HOW HUSLTER FUNDS CAN CHANGE YOUR LIFE.

 Guys how are you doing we are going to be loooking at the Hustler fund for people how are in Kenya ,this video is for you.

Hustler fund has been released or it has

gone live and now you can basically

borrow money but we need to look at a

few factors because it's about money.

Rember we're gonna be talking about

money here we're going to be talking

about loans here and it is within my

domain as a finance and investment coach

and of course as a financial literacy

activist to tell you what to expect to

look at it in you know different

perspectives and try to understand the

Hustler fund so for those who are not in

Kenya this is just basically like a

microfinance loan and loan that is

basically backed up by the state to help

people who are in small businesses get

something to start a business or to

improve their businesses it's basically

a loan given by the government I believe

that most people know about Hustler fund

because it's the news in Kenya right now

so if you're in Kenya or if you're a

Kenyan living outside the country you

will definitely know about Hustler fund

so we're going to basically look at the

Hustler fund we're going to try to

understand the components of the Hansel

of fund and then in a later video or

even in this video we're gonna say some

of the problems that might arise with

the Hustler fund so right now let's look

at the Hustler fund and let's see what

is good about it what's bad about it

what are the details of the House of

fund how do you get it,  

mindset how to make that money how to

enjoy that money how to make that money

how to invest that money and how to show

yourself a lifetime of income basically

Financial Freedom Hustler fund is here

Hustler fund is live and people are

going for it so what is it that you need

to know what is it that is important for

you to understand before you actually go

for this why I'm doing this video is

because a lot of people and they know

this alone what they do is that they use

that facility without a clear plan there

is no single time you will take a loan

without a clear plan a clear objective

and you will succeed in whatever you

want to do the problem with having this

kind of loan facilities is that most

people do not check them with the

objective of having a business or

starting a business as soon as possible

and therefore they end up being in debt

without any clear plan of what they

wanted to do because the thing is when

you have money in your pocket or in your

bank account what will you do you spend

that money and in our environment as you

all know it there are always

opportunities to spend that money

there's some one who's sick somewhere

someone challenged them somewhere your

grandmother's sisters in you know in

charge whatever is sick somewhere so

there are always some things to do with

connected to relationships and relatives

and stuff like that and what makes us

spend this money is not just sometimes

because you want to but the culture

around us the environment around us and

sometimes also the habits we have around

money so the Hustler fund is here but it

can create more problems than

opportunities if we are not careful and

that's what we're going to be talking

about we're going to be looking at the

Hustler fund but also the opportunities

all the problems Medicaid for you number

one the repayment period for Hustler

fund is 14 days now that already is a

big big issue now you can think about it

this way if you're gonna pay a loan

within 14 days you must have a very

clear plan of how you're going to get

that money back now I don't know whoever

doesn't have money today if they will

have the money in two weeks especially

the kind of people borrowing this loan

or the kind of target people that this

loan has been created for so you're

telling someone that I want to borrow

this money today but you want the money

fully back in 14 days I think that is

going to create more problems and that's

one of the components of Hustler fund

that we must look at we must look at the

borrowing period we must look at the

fact that how can someone who did not

have money today want to start a new

business will get money and generate

enough in 14 days and give it back to

the government now that is the first

problem I found today is that the

repayment period is too short for any

normal person to actually generate that

money in paid park that's something I'm

hoping that one day they'll consider but

that's the first thing so if you want to

take a hustle loan remember you're going

to be paid within 14 days and there are

penalties there are certain consequences

if you don't that's the first thing you

want to remember about Hustler fund

remember this loan is for small

businesses so in this case we are trying

to imagine that you are a small business

you started today or you started like

weeks back and you need some boost of

like a thousand two thousand three

thousand Shillings what do you do you go

to the Hustler fund ask for money for

small businesses and then you move on to

the page or generate enough income to be

paid in 14 days I don't know if that's

possible please let me know in the

comment section if you think that time

period is something sufficient for you.

