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
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