How To Borrow Hustlers Fund In Kenya
In this article Keweb. co tries to answer the question by publishing the ways one can borrow hustlers fund in Kenya
Below are the most helpful ways to borrow hustlers’ funds in Kenya
- Dial USSD code *254# or open the mobile application of your respective mobile service provider and navigate to the ‘Hustler Fund’ section.
- 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 your Mobile Money pin
- Receive SMS notifications on Loan allocation with relevant loan information.
What Happens When You Borrow From the Hutler Fund?
- The approved loan is sent to your mobile money account:
- 95% is deposited in your money wallet
- The remaining 5% is deposited in your savings account scheme of the Hustler Fund
- The 5% that goes to the savings scheme is split into two:
- 70% of this goes to long-term savings (pension)
- 30% to short-term savings
What Happens if You Default on The Hustler Fund?
- If the loan is not repaid in 14 days, then your credit rating is affected
- You are given 15 more days and if the loan is not repaid, the interest rises to 9.5% a year
- After more than 30 days of default, you lose all the credit scores accumulated and your Hustler Fund account is frozen
- Note that there is no CRB and this default does not affect the person’s credit rating with other creditors.
- The defaulter can repay the loan at once or in installments and begin borrowing again after full repayment
The loan repayment will be made from your Mobile Money account; either manually through the USSD code *254# or the mobile app of your service provider.