A Hustler Fund loan is a type of unsecured personal loan that disburses loans without relying on the borrower’s assets for security. Hustler Fund loans are approved based on the borrower’s creditworthiness. Therefore, these types of personal loans are easy, fast, and instant to apply for and get approved for because they do not require any collateral or paperwork.

Hustler Fund loans are known as emergency loans that can be used for personal uses such as home improvement, medical expenses, debt consolidation, and other personal expenses. This lender is an online lender that uses machine learning systems to understand a customer’s financial capacity. The machine learning uses data from the user’s devices to check and calculate the credit limit.

How does a Hustler Fund loan work?

Hustler Fund loans work by underwriting and disbursing loans to borrowers regardless of their credit history. It means that even if you have a low credit score, you will still get approved for the loan. During the registration process, Hustler Fund reviews the borrower’s personal details such as monthly income, residential area, and household. The data collected through the app is used to create a customer profile.

Below is a summary table for the Hustler Fund loan features, such as interest rate charged on the loan, loan amount, credit limit, annual percentage rate (APR), loan repayment terms, origination fees and processing fees and charges, loan disbursement method, and speed, the eligibility criteria of the Hustler Fund loan, the pay bill number, contact details, loan purpose, and the approval process. All these concepts are important to understand before applying for any personal or unsecured loans.

Feature	Details
Loan Type	Unsecured Personal loan
Hustler Fund USSD code	*254#
Loan term	14-day repayment period can be extended to 30 days
Interest Fee Range	8% per annum
Hustler Fund Loan Limit Range	KSh 500 – KSh 50,000, depending on your scoring
Hustler Fund Customer Care Contacts	Use https://www.hustlerfund.go.ke/feedback/ to send your issue
Max Effective APR	8%
Hustler Fund loan Pay bill	No paybill number
Late loan repayments	Incur a late fee of 1.5%

Expert Tip Note

Expert Tip:

Unsecured personal loans often come with higher interest rates and additional fees compared to secured loans.

Check Out Most Preferred Personal Loans

What is the Hustler Fund loan App, and how does it work?

The Hustler Fund loan app is a mobile application that allows users to apply for and receive unsecured personal loans. Users can borrow money, repay, and manage their accounts through the app. The app works by assessing the user’s creditworthiness and disbursing the loan amount directly to their bank account. The Hustler Fund loan app does not require collateral and monitors repayment progress. The Hustler Fund app uses machine learning to train its models on user data retention and analyze user information collected during the registration process. Hustler Fund loans use data from your phone, including your handset details, financial transaction messages, and your reason for borrowing. The Hustler Fund loan app checks repayment history to build an individualized credit score and determine the loan offer suitable for the borrower.

How can I borrow a Hustler Fund loan without the app? You can apply and borrow for a Hustler Fund loan by using the app or using a USSD code. To borrow a Hustler Fund loan without the app, Dial *254#, Select the loan request option to view the limit, interest, and loan tenure>Enter the loan amount, and press OK to continue>Confirm loan details as displayed to continue>Enter Mobile Money pin

Hustler Fund Loan app Download

How to download the Hustler Fund app via the Google Play Store

To download the Hustler Fund Loan app, ensure you have enough data or are connected to WiFi. Then follow the steps below:

Open the Google Play Store on your mobile device.
In the search bar, type “Hustler Fund loan” to find the Hustler Pesa app.
Download and install the Hustler Pesa app.

Hustler Fund Loan Registration and Application

Hustler Fund registration involves a step by step process for activating and opting into the mobile banking services. The loan services and registration processes can be done through the USSD code and directly through the app. Hustler Fund loan application, savings and registration services can be accessed through the USSD code which applies to all major mobile networks in Kenya. The following are the three major mobile networks you should use to withdraw, apply and complete hustler registration- Safaricom, Airtel and Telkom. The standard USSD code to access all Hustler fund services through the mobiles networks is *254#. This USSD code allows you to apply for loans, save, and access other fund services.

To register for Hustler Fund, dial *254# on Safaricom, Airtel, or Telkom networks >>Select Hustler Fund>>Select Personal Loan>>Select OPT IN

How to get hustler fund on Airtel line

To get Hustler Fund loan, dial *254# on Airtel>Select Hustler Fund>>Select Personal Loan>>Select Request loan>>Choose loan limit amount>> Enter the Airtel Money PIN and press SEND.

