One of the cornerstones of President William Ruto’s campaign, the Hustler Fund, was officially launched today.
The Kenya Kwanza leader surfed the wave of the class narrative to the State House after making a promise to the youth of a KSh50 billion Hustler Fund and portraying himself as a “hustler”.
The Hustler Fund is a “response to predatory lending that historically has denied many households an opportunity to contribute their legitimate contribution to nation-building,” according to the government.
Herein below, are the top 10 reasons why the Hustler Fund is not bad for you but most importantly, something that can help shape your life in ways more than one.
1. Hustlers Fund is here for all Kenyans, the government will contribute one shilling for every Ksh 2 saved.
2. Since there won’t be any middlemen in the transaction, hustlers will simply need their phones to apply for and receive the loans.
3. The funds will be accessible through phone numbers and authorized mobile money networks.
4. According to major network carriers, Hustler Money customers can access the fund by dialing USSD code *254# across all networks; Safaricom, Airtel and Telkom, which is easy to access even with a katululu/kabambe/mulika mwizi/ or feature phone.
5. Through an SMS short code, borrowers can access a menu and finish the loan application process. The Borrower will receive an SMS notification if registration is unsuccessful.
6. A special customer call center will address the problems and inquiries of Hustler Fund borrowers.
7. Start-up loans, microloans, SME loans, and personal loans are the four items that will be available through the loan.
8. Additionally, since the debtor is not included on the CRB, Hustler Fund loan default has no effect on the debtor’s credit rating with other lenders.
9. When given a loan for KES 500 with a 14-day repayment period, the consumer will have to pay KES 501.53 back, or KES 1.53 in interest, after the loan time is up. the 8% interest is calculated after the 14 days end.
10. After more than 30 days of default, the Hustler’s Fund account is frozen and the borrower loses all acquired credit ratings.
Will you apply for the Hustle Fund loan?
Note: USSD shall be activated on 1/12/2022.
What do you plan to do with it?
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