Here is a look at how to apply for hustlers fund in Kenya ………….
Are you in a fix?
Well, you can access hustlers fund instantly where it is credited to your mobile money account that is either M-PESA, Airtel money, or TKASH.
In this article, we will look at how to apply for hustlers fund in Kenya online and from your phone.
Let’s get started
How to apply for hustlers fund in Kenya
Hustler funds offer loans from a minimum of ksh.500 to as high as ksh.50,000 at an 8% rate per annum or a daily rate of 0.02% per day.
And, you pay back the loan within 14 days from the date of disbursement.
Now, there are two ways you can apply for hustlers fund;
- Using the USSD code 254
- Using the mobile app
This is important: You cannot apply for the hustler’s fund without first registering so register as outlined below first.
How to register for hustler funds
Now, let us look at the steps to register for hustler funds in detail:
- Dial the USSD code *254#
Start by dialing the code from any of the mobile network operators which are Safaricom, Airtel, or Telkom.
- Choose the register option
Here type 1 and click send to register.
- Accept the terms and conditions
Type 1 and then click send to accept the terms and conditions of joining the hustler funds platform.
However, if you do not agree with the terms and conditions then Type 2 and then click send to decline.
- Enter mobile money PIN
Next, enter the PIN to your mobile money be it; MPESA, Airtel Money, or TKASH.
- Receive SMS notification.
Here, you will receive a message confirming that you have successfully registered for the hustler fund.
In addition, you also get the hustler funds loan limit that you have been assigned.
If the Hustler Funds Registration is unsuccessful, you will also receive an SMS notification.
Finally, having successfully registered for the hustler funds loan, you are now eligible to apply for hustler funds loans.
Let us look at how to apply for hustlers fund step-by-step via the USSD code.
How to apply for hustlers fund in Kenya via USSD
- Dial USSD code *254#
Start by calling the Hustler’s Fund USSD code *254#
- Select Request loan
Type 1 and then click send for loan request option to then view your loan limit interest and loan tenure (period from the date of disbursement of the loan to the date of paying back the loan and interest).
- Enter the loan amount
Here, you then enter the amount of loan you are requesting and press the ‘send’ option to continue.
However, the loan amount you are requesting cannot exceed the loan limit you were notified of in the SMS.
- Enter your PIN
Next, enter your MPESA PIN, Airtel Money PIN, or Telkom TKASH PIN depending on the mobile money wallet you are using.
- Confirm the loan details
Here confirm loan details by typing 1 if okay with them and click send to continue to the next step.
Now let us look at the breakdown of the amount you will receive;
- 95% of the loan you applied for will be sent to your mobile money account that is; MPESA, TKASH, or Airtel Money.
- 5% of the loan you applied for will be sent to your savings account.
And the amount that is sent to your savings is further split as follows;
- 70% will be sent to your long-term pension account.
- 30% will be sent to your short-term account.
- Receive SMS notification.
Here you will receive a HUSTLERFUND message with the loan that you have been allocated and also relevant loan information.
So the loan approved is disbursed to your mobile money account.
How to apply for hustlers fund online
Alternatively, you can also apply for hustler’s fund via the mobile app – first buy enough data.
See how below:
How to apply for hustlers fund in Kenya via the app
First download the hustlers fund app.
Here are the steps;
- Go to the play store app
- Search for ‘Hustler’s fund’ loan app
- Download the app
- Install the hustler’s fund app
Now, to apply for hustler’s fund using the mobile app, do as follows:
- Click the hustler’s fund mobile app from your phone
- Select the loan request option to view the limit, interest, and loan tenure.
- Enter the loan amount and then press OK.
- Confirm loan details.
- Enter your mobile money PIN.
- Receive SMS notification on loan allocation
How to apply for the hustler fund – important requirements
There are some requirements that you have to meet before applying for hustler fund loans..
Here they are:
- You have to be a Kenyan citizen of 18 years and above.
- You should have a valid national ID (Identity Card number that serves as a unique identifier).
- You should have a registered mobile number with a recognized mobile money network that is either Safaricom, Airtel, or Telkom.
- You should have a registered mobile money account that is MPESA, Airtel Money, or TKASH.
- Your registered sim card must have been in use for more than 90 days so buying a new sim card today to apply for hustler funds loans won’t just work.
- You must then produce details on where you reside.
How to apply for hustlers fund in Kenya – Frequently asked questions
What is the hustler’s fund limit for an individual?
The hustlers fund limit for an individual range between Ksh.500 to Ksh.50,000.
What is the hustler’s fund interest rate?
The hustler’s fund interest rate is 0.02% per day or 8% per annum.
What is the repayment period of hustler’s fund?
The repayment period of hustler’s fund is 14 days from the date of disbursement.
What happens if an individual fails to pay back the hustlers fund loan?
If an individual fails to pay for hustler’s fund loan after 14 days from the date of disbursement, penalties apply.
In fact, your interest rate will then be adjusted to 9.5% from the 15th day after the default date hence your credit rating is affected.
If this happens, then you lose all the credit scores you had accumulated and your hustler fund account is then frozen if you do not pay the loan thirty days from the day of default.
What happens if you repay your hustlers fund loan on time?
If you pay your hustler fund loan within the required 14 days, then your loan limit is increased from time to time depending on how you make your loan repayments.
This way you keep your existing credit rating and also credit history and also you avoid unnecessary additional charges.
How to apply for hustler funds in Kenya- Recap
There you have a comprehensive guide on how to register for hustlers fund loan / how to apply for hustlers fund loan.
I’m sure the above steps will help you in applying for the hustlers fund loan.
Most importantly, make sure you borrow the hustler funds loan and repay in time to avoid extra charges and also have a good saving scheme of your money.
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