How to get hustler fund on Telkom line

To get Hustler Fund loan, dial *254# on Telkom>Select Hustler Fund>>Select Personal Loan>>Select Request loan>>Choose loan limit amount>> Enter the T-Kash PIN and press SEND.

How to Apply for a Hustler Fund Loan via M-pesa

To borrow money from Hustler Fund, one should have an Android phone with an M-Pesa line, and an Android smartphone should have a good internet connection. Once the app is downloaded and installed from the Google Play Store, follow through with the registration process, which takes around 5 to 10 minutes.

Before requesting a loan, one should register an account first. Below is a simple process to register, open an account with Hustler Fund, and start borrowing. To apply for a Hustler Fund loan via M-Pesa, follow the steps below:

Open the Hustler Fund App
Sign in to register with Hustler Fund.
Enter the Phone number for Verification
Enter valid national ID details.
Sign up to complete the registration. Enter the details accurately, and a one-time PIN will be sent to you, which you need to change to your own unique PIN.
Proceed with the application process by answering a few questions.
Choose a repayment date that works for you.
Receive your money straight to your MPESA

How can I reset or change my PIN?

On the log-in page, click on Forget password and input the mobile number you registered with, then type the verification text given and submit. You will receive another verification code (OTP number) via SMS Input the code, select the new password of your choice, and then submit.

How to cancel Hustler Fund Loan Application

Hustler Fund loan cancellation involves stopping the loan application process. A customer does not have to cancel a loan application under the following circumstances:

If the borrower has not completed and submitted the application,
If the borrower has already applied but has not yet cashed out,
If the borrower accepts the Hustler Fund offer but has not yet cashed out,

To cancel a Hustler Fund loan application, one should do nothing and the loan cancelation will be processed automatically.

How do I delete my Hustler Fund loan account? To delete your account with Hustler Fund, contact them at https://www.hustlerfund.go.ke/feedback/ once you have completed repaying all debts, if you have any outstanding debts to be cleared. If you have no pending dues, fix an appointment with the team to finish the formalities for closing your loan account.

How will my loan be disbursed? Upon approval, the loan will be disbursed to the borrower’s mobile wallet.

How to check the Hustler Fund loan application status?

To check the Hustler Fund application status, just follow these steps:

Log in to the Hustler Fund app.
Go to the top part of your home screen, and you will see the status of your application.

How to Check Hustler Fund Loan Limit? To Check limit, Dial *254#>Select Hustler Fund>Select Personal Loan>Choose “Check Limit”

Hustler Fund loan Fees, Charges, and Interest rates

What is the interest rate for Hustler Fund loans?

The interest rate for Hustler Fund loans is 8% per year. The main disadvantage of unsecured personal loans is that the interest rates are higher with short-term repayment dates. The interest rate is the amount a lender charges a borrower and is a percentage of the principal—the amount loaned.

What fees does a borrower incur when processing a loan with Hustler Fund?

When applying for a personal loan with a lender, fees and charges should be determined and analyzed. The fees that a borrower might incur during a loan process include the following: Processing fees, prepayment charges, late payment penalties, documentation charges, insurance charges, loan cancellation charges, Underwriting fees, origination fees, Service fees, and tax-related fees on the personal loan disbursed. When processing a Hustler Fund loan, the following fees will be charged:

Savings Fee	5% is deducted for savings every time someone borrows
Prepayment charges	No prepayment fees
Underwriting fee	No Underwriting fees
late payment Fees	Hustler Fund charges a late payment interest fee of 1.5% per day Effective
loan cancellation charges	There is no loan cancellation fee
origination fees	No origination

How much is the processing fee for Hustler Fund loans? Hustler Fund charges zero processing fee per loan.

The following is an example of fees calculated for a loan amount of KSh 4000. If a borrower receives KSh 4,000 and repays after 14 days, he/she would owe interest of 8%* (or KSh 87) and excise tax of 20% of interest (or KSh 17), which is a total payment of KSh 4,104 Breakdown: KSh 4,000 (borrowed amount) + KSh 87 (interest) + KSh 17 (excise tax) = KSh 4,104 (total payment).

Hustler Fund loan includes a savings fee, which is a fixed fee based on the original amount of the loan.

When taking a loan with growing fees, it’s important to pay back the loan immediately because the longer you wait, the more you’ll pay. Let’s look at an example of both types of loans.

