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Uproar As Kenyans Discover One Strange Thing About Hustler Fund That Will Scare Away Many People

In an effort to aid low-income individuals in expanding their businesses and promote a culture of saving, President William Ruto's administration unveiled a Ksh50 billion initiative on November 30 called the Hustler Fund Kitty.

The Hustler Fund offers four distinct types of loans: individual loans, microloans, loans to medium and small businesses, and capital for new ventures. Borrowing limits for the personal finance program start at Ksh500 and go up to Ksh50,000, depending on the applicant's credit score. Access to up to Ksh250,000 is available to startups and SMEs.

The rate is 8% per year, which is equivalent to 0.02% per day when calculated on a daily basis. You can also apply through any of Kenya's mobile network operators' mobile application platforms or by dialing the USSD code *254#.

You can use a Mobile Money service, such as Self-payment, to pay back a loan.

There is a 14-day grace period before the loan becomes due, and the interest rate is 8% per year. The loan can be paid back in full at any time during the 14 day grace period, or in installments.

However, the 14-day repayment period has been met with a range of reactions from Kenyans, with many expressing dissatisfaction.

In case you are considering a loan from Hustler Funds, here are some responses from Kenyans regarding the 14-day standoff.

Your credit score will take a hit if you are unable to repay the loan by the due date. As a result, you won't be able to apply for any new loans until your current ones are settled.

A full or partial repayment of the loan is permitted at any time during the initial 14 days. All alerts regarding financial dealings will be sent via text message. Fifteen days after the default date, the interest rate will increase to 9.5% annually.

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Hustler Fund Kenyans Ksh500 SMEs

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