Application of Hustler Fund Loan, limit and repayment

How to Register and Apply for Hustler Fund Loan by USSD

The president of Kenya, H.E. William Ruto launched the Hustler Fund loan service promised during the campaign period. The Hustler Fund loan can be accessed on Safaricom, Airtel and Telkom SIM cards through a USSD or their mobile money applications.

The fund is allocated 50 billion Kenya shillings and is geared towards helping individuals, chamas, groups and organizations improve or expand their businesses.

Individuals can borrow from Ksh. 500 to Ksh. 50,000 depending on their limit. Chamas can borrow up to Ksh. 250,000 while groups and organizations can access loans up to Ksh. 10 million.

Requirements for the Hustler Loan

Hustler loan requires no paperwork, but to be eligible you must meet the following qualifications:

  • Be a permanent Kenyan citizen
  • You must be at least 18 years old
  • Be a member of a registered Chama or SACCO (in case of group funding)
  • Must have a mobile money registered line and in operation for at least 90 days

How to Register for Hustler Fund Loan

To register, follow these simple steps on any mobile network you are on:

  1. Dial the USSD *254#
  2. You will be asked to accept the terms and conditions
  3. Enter your mobile money PIN to verify account ownership (e.g MPesa PIN if using Safaricom line to apply)
  4. You will be notified to wait for a response on your registration status within 2 hours.
  5. After 30 minutes to 2 hours dial *254# (even if you never receive the notification message)
  6. If you can access the Hustler Fund Loan menu, then the registration was successful.
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How to Apply for the Hustler Fund Loan

  1. Dial *254# on the mobile line you used to register.
  2. Select Check Loan Status.
  3. Select Loan Limit.
  4. Your loan limit will be displayed on the screen. You will also receive a text message on the same.
  5. Press 00 to go back to the main menu.
  6. Now, select the option Request Loan.
  7. Enter the amount within the limit displayed.
  8. Confirm with your mobile PIN and send.
  9. You will receive 95% of what you borrowed. 5% will be placed in your saving account and pension scheme.
  10. A text message from HUSTLERFUND will follow shortly with the details.

Features of the Hustler Fund Loan

Hustler fund logo ugc

  • Any individual can apply so long as he meets the qualifications (above 18, Kenyan with a registered mobile money wallet).
  • Fuliza will not deduct the money you receive from the fund, for 24 hours.
  • The interest charged is 8% yearly and is calculated on a daily basis.
  • The loan duration is 14 days.
  • You can only one loan at a time from only one mobile line. Multiple lines are not permitted.
  • No CRB listing but failure to pay the loan interest rate will jump to 9.5% after 15 more days of non-payment.
  • If you still don’t pay after 30 days, you will lose your credit score and your account will be frozen.
  • The freezing will not affect other loan services.
  • 5% of the money borrowed goes towards your savings, short term and long term. You can check the progress of your savings from the *254# menu.
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How to Repay the Hustler Fund Loan

The loan must be repaid within 14 days and is not affected by mobile money transaction charges. Your loan borrowing history and repayment in time will increase your loan limit.

To repay the loan, dial *254# from the line you used to borrow and select the option Repay Loan.

Follow through with the prompts to complete the repayment from your mobile wallet.

See Also: How to Simply Send Money from Airtel Money to Mpesa.