Tristram takes out two loans for 5,000 KSh. Loan A has a one-time service fee of 5% for 30 days. His service fee would be 250 ksh. He would owe 5,250 KSh in total. Loan B has a one-time service fee of 1% plus a daily fee of 30 KSh. It takes Richard 30 days to repay Loan B. On the first day of his loan, Tristram would owe:

1% of 5,000 KSh = 50 KSh

A daily fee of 30 KSh

= 80 KSh in fees for that day. He would owe 5,080 Ksh total

On the second day of his loan, Tristram would owe another 30 KSh, making his total 5,110 KSh. If Tristram waits 30 days to repay his loan, he would owe 950 KSh in fees, making his total repayment 5,950 KSh. It would be like his interest rate was 19%. Even though it looks like Loan B is cheaper at the beginning, look at what the long-term fees will be. Remember to review your exact loan or overdraft terms to understand exactly how much you owe and when. Keep an eye out for hidden fees — you don’t want to be surprised! Remember that there might be a transaction fee to transfer money as well. Take that into account.

Hustler Fund loan Eligibility Criteria

Eligibility criteria refer to a set of predefined standards or requirements that a borrower must meet to be considered for a particular loan. These criteria are used to determine who is qualified or suitable to get approved for the loan. For Hustler Fund loan offers, the eligibility criteria can vary widely depending on the context and can include factors such as age, income, and credit score.

What are the requirements to apply for a Hustler Fund loan?

Borrowers applying for Hustler Fund loans for the first time must check the prequalification and ensure they provide the right details. If you are applying for the loan, the following are the requirements for Hustler Fund loans:

The following are the requirements you will need to qualify for Hustler Fund;

Must be a Kenyan citizen of 18 years of age and above
Must have a registered mobile number from a recognized Mobile Network Operator in Kenya
Reside and conduct economic activity in Kenya.
Must Provide Sub County of residence during the onboarding process.
One must have a Valid National ID

How much is a first loan at Hustler Fund?

The first-time loan at Hustler Fund varies depending on the creditworthiness of the borrower. This means that first-time applicants may not be eligible for higher loan limits or none, because of their poor credit score. However, borrowers with low creditworthiness may be eligible for lower credit limits in the range of Kes 500 to Kes 2000 as first-time loans.

Why is a borrower not eligible for a Hustler Fund loan? The main reason a borrower is not eligible to get a Hustler Fund loan is that the system is unable to assign a credit limit, mainly because of two reasons. The first reason is poor or low creditworthiness and secondly, because you may have provided incomplete and incorrect information during the application process. I recommend you reapply in the next 7 days if you are denied the loan for the first time.

Why is Hustler Fund not giving me a loan? Hustler Fund is not giving you a loan because the system in place failed to assign a credit limit. This is because you are not eligible for the loan.

How do I qualify for Hustler Fund loans? For you to qualify for Hustler Fund loans and get approved, you should provide correct information about yourself, For example, you should allow the app to access your messages so that the system can automatically check your creditworthiness and assign your credit limit. To allow the app to access your messages, go to Settings, click on apps and permissions, and Then Allow all permissions for the app. The main reason for qualifying for a Hustler Fund loan is to transact with the loan app once a day.

Hustler Fund Loan Repayment Methods

Loan repayment refers to the act of paying back money borrowed from a lender according to the terms agreed upon in a loan contract. This process involves a series of regular payments, often monthly, that cover both the principal amount (the original sum borrowed) and interest (the cost of borrowing the money). Loan repayment methods refer to the various strategies and schedules borrowers use to repay their Hustler Fund loans. Below is a list of ways to pay your Hustler Fund loan balance:

1. How to pay Hustler Fund loan via M-Pesa

Dial *254#
Select Hustler Fund
Select Personal Loan
Choose Repay Loan
Choose “Pay for Self”
Select the payment option “Partial or Full Payment.”
Enter Amount
Confirm that you want to pay
Enter a mobile money PIN

2. How do I pay the Hustler Fund loan from the app?

Step 1: Log in to your Hustler Fund app.
Step 2: Tap “Make a payment” on the top part of your home screen.
Step 3: Enter the amount you want to pay.
Step 4: Select your preferred payment channel.
Step 5: View the payment instructions and remember to:
Note down your reference number
Check the validity period of your reference number
Follow the next steps written here to process your payment
Step 6: Once your payment is successful, you will receive a notification and your updated balance will be reflected in your Hustler Fund app.

