How To Apply for The Hustler Fund Loan: 6 Easy Steps

For a long time, access to capital has been one of the biggest challenges for individuals looking to venture into the world of business. To access a bank loan, for instance, one must meet extremely high requirements – often leaving “hustlers” with great business ideas, but no capital, with little choice but to shelve their plans due to a lack of funds.

Fortunately, in November 2022, the Government of Kenya launched an innovative loan facility that requires no collateral. Named the Hustler Fund Loan, it provides a viable source of small loans that can be used to finance micro and small business opportunities.

With this innovative financial product, one can apply for a loan of between Ksh500 to Ksh50,000 at an interest rate of 8 per cent per year.

So, how exactly does one go about securing a Hustler Fund loan? We break down the details to help you access this much-needed source of capital.

What Are the Requirements for Applying for A Hustler Fund Loan?

• You should be a Kenyan Citizen, 18+ years of age
• It would help if you had an active SIM card for at least 90 days
• You must not have defaulted on the Hustler Fund Personal Loan before

How Long Does the Hustler Fund Take to Approve?

Normally the waiting period ranges from 30 minutes to 2 hours. If you weren’t successful you will receive a text letting you know that your application was rejected.

Steps to Apply for A Hustler Fund Loan in Kenya

Step 1: Dial the *254# USSD code

Using your phone just dial *254# which is the official USSD code to access the Hustler Fund portal.

Step 2: Select the first Option Written ‘Hustler Fund’

On this page, you will find 3 categories name (1) Hustler Fund, (2) Women Enterprise Fund, and (3) Hustler Group. If you are an individual looking for a small loan for your business type “1” and hit send.

Step 3: Select the Type of Loan

Under this section, two options are given namely (1) Personal Loan and (2) Biashara Loan. If you are seeking a loan for personal use e.g., for starting a small business when you have previously had none registered select “1” and send. If you, however, are looking to boost an existing business, select “2” and send.

PS: The Personal Loan product is meant to protect people in the informal sector against economic shocks. The Biashara Loan product, on the other hand, is designed for those looking to upscale their businesses (registered with the BRS).

Step 4: Request Hustler Fund Loan

Select option “2” on the list which is “Request Loan” and hit send.

Step 5: State Your Desired Loan Amount

A message will pop-up telling you how much loan you qualify for and the interest rate charged per year (typically 8%). You will simply need to type in the loan amount you wish to apply for and hit send e.g., 500 and then send.

Note: Avoid putting currency symbols and other characters here, simply type in the desired loan amount in numbers.

Step 6: Confirm The Hustler Fund Loan Terms & Conditions

Once you enter the amount you wish to receive, a message pops up telling you how much you will receive to your Mpesa, and how much is sent to your savings account. Also, the message explains that your loan is due in 14 days. If you’re ok with the terms given, select “1” which is to confirm that you agree with the terms and conditions of the Hustler Fund Loan scheme.

Step 7: Enter Your Mobile Money PIN

Here you will click on confirm whereby you will be asked for your mobile money account PIN (i.e M-Pesa, Airtel Money, or T-Kash) and once you input it you will receive your loan successfully.

How to Repay the Hustler Fund Loan

The Hustler Fund loan scheme works in such a manner that the more proactive you are at repaying your dues, the higher your loan limit goes. So, if you want to move from the base Ksh500 upward, try to settle your balance within the recommended 14-day period.

To repay your Hustler Fund loan dial *254# on your phone and follow these steps:

Hustler Fund > Personal Loan > Repay Loan.

Conclusion

The Hustler Fund loan is a godsend for individuals and small businesses in Kenya seeking urgent financial support. As a government-backed financial service, it’s designed with your welfare in mind – unlike most commercial loan products available. The key is to work hard and repay your dues on time to improve your trust score, which will allow you to access larger loan amounts in the future.

Magdalene Wanjohi

Magdalene is a young Kenyan web content author with a deep love for innovation and finding solutions designed to make the world a better place. The BA Marketing & Comms major at Kisii University boasts strong writing skills thanks to her prior training under the Ajira Digital Program by the Government of Kenya.