How to Apply for Hustler Fund in Kenya

Simon Mwangi

Are you bursting with a brilliant business concept but lacking the funds to bring it to life? The Hustlers Fund could be the solution you need. This initiative offers financial support to individuals looking to start or grow small businesses in Kenya. This article will guide you through the application process and outline the requirements. We’ll also provide helpful tips to boost your chances of securing funding. Keep reading to discover more.

What is the Hustlers Fund?

The Hustlers Fund is a government-funded program that offers affordable loans to individuals and businesses. The interest rate is set at 8%, the lowest in Kenya. This program aims to help people start or grow their enterprises without being burdened by excessive interest rates or predatory lenders. One needs a mobile number to access the funds and can choose from 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 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 years 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:

  1. Dial USSD code *254# or your SIM tool KIT
  2. Select option 1 to register.
  3. Accept the terms and conditions
  4. Next, provide your Mpesa pin to complete the registration.
  5. Sit back and wait for your loan limit to be confirmed.
  6. Under Loans and Savings, Select “Hustler Fund.
  7. Select the menu options that interest you: View loan Limit, Request loans, interest rates, etc.,
  8. Enter the loan amount you wish to apply and press okay to continue.
  9. Follow the system prompts 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 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 you have a good credit score.

Make sure all your debt is current, 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.

Share This Article
As a freelance writer with a background in banking and accounting, Simon has the financial know-how to produce quality content on various topics. His experience gives him a strong foundation in understanding complex financial concepts and communicating them in an easy-to-understand way.