Most people have not fully understood how the money lending project works and people allege that it is same as Fuliza which is not true.
First of all main objective behind Hustlers Fund is to provide small scale business people, farmers, mama mboga and individuals with a platform where they can access money at an affordable interest rate regardless of CRB status while Fuliza objective is to allow it's customers to complete Mpesa transactions with insufficient Mpesa funds in their accounts.
While Fuliza allows you to borrow over and over until allocated limit is finished, with hustlers fund you can only borrow the whole limit amount once into your mobile money account.
Fuliza is only available to Safaricom members registered to Mpesa who have been active for six months based on line activity while Hustler Fund is available to everybody with a an active sim card for over 90 days from Airtel, Safaricom and Telcom.
Hustler Funds charges an interest rate of 8 percent per annum or 0.02% per day on amount borrowed while Fuliza charges an interest of 1 percent access fee and daily maintenance fee applied next day at night. A customer is also charged a 20 percent excise fee.
In addition, if a borrower fails to repay hustler fund within 14 days, the interest is adjusted to 9.5% on the 15th day. Failure to clear it by the 30th, the account is deactivated. For Safaricom, MPesa account is not deactivated but fuliza limit may reduce.
To get Hustler fund, dial *254#. To opt in to Fuliza, dial *234# on Safaricom sim card or Safaricom App.
Content created and supplied by: Galdem (via Opera News )
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