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The Hustler Fund initiative in Kenya is a digital financial inclusion made to enhance financial access to responsible finance for micro, personal, small, and medium-sized enterprises (MSMEs). By providing an affordable financial boost, the Hustler Fund aims to catalyze economic growth and alleviate poverty across the country.

The benefits of leveraging a hustler fund loan include its ease of access, affordability, competitive interest rates, and flexible repayment options, making it a great platform for those looking to improve their financial standing or grow their businesses.

Eligibility Requirements For Hustler Funds Group and Individual Loans

• Borrower must be a Kenyan citizen
• You must be 18 years of age and above
• Borrower must have a valid national Identification Card (ID)
• Must have a registered mobile number from, either Airtel, Safaricom, or Telkom.
• Have a mobile money account like Airtel Money, M-PESA, or T-Kash
• Must have used the SIM card for more than 90 days.
• Have a place of residence in Kenya. 
• Reside and conduct all your business and other economic activities in Kenya.

Note: These are the general requirements to get any of the loan products. 

Hustler Fund Registration Process

You can register for the Hustler fund through the:

1. USSD

This procedure is simple and can be done just by dialing the code *254# and following the prompts. 

2. Mobile APP platforms of any of the Mobile Network Operators in Kenya: 

The steps to achieve this are:

• First, sign up on the mobile app
• Accept the terms and conditions to join the Hustler Fund platform
• Enter mobile money pin
• Upon fulfilling steps 1-3, an SMS will be sent to you to notify you of your successful registration and your limits.

One of the potential registration issues is if the registration fails, you will be notified via SMS. If you don’t get an SMS, one of the troubleshooting tips is to check if your message inbox is full and delete some messages to be able to receive the message. 

Hustler Fund Application Process

Once registration is successful and loan limits are assigned during registration, follow the steps below to access the loan:

• Dial USSD code *254# or log in to your mobile application.
• Select the loan request option to view your loan limit, interest, and loan duration.
• Input the loan amount you need and press OK to continue. The loan amount shouldn’t exceed the limit.
• Confirm loan details as displayed on your phone screen to continue
• Enter the accurate Mobile Money pin
• Receive SMS notifications on loan application success and allocation with relevant loan information.

Note: The loan limit determination process is through the consistent usage of the Hustler fund platform, timely loan repayment, and a good credit score/history.

Interest Rate for the Hustler Fund Personal Loan

There is no processing fee but you will be charged 9% per annum because the loan interest is capped at the rate and is computed on a pro-rated basis.

Products Available Under The Hustler Fund?

The four products available under the Hustler fund are:

• Personal Finance – ( Between KSh 500 to KSh. 50,000 depending on your credit score)
• Micro Loans
• SME Loans and
• Start-Up loan.

What Should I Expect When I Borrow?

When you borrow, out of the total approved loan amount, upon disbursement, 95% will be deposited to your Mobile Money wallet, and the remaining 5% will be deposited to your savings account.

How to Pay Hustler Funds

Loan repayment will be made from your Mobile Money account which is a self-payment option. 

You can also choose to repay the loan in full or in part provided that you repay the whole sum within 14 days.

Timely repayment may be used as a gauge to increase your loan limit. But defaulting can result in:

• The interest rate is adjusted to 9.5% per annum, 15 days after the date of default for a personal finance loan. 
• Persistent default spanning 30 days and over will make them freeze your account and you will lose your existing credit score.
• The interest continues to accrue pegged on the in-duplum rule and recovery methods used by the hustler fund will be initiated.

How Do I Check My Loan Balance?

Via USSD: 

• dial *254# on your phone
• Choose Loans
• Go to ‘Check Loan Status’
• Choose Loan balance
• Enter mobile money PIN
• You will receive an SMS message with your Loan balance on your phone.

On App:

Log in first and see that the loan balance will be displayed on the Hustler Fund app with an option to hide or unhide the balance amount.

Conclusion

In summary, applying for a Hustler Fund loan in Kenya involves understanding the initiative’s goals, meeting eligibility requirements, and following a straightforward registration and application process. 

To ensure you have all the necessary information and updates on Hustler Fund loans, consider visiting the official Hustler Fund website. 

The platform is designed to support your financial goals, whether for personal advancement or business growth. Explore them and see what they can offer and take a step towards securing your financial objectives. 

Frequently Asked Questions 

How to increase hustler fund limit

To increase your hustler fund limit, consistently use their platform, repay on time, and have a good credit score.

Why is the Hustler fund not working

Network and upgrade may cause the platform not to work. If it’s not working, try again after a few minutes and if it persists, contact their customer care.

