President William Ruto's massive lending authority, the Husler Fund, will have 14 days to pay it back. Launched on Thursday, the fund will offer four different products that is start up loans, micro loans, SME loans and personal loans.
With a repayment period of 14 days and an annual interest rate of eight percent daily, a customer who borrows KES500 will pay back KES 501.53 after 14 days, representing KES 1.53 percent. If the loan is not paid within 14 days, the customer's credit rating is affected and they are given an additional 15 days. If the loan remains unpaid, the interest rate increases to 9.5% per year.
Fund Hustler accounts are frozen and borrowers lose all accumulated credit points after more than 30 days of delinquency. It also does not have a CRB list, so this tenant has no effect on your credit score with other lenders. A defaulting borrower can pay off the loan in a lump sum or in installments and borrow again after full payment.
When a customer receives a loan, the approved loan is sent to their mobile money account, 95 percent is deposited into the wallet and 5 percent into the savings account. The five percent target savings plan is divided into 30 percent for short-term savings and 70 percent for long-term retirement savings.
Kenyans can access the Hustler Fund through USSD codes and mobile application platforms offered by mobile network providers such as Safaricom, Airtel and Telkom. If someone gets a loan in error, the loan cannot be repaid and must be returned. Loans are paid through mobile money accounts.
In addition, customers cannot borrow with more than one mobile phone, as the KTP number becomes a unique identifier for Hustler Fund. If you need to register someone for the Hustler Foundation, you must give up the registered number.
Plus, because your Hustler Fund account is PIN protected, your savings are safe even if your mobile device is lost. Once the SIM card is replaced, the account will be restored.
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