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
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