2024 Hustler Fund Application Full Details

The Kenyan government introduced an innovative digital financial inclusion program known as the Biashara loan. This initiative is designed to empower micro-SMEs by granting them access to loans with remarkably low-interest rates. Here we outline the divisions of the Hustler Fund loan and how to go about your application. 

The Hustler fund Biashara loan application

The Biashara loan is a key component of the larger Hustler Fund Personal Loan Product. It acts as a revolving fund, extending credit to both small businesses and individuals who lack collateral or a formal banking pedigree.

The Biashara loan is divided into two segments: individual and group. The newly launched individual micro-enterprise loan product will provide loans ranging from KES 10,000 to KES 200,000 at an interest rate of 7%, calculated on a pro-rata or daily basis.

Repayment terms for the loan are highly flexible, with options of 1, 3, 6, or 9 months, and a maximum term of one year.

How to register for the Hustler Fund Biashara loan

To register for the Biashara loan, prospective beneficiaries should dial *254# on their mobile phones. They will then need to select their business category (options include agriculture, trade, manufacturing, and service providers). Additionally, they must input their business registration number and the KRA pin associated with their business.

Eligibility criteria for the Hustler Fund application

To qualify for the Hustler Fund application for the Biashara loan, applicants must meet the following requirements:

1. Possess a valid Kenyan National ID.

2. Be a Kenyan citizen aged 18 years or older.

3. Maintain an active SIM card from any mobile network operator.

4. Hold a business number for a business that is registered with the Business Registration Service (BRS).

5. Possess a KRA pin linked to the registered business on the BRS.

Final thoughts

The Biashara loan provides adaptable loan limits and repayment durations tailored to each customer’s specific needs and capacity. Customers even have the option to increase their existing loans, provided they meet certain criteria.

The introduction of the Biashara loan is expected to stimulate economic growth and generate job opportunities for countless Kenyan micro-SMEs operating across diverse markets.

Can I withdraw my savings from Hustlers Fund?

Whether you can currently withdraw your savings from the Hustler Fund depends on a few factors:

Current Policy:

As of February 20, 2024, the general policy does not allow withdrawing savings from the Hustler Fund. However, President Ruto recently announced changes to the program, including the ability for borrowers to withdraw 30% of their savings under certain conditions.

Eligibility for Withdrawal:

The details of when and how to withdraw 30% of your savings haven’t been officially announced yet. We expect more information soon, likely closer to the first year anniversary of the Hustler Fund on March 9th, 2024.

Potential Conditions:

Based on previous announcements, it’s expected that withdrawing savings might be subject to conditions like:

• Having cleared repayment of your borrowed amount or repaying at least 30% of it.
• Having a good repayment history.
• Complying with other program requirements (details to be confirmed).

Staying Informed:

• Regularly check the official Hustler Fund website: https://www.hustlerfund.go.ke/ or follow their social media channels for updates and announcements.
• You can also contact the Hustler Fund customer service through their website or call center for more information.

Remember:

• The official announcement and detailed guidance on withdrawing savings are still pending.
• Continue making repayments as you normally would until official instructions are communicated.

I hope this clarifies the current situation and helps you stay informed about potential changes to Hustler Fund savings withdrawals.

How do I opt out of Hustlers Fund after registration?

Unfortunately, opting out of the Hustler Fund after registration is currently not possible. As of February 20, 2024, the official policy states that membership is permanent. Here’s why:

Reasons for Permanent Membership:

• 70% savings component: The core design of the Hustler Fund allocates 70% of every user’s contributions to long-term savings, inaccessible for withdrawal until retirement. This savings aspect is considered a crucial element of the program’s goals.
• Financial inclusion and long-term benefits: The Hustler Fund aims to promote financial inclusion and encourage saving habits. Allowing complete opt-out might contradict these goals, as regular contributions support the program’s sustainability and benefit future generations.

Alternatives to Opting Out:

While directly opting out isn’t an option, you can consider these alternatives:

• Minimize future contributions: You can choose to only contribute the minimum required amount (Ksh 100 per week) while fulfilling your remaining loan balance obligations. This minimizes your involvement in the long-term savings aspect.
• Wait for potential policy changes: While unlikely, future policy changes or updates might introduce opt-out options. Stay informed through official channels for any updates.
• Utilize the savings benefit: Consider the long-term benefit of accumulating retirement savings through the Hustler Fund. Depending on your financial goals, this potential future benefit might outweigh the limitations of permanent membership.

Important Notes:

• These are just potential alternatives, and choosing the best course of action depends on your individual circumstances and financial goals.
• Regularly check the official Hustler Fund website or follow their social media channels for any policy changes or updates regarding opt-out options.

I hope this information clarifies the current situation and provides helpful alternatives even though opting out directly isn’t possible.

What is the USSD code for Baba Fund?

