Consequences of Defaulting on Your Easybuy Loan
Easybuy, a financial service company, provides a convenient option for individuals to purchase smartphones on loan and repay the amount in installments over an agreed period, typically ranging from 3 to 6 months.
To avail of the Easybuy loan, you must undergo a registration process and submit essential details such as a valid ID, BVN, and more. Additionally, a down payment of approximately 30% of the smartphone’s cost is required, while the remaining 70% can be paid in installments over several months.
However, it is crucial to fulfill your repayment obligations on time. Failure to pay your Easybuy loan can lead to various consequences, which this post aims to shed light on.
By delving into the details below, you’ll gain valuable insights into what happens if you are unable to meet your Easybuy loan repayment commitments.
Stay informed, read on, and don’t forget to share your thoughts in the comments section. Empower yourself with knowledge to make informed financial decisions.
Let’s explore the repercussions of not repaying your Easybuy loan:
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.
Remember to share with your friends on social media and also subscribe to this blog for more banking and finance updates.
Thank you for reading my post on What happens if I don’t pay my Easybuy loan? If you have any question or comment, you can leave it below in the comment section below.
Thank you once again.