How To Opt Out Hustler Fund 

You cannot opt out of the Hustler Fund once registered. Once you sign up, the membership is permanent given the 70% that is on long-term savings.

So, you cannot opt-out because you will get your money at 60 years old when you retire

Instant loan apps in Kenya have emerged as a game-changer for borrowers seeking quick and convenient access to loans. With your smartphone and the internet, you can download these instant loan apps in Kenya from the Google Play Store or Apple Store.

They offer a lifeline in times of emergencies, bypassing the traditional, often cumbersome, loan application processes of conventional banks. 

This article explores the top 10 instant loan apps in Kenya, renowned for their quick processing times, good features, easy eligibility, low rates, good reviews, and user-friendly interfaces.

Top 10 Loan Apps in Kenya

Name of Loan Apps	Features	Eligibility criteria	Interest rates	User reviews and ratings
Saida Loan App	Easy to access Minimum of ksh 600 to ksh. 100000 Repayment period of 30 days. Requires a good credit history. Easy application.	From 18 years to 65 years as a Valid M-pesa number Has a valid national ID Good credit history	7.5% to 10%	More than 500k downloads  More than 20,182 reviews Over 4.0/5 rating Requires 5.9 memory Capacity
Shika Loan App	Easy to access Minimum of ksh 500 to ksh. 20000 Repayment period of 30 days. Charges late repayment fees Requires a good credit history. Easy application.	From 18 years to 65 years Has a Valid M-pesa number Have a good M-Pesa history. Has a valid national ID Good credit history	15%	More than five million downloads  More than 50,110 reviews Over 4.5/5 rating
Opesa Loan App	Easy to access Minimum of ksh 500 to ksh. 3000 Repayment period of 30 days. Requires a good credit history. Easy application.	From 18 years to 65 years Has a Valid M-pesa number Has a valid national ID Good credit history	The interest rate depends on the loan amount.	The interest rate depends on Loan amount.
Haraka Loan App	Easy to access Minimum of ksh 500 to ksh. 5000 Repayment period of 30 days. Requires a good credit history. Easy application.	From 18 years to 60 years Has a Valid M-pesa number. Have a good M-Pesa history. Has a valid national ID Good credit history	23%	More than one million downloads  More than 10,000 reviews Over 4.0/5 rating
Timiza Loan App	Easy to access Minimum of ksh 500 to ksh. 150000 Repayment period of 30 days. Requires a good credit history. Easy application.	From 18 years to 65 years Has a Valid M-pesa number Has a valid National ID Good credit history	6.17%	More than one million downloads  More than 5,00 reviews Over 4.0/5 rating
Branch Loan App	Easy to access Minimum of ksh 350 to ksh. 50000 Repayment period of 30 days. Requires a good credit history. Easy application.	From 18 years to 65 years Need a Facebook account  Has a Valid Safaricom number Has a valid National ID Good credit history	Interest rates depends on the amount of Loan applied	More than ten million downloads  More than 400,000 reviews Over 4.5/5 rating
Tala Loan App	Easy to access Minimum of ksh 500 to ksh. 50000 Repayment period of 7 days and 30 days. Repay using a paybill number Requires a good credit history. Easy application.	From 18 years to 65 years Has a Valid M-pesa number Has a valid national ID Good credit history	15%	Interest rates depend on the amount of Loan applied
M-shwari Loan App	Easy access to funds. Must be an active user of M-pesa for 6 months. Read data on your phone after installation. Minimum of ksh 500 to ksh.100000 Repayment period of 30 days. Requires a good credit history. Easy application.	From 18 years to 60 years Has a Valid Safaricom number Has a valid national ID Good credit history	7.5%	More than one million downloads  More than 50,182 reviews Over 4.6/5 rating
KCB M-Pesa Loan App	Easy to access Minimum of ksh 50 to ksh.1000000 More Loan limits open as you borrow and repay on time. Repayment period of 30 days. Requires a good credit history. Easy application.	From 18 years to 60 years Has a Valid Safaricom number Has a valid national ID Good credit history	3.6%	More than one million downloads  More than 40,182 reviews Over 4.5/5 rating
iPesa Loan App	Easy to access Minimum of ksh 500 to ksh. 50000 Repayment period of 7 days and 30 days. Repay using a pay bill number Requires a good credit history. Easy application.	From 18 years to 65 years Has a Valid M-pesa number Has a valid national ID Good credit history	The interest rate depends on the Loan amount.	6% and a service fee of 5% to 10%.

