The Hustler Fund is a digital financial inclusion initiative launched on November 30, 2022, by President William Ruto. Its goal is to provide affordable credit to Kenyans, especially small business owners and individuals, by offering loans with low interest rates. Borrowers can access loans ranging from Ksh 500 to Ksh 50,000 directly through their mobile phones.
In this article, we will provide a step-by-step guide on how to repay a Hustler Fund loan, check your loan balance, and explain the importance of timely repayments.
How to Repay Hustler Fund Loan
Repaying your Hustler Fund loan is simple and can be done directly through your mobile phone. Follow these steps to make a repayment:
- *Dial 254# on your mobile phone.
- Select the “Repay Loan” option from the menu that appears.
- Enter the amount you wish to repay.
- Click “Send” to proceed.
- Enter your mobile money PIN to authorize the transaction.
- Select option 1 to confirm your loan details.
- Click “Send” to finalize the repayment.
Once your payment is successfully processed, you will receive a confirmation message, and your outstanding loan balance will be updated.
How to Check Hustler Fund Loan Balance
To keep track of your Hustler Fund loan balance, you can follow these steps:
- Dial ** 254#* from your mobile phone.
- Choose the “Loans” option from the menu.
- Select “Check Loan Status”.
- Enter your mobile money PIN.
- A message will be sent to your phone, showing your current loan balance.
Monitoring your loan balance is essential to ensure timely repayment and avoid penalties.
Consequences of Not Paying Hustler Fund Loan on Time
Timely repayment is crucial when dealing with the Hustler Fund loan. If you fail to repay your loan within the stipulated time, it can negatively affect your credit rating. This, in turn, may limit your ability to borrow in the future until the outstanding loan is fully paid.
While you have a 14-day window to repay the loan either partially or fully, failure to do so within this period will result in an interest rate increase from the standard rate to 9.5% per annum. Therefore, making timely repayments helps you avoid unnecessary charges and keeps your loan limit increasing.
How to Increase Hustler Fund Loan Limit
Your loan limit is determined by your borrowing and repayment history with the Hustler Fund. To increase your loan limit, you should:
- Borrow consistently.
- Repay your loans on time.
The more reliable you are with your loan repayments, the higher your chances of having your loan limit reviewed and increased. A good track record signals to the fund that you are a responsible borrower, allowing you to access larger amounts for future needs.
