What is a Loan Extension? 
A loan extension is a written agreement between a borrower and lender that indicates the postponement of a loan’s maturity date. The borrower uses this agreement to adjust the loan payment schedule since a loan extension allows you to skip your initial deadline.
Please remember that an interest fee will be applicable on the loan amount for the number of days extended.
At LendPlus we are always ready to help manage loan repayment schedules and ensure a smooth process where additional time is needed for you to meet your loan repayment obligations.
-
Extension Fees
If no payments have been missed and your due date has not yet passed, the loan can be extended for 5 to 30 days by paying the accumulated INTEREST FEE Only.
If payments have been missed and your due date has already passed, the extension will require payment of both the INTEREST & LATE PAYMENT CHARGES incurred.
-
How to Apply for an Extension
Make payment of the Extension Fee:
1. Directly via the LendPlus App.
2. Using the M-Pesa PayBill Number 4107195 . Acc Number is your Phone Number.
3. The user payment link.
4. The LendPlus Website
The loan repayment period will be extended for the total number of days corresponding to the initial loan. The revised loan terms will be made available in your application following the extension.
In the event that you wish to cancel an extension or require a reduced number of days, please do not hesitate to contact our customer support team.
Extensions can be requested as many times as necessary, with no limit on how often the loan can be extended. This provides flexibility to adjust repayment schedules as needed. T&C apply.
-
Benefits of Loan Extension
-
Improved Cash Flow Management
Additional time allows for better financial management, allocate funds to essential expenses, and avoid cash liquidity issues. -
Reduced Financial Stress
A longer repayment period can ease the pressure of making large monthly payments, leading to reduced financial anxiety. -
Lower Monthly Payments
Extending the loan term often results in smaller installment amounts, making it easier to meet repayment obligations. -
Avoiding Default or Penalties
An extension helps avoid late fees, penalties, or damage to your credit score due to missed payments. -
Opportunity for Financial Recovery
When facing temporary financial setbacks (e.g., job loss, medical expenses), extension gives you a chance to recover and stabilize your income.
