over a period of 3 – 6 months.

When you want to buy a mobile phone with Easybuy, you will need to register and provide details like a valid ID, BVN and more.

What happens if I don’t pay my Easybuy loan?

When you fail to make your Easybuy loan repayments on time, it will incur extra charges, which will mean you will then have to pay more than you usually would.

If you don’t repay your Easybuy loan, you will be unable to get loans in the future, not just from easybuy, but from other loan platforms as well.

Also, Easybuy will message your contacts informing them that you have failed to repay the loan that is given to you.

Another thing that is usually done is that Easybuy will lock you out of your mobile phone, meaning you will be unable to use it until you repay your loan.

To avoid these and any form of embarrassment, you should make sure you have the means of repaying a loan before you take it.

Conclusion

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