Today president William Ruto eventually Launched Hustler Fund Programme. The president believes that the fund will be very beneficial to millions of Kenyans who been living in financial crisis. The USSD code for applying the hustler fund is *254#. This is believed to be one of the approaches of bottom up economic model.
Just like any other loan, the hustler fund also have some terms of repayment. Actually there will be penalty for those who will fail to repay within 14 days after borrowing. Here are the penalties as reported by Citizen television.
1. The interest rate will be adjusted to 9.5% per annum 15 days after the date of default.
2. Thereafter, persistent default spanning 30 days and over will see a customer lose their existing credit score and their account frozen.
3. During this time the interest will continue to accrue pegged on the in-duplum rule and the appropriate recovery methods will be initiated
Here is the link to the citizen television post where the penalties are indicated.
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