Wonderful Jesus Group
Mary requests a loan to buy more products like cooking utensils which are frequently demanded by her numerous customers. With this loan, she believes she will be better resourced and able to make more profit. Then, she can build a store to reduce the amount of walking on the street required to sell. She would be grateful for your assistance.
Mary is the leader of a trust bank group called ‘Wonderful Jesus’. She is the one sitting in front in the group photograph. Most of the members of this group are petty traders, food vendors and/or farmers. In this group, members guarantee for one another as social collateral to access the loan and there is peer pressure to repay the loan.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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Success!! The loan was 100% repaid