How do I pay the Hustler Fund loan with the Fuliza loan?

Can Fuliza pay the Hustler Fund loan? Yes, the Fuliza loan can be used to deduct and consolidate the Hustler Fund loan balances. Follow the steps below.

To pay a Hustler Fund loan with Fuliza, first ensure that you can send Fuliza to another Safaricom user because you need to pay from the line, then follow these steps: Dial *254#>Select Hustler Fund>Select Personal Loan>Choose Repay Loan>Choose “Pay for Others.” >>Select Payment Option “Partial or Full Payment”>Enter Amount>>Confirm that you want to pay>>Enter Mobile Money PIN

Can I borrow immediately after paying the Hustler Fund? Yes, you can instantly request another loan on the Hustler Fund App after you finish paying an outstanding loan.

How do I check my Hustler Fund loan balance? To check your Hustler Fund loan balance, log into the app and refresh the page using the repay button.

How do I check my Loan Balance via USSD? dial *254#>Select Hustler Fund>Choose Personal Loan>Check Loan Status>Select Loan balance>Enter Mobile Money PIN>You will receive an SMS message with your Loan balance

How to Increase Hustler Fund Loan Limit

Loan limit increase refers to an adjustment in the maximum amount of money that a lender is willing to lend to a borrower. To increase the Hustler Fund loan, the following steps should considered:

Maintain a Positive Credit Score
Regular borrowing from Hustler Fund
Timely loan repayments
Keep Your Account Active
Refer friends to Hustler Fund
Request a Higher Limit
Maintain a Stable Income
Exercise Patience

Consequences for Defaulting on Hustler Fund Loan

Loan default occurs when a borrower fails to meet the legal obligations or conditions of a loan agreement. This typically means that the borrower has not made the required payments on time or has stopped making payments altogether. The following will happen if you fail to pay your Hustler Fund loan balance:

You may be contacted by collections agents if you do not repay your loan on time. In the event of a long period of non-payment, you may be blacklisted from Hustler Fund and also reported to the relevant credit reference bureaus. Missing loan payments may result in late payment interest, lower loan limits, or the inability to get a subsequent loan from Hustler Fund as well as other lenders.

How much interest does Hustler Fund Charge for late payments?

Borrowers who are late on their loan beyond the original due date will be charged a late repayment Fee of 1.5%. 15 days after the date of default, the interest rate will be adjusted to 9.5% per annum.

Hustler Fund Savings

How to withdraw savings from Hustler Fund

There are two types of savings in the Hustler Savings account, short-term savings and long-term savings. Below is an example of how the two savings are calculated;

When you borrow a loan from Hustler Fund, 5% of your money goes into your savings account. The 5% is then divided into savings accounts, 70% of the amount will be deposited into long-term savings (pension scheme) and 30% into short-term savings. If you want to withdraw your short-term savings, you must have cleared repaying your full loan or paid 30% of the loan borrowed. Example: If you borrowed KSh 1,000, they should have repaid KSh 300 (30%*1,000).

To withdraw your short-term savings using USSD, follow these steps: Dial *254#>Select Hustler Fund>Select Personal Loan>Choose Savings>Choose “Short-Term Savings”>Select “Withdraw”>Enter Amount>Enter Mobile Money PIN

There are three major mobile money providers that you should use to access the hustler fund mobile banking services. The three major mobile providers are airtel, Telkom and Safaricom. The steps to withdraw hustler fund savings to your mobile wallets such as M-Pesa, T-Kash, and Airtel Money are shown above.

Hustler Fund loan History and the owner

The Hustler Fund loan app is a loan product that was launched in 2022 owned and operated by the Government of Kenya under the regime of President Dr. William Ruto. Ms Irene Muthoni Methe Karani was appointed by Dr. William Ruto as the non-executive chairperson of the financial inclusion (Hustler Fund) board, citing the powers given to him by the Public Finance Management Act. The government of Kenya is the controller and responsible for your personal data. The loan product is a type of unsecured personal loan that offers financial assistance to customers with low cash flow and low credit history. The loan product is licensed and regulated by the Central Bank Of Kenya and is allowed to disburse up to a loan amount of Ksh. 250,000.