Home Finance 7 Mobile Loan Lenders and How They Handle Over-payments

7 Mobile Loan Lenders and How They Handle Over-payments

by Von Umpiantu

Kenya in all simplest terms can best be described as a ‘surviving’ economy. This is applicable in the sense that we exist solely by the grace of God. With each passing day, we tend to sink further into the abyss of unemployment, corruption, crime, inflation, terrorism, debt, poverty etc

With the majority of Kenyans seeking services of mobile lenders, It, therefore, makes sense to conserve the little resources we have and to be accountable of each expense we make in regards to these mobile loans.

With this list, we will focus on 7 mobile loan lenders and how they handle any overpayments you may have made to them.

As a general example applicable to all the below-listed lenders, let’s assume you owed each lender KES 1000 at due date but upon making the repayment you accidentally repaid 1500. Below, is how they would treat the excess of KES 500 that you have made.

1) BERRY – the excess amount will be credited to your Berry wallet and it will be accessible anytime.

2) LOAN BEE – the excess amount will remain in your account & will be deducted from your next loan.

3) TIMIZA – the excess amount will be credited to your Timiza account.

4) BRANCH – the excess amount will remain in your account and be applied on the repayment of your next loan.

5) OPESA – after reconciliation of all payments, excess funds will be reversed to your MPESA account within 15 days.

6) PESA ZONE – the overpayment will be displayed on the app’s account balance section & will be automatically deducted from your future loans.

7) TALA – the excess amount is credited to your Tala account so that you do not have to repay the full amount in your next loan. If you do not want to take another loan, you will be requested for the Mpesa confirmation message that you got after making payment so that the excess amount can be refunded to your Mpesa account. However, this might take a few days.

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