Hustler Fund: A Comprehensive Guide on Registration, Increasing Loan Amounts, and Checking Eligibility

The Hustler Fund is a unique financial inclusion initiative introduced by the Kenyan government. It aims to provide credit facilities to micro, small, and medium-sized enterprises (SMEs), individuals, and groups, especially those without collateral or legal banking history. This revolutionary Fund targets individuals locked out of mainstream borrowing due to limited resources or poor credit history.

Hustler Fund Registration Process

Step 1: Dial the USSD Code

To register for the Hustler Fund, you will need to dial *254# on your mobile phone. This code works with any Mobile Network Operator in Kenya.

Step 2: Choose Your Business Category

After dialing the code, select your business category from the available options. These categories include Agriculture, Trade, Manufacturing, and Service Providers.

Step 3: Enter Business Details

Next, you'll be required to enter your business registration number and Kenya Revenue Authority (KRA) pin associated with the business.

Step 4: Accept the Terms and Conditions

To complete the registration process, you need to accept the terms and conditions of the Hustler Fund. After this step, you'll receive a confirmation message with the loan amount you qualify for within two hours.

Hustler Fund Eligibility Criteria

The Hustler Fund is accessible to any Kenyan citizen who meets the following criteria:

• Must be 18 years of age and above.
• Must possess a valid Kenyan National ID.
• Must have an active SIM Card from any Mobile Network Operator.
• Must be registered to the Hustler Fund Personal Loan Product.
• Must have a business number for a business registered on the Business Registration Service (BRS).
• Must have a KRA pin linked to the Business on BRS.

Increasing Your Hustler Fund Loan Amount 

The maximum loan amount you can access from the Hustler Fund is KES 50,000. However, based on the Fund's internal criteria, you may initially qualify for a smaller loan. If you're wondering how to increase your Hustler Fund limit, here's the good news: You can increase your loan limit through regular borrowing and timely repayment. Demonstrating financial responsibility enhances your credibility and raises your loan limit.

Checking Your Eligibility for Higher Loan Amounts

How can you ascertain your eligibility for higher loan amounts? Once you've used the service and made repayments on time, you can check your eligibility by dialing the USSD code *254#. After entering the loan request option, the system will display your limit, interest, and loan tenure. You will likely see an increased loan limit if you've been consistently responsible with your previous loans.

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Conclusion

The Hustler Fund is an unprecedented step towards boosting economic growth and creating employment opportunities in Kenya. By providing accessible and affordable credit facilities to individuals and small businesses, it's paving the way for financial inclusion and prosperity.

FAQs

How does the Hustler Fund work?

The Hustler Fund provides credit facilities to individuals, groups, and SMEs. Borrowers can access these funds by registering through a USSD code. The repayment period and interest rates are designed to be friendly and encouraging for borrowers.

How can I repay the Hustler Fund loan?

Repayment of the Hustler Fund loan is relatively straightforward. You can repay the loan via mobile money transfer using the same USSD code. It's important to note that timely loan repayment will increase your chances of qualifying for larger loans.

What happens if I don't repay my Hustler Fund loan on time?

Failure to repay your loan on time can result in penalties and affect your ability to borrow more significant amounts in the future. It can also impact your credit score, affecting your ability to borrow from other financial institutions.

Can I access the Hustler Fund if someone else is a business owner?

Yes, the Hustler Fund is not only for business owners. It is designed to assist individuals and groups without collateral or legal banking history. However, having a registered business can increase the loan amount you can access.

Can I apply for a Hustler Fund loan if I'm not in Kenya?

The Hustler Fund is a Kenyan initiative available only to Kenyan citizens. Applicants must possess a valid Kenyan National ID and have an active SIM Card from any Mobile Network Operator in Kenya.

What can I do if my loan application is rejected?

Contact the Hustler Fund customer service for assistance if your loan application is rejected. They can explain why your application was unsuccessful and what steps you can take to improve your chances of approval in the future.

Can I have more than one active loan with the Hustler Fund?

The terms and conditions of the Hustler Fund usually stipulate that a borrower can only have one active loan at a time. The borrower can apply for another once the first loan is fully repaid.