Simple Guide to Apply for Hustler Fund on Phone

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.

Who can Apply

1. Applicant should be a Kenyan resident aged at least 18 years
2. Applicant must have a valid ID Card
3. Working Sim card with Safaricom, Airtel or Telkom at least 90 days old
4. Mobile money account i.e. Either Mpesa, Airtel Money or TKash at least 90 days old
5. 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.

Repayment Conditions

• 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

Important

FAQs