The Hustler Fund loan recovery and collection management process will involve monitoring and evaluation of the facility disbursed and repaid to identify the level of portfolio risks. The borrower will be notified of the due date and outstanding amount five days prior via SMS.
On the thirtieth day of the facility, the customer is notified that the facility is due. One day after the thirtieth day, the borrower is notified that the facility is now overdue. After the due date, the borrower shall not be eligible to apply for any other facility with the Fund until the outstanding loan is fully paid. Overdue reminders shall be sent every 5 days up to a maximum of 30 days.
You can check you loan balance via USSD dial *254#, Select Loans, then Check Loan Status, then Select Loan balance, Enter Mobile Money PIN and you will receive an SMS message with your Loan balance. On the application, this will be displayed on the Hustler Fund app with an option to hide or unhide.
A borrower may re-pay the loan in full or in part provided that the full repayment is done within 14 days.
In terms of penalties in case of default for the personal finance loan, 15 days after the date of default the interest rate will be adjusted to 9.5 percent per annum. Thereafter persistent default spanning 30 days and over will see you lose your existing credit score and your account frozen. Interest continues to accrue pegged on the in-duplum rule (double the amount) and recovery methods will be initiated.
For fund administrators, they will be charged Ksh10 million for abusing the monies set aside for the beneficiaries of the fund.