The long-awaited Hustler fund program is officially launched on Wednesday 30th November 2022 at Green Park Terminus in Nairobi.
Four products namely start-up loans, micro-loans, SME loans, and personal loans were announced. Using the Hustler Fund program, borrowing funds have become extremely easy.
Apply for Hustler Fund On Phone
If you are interested to borrow money from the Hustler fund, go through the details and easily apply from your phone.
|✅ Program||✅ Hustlers Fund|
|✅ Launched on||✅ 30th November 2022, Tuesday|
|✅ Beneficiaries||✅ All Residents of Kenya with Valid ID, Working Sim & Mobile Money Accounts|
|✅ Benefit||✅ Borrow funds at a very low-interest rate|
Who can Apply
- Applicant should be a Kenyan resident aged at least 18 years
- Applicant must have a valid ID Card
- Working Sim card with Safaricom, Airtel or Telkom at least 90 days old
- Mobile money account i.e. Either Mpesa, Airtel Money or TKash at least 90 days old
- Savings Account
Do Check these – More Loan Applications
Interest Rate on Hustler Fund Loan
The annual Rate of Interest is 8% calculated per day
With a 14-day repayment period and an annual interest rate of eight per cent calculated per day, a customer who borrows KES500 will pay back KES 501.53 after 14 days, representing KES 1.53 in interest.
- If the loan is not paid back within 14 days, the customer’s credit rating is affected, and they are given an additional 15 days. If the loan is still not paid back, the interest rate increases to 9.5% per year.
- The Hustler Fund account is frozen and the borrower loses all accumulated credit scores after more than 30 days of default.
- In case you default on the Hustler fund loan, there will be CRB blacklisting, hence the credit rating with other creditors will not be affected.
Hustler Fund Loan Process Explained
When a customer borrows money from Hustlers Fund, after approval, the amount is transferred to their respective mobile money accounts. Kindly understand that 95 per cent of the approved amount is transferred to a mobile money account while the remaining 5 per cent is transferred to their savings account.
This 5% amount is then split into 30 per cent for Short term savings and 70 per cent long-term savings.
Apply for Hustler Fund Loan on the Mobile using USSD Code
Applying for a Hustlers fund loan is a very easy process. You can easily apply on your phone, just follow these steps:
- Dial *254#
- Follow the steps and apply for the type of loan you want.
DO READ – Apply using Hustler Fund mini App
Is there any app for hustlers’ fund?
No, there is no app. You can apply using a USSD code on your phone.
What is the interest rate?
The interest is levied at the rate of 8% per annum.
Can one person apply for multiple loans using different numbers?
No, this is certainly not possible. The ID of the applicant is a unique identifier, which means that corresponding to a single ID and single mobile number is mapped, therefore one can’t apply for multiple loans using different numbers.
How to borrow money from hustlers’ fund?
To do so, simply run the USSD code *254# on your mobile. Follow the steps and apply. Your funds will be issued as soon as the application is processed.
Last Updated on December 1, 2022 by Okello
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