so at the moment this fund has a minimum

borrowing capacity of 500 and a maximum

of 50 000. it's capped at 50 000 at an

interest rate of eight percent interest

rate of eight percent so again that's

something you want to consider you want

to think about if it's giving you an

interest rate of eight percent of

charging you sorry an interest of eight

percent then how much will you be paying

back so you just need to do a

calculation based on 14 days because you

should be paid within 14 days do a

calculation annually but divide it to 14

days and then you find out the amount of

money you are likely to pay so if you

borrow for example 500 Kenyan shillings

within 14 days you will be paying 501

0.53 so that's just one shilling

interest within 14 days so of course 500

is quite low and eight percent interest

is quite low now let's talk about the

interest eight percent isn't bad at all

and that's something I'm not gonna

really contest but at the end of the day

you must understand the people who are

taking this loan can they generate eight

percent of course if you compare this to

the banks giving you 12.4 percent or at

least charging you 12.4 percent annually

I am sure the annual list is 108

so if you think of that then you

understand that this is quite Affordable

Loan but at the end of the day the

affordability is of the issue here the

issue here is who is going to take the

loan how will they pay it back within 14

days so yes the interest is at eight

percent let me know what you think in

the comment section about the interest

rates now the other thing about the

Hustler fund is that you will not be

blacklisted now currently we have over 8

million people blacklisted by different

lenders within the country so with the

Hustler fund and it's a good thing is

that you won't really be blacklisted

even if you do not prepare your loan

there will be the consequences but you

will not be blacklisted so you could

still go to other lending places lending

apps and still get some money but

remember the main idea of this was to

actually help those who are not able to

access loans from those other lenders to

help them grow or you know start their

businesses if you don't pay within 14

days the interest rate moves to 9.5

percent again that's just a punishment

for you not paying within the time like

I said I have a problem with that

repayment period in my opinion in the

inventory customer is not able to pay

back with that extension The Hustler

account is frozen and the borrower loses

all accumulated credit scores after more

than that base of default important to

know that if you do not pay within that

period which is basically around 30 days

you will not be able to borrow from The

Hustler fund so again your account will

be frozen there's no crb listing like

I've said and that's a good thing for

most people I know you'd want to hear

that now the other thing is that when a

customer borrows the approved loan is

sent to their mobile money account

deposits of 95 of that money that you

have borrowed is going to your money

wallet and then five percent of that

money that you have borrowed will go

into what you call a savings account now

this is more like a long-term savings

account that the government is basically

forcing you to do uh the five percent

that goes towards the selling savings

account is split into two thirty percent

of that money goes to short-term savings

and 70 to long term 7 Wings which is

like a pension I like that idea I

honestly like that idea of part of the

money goes into short term part of it

goes into long term and also forcing you

to have what you call a savings culture

that to me to my opinion is a good thing

if the whole setup was good but of

course everything is false it will get

better with time and this is an

opportunity for the government to try

and improve things again you can access

Hustler fund through a ussd card mobile

app platforms by mobile networks like

safaricom Airtel and Telcom so you must

be in this one this three for you to

access the Hustler fund now the thing is

if you borrow a loan erroneously you

cannot reverse that and therefore you

must repay it based on the terms of the

loan just like another borrower so this

will provide a state back concessional

loan so small businesses that have

struggled to access financing from

mainstream Banks this is one of the

things that Pluto actually really talked

about and I'm happy that it's brought it

Forward right now now let's go to some

of the most interesting Parts about this

loan and these are some of the things

that we also going to discuss going

forward because we also talk about the

Hustler fund this is just an video to

introduce the details and the components

of the Hustler fund and the things that

I obviously find to be problematic with

the fund so you can imagine that within

the first day people are borrowing 17

million an hour

17 million Shillings power from the

first uh from The Hustler fund now this

might not be a very good thing this

might actually highlight the problem

we're going to be facing with the

Hustler fund and that we just bought

another full laser or we just bought

another kind of you know facility that

Kenyans cannot manage and that is where

financial literacy comes in the moment

people have an access to a loan or

access to certain facilities that can

give them free money although they

consider free money in courts they will

take it without a plan I can guarantee

you that most of the people have been

