If you are looking to increase your Hustler Fund loan limit, there are a few steps you can take to improve your chances of being approved for a higher loan amount.
First and foremost, it’s important to make sure you have a strong credit score. Lenders use your credit score to determine your creditworthiness and how much of a risk you pose as a borrower. If you have a high credit score, you are more likely to be approved for a higher loan amount.
To improve your credit score, you can start by making sure you are paying your bills on time every month. Late payments can have a negative impact on your credit score, so it’s important to make sure you are making all of your payments on time.
Another way to improve your credit score is to reduce your credit card balances. High balances on your credit cards can hurt your credit score, so if you have high balances, try to pay them down as much as possible.
In addition to improving your credit score, it’s also important to show that you have a steady income and a good employment history. Lenders want to see that you have the ability to repay the loan, so having a stable income and a good job history can help increase your chances of being approved for a higher loan limit.
Finally, it’s a good idea to shop around and compare different lenders to see which one is offering the best terms and rates. Different lenders have different loan limits and terms, so it’s important to do your research and find the lender that is offering the best deal for your situation.
By following these steps, you can increase your chances of being approved for a higher Hustler Fund loan limit and get the financing you need to achieve your financial goals.
To apply for a loan, a registered customer is required to:
• Dial USSD code *USSD code# or mobile application.
• 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
• Receive SMS notifications on Loan allocation with relevant loan information.
When the customer borrows, the approved loan will be disbursed to their mobile money account where out of the total approved loan amount, 95% shall be deposited to the mobile money wallet.
The remaining 5% shall be deposited to their savings account scheme of the Hustler Fund
The savings scheme will split savings into 70% long-term and 30% short term savings, such that 70% of the 5% will go into long term (Pension) and 30% of the 5% will go into short term.
For instance if a customer borrows KSh.1,000,
KSh.50 (5% of Ksh.1,000) will go into their savings account as below.
KSh.35 (70% of Ksh.50) – Will go to Pension account.
KSh.15 (30% of Ksh.50) – Will go to short term savings account.
According to Co-operative and Micro, Small, and Medium Enterprises Cabinet Secretary Simon Chelugui, the fund does not have a processing fee.