Purevsuren is 57 years old and lives with his wife in a ger, a traditional Mongolian nomadic ten, in Ulaanbaatar, the capital of Mongolia. He has six adult children who all live separately with their families. His wife retired early because she gave birth to six children. Purevsuren runs a transportation business with his truck. He has a clients who use his service daily to deliver their goods from the warehouse to market. A few days ago his truck’s engine broke and now needs to be repaired.
Purevsuren will use the requested loan to buy a second-hand engine and replace the truck's broken engine. He will also use the funds for other services on his truck that he uses for his transportation business.
About Credit Mongol
Credit Mongol is the largest non-banking financial institution (NBFI) in Mongolia. Its mission is to contribute to the prosperity of Mongolians by providing high-quality, affordable and varied financial services to micro-entrepreneurs and small-to-medium-sized businesses. It prioritizes serving remote, rural populations that have typically lacked access to credit and other financial services. Uniquely, it offers solar panel loans to nomadic herders, most of whom live without electricity.