Kenya's managed to borrowed over 400 million in less than 24hours after the Hustler Fund Loan Launch by the President, His Excellency William Samoei Ruto, being one of them you might wonder what will happen if you take the Hustler Fund loan and fail to repay.
For starters, one gets 14 days to repay the loan and qualify for another, customers who will not have repaid the loan in the 14days will be added an additional 15days to repay and if the loan is still not settled, the interest rate will increase from 8 to 9.5 per cent per year.
After a more than 30 days default without repayment of the hustler fund loan, one's Hustler Fund account gets frozen and he or she loses all their accumulated credit scores, however, customers with this default won't be listed on the Credit Reference Bureau (CRB) hence not having an impact with other loan lenders.
One may still repay the defaults at once or in installments and after a full repayment one may borrow again.
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