You’re correct! The USSD code for the Hustler Fund is *254#. You can use this code to access various functions related to the program, including:

• Registering for the Hustler Fund
• Checking your available credit limit
• Requesting a loan
• Making repayments
• Viewing your transaction history
• Managing your service PIN

*Here’s a breakdown of the options available through the 254# USSD menu:

1. Select 1: Register
2. Select 2: Check Limit
3. Select 3: Borrow Cash
4. Select 4: Make Payment
5. Select 5: Mini Statement
6. Select 6: Update PIN
7. Select 7: Help

Remember, you need to be a Kenyan citizen aged 18 or above with a valid National ID and a registered SIM card with at least 90 days of activity to be eligible for the Hustler Fund.

I hope this information clarifies the correct USSD code for the Hustler Fund and its different functionalities.

What happens if you don’t pay hustle fund?

Not paying back your Hustler Fund loan can lead to several consequences, depending on the severity and duration of your delinquency. Here’s what you can expect:

Immediate Consequences:

• Negative Credit Rating: Missing a payment will negatively impact your credit score, making it harder and more expensive to borrow from other lenders in the future.
• Interest Rate Increase: After 15 days of default, your interest rate will jump from 8% to 9.5% per year.

Extended Delinquency:

• Account Freeze: After 30 days of persistent default, your Hustler Fund account will be frozen. You won’t be able to borrow again until you settle the outstanding balance.
• Recovery Measures: The program might initiate debt recovery processes, including legal action and potential asset seizure, to collect the owed amount.

Additional Important Points:

• No Grace Period: Remember, the Hustler Fund doesn’t offer a grace period for repayments. Interest starts accruing right after the due date.
• Communication is Key: If you anticipate difficulties repaying your loan, communicate with the Hustler Fund team as soon as possible. They might offer options for rescheduling or restructuring your loan to avoid default.
• Seek Help: If you’re struggling financially, consider seeking financial counseling or seeking support from organizations that can help manage your debt and budget effectively.

Remember, responsible borrowing and timely repayments are crucial for maintaining a good financial standing and avoiding negative consequences. Use the Hustler Fund responsibly and manage your loans carefully.

How much can I get from Hustlers Fund?

The amount you can get from the Hustler Fund depends on several factors:

Your creditworthiness: This is assessed based on your mobile money transactions and repayment history. Higher creditworthiness leads to higher limits.

Your repayment history with the Hustler Fund itself: If you’ve borrowed and repaid responsibly in the past, your limit might be increased.

The phase of the Hustler Fund you’re in: The program is currently in two phases.

• Phase 1 (current): The maximum loan amount is Kes 50,000.
• Phase 2 (planned): This phase aims to offer loans ranging from Kes 200,000 to Kes 1 million. The exact launch date and eligibility criteria for this phase are not yet confirmed.

Here are some additional details:

• The minimum loan amount is Kes 500.
• Loan amounts are disbursed in multiples of Kes 100.
• You can borrow multiple times, but your total outstanding balance cannot exceed your credit limit.

Here are some ways to potentially increase your credit limit:

• Maintain a good credit score by repaying your bills and loans on time.
• Use the Hustler Fund responsibly and make repayments regularly.
• Save consistently within the Hustler Fund program.

Important notes:

• The information provided is based on publicly available information as of February 20, 2024. The Hustler Fund team might update policies or adjust limits in the future.
• Always refer to the official Hustler Fund website or contact their customer service for the latest information and clarification on your specific eligibility and credit limit.

I hope this clarifies how much you can potentially get from the Hustler Fund!

Can an individual apply for hustlers funds?

Whether individuals can apply for Hustlers Funds depends on what specific fund you’re referring to. There are two main possibilities:

1. Kenyan Hustler Fund:

• Yes, individuals can apply for the Kenyan Hustler Fund, also known as the Financial Inclusion Fund. It’s a government-backed initiative offering loans from Kes 500 to Kes 50,000 at an 8% interest rate. This fund mainly targets individuals in the informal sector.
• However, there are restrictions. You can only borrow one loan at a time, and repayment terms are relatively short (14 days, extendable to 30). Applications are made through USSD code *254# on Kenyan mobile networks.

2. Hustle Fund (venture capital):

• No, individuals cannot directly apply for the Hustle Fund, a US-based venture capital firm. They invest in early-stage startups, not directly fund individuals.
• However, you can potentially benefit if you’re involved in a startup that fits their investment criteria (pre-seed or seed stage). You can learn more and submit information about your startup on their website: https://www.hustlefund.vc/.

To clarify which fund you’re interested in:

• If you meant the Kenyan program, then yes, individuals can apply.
• If you meant the US venture capital firm, then individuals cannot directly apply, but they may benefit indirectly through their involvement in a suitable startup.

I hope this helps! Let me know if you have any other questions.

How long does Hustlers Fund take to approve?

