I have few others members in my loan group and we have together acquired a couple of loans earlier. All of my group members are hardworking entrepreneurs and play an important part to bring income to their houses. Sajida B. needs a loan for her husband’s grocery shop. Majeedan B. requires a loan to buy a cow, and lastly, Hanifan B. also wants to buy a cow with your 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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