What happens if you do not pay Hustler Fund Loan in 14 days, you will regret

 

The Kenya Kwanza government has praised the much-anticipated Hustler Fund as a relief for millions of Kenyans who couldn't get credit because they were blacklisted by major credit rating agencies.

 

 The Hustler Fund launch

 

The fund would provide loans to Kenyans starting at Ksh. 500 and going as high as Ksh. 50,000 at a prorated interest rate of 8% or a daily rate of 0.002%.

 

The Hustler Fund has payback restrictions, too, and if the consumer doesn't meet them, they'll be subject to fines, just as with other credit schemes.

What happens if Hustlers do not pay Hustler Fund Loan?

• In the event that the personal finance loan is in default, interest rate increases and account frozen.
  
• After 15 days from the date of default, the interest rate will increase to 9.5% annually.
• After that, a client will lose their current credit score and have their account frozen if they persistently fail for 30 days or more.
• During this time, the required recovery procedures will start, and according to the in-duplum rule, interest will continue to build up.

Simon Chelugui, Cabinet Secretary for Co-operative and Micro, Small, and Medium Enterprises, says that the borrower can pay back the loan in full or in part as long as the full amount is paid back within 14 days.

How to access Hustler Fund on Airtel, Telkom or Safaricom

The fund can be accessed through the USSD number *254# and mobile application platforms offered by all Kenyan mobile network providers.

Customers must download the mobile app or use the USSD code to sign up for the fund in order to create an account on the platform.

How to register on Hustler Fund Loan

To register and submit a loan application: 

• Use a mobile application or the USSD code: *USSD code# that is *254#.
• Click on the "loan request" option to find out the amount you can borrow, the interest rate, and how long you have to pay it back.
•  To proceed, enter the loan amount and click OK.
• Verify the presented loan information to proceed.
• Type the pin for mobile money.
• Receive SMS alerts containing important loan information such as loan allocation.