Mr. Purevsuren is 52, a father who is trying to raise his own children. He lives with his wife and younger son in a ger--a Mongolian traditional nomadic tent--in Ulaanbaatar, the capital city of Mongolia. He worked as a driver for many years in a transportation company and in 2006, he started his own transportation business. His daily earning are approximately USD 40 and he and his wife can't put aside any savings.
Their plan is to educate their younger son in a language school in Korea. But there is a financial problem with paying school fees or other expenses. Purevsuren has a plan to solve this problem by increasing his business income for his son's school payments. This calls for renewing his mini van used for transport.
Therefore Purevsuren is taking a loan to make repairs or renew his van.
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.