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On November 30, 2022, President William Ruto launched the Hustler Fund. This is a flagship credit scheme for the poor. It is meant to lift millions of people out of poverty through the bottom-up economic model. Since the fund was launched, Kenyans have been curious to know every detail about the Hustler Fund application, including the requirements, limit, and interest rates.
If you don't have access to a smartphone, you cannot borrow money through mobile loan apps. However, you should not panic because there are several lenders offering unsecured loans to Kenyans through USSD codes. You only need to dial the USSD code and follow the prompts instead of installing an app. Hustler Fund is the latest addition to the list of lenders offering this service.
The Hustler Fund loan is a flagship project of the Kenya Kwanza government. It was launched on November 30, 2022, by President William Ruto at the Green Park terminus. The loans are offered to individuals, groups, and SMEs. Any Kenyan individual of adult age can access the loan. Individuals qualify for loan amounts of between Kshs. 500 and Kshs. 50,000.
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The specific amount that an individual qualifies for is determined using various parameters. The loans are also offered to small businesses that have struggled to access financing from mainstream banks. Small businesses and startups qualify for loans of up to Kshs. 50,000. Groups can access loan amounts of between Kshs. 50,000 and Kshs. 10 million.
The best aspect of this fund is that you do not need to go through a thorough application process to qualify. You can be granted the loan even if you have been negatively listed on the CRB. No paperwork is involved because the fund follows the format used by digital lenders. It targets Kenyans who have been locked out of mainstream borrowing after being negatively listed by CRB.
In the current digital age, you do not need to visit the bank to apply for a loan. You can easily apply for a loan via apps and USSD. Hustler Fund is no exception. The fund is accessible through a USSD code, and you can easily apply for it via mobile applications. You can also download the mobile app from Google Play and App store. Here is a simple procedure you should follow to apply for a loan.
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Before you apply for the loan, you need to know the interest charged. The loan is offered at an annual interest rate of 8 percent. This translates to about 0.02 per cent per day. This interest rate is much lower compared to the average bank interest which currently stands at 12.38 per cent. The loan amount must be repaid within 14 days from the disbursement date.
If you fail to repay the loan within 15 days after the default date, the interest rate is adjusted to 9.5 per cent per annum. Your account will be frozen and you will lose your existing credit score if you default on loan repayment.
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There you have it; a comprehensive guide on the Hustler Fund application proces. Any Kenyan adult can apply for the loan regardless of whether they have been negatively listed on the CRB or not. If you repay the loan on time, your loan limit will increase and you can access larger amounts in the future.
Tuko.co.ke published an article about the best loan apps in Kenya for genuine instant loans. Mobile loan apps are giving banks a run for their money. The best loan apps in Kenya do not involve a lot of paperwork before issuing loans. They are instant as opposed to bank loans, where one has to go through a tedious process and then wait before the credit is given.
The instant loan apps in Kenya eliminate this cumbersome process to give you access to sizeable loans on your handheld gadget. While there are many pros of loan apps, borrowers should be keen on accessing such apps. The best loan apps featured on the list include M-Shwari, KCB M-Pesa, Timiza, Branch, Berry, Tala, and others. Read the post to learn more.
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Source: TUKO.co.ke
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