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What Will Happen If You Don't Repay The Hustler Fund

Finally the hustler fund was today launched by the Kenya Kwanza administration.It is said to be a relief to millions of Kenyans who had been blacklisted by various loan agencies and could no longer access any loans for their businesses and developments.

The fund is said to offer Kenyans loans from a minimum of Ksh.500 to as high as Ksh.50,000 at 8 per cent pro-rated basis or a daily rate of 0.002 per cent. Just like any other loan, the hustler fund also has terms and conditions which if defaulted may land you into trouble. You may end up facing penalties.

Here are the consequences of defaulting the loan

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.

Co-operative and Micro, Small, and Medium Enterprises Cabinet Secretary Simon Chelugui says that the borrower may re-pay the loan in full or in part provided, that the full repayment is done within 14 days.

According to Simon Chelugui, CS for Co-operative and Mocro, Small and Medium Enterprises, the loan can be paid partly or in full as long as the borrower completes full repayment in 14 days.

Content created and supplied by: nora1 (via Opera News )

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