Digital credit lending has indeed changed the lives of many Kenyans. However, their impact on the lives of many users can arguably be categorized as either being positive or negative.

While some may praise their existence to be a much-welcomed source of accessing short term loans easily, it is this very attribute that has landed majority into debt traps.

In a classic illustration of the phrase, “Rob Peter to pay Paul”, many Kenyans have found themselves in a vicious debt cycle of borrowing from one lender to pay the other in a bid to avoid the CRB blacklist whenever repayment dates are due.

It is for this reason that some mobile money lenders (not all) have deemed it fit to introduce extension periods albeit at a small fee.

Below, we look at 7 mobile money lenders who allow pushing of repayment dates.

**1) TIMIZA – 5% rollover fee of the outstanding loan amount**.

– For example, if you took a loan of KES 1000 at an interest rate of 6.08% repayable after 30 days, you are expected to repay back KES 1060.

– However, if by the 31st day you are still unable to make the full payment, 5% will be charged on the outstanding balance which would be KES 1060. Therefore, your total repayable amount would now be KES 1,113.

**2) SHIKA- 10% rollover fee after the repayment date**

-For example, if you took out a loan of KES 1000 at an interest rate of 15% repayable after 30 days, your total repayable amount will be 1150.

-If you do not make this payment by the lapse of this period,you will incur a 10% fee bringing total repayable amount to 1265.

**3) OKASH- 2% fee per day.**

-For example, If you borrow KES 2500 for 14 days at 14% , your interest payable will be 350 bringing the total payable amount to 2850. However, if you will not have made this payment by the 15th day, 2% late fee will be charged on the outstanding balance thereby resulting to total repayable amount to 2907.

-If you borrow, KES 2500 for 21 days at 16.8%, your interest will be 420, therefore total payable amount will be 2920. If no payment has been made by the 22nd day, 2% late fee will be effected on the outstanding balance bringing total payable amount to 2978.

NOTE: The 2% late fee will be applicable every day past the respective due dates.

**4) MSHWARI- 6.9% rollover fee.**

-For example, If you borrow KES 1000 at 7.5% for 30 days. Your total repayable amount will be 1075. Failure to repay the amount by the 31st day will result to a 6.9% fee on the outstanding balance resulting to total repayable amount being 1149.

**5) TALA-5% charges on outstanding amount after 7 day grace period.**

-For example, If you borrow KES 1000 for 21 days, your interest will be 110, therefore total repayable amount is 1110

-If by the 22nd day, you will not have made any payment, you will be provided an additional grace period of 7 days. On the lapse of this period, 5% will be charged on the outstanding balance, resulting in a total amount of 1165.

-If you borrow KES 1000 for 30 days, your interest will be 150, therefore total repayable amount is 1150. Any payment not made by the 31st day results to an extension grace period of 7 days. On the 38th day, 5% will be charged bringing the total amount to 1207

**6) ZENKA- choice for an extension period**

**15% charges for 7-day extension.**

-For example, If you borrow KES 1000 for 30 days at 29%, the total repayable amount is 1290, if you are unable to repay by the 30th day, you can request for a 7-day extension at 15%. Therefore on the 37th day, you will have to pay a total of 1484.

**22% charges for 14-day extension**

-If you need a 14-day extension, 22% will be charged on the outstanding balance i.e 1290 bringing total repayable amount on the 44th day to 1574.

**29% charges for 30 day extension**

-If you require a 30-day extension, 29% will be charged on the outstanding balance i.e 1290 resulting to total repayable amount by 60th day to 1664.

**7) UBAPESA- 10% penalty 48 hrs from the due date and a further 10% on compounded balance on the 10th day from the due date.**

-For example, if you borrow KES 1000 for a 10-day period, the facilitation fee charged will be 10% there-by total repayable amount will be 1100.

-However, Ubapesa deducts the fees ( facilitation fee 100 + MPESA transaction charges 15 ) upfront hence upon applying for the KES 1000, you will only receive KES 885 but will pay KES 1000 at the end of the due date.

-If you will not have paid by the 13th day, a 10% fee will be charged on the outstanding balance bringing the total repayable amount to KES 1100.