Fred is a married man with six children aged 28 to 2 years and he also cares for an orphan.
This is Fred’s second loan with Pearl Microfinance and he hopes to buy more metal materials to help in his business since this brings in more capital and more profits.
The man standing in the photo is Richard, the Credit officer in charge of the group.
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