The Hustler Fund personal loan product is a loan offered by the government to cushion an individual from economic shocks or for expanding small businesses. The Hustler Fund loan can be accessed on Safaricom, Airtel and Telkom SIM cards through the USSD code 254.
In the first phase of the launch, 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.
Your borrowing limit will depend on your risk profile and credit repayment history. Your limit will be reviewed and adjusted every month as you borrow and repay on time.
How to Register for Hustler Fund Loan
First-time users must register for the Hustler loan product first. To register, follow these simple steps on any mobile network you are on:
- Dial the USSD *254#
- Accept the terms and conditions
- Enter your mobile money PIN to verify account ownership (e.g MPesa PIN if using Safaricom line to apply)
- You will be notified to wait for a response on your registration status within 2 hours.
- After 30 minutes to 2 hours dial *254# (even if you never receive the notification message)
- If you can access the Hustler Fund Loan menu, then the registration was successful
To Apply for Hustler Fund Personal Loan:
- Dial *254# on the mobile line you used to register
- Select Hustler Fund
- Select the option Personal Loan
- Next, select Loan Limit
- Your loan limit will be displayed on the screen. You will also receive a text message on the same
- Press 0 to go back to the main menu
- Now, select the option Request Loan
- Enter the amount within the limit displayed
- Confirm with your mobile PIN and complete the transaction
- You will receive 95% of what you borrowed. 5% will be placed in your saving account and pension scheme
- A text message from HUSTLERFUND will follow shortly with the details
How to Repay 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.
Features of the Hustler Fund Loan
- Any individual can apply so long as he meets the qualifications (above 18, a permanent Kenyan citizen with a registered mobile money wallet, active for at least 90 days).
- 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 repayment duration is 14 days.
- You can only apply for 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 your savings progress from the *254# menu.