Hustler Fund Loan Application Processing Disbursement And Repayment

Hustler Fund Loan Application Processing Disbursement And Repayment

The Hustlers fund is a Government fund that lets Kenyan Citizens borrow Money through their cell phones. The Government has given it a start up capital of Kshs 50Billion.

It was created to provide financial empowerment and security to the people at the bottom of the pyramid and Free low-income citizens from bondage of loan sharks

How Much can one borrow

A minimum of Kshs. 500/=. Out of every Kshs 100 borrowed:

  • Kshs 95 will go into the borrowers loan account
  • Kshs 3.95 will go to his/her pension account
  • Kshs 1.05 will go to his/her savings account

How is Different from Others

  • Low Intereset rate (8%)
  • No collateral required
  • No CRB Listing
  • NO threats

Once registered and loan limits assigned, the customer is required to follow the application steps to access the loan:

  • Dial USSD code *USSD code# or mobile application.
  • Select the loan request option to view the limit, interest, and loan tenure.
  • Enter the loan amount and press OK to continue
  • Confirm loan details as displayed to continue
  • Enter Mobile Money pin
  • Receive SMS notifications on Loan allocation with relevant loan information.

Once the customer has successfully applied and has received an SMS notification regarding loan information, back-office loan processing takes place in the following steps:

  • Loan Appraisal – The application will be subjected to the predetermined formula based on existing qualification parameters
  • Loan Approval- Approval shall be granted based on meeting eligibility criteria, credit worthiness.

How will my loan be disbursed

Upon approval, the loan will be disbursed to the borrower’s mobile wallet. Out of the total approved loan, 95% shall be disbursed to the mobile wallet of the borrower, 5% channeled to the savings Scheme.

If the loan is not repaid within the stipulated 14 days, the customer’s credit rating is negatively affected. However, if the loan is paid in full, the loan contract is closed, and the customer can request another loan. All transaction notifications to the customer will be by SMS.

You can only get one loan at a time and qualify for another loan if you Pay your loan in full. Qualified borrowers are eligible for only one loan at a time hence multiple loan borrowing on varied networks is therefore prohibited.

About Israel Wellington Jeremiah

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