taking loans from Hustler fund do not

have any business plan at all and

therefore they are taking this money to

spend it and to use it in normal daily

living what happens within 14 days you

need to return it back so what happens

you will be Frozen and you are not able

to borrow any money

now the thing is such things are good

but they should be laid on Foundation of

knowledge people must be aware people

people must be taught people must be

informed about how to about these things

and one of the problems we face with the

financial literacy is that people are

never informed about decisions that make

and they end up making wrong decisions

financially speaking and this ruins them

for a very long time and it takes lots

of time to actually correct some

decisions especially when it comes to

money decisions so these are very

important part that you would want to

think through so before you take this

loan please think through things okay so

you've had that 17 million and now was

being dispersed on the first day of this

going live so you must understand that

this is something that people are not

taking me that particular plan to some

extent some people didn't definitely

have a plan but some most of them will

not have plans

now that is something to think about can

you pay it back that's the first thing I

told you can you pay the money back so

there are different categories under

this facility we have the personal

finance we have micro loan small medium

Enterprises and startups so we have

different categories under the loan

facility or what we call the Hustler

fund Kitty so for you to be eligible to

take loan you must be 18 years old and

you must have a national identity card

you must have a registered SIM card and

a mobile money account with safaricom

Airtel or Telcom like I mentioned

earlier the line must have been in

operation for 90 days so you cannot just

go and buy a line and then you take a

fund no you must have used the line for

90 days and that's not another place

where I would want to question people

can buy different lines you know you

have it for a number of days you already

said in different names that's difficult

but in Kenya you can always get an ID

right so you can understand using

different IDs different names and deck

as much as long as you want these are

some of the loopholes that they will

have to block so there could be like a

pin a very unique pin that can

identified people because I know that

um you're not able to take you know

register different accounts and take

through different accounts if you're the

same person because then your credit

worthiness is tied to one person not

different IDs but if you have different

names or different analysis you're able

to you know find a way around it those

are some of the loopholes that I think

they would want to look into in my

opinion

uh so of course 90 days that means if

you buy a new SIM card you won't really

get the loan at least until 90 days like

I said earlier if you felt upset you

know the repercussions as well

and then this is basically between 500

and 5 and 50k as individuals now for

small medium Enterprises that will want

over a hundred thousand or between a

hundred thousand and five million you

will benefit from the fund beginning

February of 2023 so you still cannot get

that high for now so it's still for

individuals basically now this is a good

idea this is an amazing idea but there

are certain things that must be put in

place the main thing for me that I'm

mentioning in this video is that you

must make sure you have a plan on taking

the loan and number two you must make

sure that you have a repayment plan as

well

so make sure you have a plan for taking

the loan and you have a payment plan

display in place and I would say that

you have a backup in terms of you know

if things go wrong with what you are

planning to get you know where you're

planning to get the money from

to repay it what would you do so please

take this loan with a pinch of salt to

me in my opinion I think it's just

another laser that is blocked by the

state and sometimes it's back by the

state you could find it a little bit

easier to deal with rather than having

individuals or privates dealing with

these issues but if you have a good idea

good business and you actually need

financial help with the idea then this

could serve you this is just like you

know anyone who earns money it's going

to go back to Personal Finance

Management if you can manage your

finances well you're going to be okay if

you can't manage your finances well it's

going to be a problem so again it goes

back to that Foundation of you have

Financial knowledge to actually manage

money how do you look at money how do

you handle money what are your habits

around money that way you're going to

have an idea but if that's not the case

then you're gonna afford the same petal

where you are with regards to full list

however you will be blacklisted or

Frozen and you cannot borrow any money

from the Hustler fund for a very long

time or your credit worthiness will be

so useless at the can't get any money

therefore it becomes just one of those

things that doesn't actually help you

depends on what you want to do with it

otherwise guys I hope that's been

helpful those are the details of

um Hustler fund let me know what you

think about Hustler fund down below if

you think it's a good idea let's go if

you think it's not a bad idea tell me

why come on see you next time guys .