What happens if you don’t repay the Hustler’s fund?
The trending topic by Kenyans on Twitter is how people default on the Huster’s Fund.
President William Ruto launched the fund, saying it would help all Kenyan hustlers irrespective of who they voted for.
The loan amount that can be borrowed is between Sh 500 to Sk 50,0000. The repayment period is within 14 days.
The borrower may re-pay the loan as a lump sum or in part provided that the full repayment is done within 14 days.
Check out the link below to find out the requirements for applying for the funds.
So, what is the loan recovery and collection management process? According to the regulations, this will involve monitoring and evaluating the facility disbursed and repaid to identify
the level of portfolio risks, and the following initiatives will be adopted for loan recovery and
Here is the process.
● The borrower will be notified of the due date and outstanding amount 5 days
prior via SMS.
● On the thirtieth day of the facility, the customer is notified that the facility is
● One day after the thirtieth day, the borrower is notified that the facility is now
● After the due date, the borrower shall not be eligible to apply for any other
facility with the Fund until the outstanding loan is fully paid.
● Overdue reminders shall be sent every 5 days up to a maximum of 30 days.
Here is how you can check your loan balance as a fund user.
● Via USSD dial *254#
● Select Loans
● Check Loan Status
● Select Loan balance
● Enter Mobile Money PIN
● You will receive an SMS message with your Loan balance
● This will be displayed on the Hustler Fund app with an option to hide or unhide
Most of the Kenyans on Twitter were worried about the penalties they would incur if they defaulted.
15 days after the date of default, the interest rate will be adjusted to 9.5% per annum, and the interest continues to accrue pegged on the in-duplum rule and recovery methods will be initiated.
Is it true that customers will be charged KSh 10 million for default? No. This charge is a penalty to the fund administrators for abusing the monies set aside for the beneficiaries of the fund.
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