President William Ruto on Wednesday, November 30 launched the hustler fund to help common Kenyans to access affordable loans within minutes.
The fund which has four categories; personal finance, microloan, SMEs, and start-ups will provide Kenyans with a 500 times cheaper credit given it has a daily interest rate of 0.002 percent.
Personal loans are available in amounts ranging from Ksh500 to Ksh50,000, with repayment due within 14 days.
How to Apply
- Dial USSD code *254# which will lead you to a menu or use the mobile application.
- Accept the Terms and Conditions.
- Enter M-PESA, Airtel Money of T-Kash pin.
- Receive an SMS notification of a successful registration and the limit assignment.
However, one can also apply through the Mpesa application by
- selecting the growth option in the app,
- selecting the Hfund Mini-app
- Select the loan request option to view the limit, interest, and loan tenure.
- Enter the loan amount and press OK to continue.
- Confirm loan details as displayed to continue.
- Enter Mobile Money pin.
- Receive SMS notifications on Loan allocation with relevant loan information.
Following a successful loan application, the funds will be disbursed to the mobile money account, with 95% of the funds deposited to the mobile money wallet and the remaining 5% deposited to the Hustler Fund’s savings account scheme.
If a person defaults on a personal finance loan, the interest rate will be increased to 9.5% per year 15 days after the default date.
A customer’s credit score will be lowered and their account will be frozen if they are in default for more than 30 days.
You can opt-out of the Hustler funds loan, but you will still have the option to continue saving on the service
