Iqbal's husband operates a clothes-selling business. He purchases clothes from cities such as Multan, Faisalabad and Lahore because of their good designs and low prices. He has been operating this business for over ten years and has a good reputation among his customers. The couple's earnings help them to manage the financial expenses of their home. They dream that their daughter will grow up with a good education and a bright future.
Iqbal has successfully repaid her first loan to Kiva partner, Asasah – a microfinance institution in Pakistan. Now she is applying for her second loan, which will be used to purchase clothes so that her husband can increase his business and earn a good profit from it.
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