This article provides a step-by-step guide on how to repay Hustler Fund Loan in Kenya. The Hustler Fund is a digital financial inclusion initiative launched on November 30, 2022, by President William Ruto. The initiative aims to provide accessible and attractive interest rates to all Kenyans.
To apply for Hustler Fund loan, simply dial *254# on your mobile phone, irrespective of the network operator. Borrowers can secure loans ranging from a minimum of Kshs 500 to a maximum of Kshs 50,000. Once approved, the loan amount is disbursed directly into their mobile money accounts.
How to Repay Hustler Fund Loan
Repaying the Hustler Fund loan is hassle-free and can be accomplished by following these steps:
- Dial *254# from your mobile phone.
- Select the “Repay Loan” option.
- Enter the desired repayment amount.
- Click “Send” to proceed.
- Enter your mobile money PIN.
- Select option 1 to confirm your loan details.
- Click “Send” to finalize the repayment.
How to Check Hustler Fund Loan Balance
For borrowers to monitor their loan balance, they can follow these easy steps:
- Access the Hustler Fund account through mobile application platforms or by dialing *254#.
- Choose the “Loans” option from the mobile phone menu.
- Select “Check Loan Status.”
- Enter your PIN.
- A message will be sent displaying your current loan balance.
Consequences of Not Paying Hustler Fund Loan on Time
Timely loan repayment is crucial as non-payment within the stipulated timeframe negatively affects a borrower’s credit rating. This impacts their ability to secure further loans until the existing one is fully repaid. Partial or full loan repayment within 14 days is allowed. Beyond this period, the interest rate is adjusted to 9.5 percent per annum.
How to Increase Hustler Fund Loan Limit
To increase the loan limit, borrowers should maintain a consistent record of borrowing and timely repayment. The loan limit is evaluated based on previous loan borrowing and repayment history with the Hustler Fund.
The Hustler Fund represents a significant stride towards financial inclusivity in Kenya, empowering individuals and MSMEs with access to affordable loans and a secure savings scheme. With its user-friendly approach, this digital initiative aims to uplift the nation’s economy and provide greater financial opportunities for all Kenyans.
