Do you have a great business idea but don’t have the money to make it happen? The Hustlers Fund may be just what you need.
This program provides financial assistance to entrepreneurs starting or expanding small businesses in Kenya.
This article will explain how to apply for Hustler Fund and the requirements. We will also give you tips on increasing your chances of being approved for funding. So read on to learn more!
What is Hustlers Fund, and what are its objectives
The Hustlers Fund is a government-funded program that provides affordable loans to individuals and businesses. The interest rate is 8%, the lowest ever charged in Kenya.
This allows citizens to start or boost their hustles without being crushed by predatory lenders and high-interest rates.
The funds are accessed via mobile numbers and will be clustered into three products: personal finance, group borrowing, and SME and cooperative borrowing.
Hustler Fund Application Requirements
Who can apply for Hustler Funds?
Individuals must be 18 years old and possess a Kenyan identification card to qualify for Hustler Funds. The funds are available to citizens who need affordable loans to start or boost their hustles.
Hustler Funds Loan Requirements
- Hustler Funds Loan Requirements
- Applicants must be citizens of Kenya and above 18 yrs old
- Must have a valid Kenyan identification card
- Must be registered with an MNO (Mobile Network Operator such as Safaricom, Telkom, or airtel).
Lastly, the individual’s CRB credit score will determine their loan limit. Once approved, One can access the funds via mobile numbers(USSD code or app).
How to Apply for Hustler Funds?
Applying for Hustler Funds is simple. But first, you need to be registered to determine your loan limit.
Hustler funds can be accessed via a USSD code on the Safaricom line.
If you have a smartphone, you can apply for Hustler Funds by following these simple steps:
- Dial USSD code *254# or your SIM tool KIT
- Select option 1 to register.
- Accept the terms and conditions
- Next, provide your mpesa pin to complete the registration.
- Sit back and wait for you loan limit to be confirmed.
- Under Loans and Savings, Select “Hustler Fund.
- Select the menu options that interest you: View loan Limit, Request loans, interest rates, etc.,
- Enter the loan amount you wish to apply and press okay to continue.
- Follow the system prompt to complete your transaction.
Alas! You have successfully applied for the hustler fund. Sit back and wait for that “Confirmed” Mpesa Message.
Tips on increasing your chances of being approved for funding
Because Hustler funds rely heavily on Safaricom, here are a few things you can do to increase your chances of being approved for Hustler Funds and getting a higher loan limit. First, you need to understand how the algorithms of hustler funds. Here is how Hustler funds work.
- The first algorithm checks your CRB credit score from Safaricom’s database to indicate how well you have managed debt.
- Next, the systems check your loan history, such as Your last Fuliza or Mshwari loan, last repayment, how long you took to repay, etc.
- The second algorithm looks at your Mpesa transaction statements to see how deep your pockets run.
- Lastly, the systems check your phone and airtime usage, among other things.
Therefore, to increase your chances of being approved for Hustler Funds and getting a higher loan limit, ensure that you have a good credit score.
Make sure all your debt is up to date, and repay them on time. Maintain an active SIM card for at least six months, use it regularly and save as much money as possible. By taking these steps, you increase your chances of being approved for Hustler Funds.
Applying for Hustler funds can be the stepping stone that helps get your business off to a great start or take it to the next level.
With easy access and low-interest rates, this is one of the best options available in Kenya. These steps and tips can help make the application process smoother and more successful. Good luck!
What happens after you are approved for funding
Once approved for Hustler Funds, they will transfer the funds to your mobile money account within a specified period.
After that, you can use the funds to start or expand your business. You must also repay the loan in monthly installments over the agreed time. Failure to make payments on time will result in a penalty.
The bottom Line
With Hustler Fund Kenya, individuals and entrepreneurs can access the capital they need to start or grow their businesses.
The fund offers low-interest rates and requires minimal paperwork, making it an excellent choice for small business owners.
We hope this article has helped guide you through the Hustler Fund application process and requirements.