Hustler Fund To Be Repaid In 14 Days

President William Ruto’s ambitious credit access kitty, Hustler Fund, will have a 14-day repayment period.

The fund, which debuted on Wednesday, will provide four types of loans: start-up loans, microloans, SME loans, and personal loans.

A customer who borrows KES500 will pay back KES 501.53 after 14 days, representing KES 1.53 in interest, assuming a 14-day repayment period and an annual interest rate of 8% calculated per day.

If the loan is not repaid within 14 days, the customer’s credit rating suffers and they are given an extra 15 days. If the loan is not repaid, the annual interest rate rises to 9.5%.

After more than 30 days of default, the borrower’s Hustler Fund account is frozen, and all accumulated credit scores are lost.

There is also no CRB listing, so the debtor’s credit score with other lenders is unaffected by this default. Borrowers who default may repay the loan in full or in installments, and they may borrow again after full repayment.

When a customer borrows, the approved loan is sent to their mobile money account, with 95% deposited in their money wallet and 5% deposited in their savings account.

The 5% contribution to the savings plan is divided into 30% for short-term savings and 70% for long-term (pension) savings.

Kenyans can gain access to the Hustler Fund via a USSD code *254# and mobile app platforms provided by mobile network providers such as Safaricom, Airtel, and Telkom.

If someone borrows a loan in error, the loan cannot be reversed and must be repaid. The loan is repaid using a mobile money account.

Furthermore, because the ID number serves as The Hustler Fund’s unique identifier, a customer cannot borrow money using more than one mobile number. If you need to register for the Hustler Fund, you must opt out of the registered number.

Moreover, because the Hustler Fund account is PIN-protected, savings are secure even if a mobile device is lost. Access to the account will be restored once the SIM card is replaced.