Irshad's eldest son has a mobile phone shop where he sells used mobile phones to his customers. The other two sons work in the field along with their father, helping him grow wheat. Her other children are very young and are getting their education from a local school.
Irshad has applied for a loan from Kiva's partner, Asasah, for her eldest son’s business. He will use the loan to buy used mobile phone sets to sell in his shop. Irshad is hopeful that her son will be able to successfully improve his business by making this investment in it. Irshad is a new loan applicant with Asasah and she is hopeful that it will be a profitable experience for her.
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