Hustler Fund Loan is a Government fund that lets Kenyan Citizens borrow Money through their cell phones. The fund aims to provide financial empowerment and security to the people at the bottom of the pyramid.
The loan is charged an 8% interest and should be repaid in 14 days.
How Much can one borrow?
A minimum of Kshs. 500/ and a Maximum of 50,000 =. Out of every Kshs 100 borrowed:
- Kshs 95 will go into the borrower’s loan account
- Kshs 3.95 will go to their pension account
- Kshs 1.05 will go to their savings account
Key features of Hustler Fund Loan
- Low-interest rate (8%)
- No collateral required
- No CRB Listing
- NO threats
How to know if you qualify for the Hustler Fund loan?
- Must be a Kenyan citizen of 18 years of age and above
- Must have a valid national Identification Card (ID)
- Must have a registered mobile number from a recognized Mobile Network Operator in Kenya, i.e., either Airtel, Safaricom or Telkom, i.e., either Airtel, Safaricom or Telkom
- Have a mobile money account, i.e., either Airtel Money/M-PESA/T-Kash
- The SIM card in question can/ will only be eligible if it has been in use for more than 90 days.
- Reside and conduct economic activities in Kenya.
- Provide the Location of residence during the onboarding process (where applicable)
How to apply for the Hustler fund Loan?
Once registered and loan limits assigned, the customer is required to follow the application steps to access the loan:
- Dial USSD code *USSD *254# or mobile application.
- Select the loan request option to view the limit, interest, and loan tenure.
- Enter the loan amount and press OK to continue
- Confirm loan details as displayed to continue
- Enter Mobile Money pin
- Receive SMS notifications on Loan allocation with relevant loan information.
How to increase the hustler funds Limit?
The limit will be reviewed and adjusted based on the borrowing and repayment history of previous Hustler Fund loans taken.