One of the key identifiers of a reasonable loan app is the duration in which the borrower is required to make repayment. In Kenya the average loan tenure for majority of the digital loan apps is usually 30 days.
However, there are some that offer less duration than that e.g 7 days which consequently may lead to higher default rates.
To avert this, some loan apps have implemented the loan extension feature whereby borrowers can extend their due loans by the same exact original duration albeit at a fee.
Below is how you can extend your Mokash loan repayment date.
Once your loan amount has been disbursed, your Mokash homepage will now display the 2 repayment plans for you to choose from i.e Pay interest only OR Make full repayment.
However, the loan extension option falls under the Pay Interest-Only.
The Pay Interest-Only will direct you to the Extend Due Date Payment page as shown below detailing the new repayment date and extension fee charged.
Initially, you will notice that the original repayment date was 27.02.2021 but after the extension option, the new date is now 13.03.2021