Nairobi, Kenya Jan 8- Over 13.5 Billion Kenya Shillings disbursed to Kenyans Via the Hustler Fund, Government says
In a tweet shared by State House Spokesperson, Hussein Mohamed, 17,877,990 Kenyans have registered for the Hustler Fund.
Further, Ksh 13,551,532,174 has been disbursed as of January 8th, 2023 at 12 noon.
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Hustler Fund Total Repayment stands at Ksh 5,877,097,463 and savings at ksh 677,557,694.
Total transactions as at 12 noon today stands at 23,090,600 and number of repeat customers is 4,971,502
Total default amount is approximately ksh 7.6 Billion
Everything you need to know below.
Why you should care? The loans are so cheap that Sh500 borrowed for 14 days is repaid back as Sh501.53. That’s a measly Sh1.53 interest on Sh500 loan. This is available to all Kenyans, and you can borrow more.
The Hustler Fund is a lending service via mobile phones aimed at giving credit to SMEs.
You just your National ID to apply.
One can borrow between Sh500 to Sh50,000 depending on your credit score.
Loans have 8% pa interest rate on reducing balance calculated per day.
Hustler Fund loans differentiate themselves from other loans by having low interest not needing collateral, they seem to be a better alternative to M-Shwari and KCB-Mpesa in that way.
Each loan has a 14-day repayment period with interest calculated per day on reducing balance.
How to apply for Hustler Fund:
Have a sim card in use for over 90 days.
When you borrow, 95% of the loan is sent to your money wallet and 5% goes to your savings account.
The savings account is split into 30% short term savings and 70% long-term (pension) savings.
Be very careful about hustler fund loans though. Here’s why:
If the loan is not repaid within 14 days, your credit rating drops and you are given an additional 15 days. If the loan is still not paid back the interest increases to 9.5% pa. Your HF account is frozen after 30 days.