Hustler Fund Paybill Number 2024: How to Repay Using Paybill, Fuliza & Increase Loan Limit

The Hustler Fund Paybill is a groundbreaking initiative launched by the Kenyan government to provide financial assistance to citizens for entrepreneurship and job creation. This Ksh 50 Billion fund aims to boost the economy by empowering individuals and small business enterprises through mobile-based loans. This comprehensive guide covers how to effectively repay your Hustler Fund Loan using Paybill and Fuliza and valuable insights on increasing your loan limit for future financial needs.

Who Can Access the Hustler Fund Loan?

To access the Hustler Fund Loan, you must meet the following requirements:

• Be a Kenyan citizen above 18 years of age.
• Possess a valid National ID.
• Have a registered mobile number from recognized operators like Safaricom, Telkom, or Airtel.
• Utilize the registered sim card for at least 90 days.
• Maintain a registered mobile wallet like Mpesa, Tkash, or Airtel Money.
• Provide accurate residential details.

Loan Disbursement Breakdown

The loan amount you receive from the Hustler Fund is divided as follows:

• 95% of the loan amount is sent to your mobile wallet (Mpesa, Airtel Money, or Tkash).
• 5% is directed to your savings account, which is further split:
• 30% to a short-term savings wallet (accessible after six months)
• 70% to a long-term savings wallet (accessible after "retirement")

How to Register or Join the Hustler Fund

Joining the Hustler Fund is a simple process that takes less than two minutes. Follow these steps:

1. Dial the Hustler Fund USSD Code *254#.
2. Select option 1 to Register.
3. Accept the terms and conditions by selecting option 1.
4. Enter your PIN (Mpesa, Tkash, or Airtel Money).
5. Receive an SMS notification confirming your registration status.

How to Access and Repay Hustler Fund Loan

Accessing and repaying your Hustler Fund Loan is equally straightforward:

1. Dial *254# from your mobile phone.
2. Select the request loan option.
3. Enter your loan amount and confirm.
4. Enter your mobile money PIN.
5. Follow the same process for repaying the loan.

Tips for Timely Repayment

To avoid negative impacts on your credit rating and eligibility for future loans:

• Repay the loan within 14 days to prevent interest rate adjustment.
• Set reminders for due dates to ensure timely payments.
• Keep track of outstanding amounts through SMS notifications.

How to Increase Your Loan Limit

Increasing your loan limit is essential for managing more extensive financial needs. Follow these steps to enhance your eligibility:

• Consistently borrow and repay loans on time.
• Maintain a positive borrowing and repayment history.
• Your limit will be reviewed and adjusted based on your previous loan activity.

READ ALSO: Hustler Fund App: All You Need to Know Including Loan Terms, Intrest Rates And Eligibility

Conclusion

The Hustler Fund Paybill offers a powerful avenue for Kenyan citizens to access financial assistance for entrepreneurship and business growth. You can effectively harness the fund's benefits by following the registration, loan access, and repayment guidelines. Moreover, adopting responsible borrowing habits can increase your loan limit, providing greater financial flexibility for future endeavors.

FAQs

Can I opt out of the Hustler Fund?

 Currently, there's no option to opt out of the Hustler Fund. However, you can choose not to register an account if you prefer not to participate.

What are the alternatives to the Hustler Fund? 

Apart from the Hustler Fund, you can explore other loan apps and digital lending platforms in Kenya, such as Fuliza by Safaricom, Mshwari, KCB Mpesa, Zenka, TALA, and Branch.

How is the loan amount disbursed? 

The loan amount is divided between your mobile money wallet (95%) and a savings account (5%). The savings account amount is further divided between short-term and long-term accounts.

What happens if I don't repay the loan on time?

 Failure to repay the loan within the stipulated time negatively affects your credit rating, and you will be eligible for another loan once the outstanding amount is paid.

How can I check my approved loan balance?

You can check your approved loan balance by accessing the Hustler Fund account through mobile applications or dialing *254#. Select the Loans option and then Check Loan Status.

How can I increase my loan limit? 

Your loan limit can increase by consistently borrowing and repaying loans on time. Positive borrowing and repayment history contribute to a higher loan limit.