Getting loan phones is easy today without interrupting your bank balance with small as you have. Loan phones are now available in the market places across Nigeria that offers get it now and pay back later payment.
The system offer get it now and pay back later in which one can get a brand new phone of his choice without paying the complete money. Affording loan phones is now easy as long as you have 30% of your purchase amount along with some agreement between you and the seller.
The loan companies not only provide phones but with home appliances, among the most known companies in Nigeria are Easybuy, Spredda and CDcare. The companies uses short term payment period for the customers to pay back the complete money.
Payback later is rapidly growing in Nigeria as it gives offer to poor ones and those with low income. The system help both the seller and the customer because it can provide more profit to the seller since there are extra charges if customers tend to not pay in time.
The conditions used by these companies before one can get phone or appliances loan from them are as follow.
1. Payment of 30℅ of the product purchased in which the complete money must be paid between three to six month.
2. The buyer must have a guarantee and valid source of income, because if one has no source of income then he will not get some money for the monthly installment of the product being purchased.
3. The customer must have bank details which include ATM card with frequent transactions of at least six months and other bank verification documents. All these are ask so as to know if one is eligible for the loan.
4. Customer must provide his valid ID card or any other identification document, also one must provide a valid phone numbers of his family members so that to make them involved if something went wrong.
What you should consider before going for loan phones
These phones usually come with a security plugin in form of apk file that is installed in the device OS, the security plugin serve as a payment gateway to make the monthly payment secure, and another purpose of this security plugin is to remotely lock one phone if he refuse to pay the money in time by sending some payment overdue notifications which will restrict a person to make all the phone operations unless payment is made.
Am i safe after completing the phone payment?
Some customers recently complain about despite completing their payments the security plugin is still not removed from the device and even contacting the company doesn't solve the problem, that means one cannot be able to remove the security plugin after paying the complete money. This is one of the biggest disadvantage of these phones because removing the security plugin require some skills like flashing the phone's firmware which is something to be considered as risky and illegal because doing so can bring additional problems to the phone.
Addition of extra charges when one make a delay in payment is another cons because this can cost a person more than the price of the phone if to purchase directly from regular market.
It is nice for one to get a brand new phone by just paying one third of the price, but keep in mind doing so can further bring some issues as stated above if one doesn't make payment in time.
Conclusion
Getting loan phones from the loan phone companies is now easy as long as one met their conditions. In Nigeria, loan phones market is rapidly growing due to long time of repayment provided by the companies. The system uses a security for making secure payment between the company and the customers.
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