By now we all know what the famous Hustler fund is all about, if you haven't heard, it is a fund that offers loans to Kenyans from as low as Ksh.500 to Ksh.50000. I interacted with a hustler fund beneficiary and they insisted that I should take advantage of the loan. This prompted me to find out the pros and cons of the so much talked about hustler fund.
The hustler fund has generated a positive response from the public with over 10 million Kenyans opting into the fund. The cabinet secretary disclosed that the figures proved that the fund came at the right time and has plugged in a real and properly diagnosed need afflicting ordinary Kenyans. Commenting on the uptake yesterday, Cooperatives and Micro, Small and Medium Enterprises Development Cabinet Secretary Simon Chelugui said Kenyans have embraced the fund as he revealed that over Sh129 million had been repaid by Saturday
An estimated amount of Kshs.3.7 billion has been disbursed to Kenyans in just five days since it was launched. Just like any other credit plan, the fund has a repayment period which if the customer defaults they will have to face penalties.
The interest rate for the hustler fund goes up from 8% to 9.5% p.a 15 days after the date of default. A persistent default going up to 30 days and over will see a client lose their existing credit score and their account will be frozen. The interest continues to accumulate and the appropriate recovery methods are initiated.
Unlike fuliza which had also become so popular, the hustler fund does not have an opt-out, once you agree to the terms and conditions there is no going back. It is important that you read the terms and conditions carefully before agreeing to register for the fund. You can also consider the limits, interests, penalties, and disbursement.
Have you registered for the hustler fund? If not, what are you waiting for...Let's talk about your experience with the hustler fund. Comment, like, share, and remember to drop your comment below.
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