The Hustler Fund is now fully operational. You can get a Hustler Fund Loan quickly by using the Mobile USSD Code *254# from any network.
Hustler Fund Loan Limits:
With the personal finance product, the maximum you can borrow is KES 50,000. The minimum is KES 500. However, it doesn’t automatically mean everyone can access the 50k. The government explains that once you submit an application, it will be subjected to the predetermined formula based on existing qualification parameters and that approval shall be granted based on meeting eligibility criteria, credit worthiness.
If you want to increase the loan limit allocated, you can only do so through continuous borrowing and timely repayment.
The government says Kenyans will not need collateral, guarantors, or paperwork. It’s a digital loan product, just like M-Shwari, KCB M-Pesa, etc, albeit with better interest rates.
Hustler Fund loan repayment:
- Loan repayment will be in 14 days
- Interest will be charged at 8% per annum, calculated daily. For example if you borrow KES 500, in 14 days your repayment will be KES 501.53. This is way cheaper than almost all other digital loan products in the country.
- Repayment will be done through mobile money without any transaction costs.
- If you mistakenly borrow a loan, you will have to repay it.
- You cannot transfer your loan obligation to another phone number.
- You can only borrow one loan at a time, and using only one of your phone numbers.
- If you don’t repay your loan within 14 days, you won’t be added to a Credit Reference Bureau (CRB).
- After 15 days more of lack of repayment, loan interest will go up to 9.5% per annum.
- After 30 days if you haven’t paid, your account will be frozen, and you will lose credit score accumulated. This doesn’t affect other loan services.