The approval time for Hustler Fund loans generally falls within a range of 30 minutes to 2 hours, depending on various factors:

Main Factors:

• Creditworthiness: Your mobile money transactions and repayment history significantly influence how quickly your application is reviewed. A strong credit score leads to faster processing.
• Application Complexity: Loans involving larger amounts or requiring extra verification steps might take longer to process.
• System Load: During peak times or periods with high application volume, processing times might increase slightly.

Additional Notes:

• Real-time feedback: Upon submitting your application, you receive a real-time notification indicating whether it’s approved or requires further review.
• Verification steps: In some cases, additional verification processes like income confirmation might be needed, potentially extending the approval time.
• Weekend/Holiday impact: Applications submitted on weekends or holidays might experience extended processing times due to limited operations.

Tips for faster approval:

• Ensure your application details are accurate and complete.
• Maintain a good credit score by managing your finances responsibly.
• Apply during non-peak periods for smooth processing.

Remember, the information provided is based on current available sources and practices. The Hustler Fund team might adapt procedures or processing timeframes in the future. For the most updated information and specific details regarding your application, consult the official Hustler Fund website or contact their customer service directly.

I hope this clarifies the typical approval timeframe for Hustler Fund loans!

How do I get out of hustle fund?

As of February 20, 2024, unfortunately, there is no official way to completely opt-out of the Hustler Fund once you have registered. This is because the program emphasizes long-term savings and financial inclusion, with 70% of your contributions allocated to retirement savings inaccessible until retirement.

However, there are alternative approaches depending on your specific situation:

1. Minimize Future Contributions:

• You can contribute the minimum required amount (Ksh 100 per week) while continuing to fulfill your existing loan repayment obligations. This minimizes your involvement in the long-term savings aspect.

2. Wait for Potential Policy Changes:

• While unlikely, future policy changes or updates might introduce opt-out options. Stay informed through official channels for any updates.

3. Utilize the Savings Benefit:

• Consider the long-term benefit of accumulating retirement savings through the Hustler Fund. Depending on your financial goals, the potential future benefit might outweigh the limitations of not having a current opt-out option.

4. Contact Hustler Fund:

• While they currently don’t offer complete opt-out, contacting the Hustler Fund support team (through their website or call center) might provide you with more specific guidance and potential solutions based on your unique situation.

Important Notes:

• Remember, choosing the best approach depends on your individual circumstances and financial goals.
• Regularly check the official Hustler Fund website or follow their social media channels for any policy changes or updates regarding opt-out options.

I hope this information clarifies the current situation and provides helpful alternatives even though a direct opt-out isn’t possible.

How do I check my hustle fund limit?

To determine how to check your Hustle Fund limit, it depends on which of the two options you referred to in my previous answer:

1. Kenyan Hustler Fund:

• You can check your Hustler Fund limit in two ways:
  • USSD code: Dial *254# on your Safaricom, Telkom, or Airtel mobile phone and select the Hustler Fund option. There should be an option to view your loan limit.
  • Mobile app: Open the mobile app of your mobile network provider (Safaricom, Telkom, or Airtel) and access the Hustler Fund section. It should display your current loan limit.

2. Hustle Fund (venture capital):

• Hustle Fund is a venture capital firm and doesn’t offer individual loans or credit limits. Therefore, there’s no way to check an individual’s limit with them. They invest in early-stage startups, not individuals.

When was Hustler Fund launched?

The Hustler Fund was officially launched on November 30, 2022, by President William Ruto in Kenya. As of today, February 20, 2024, the program is still in its early stages and aiming to expand its reach and functionalities in the near future.

Here are some resources for further information on the Hustler Fund:

• Official website: https://www.hustlerfund.go.ke/
• News articles:
  • [Hustler Fund history on the Financial Inclusion Fund website:** https://www.hustlerfund.go.ke/hustler-fund-history/
  • [Hustler Fund launch announcement by the Ministry of Co-operatives And Micro, Small And Medium Enterprises (MSMEs) Development:** https://ushirika.go.ke/hustler-fund-launch-kicc-nairobi/

I hope this helps!

CONCLUSIONS

I’ve enjoyed answering your questions about the Hustler Fund, PayPal transfers to M-PESA, and other topics. Based on our conversation, here’s a summary of the key points:

Hustler Fund:

• You cannot currently opt out of the Hustler Fund after registration.
• Consider minimizing contributions or waiting for potential policy changes for more flexibility.
• Explore utilizing the long-term savings benefit or contacting the Hustler Fund for personalized guidance.
• The Hustler Fund launched on November 30, 2022.

Transferring money from PayPal to M-PESA:

• Direct top-up from PayPal to M-PESA is not possible.
• Consider transferring funds to your bank account then to M-PESA, using partnered money transfer services, or exploring mobile wallet platforms with USD support.
• Fees and limitations vary depending on the chosen method.

Other inquiries:

• I provided information on M-PESA transaction fees, KRA online filing, and USSD codes for relevant services.

Do you have any further questions or topics you’d like to discuss? I’m always happy to help!