Factors to Consider When Choosing a Loan App

Before choosing any loan app in Kenya, check out for these factors,

• Interest rate
• Loan limits
• Approval speed/time
• Repayments terms 
• Penalty fees
• Additional fees or charges 
• Customer reviews
• Privacy and security
• Regulations

Tips For Responsible Borrowing

The eight major tips for responsible borrowing are:

1. Borrow only what you need
2. Consider your income
3. Understand the loan terms
4. Avoid multiple loans
5. Plan Repayments
6. Borrow only during emergencies 
7. Read reviews to see what you are going into
8. Plan to repay on time.

Conclusion 

The digital revolution in Kenya’s financial market has made accessing loans faster and more convenient than ever before through instant loan apps. 

The top 10 instant loan apps in Kenya, highlighted in this article are the best, offering financial solutions tailored to meet the immediate needs of their customers. 

While these instant loan apps in Kenya provide quick relief in times of emergencies, borrowers are encouraged to use them wisely, considering the terms and interest rates to ensure they maintain healthy financial habits. 

Timiza Loan is an innovative financial platform owned by Barclays bank of Kenya that offers a range of loan services to qualified borrowers to meet their diverse needs. 

With its seamless and user-friendly mobile app experience and advanced technology,Timiza aims to provide convenient, easy and efficient borrowing experiences for its customers.

Unique Features that Distinguish Timiza from Competitors

1. Seamless Mobile App Experience:
   Timiza allows users to access their loans, make repayments, and monitor their account details through a user-friendly mobile app. The app provides a convenient and secure platform for managing all financial activities on the go.
2. Advanced Technology Integration:
   Timiza leverages advanced technology to streamline loan processes and deliver prompt responses to loan applications. It utilizes data analytics and machine learning algorithms to assess creditworthiness, resulting in faster loan approvals and disbursements.

Types of Loans Offered by Timiza and their Specific Features

1. Personal Loans:
   Timiza offers personal loans to meet individual needs, whether it’s for emergencies, medical expenses, education fees, or other personal financial requirements. These loans are flexible, and borrowers can choose their repayment terms based on their financial capabilities.
2. Business Loans:
   Timiza provides small business loans to help entrepreneurs and small businesses grow and expand their operations. These loans offer competitive interest rates and flexible repayment options, allowing businesses to manage their cash flow effectively.

Interest Rates

Interest rates for Timiza loans are competitive and vary based on factors such as the loan amount, repayment duration, and credit profile of the borrower. 

The exact interest rate charged is 6.17% and mostly communicated during the loan application process.

Timiza Loan Repayment 

Repayment of Timiza loans can be conveniently done through their mobile app.

• Log in to the Timiza App
• Select ‘My loans’
• Then choose ‘Repay loans’
• You can select either pay back in full or partial
• Decide whether to use the Timiza App or M-Pesa account in repaying the loan. Choose whichever one you want.
• Enter your Timiza pin and submit 
• Receive a message for a successful repayment.

Method Two ( When M-pesa payment fails)

• On the app, locate M-pesa
• Select paybill number and input 300067 as the ‘business number
• Enter your phone number as the account number
• Input the loan amount
• Enter your pin and submit
• A successful payment will show you a successful loan repayment notification from Timiza.

Check out how to apply for M-Pesa loans in Kenya.

How Timiza Utilizes Technology in its Loan Processes

1. Quick Loan Application and Approval:
   Timiza leverages advanced technology to simplify and expedite the loan application process. The mobile app allows users to submit loan applications with minimal documentation requirements, and the loan approval decisions are made promptly based on real-time data analysis.
2. Credit Scoring and Risk Assessment:
   Timiza utilizes technology-driven credit scoring models and risk assessment algorithms to determine the creditworthiness of applicants. This enables faster decision-making and provides personalized loan offers based on individual profiles.
3. Efficient Loan Disbursement:
   Once a loan is approved, Timiza utilizes technology to ensure swift loan disbursement. Funds are transferred directly to the borrower’s account, reducing delays and enabling immediate access to the loan amount.

How to Contact Timiza

To contact Timiza, call their help center @ 020 3900000 or 0732 130120 or 0722 130120. Their Email address is: barclays.kenya@barclays.com. 

Conclusion

Timiza Loans offers a range of loan products, backed by advanced technology and a user-friendly mobile app. With competitive interest rates, flexible repayment options, and an efficient loan application process.

Timiza stands out from its competitors. Whether it’s personal or business needs, Timiza provides convenient borrowing solutions to meet diverse financial requirements.