Extending a loan

If you can't pay everything back by the due date, you can extend instead. You pay the interest you owe so far plus part of what you borrowed, and a new term starts on a smaller loan. Your card stays locked in your wallet the whole time.

You extend from your portfolio in the app.

What you pay

One payment covers three things:

• the interest you owe so far, for the days you've borrowed, which is paid in full and never added onto the loan
• at least 10% of the amount you borrowed, or more if you like, so each extension leaves you with a smaller loan
• the MLKY fee on the new term, the same fee you paid when you first borrowed

The app shows the total before you confirm.

What you get

You get a new term that starts the moment you extend, a smaller amount to repay, and your card, still in your wallet.

The limits

You can extend a loan up to three times. After the third extension, the loan has to be repaid.

You can extend any time the loan is open, including after the due date, right up until the grace period ends.

Each time, we value your card again. If its value has dropped too far to support even the smaller loan, the extension is refused, although you can still repay.

An example

These numbers are made up, just to show how it works. The app shows your real ones.

You borrowed $1,000 for 7 days, with $30 of interest for the term. On the due date you extend and pay down the minimum:

Now you owe $900 plus $27 of interest, due 7 days later. Most of what you paid (the $100) went toward shrinking the loan rather than toward costs.