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How to Apply for The Hustler Fund

How to Apply for The Hustler Fund

During the campaign for the 2022 elections, the Kenya Kwanza administration promised to create a Hustler Fund. The fund offers loans ranging from a minimum of Ksh. 500 to a maximum of Ksh. 50,000, comes with an 8 percent pro-rated interest rate or a daily rate of 0.002 percent. Its primary aim is to provide crucial financial assistance to countless Kenyans who have faced difficulties accessing credit due to being blacklisted by different credit rating agencies.

Understanding the Hustler Fund

The Hustler Fund embodies inclusivity and accessibility, offering loans ranging from a minimum of Ksh. 500 to a substantial Ksh. 50,000. At an incredibly competitive interest rate of 8% on a pro-rated basis or a daily rate of 0.002%, the fund addresses the pressing financial needs of Kenyans who have faced exclusion due to credit rating issues.

How to Apply for the Hustler Fund

USSD Code and Mobile Application Platforms

Accessing the Hustler Fund is both straightforward and convenient. Users can leverage the USSD code *254# or opt for mobile application platforms offered by any of Kenya’s mobile network operators like Safaricom.

Registration Process

To embark on their journey with the Hustler Fund, individuals are required to register through the USSD code or the designated mobile application. The registration process entails accepting the Terms and Conditions, followed by the input of their mobile money PIN. Upon successful registration, users receive an SMS confirming their enrollment along with their assigned limit.

Loan Application Procedure

Once registered, users can seamlessly apply for loans through the following steps:

  1. Dial the USSD code *254# on either Safaricom, Airtel, or Telkom or access a mobile application like the M-Pesa app.
  2. Select the loan request option to view available limits, interest rates, and loan tenures.
  3. Enter the desired loan amount and proceed to confirm.
  4. Authenticate loan details as displayed.
  5. Enter the Mobile Money PIN.
  6. Receive SMS notifications regarding loan allocation and relevant loan information.

Upon approval, the disbursed loan amount, constituting 95% of the total, is credited to the user’s mobile money account. The remaining 5% is allocated to their savings account within the Hustler Fund framework.

The Savings Scheme

The Hustler Fund’s savings scheme is a testament to its commitment to long-term financial well-being. This scheme allocates 70% of the 5% savings into long-term (Pension) accounts and 30% into short-term savings. For instance, if a user borrows KSh. 1,000, KSh. 50 (5% of Ksh. 1,000) will be allocated as follows:

  • KSh. 35 (70% of Ksh. 50) into the Long term savings account.
  • KSh. 15 (30% of Ksh. 50) into the short-term savings account.

Zero Processing Fees

In a landscape where financial burdens often amplify due to processing fees, the Hustler Fund stands out. With a commitment to financial empowerment, the fund ensures that borrowers are relieved of any processing fees, fostering a more inclusive borrowing environment.

In conclusion, the Hustler Fund emerges as a transformative force in Kenya’s financial landscape. With its emphasis on accessibility, transparency, and financial empowerment, it paves the way for a more inclusive economic future for all Kenyans.

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