President William Ruto recently launched the much anticipated Hustlers Fund at the Green Park Terminal in Nairobi City. The event was attended which was headlined by President William Ruto was also attended by Deputy President Rigathi Gachagua and Trade CS Moses Kuria among other leaders.
5% of the approved loan will go into the savings account of the borrower, a move which has caused mixed reactions from Kenyans. The borrower will only access 95% of the approved loan. Senator Ledama while reacting to the Hustler fund has faulted the Government for placing punitive interest rates on the loans.
"Dear Kenyans if you borrow Ksh 500 from @WilliamsRuto Hustler Fund you will receive the Ksh 500-8%(40)-30=Ksh430 if you fail to pay in 14 days on the 15th day you will owe the hustler Ksh 547.50 if you fail to pay for a month you will owe the hustler Ksh 1,925. Is this worth it? " Senator Ledama Ole Kina's tweet on Hustler fund.
Sen. Ledama has tried to explain how the Hustler fund will be a huge burden to Kenyans. The Narok Senator has stated that if you borrow Ksh. 500 from the Hustler Fund, you will receive only Ksh. 430 after part of it has been saved and transaction cost deducted. He has further stated that you will be expected to pay the loan in the next 14 days failure of which you will owe the Government Ksh. 547.50.
The senator has further claimed that if you fail to pay for a month, you will owe the Government Ksh. 1,925 which is a lot of money compared to the Ksh. 500 you borrowed. The ODM Senator has posed a question to Kenyans asking them if the Hustler fund is really worth it.
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